Brixmor: 4Q Earnings Snapshot
NEW YORK (AP) _ Brixmor Property Group Inc. (BRX) on Monday reported a key measure of profitability in its fourth quarter. The results did not meet Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $142.1 million, or 47 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 48 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 $62.1 million, or 21 cents per share.
The owner and operator of shopping centers posted revenue of $293.1 million in the period, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $294.4 million.
For the year, the company reported funds from operations of $572.9 million, or $1.91 per share. Revenue was reported as $1.17 billion.
Brixmor expects full-year funds from operations in the range of $1.90 to $1.97 per share.
The company’s shares have fallen slightly more than 1% since the beginning of the year. In the final minutes of trading on Monday, shares hit $21.33, an increase of 20% in the last 12 months.