IRVINE, Calif. (AP) _ Sabra Healthcare REIT Inc. (SBRA) on Wednesday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Irvine, California, said it had funds from operations of $89.7 million, or 47 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 46 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 $23.3 million, or 12 cents per share.
The health care real estate investment trust posted revenue of $149.8 million in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $153.4 million.
The company's shares have increased 45% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $23.84, a climb of 8% in the last 12 months.