JERSEY CITY, N.J. (AP) — JERSEY CITY, N.J. (AP) — Veris Residential, Inc. (VRE) on Monday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.
The Jersey City, New Jersey-based real estate investment trust said it had funds from operations of $11.3 million, or 11 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 12 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 a loss of $12.4 million, or 13 cents per share.
The real estate investment trust, based in Jersey City, New Jersey, posted revenue of $68.1 million in the period.
For the year, the company reported funds from operations of $61 million. Revenue was reported as $271.1 million.
Veris expects full-year funds from operations in the range of 61 cents to 63 cents per share.
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