NEW YORK (AP) _ Gramercy Property Trust Inc. (GPT) on Tuesday reported a key measure of profitability in its fourth quarter, after reporting a loss in the same period a year earlier. The results did not meet Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $68.9 million, or 48 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 51 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 $4.8 million, or 3 cents per share.
The commercial real estate investment company posted revenue of $126.2 million in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $127.4 million.
For the year, the company reported funds from operations of $288.6 million, or $2.03 per share. Revenue was reported as $517.3 million.
Gramercy Property Trust expects full-year funds from operations in the range of $1.95 to $2.10 per share.
The company's shares have increased 1.5 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $27.96, a rise of 23 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 GPT at https://www.zacks.com/ap/GPT
Keywords: Gramercy Property Trust, Earnings Report