New Plan Excel Realty Trust
, a real estate investment trust, said it exceeded analysts' estimates for funds from operations and profits in the latest quarter.
The company earned $29.4 million, or 27 cents a share, in the quarter, compared with $35.5 million, or 33 cents a share, a year ago, but the comparability has been affected by asset sales conducted since last year. Analysts surveyed by Thomson First Call were expecting earnings of 22 cents a share in the most recent quarter.
Funds from operations were $50.9 million, or 47 cents a share, in the quarter, compared with $56.4 million, or 53 cents a share, last year. Analysts surveyed by Thomson First Call were expecting funds from operations of 45 cents a share.
The New York-based company's fourth-quarter rental revenue of $111.5 million came in below analysts' estimates of $114 million.
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