SAN CLEMENTE, Calif. (AP) _ CareTrust REIT Inc. (CTRE) on Tuesday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The real estate investment trust, based in San Clemente, California, said it had funds from operations of $34.3 million, or 35 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 35 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 $19.7 million, or 21 cents per share.
The health care real estate investment trust posted revenue of $46.2 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $41.8 million.
CareTrust REIT expects full-year funds from operations in the range of $1.35 to $1.37 per share.
The company's shares have climbed 24% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $22.88, an increase of 28% in the last 12 months.