COLUMBUS, Ohio (AP) _ Washington Prime Group Inc. (WPG) on Wednesday reported a key measure of profitability in its fourth quarter.
The real estate investment trust, based in Columbus, Ohio, said it had funds from operations of $70.1 million, or 31 cents per share, in the period.
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 $17.1 million, or 9 cents per share.
The real estate investment trust posted revenue of $170 million in the period.
For the year, the company reported funds from operations of $263.4 million, or $1.18 per share. Revenue was reported as $661.5 million.
Washington Prime Group expects full-year funds from operations to be 99 cents to $1.07 per share.
In the final minutes of trading on Wednesday, the company's shares hit $2.26. A year ago, they were trading at $5.67.