Monmouth: Fiscal 4Q Earnings Snapshot
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 missed 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, which also missed Street forecasts. Four analysts surveyed by Zacks expected $38.2 million.
For the year, the company reported funds from operations of $68.4 million. Revenue was reported as $139.4 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.