ATLANTA (AP) _ Cousins Properties Inc. (CUZ) on Wednesday reported a key measure of profitability in its fourth quarter. The results did not meet Wall Street expectations.
The real estate investment trust, based in Atlanta, said it had funds from operations of $108.2 million, or 73 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 74 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 $117.1 million, or 80 cents per share.
The real estate company posted revenue of $194.4 million in the period. Its adjusted revenue was $189.1 million, topping Street forecasts. Three analysts surveyed by Zacks expected $183.6 million.
For the year, the company reported funds from operations of $381.7 million. Revenue was reported as $628.8 million.
Cousins Properties expects full-year funds from operations in the range of $2.72 to $2.86 per share.
The company's shares have climbed slightly since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $41.38, a climb of 15% in the last 12 months.