U.S. Markets closed

Four Corners Property: 1Q Earnings Snapshot

MILL VALLEY, Calif. (AP) _ Four Corners Property Trust Inc. (FCPT) on Tuesday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.

The Mill Valley, California-based real estate investment trust said it had funds from operations of $23.3 million, or 34 cents per share, in the period.

The average estimate of three 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 $17.5 million, or 26 cents per share.

The real estate investment trust posted revenue of $39.6 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $39.9 million.

The company's shares have risen 8 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $28.32, a climb of 28 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FCPT at https://www.zacks.com/ap/FCPT