NEW YORK (AP) — NEW YORK (AP) — Curbline Properties Corp. (CURB) on Tuesday 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 $23.8 million, or 23 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 22 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 $11.5 million, or 11 cents per share.
The convenience store real estate investment trust, based in New York, posted revenue of $34.9 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $30.3 million.
For the year, the company reported funds from operations of $83.5 million. Revenue was reported as $120.9 million.
Curbline expects full-year funds from operations in the range of 97 cents to $1.01 per share.
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