CareTrust REIT: Q3 Earnings Snapshot

DANA POINT, Calif. (AP) — DANA POINT, Calif. (AP) — CareTrust REIT Inc. (CTRE) on Thursday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.

The Dana Point, California-based real estate investment trust said it had funds from operations of $127 million, or 54 cents per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 52 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 $83.7 million, or 35 cents per share.

The health care real estate investment trust, based in Dana Point, California, posted revenue of $176.4 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $171 million.

CareTrust REIT expects full-year funds from operations in the range of $2.08 to $2.09 per share.

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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