HUNT VALLEY, Md. (AP) _ Omega Healthcare Investors Inc. (OHI) on Wednesday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Hunt Valley, Maryland, said it had funds from operations of $178.3 million, or 78 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 77 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 $59.5 million, or 27 cents per share.
The health care real estate investment trust posted revenue of $246.7 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $244 million.
For the year, the company reported funds from operations of $681.4 million, or $3.07 per share. Revenue was reported as $928.8 million.
Omega Healthcare Investors expects full-year funds from operations in the range of $3.12 to $3.20 per share.
The company's shares have increased slightly since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $42.50, a climb of 7% in the last 12 months.