IRVINE, Calif. – IRVINE, Calif. (AP) _ Sabra Healthcare REIT Inc. (SBRA) on Wednesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The Irvine, California-based real estate investment trust said it had funds from operations of $111.6 million, or 63 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 61 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 $59.9 million, or 34 cents per share.
The health care real estate investment trust posted revenue of $166.1 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $161.9 million.
Sabra expects full-year funds from operations in the range of $2.47 to $2.55 per share.
The company's shares have risen 5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $19.70, a fall of 18 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on SBRA at https://www.zacks.com/ap/SBRA