SAN CLEMENTE, Calif. (AP) — SAN CLEMENTE, Calif. (AP) — CareTrust REIT Inc. (CTRE) on Thursday reported a key measure of profitability in its third quarter. The results missed Wall Street expectations.
The San Clemente, California-based real estate investment trust said it had funds from operations of $36.6 million, or 35 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 36 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 $8.7 million, or 8 cents per share.
The health care real estate investment trust, based in San Clemente, California, posted revenue of $55.9 million in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $54.7 million.
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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