SCOTTSDALE, Ariz. (AP) _ Healthcare Trust of America Inc. (HTA) on Tuesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Scottsdale, Arizona, said it had funds from operations of $93.6 million, or 42 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 41 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 $17.9 million, or 8 cents per share.
The medical office building real estate investment trust posted revenue of $185.8 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $181.3 million.
The company's shares have fallen 21% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $23.87, a decline of 14% in the last 12 months.