HUNT VALLEY, Md. (AP) _ Omega Healthcare Investors Inc. (OHI) on Monday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Hunt Valley, Maryland, said it had funds from operations of $203.8 million, or 85 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 82 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 $160 million, or 69 cents per share.
The health care real estate investment trust posted revenue of $273.8 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $262.1 million.
The company’s shares have increased nearly 5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $38.07, a climb of 41% in the last 12 months.