Gramercy Property Trust: 2Q Earnings Snapshot
NEW YORK (AP) _ Gramercy Property Trust Inc. (GPT) on Monday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $84.1 million, or 50 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 50 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 $22.9 million, or 14 cents per share.
The commercial real estate investment company posted revenue of $145.6 million in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $148.3 million.
The company’s shares have increased nearly 3 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $27.36, a drop of slightly more than 9 percent in the last 12 months.