NEW YORK (AP) — NEW YORK (AP) — Outfront Media Inc. (OUT) on Wednesday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $108.1 million, or 62 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 64 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 $60.4 million, or 35 cents per share.
The billboard, transit and digital display advertising company, based in New York, posted revenue of $501.2 million in the period, surpassing Street forecasts. Five analysts surveyed by Zacks expected $496.2 million.
For the year, the company reported funds from operations of $270.6 million. Revenue was reported as $1.82 billion.
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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 OUT at https://www.zacks.com/ap/OUT