Alpine Income: Q3 Earnings Snapshot

WINTER PARK, Fla. (AP) — WINTER PARK, Fla. (AP) — Alpine Income Property Trust, Inc. (PINE) on Thursday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.

The real estate investment trust, based in Winter Park, Florida, said it had funds from operations of $6.7 million, or 45 cents per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 40 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 $3.1 million, or 21 cents per share.

Alpine Income, based in Winter Park, Florida, posted revenue of $13.5 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $12.1 million.

Alpine Income expects full-year funds from operations in the range of $1.69 to $1.71 per share.

_____

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