WINTER PARK, Fla. (AP) — WINTER PARK, Fla. (AP) — CTO Realty Growth, Inc. (CTO) on Thursday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Winter Park, Florida, said it had funds from operations of $13.1 million, or 51 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 48 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 $4.3 million, or 17 cents per share.
The real estate company, based in Winter Park, Florida, posted revenue of $31.8 million in the period.
CTO Realty expects full-year funds from operations in the range of $1.96 to $2 per share.
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