New Senior Investment Group: 3Q Earnings Snapshot

Associated Press
Updated

NEW YORK (AP) _ New Senior Investment Group Inc. (SNR) on Friday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.

The New York-based real estate investment trust said it had funds from operations of $14 million, or 17 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 13 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 $28.2 million, or 34 cents per share.

The real estate investment trust that owns senior housing properties posted revenue of $115.6 million in the period.

New Senior Investment Group expects full-year funds from operations in the range of 64 cents to 67 cents per share.

The company's shares have increased 71% since the beginning of the year. The stock has risen 23% in the last 12 months.

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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 SNR at https://www.zacks.com/ap/SNR