WYOMISSING, Pa. (AP) _ Gaming and Leisure Properties Inc. (GLPI) on Thursday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Wyomissing, Pennsylvania, said it had funds from operations of $186.5 million, or 87 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 $90.5 million, or 42 cents per share.
The real estate investment trust posted revenue of $287.6 million in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $288.1 million.
For the current quarter ending in December, Gaming and Leisure Properties expects its per-share funds from operations to be 87 cents.
The company said it expects revenue in the range of $288.2 million for the fiscal fourth quarter.
Gaming and Leisure Properties expects full-year funds from operations to be $3.44 per share, with revenue expected to be $1.15 billion.
The company's shares have increased 25% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $40.36, an increase of 20% in the last 12 months.