DAYTONA BEACH, Fla. (AP) — DAYTONA BEACH, Fla. (AP) — Alpine Income Property Trust, Inc. (PINE) on Thursday reported a key measure of profitability in its fourth quarter. The results did not meet Wall Street expectations.
The Daytona Beach, Florida-based real estate investment trust said it had funds from operations of $5.3 million, or 37 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 39 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 $4.9 million, or 34 cents per share.
Alpine Income, based in Daytona Beach, Florida, posted revenue of $11.6 million in the period, meeting Street forecasts.
For the year, the company reported funds from operations of $23.7 million. Revenue was reported as $45.2 million.
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