PLANO, Texas (AP) _ Monogram Residential Trust Inc. (MORE) on Tuesday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Plano, Texas, said it had funds from operations of $19.2 million, or 11 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 10 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 $22.5 million, or 13 cents per share.
The owner and operator of luxury apartment communities posted revenue of $74.5 million in the period.
For the year, the company reported funds from operations of $62.2 million. Revenue was reported as $280.7 million.
Monogram Residential Trust expects full-year funds from operations in the range of 37 cents to 42 cents per share.
The company's shares have decreased roughly 5 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $10.29, a rise of 13 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 MORE at https://www.zacks.com/ap/MORE
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