DALLAS (AP) _ Invitation Home Inc. (INVH) on Wednesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Dallas, said it had funds from operations of $186.6 million, or 34 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 32 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 $49.9 million, or 9 cents per share.
The real estate investment trust focused on single-family rentals posted revenue of $449.8 million in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $451.5 million.
The company's shares have decreased 23% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $23.05, a drop of 7% in the last 12 months.