Omega Healthcare Investors: 2Q Earnings Snapshot

By Associated Press

Omega Healthcare Investors Inc. (OHI) on Friday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.

The Hunt Valley, Maryland-based real estate investment trust said it had funds from operations of $159.1 million, or 76 cents per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 75 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 $78.5 million, or 39 cents per share.

The health care real estate investment trust posted revenue of $219.9 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $216.7 million.

Omega Healthcare Investors expects full-year funds from operations in the range of $3.03 to $3.06 per share.

The company’s shares have increased slightly more than 9 percent since the beginning of the year. In the final minutes of trading on Friday, shares hit $30.09, a decrease of nearly 3 percent in the last 12 months.

This article provided by NewsEdge.