IRVINE, Calif. (AP) — IRVINE, Calif. (AP) — American Healthcare REIT Inc. (AHR) on Thursday reported a key measure of profitability in its first quarter.

The real estate investment trust, based in Irvine, California, said it had funds from operations of $94.8 million, or 50 cents per share, in the period.

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 $23.7 million, or 13 cents per share.

The real estate investment trust posted revenue of $650.8 million in the period. Its adjusted revenue was $649.2 million.

American Healthcare REIT expects full-year revenue in the range of $2 million to $2.1 million.

The company's shares have climbed slightly more than 5% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $49.60, an increase of 52% in the last 12 months.

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