NEW YORK (AP) _ W.P. Carey Inc. (WPC) on Thursday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $131.5 million, or $1.22 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.15 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 $47.7 million, or 44 cents per share.
The real estate investment trust posted revenue of $228.8 million in the period.
For the year, the company reported funds from operations of $547.7 million, or $5.12 per share. Revenue was reported as $941.5 million.
The company's shares have climbed 8 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $63.88, a climb of 16 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 WPC at https://www.zacks.com/ap/WPC
Keywords: W.P. Carey, Earnings Report