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DAYTONA BEACH, Fla. (AP) _ Alpine Income Property Trust, Inc. (PINE) on Thursday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Daytona Beach, Florida, said it had funds from operations of $3.2 million, or 36 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 36 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $186,000, or 2 cents per share.
Alpine Income, based in Daytona Beach, Florida, posted revenue of $5.4 million in the period, also matching Street forecasts.
For the year, the company reported funds from operations of $10.8 million. Revenue was reported as $19.2 million.
Alpine Income expects full-year funds from operations to be $1.50 to $1.70 per share.
The company's shares have climbed 25% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $18.68, a decline of 3.5% in the last 12 months.