WINTER PARK, Fla. (AP) — WINTER PARK, Fla. (AP) — Alpine Income Property Trust, Inc. (PINE) on Thursday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Winter Park, Florida, said it had funds from operations of $8.5 million, or 54 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 49 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 $921,000, or 6 cents per share.
Alpine Income, based in Winter Park, Florida, posted revenue of $16.9 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $15.9 million.
For the year, the company reported funds from operations of $29.3 million. Revenue was reported as $60.5 million.
Alpine Income expects full-year funds from operations in the range of $2.07 to $2.11 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PINE at https://www.zacks.com/ap/PINE