FREEHOLD, N.J. (AP) _ Monmouth Real Estate Investment Corp. (MNR) on Thursday reported a key measure of profitability in its fiscal second quarter. The results fell short of Wall Street expectations.
The Freehold, New Jersey-based real estate investment trust said it had funds from operations of $19.2 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 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 $23.8 million, or 26 cents per share.
The industrial real estate investment trust posted revenue of $39.3 million in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $40.3 million.
The company's shares have climbed 12% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $13.93, a decline of 12% 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 MNR at https://www.zacks.com/ap/MNR