WYOMISSING, Pa. (AP) — WYOMISSING, Pa. (AP) — Gaming and Leisure Properties Inc. (GLPI) on Thursday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The Wyomissing, Pennsylvania-based real estate investment trust said it had funds from operations of $290 million, or 99 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 98 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 $267.3 million, or 94 cents per share.
The real estate investment trust, based in Wyomissing, Pennsylvania, posted revenue of $407 million in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $405.1 million.
For the year, the company reported funds from operations of $1.12 billion. Revenue was reported as $1.59 billion.
Gaming and Leisure Properties expects full-year funds from operations in the range of $4.06 to $4.11 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