Developers Diversified Realty
, a real estate investment trust, said fourth-quarter earnings fell 53% from a year ago.
The company earned $35 million, or 32 cents a share, compared with $74.1 million, or 71 cents a share, a year ago. Analysts polled by Thomson First Call were estimating earnings of $49.17 million, or 48 cents a share, in the quarter. Funds from operations rose 7.2% to 74 cents a share, compared with 69 cents a share, in the year-ago period.
Fourth-quarter revenue rose 26% from a year ago to $198.4 million. Analysts were expecting revenue of $189.2 million.
Revenue from minimum rents, which contributed nearly 26% to fourth-quarter revenue, increased 22% from a year ago.
The decline in earnings for the most recent quarter was mainly due to a large drop in gain on sale of real estate assets compared with the period, a year ago.
On Tuesday, Developers Diversified fell 15 cents to $47.88.
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