Four Corners Property: 2Q Earnings Snapshot
MILL VALLEY, Calif. (AP) _ Four Corners Property Trust Inc. (FCPT) on Tuesday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The Mill Valley, California-based real estate investment trust said it had funds from operations of $24.4 million, or 36 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 36 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 $17.9 million, or 26 cents per share.
The real estate investment trust posted revenue of $39.6 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $40.5 million.
The company’s shares have climbed nearly 3% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $26.94, a rise of almost 8% in the last 12 months.