WYOMISSING, Pa. (AP) _ Gaming and Leisure Properties Inc. (GLPI) on Monday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.
The Wyomissing, Pennsylvania-based real estate investment trust said it had funds from operations of $183 million, or 85 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 85 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 $93 million, or 43 cents per share.
The real estate investment trust posted revenue of $287.9 million in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $288.5 million.
For the current quarter ending in July, Gaming and Leisure Properties expects its per-share funds from operations to be 85 cents.
The company expects full-year funds from operations in the range of $3.40 to $3.43 per share.
The company's shares have increased 25% since the beginning of the year. In the final minutes of trading on Monday, shares hit $40.54, a rise of 18% 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 GLPI at https://www.zacks.com/ap/GLPI