BOCA RATON, Fla. (AP) _ Geo Group Inc. (GEO) on Tuesday reported a key measure of profitability in its first quarter.

The Boca Raton, Florida-based real estate investment trust said it had funds from operations of $78.1 million, or 64 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 $38.2 million, or 26 cents per share.

The private prison operator, based in Boca Raton, Florida, posted revenue of $551.2 million in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $551.5 million.

Geo Group expects full-year funds from operations in the range of $2.30 to $2.40 per share.

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