MURFREESBORO, Tenn. (AP) _ National Health Investors Inc. (NHI) on Wednesday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Murfreesboro, Tennessee, said it had funds from operations of $56.7 million, or $1.37 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.34 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 $39.1 million, or 94 cents per share.
The health care real estate investment trust posted revenue of $71.4 million in the period.
National Health Investors expects full-year funds from operations in the range of $5.22 to $5.26 per share.
The company's shares have increased 6 percent since the beginning of the year. The stock has increased almost 8 percent in the last 12 months.