WASHINGTON (AP) _ Washington Real Estate Investment Trust (WRE) on Thursday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.
The Washington-based real estate investment trust said it had funds from operations of $32 million, or 39 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 40 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 $54.2 million, or 67 cents per share.
The real estate investment trust posted revenue of $80.7 million in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $78.8 million.
For the year, the company reported funds from operations of $134.1 million, or $1.66 per share. Revenue was reported as $309.2 million.
Washington Reit expects full-year funds from operations in the range of $1.53 to $1.59 per share.
The company's shares have increased nearly 10% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $32.02, a climb of 24% in the last 12 months.