IRVINE, Calif. (AP) _ Sabra Healthcare REIT Inc. (SBRA) 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 Irvine, California, said it had funds from operations of $92.1 million, or 45 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 44 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 $35.2 million, or 17 cents per share.
The health care real estate investment trust posted revenue of $149.3 million in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $154.3 million.
The company's shares have decreased 46% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.63, a fall of 42% in the last 12 months.