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HUNT VALLEY, Md. (AP) _ Omega Healthcare Investors Inc. (OHI) on Monday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The Hunt Valley, Maryland-based real estate investment trust said it had funds from operations of $186.2 million, or 79 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 76 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 $89.9 million, or 39 cents per share.
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The health care real estate investment trust posted revenue of $253 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $250.7 million.
The company’s shares have dropped 36% since the beginning of the year. In the final minutes of trading on Monday, shares hit $27.22, a drop of 23% 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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