SAN CLEMENTE, Calif. (AP) — SAN CLEMENTE, Calif. (AP) — CareTrust REIT Inc. (CTRE) on Thursday reported a key measure of profitability in its first quarter.
The real estate investment trust, based in San Clemente, California, said it had funds from operations of $48.7 million, or 35 cents per share, in the period.
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 $28.7 million, or 22 cents per share.
The health care real estate investment trust, based in San Clemente, California, posted revenue of $63.1 million in the period.
CareTrust REIT expects full-year funds from operations in the range of $1.42 to $1.44 per share.
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