MURFREESBORO, Tenn. (AP) — National Health Investors Inc. (NHI) on Monday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.
The Murfreesboro, Tennessee-based real estate investment trust said it had funds from operations of $56.4 million, or $1.24 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.30 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 $35.3 million, or 78 cents per share.
The health care real estate investment trust posted revenue of $80.9 million in the period.
The company’s shares have climbed almost 2% since the beginning of the year. In the final minutes of trading on Monday, shares hit $70.37, a rise of 34% in the last 12 months.