WYOMISSING, Pa. (AP) — WYOMISSING, Pa. (AP) — Gaming and Leisure Properties Inc. (GLPI) on Thursday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Wyomissing, Pennsylvania, said it had funds from operations of $297.1 million, or $1.02 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.01 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 $231.8 million, or 82 cents per share.
The real estate investment trust, based in Wyomissing, Pennsylvania, posted revenue of $420 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $416.9 million.
Gaming and Leisure Properties expects full-year funds from operations in the range of $4.08 to $4.12 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 GLPI at https://www.zacks.com/ap/GLPI