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WINTER PARK, Fla. (AP) — WINTER PARK, Fla. (AP) — Alpine Income Property Trust, Inc. (PINE) on Thursday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.
The Winter Park, Florida-based real estate investment trust said it had funds from operations of $5.6 million, or 36 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 38 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 $3.3 million, or 21 cents per share.
Alpine Income, based in Winter Park, Florida, posted revenue of $11.2 million in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $11.8 million.
Alpine Income expects full-year funds from operations to be $1.50 to $1.55 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 PINE">Zacks stock report on PINE at https://www.zacks.com/ap/PINE