Monmouth: Fiscal 3Q Earnings Snapshot
FREEHOLD, N.J. (AP) _ Monmouth Real Estate Investment Corp. (MNR) on Wednesday reported a key measure of profitability in its fiscal third quarter. The results matched Wall Street expectations.
The Freehold, New Jersey-based real estate investment trust said it had funds from operations of $18 million, or 23 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 23 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 $10.3 million, or 13 cents per share.
The industrial real estate investment trust posted revenue of $36.2 million in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $35.3 million.
The company’s shares have decreased slightly more than 6 percent since the beginning of the year. The stock has risen roughly 8 percent in the last 12 months.