MILL VALLEY, Calif. (AP) _ Four Corners Property Trust Inc. (FCPT) on Wednesday reported a key measure of profitability in its second quarter.
The Mill Valley, California-based real estate investment trust said it had funds from operations of $23.7 million, or 34 cents per share, in the period.
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 $18.5 million, or 26 cents per share.
The real estate investment trust posted revenue of $40.9 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $39.8 million.
The company's shares have fallen 13% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $24.47, a decline of almost 10% in the last 12 months.