Four Corners Property: 3Q Earnings Snapshot
MILL VALLEY, Calif. (AP) _ Four Corners Property Trust Inc. (FCPT) on Tuesday reported a key measure of profitability in its third quarter.
The real estate investment trust, based in Mill Valley, California, said it had funds from operations of $24 million, or 35 cents per share, in the period.
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 $18.3 million, or 27 cents per share.
The real estate investment trust posted revenue of $40.2 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $40.5 million.
The company’s shares have climbed slightly more than 8% since the beginning of the year. The stock has increased slightly more than 7% in the last 12 months.