Alpine Income: Overview of Fourth Quarter Results

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DAYTONA BEACH, Fla. (AP) _ Alpine Income Property Trust, Inc. (PINE) reported a key measure of its fourth quarter profitability on Thursday. The results exceeded Wall Street expectations.

The Daytona Beach, Fla.-based real estate investment trust said it had operating funds of $5.4 million, or 42 cents per share, during the period.

The average estimate of five analysts polled by Zacks Investment Research was for funds from operations 36 cents per share.

Funds from operations is a closely watched metric in the REIT industry. It takes net income and adds items such as depreciation and amortization.

The company said it had net income of $8.3 million, or 64 cents per share.

Alpine Income, based in Daytona Beach, Fla., posted revenue of $9.5 million during the period, also beating Street’s forecast. Four analysts polled by Zacks expected $8.9 million.

For the year, the company reported funds from operations of $17.7 million. Revenue was reported at $30.1 million.

Alpine Income expects funds from operations for the full year to be in the range of $1.51 to $1.56 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 Zacks stock report on PINE at https://www.zacks.com/ap/PINE

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