MILL VALLEY, Calif. (AP) _ Four Corners Property Trust Inc. (FCPT) on Wednesday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Mill Valley, California, said it had funds from operations of $24.5 million, or 36 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 $21.2 million, or 31 cents per share.
The real estate investment trust posted revenue of $38 million in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $38.8 million.
For the year, the company reported funds from operations of $91.2 million, or $1.41 per share. Revenue was reported as $143.6 million.
The company's shares have increased 7 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $28.09, a rise of 24 percent in the last 12 months.