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SAN CLEMENTE, Calif. (AP) — SAN CLEMENTE, Calif. (AP) — CareTrust REIT Inc. (CTRE) on Wednesday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.
The real estate investment trust, based in San Clemente, California, said it had funds from operations of $35 million, or 35 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 37 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 $19.2 million, or 19 cents per share.
The health care real estate investment trust, based in San Clemente, California, posted revenue of $50.6 million in the period.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a CTRE">Zacks stock report on CTRE at https://www.zacks.com/ap/CTRE