HOLMDEL, N.J. (AP) _ Monmouth Real Estate Investment Corp. (MNR) on Thursday reported a key measure of profitability in its fiscal first quarter. The results fell short of Wall Street expectations.
The Holmdel, New Jersey-based real estate investment trust said it had funds from operations of $19.9 million, or 21 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 22 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 $3.5 million, or 4 cents per share.
The industrial real estate investment trust posted revenue of $41.7 million in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $41.6 million.
The company's shares have increased nearly 6% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $15.33, an increase of 11% in the last 12 months.