CareTrust REIT: 4Q Earnings Snapshot
SAN CLEMENTE, Calif. (AP) _ CareTrust REIT Inc. (CTRE) on Thursday reported a key measure of profitability in its fourth quarter. The results fell short of Wall Street expectations.
The San Clemente, California-based real estate investment trust said it had funds from operations of $32.5 million, or 34 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 35 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 $20.7 million, or 22 cents per share.
The health care real estate investment trust posted revenue of $44.2 million in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $44.4 million.
For the year, the company reported funds from operations of $127.2 million, or $1.36 per share. Revenue was reported as $163.4 million.
CareTrust REIT expects full-year funds from operations in the range of $1.32 to $1.34 per share.
The company's shares have risen 12% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $23.18, an increase of nearly 3% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CTRE at https://www.zacks.com/ap/CTRE