WINTER PARK, Fla. (AP) — WINTER PARK, Fla. (AP) — Alpine Income Property Trust, Inc. (PINE) on Thursday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Winter Park, Florida-based real estate investment trust said it had funds from operations of $6.3 million, or 43 cents per share, in the period.
The average estimate of four 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 $204,000, or 1 cent per share.
Alpine Income, based in Winter Park, Florida, posted revenue of $12.5 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $12.1 million.
Alpine Income expects full-year funds from operations in the range of $1.60 to $1.64 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PINE at https://www.zacks.com/ap/PINE
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