Four Corners Property: 1Q Earnings Snapshot

MILL VALLEY, Calif. (AP) _ Four Corners Property Trust Inc. (FCPT) on Wednesday reported a key measure of profitability in its first quarter.

The Mill Valley, California-based real estate investment trust said it had funds from operations of $21.3 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 $16.3 million, or 26 cents per share.

The real estate investment trust posted revenue of $34.8 million in the period.

The company's shares have decreased 13 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $22.48, a drop of 4.5 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on FCPT at https://www.zacks.com/ap/FCPT