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BETHESDA, Md. (AP) _ Global Medical REIT Inc. (GMRE) on Wednesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The Bethesda, Maryland-based real estate investment trust said it had funds from operations of $8.7 million, or 21 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 20 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.
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The company said it had net income of $1.2 million, or 3 cents per share.
The real estate investment trust posted revenue of $20.5 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $19.4 million.
For the year, the company reported funds from operations of $28.4 million. Revenue was reported as $70.7 million.
The company’s shares have risen nearly 9% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $14.38, a rise of 43% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GMRE at https://www.zacks.com/ap/GMRE
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