TOLEDO, Ohio (AP) — TOLEDO, Ohio (AP) — Welltower Inc. (WELL) on Monday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The Toledo, Ohio-based real estate investment trust said it had funds from operations of $688.1 million, or $1.11 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.04 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 $449.8 million, or 73 cents per share.
The senior housing and health care real estate investment trust, based in Toledo, Ohio, posted revenue of $2.06 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $1.95 billion.
Welltower expects full-year funds from operations in the range of $4.27 to $4.33 per share.
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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 WELL at https://www.zacks.com/ap/WELL
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