NEW YORK (AP) — NEW YORK (AP) — Getty Realty Corp. (GTY) on Wednesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $26.5 million, or 55 cents per share, in the period.
The average estimate of three 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 $27.3 million, or 57 cents per share.
The real estate investment trust posted revenue of $43.1 million in the period. Its adjusted revenue was $42.6 million.
For the year, the company reported funds from operations of $102.5 million, or $2.14 per share. Revenue was reported as $163.9 million.
Getty Realty expects full-year funds from operations in the range of $2.19 to $2.21 per share.
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