MCLEAN, Va. (AP) _ Gladstone Commercial Corp. (GOOD) on Wednesday reported a key measure of profitability in its fourth quarter. The results did not meet Wall Street expectations.
The McLean, Virginia-based real estate investment trust said it had funds from operations of $11.5 million, or 39 cents per share, in the period.
The average estimate of five 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 $327,000, or 1 cent per share.
The real estate investment trust posted revenue of $27.3 million in the period, topping Street forecasts. Four analysts surveyed by Zacks expected $27.2 million.
For the year, the company reported funds from operations of $46.1 million, or $1.59 per share. Revenue was reported as $106.8 million.
The company's shares have climbed 14 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $20.39, a climb of 16 percent in the last 12 months.