MINOT, N.D. (AP) — Centerspace (CSR) on Monday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The Minot, North Dakota-based real estate investment trust said it had funds from operations of $14.5 million, or $1.02 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 89 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 $6 million, or 46 cents per share.
The real estate investment trust posted revenue of $45.5 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $45 million.
For the year, the company reported funds from operations of $52.3 million, or $3.78 per share. Revenue was reported as $178 million.
Centerspace expects full-year funds from operations in the range of $3.29 to $3.62 per share.
The company's shares have climbed 0.5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $71, a drop of slightly more than 7% in the last 12 months.