Omega Healthcare Investors: 2Q Earnings Snapshot
HUNT VALLEY, Md. (AP) _ Omega Healthcare Investors Inc. (OHI) on Tuesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Hunt Valley, Maryland, said it had funds from operations of $169.2 million, or 77 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 75 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 $73.1 million, or 34 cents per share.
The health care real estate investment trust posted revenue of $225.3 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $228.3 million.
For the current quarter ending in October, Omega Healthcare Investors expects its per-share funds from operations to range from 76 cents to 79 cents.
The company expects full-year funds from operations in the range of $3.03 to $3.07 per share.
The company’s shares have risen 2.5% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $36.02, an increase of 17% in the last 12 months.