WYOMISSING, Pa. (AP) _ Gaming and Leisure Properties Inc. (GLPI) on Thursday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Wyomissing, Pennsylvania, said it had funds from operations of $188.8 million, or 88 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 86 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 $96.9 million, or 45 cents per share.
The real estate investment trust posted revenue of $283.5 million in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $289.9 million.
The company's shares have fallen 34% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $28.24, a fall of 29% in the last 12 months.