CareTrust REIT: 2Q Earnings Snapshot
SAN CLEMENTE, Calif. (AP) _ CareTrust REIT Inc. (CTRE) on Wednesday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The San Clemente, California-based real estate investment trust said it had funds from operations of $25.6 million, or 33 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 33 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 $13.3 million, or 17 cents per share.
The health care real estate investment trust posted revenue of $39 million in the period.
CareTrust REIT expects full-year funds from operations in the range of $1.32 to $1.34 per share.
The company’s shares have climbed nearly 2 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $17.06, a fall of 6.5 percent in the last 12 months.