WAKEFIELD, Mass. (AP) _ Franklin Street Properties Corp. (FSP) on Tuesday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The Wakefield, Massachusetts-based real estate investment trust said it had funds from operations of $26.8 million, or 25 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 23 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 $3.6 million, or 3 cents per share.
The hybrid real estate investment trust posted revenue of $69 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $68.4 million.
For the year, the company reported funds from operations of $97.5 million. Revenue was reported as $269.1 million.
For the current quarter ending in April, Franklin Street expects its per-share funds from operations to range from 18 cents to 20 cents.
The company expects full-year funds from operations in the range of 81 cents to 87 cents per share.
The company's shares have dropped 13% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $7.49, a fall of 6.5% in the last 12 months.