HOLMDEL, N.J. (AP)
Monmouth Real Estate Investment Corp. (MNR) on Thursday reported a key measure of profitability in its fiscal first quarter. The results missed
Wall Street expectations.
Holmdel, New Jersey, said it had funds from operations of
$18.2 million, or
The average estimate of four analysts surveyed by
Zacks Investment Research was for funds from operations of
21 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
$25.7 million, or