FREEHOLD, N.J. – FREEHOLD, N.J. (AP) _ Monmouth Real Estate Investment Corp. (MNR) on Wednesday reported a key measure of profitability in its fiscal fourth quarter. The results did not meet Wall Street expectations.
The real estate investment trust, based in Freehold, New Jersey, said it had funds from operations of $17.7 million, or 22 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 25 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 $7.8 million, or 10 cents per share.
The industrial real estate investment trust posted revenue of $30.3 million in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $38.2 million.
The company's shares have fallen 18 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $14.57, a decline of 18 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 MNR at https://www.zacks.com/ap/MNR
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