TOLEDO, Ohio (AP) _ Welltower Inc. (WELL) on Tuesday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The Toledo, Ohio-based real estate investment trust said it had funds from operations of $387.7 million, or $1.04 per share, in the period.
The average estimate of 12 analysts surveyed by Zacks Investment Research was for funds from operations of $1.02 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 $64.4 million, or 17 cents per share.
The senior housing and health care real estate investment trust posted revenue of $1.24 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $1.16 billion.
Welltower expects full-year funds from operations in the range of $4.02 to $4.07 per share.
The company's shares have climbed 3.5 percent since the beginning of the year. The stock has declined almost 2 percent in the last 12 months.
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