MILL VALLEY, Calif. (AP) _ Four Corners Property Trust Inc. (FCPT) on Wednesday reported a key measure of profitability in its first quarter.
The real estate investment trust, based in Mill Valley, California, said it had funds from operations of $21 million, or 35 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 $15.5 million, or 26 cents per share.
The real estate investment trust posted revenue of $32.7 million in the period.
The company's shares have risen 12 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $22.95, a climb of 25 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
Keywords: Four Corners Property Trust, Earnings Report