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HUNT VALLEY, Md. (AP) _ Omega Healthcare Investors Inc. (OHI) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The Hunt Valley, Maryland-based real estate investment trust said it had funds from operations of $161.3 million, or 76 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 73 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 $69.7 million, or 34 cents per share.
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The health care real estate investment trust posted revenue of $223.7 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $222 million.
Omega Healthcare Investors expects full-year funds from operations in the range of $3 to $3.12 per share.
The company’s shares have dropped slightly since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $35.06, an increase of 29% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on OHI at https://www.zacks.com/ap/OHI
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