Monmouth: Fiscal 4Q Earnings Snapshot
FREEHOLD, N.J. (AP) _ Monmouth Real Estate Investment Corp. (MNR) on Monday reported a key measure of profitability in its fiscal fourth 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 $20.1 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 $22.7 million, or 24 cents per share.
The industrial real estate investment trust posted revenue of $40.6 million in the period, which beat Street forecasts. Three analysts surveyed by Zacks expected $40.2 million.
For the year, the company reported funds from operations of $79.7 million. Revenue was reported as $158.5 million.
The company’s shares have climbed 20% since the beginning of the year. In the final minutes of trading on Monday, shares hit $14.83, rising slightly in the last 12 months.