FREEHOLD, N.J. – FREEHOLD, N.J. (AP) _ Monmouth Real Estate Investment Corp. (MNR) on Tuesday reported a key measure of profitability in its fiscal second quarter.
The real estate investment trust, based in Freehold, New Jersey, said it had funds from operations of $16.8 million, or 22 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 $7.4 million, or 9 cents per share.
The industrial real estate investment trust posted revenue of $33.6 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $33.7 million.
The company's shares have declined roughly 10 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $16.03, a rise of 12 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on MNR at https://www.zacks.com/ap/MNR