MCLEAN, Va. (AP) _ Gladstone Commercial Corp. (GOOD) on Wednesday reported a key measure of profitability in its third quarter. The results missed Wall Street expectations.
The real estate investment trust, based in McLean, Virginia, said it had funds from operations of $12.6 million, or 39 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 40 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 a loss of $647,000, or 2 cents per share.
The real estate investment trust posted revenue of $28.7 million in the period.
The company's shares have increased 29% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $23.19, a rise of 23% in the last 12 months.