TOLEDO, Ohio (AP) _ Welltower Inc. (HCN) on Tuesday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Toledo, Ohio, said it had funds from operations of $399.8 million, or $1.08 per share, in the period.
The average estimate of 12 analysts surveyed by Zacks Investment Research was for funds from operations of $1.05 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 $74 million, or 20 cents per share.
The senior housing and health care real estate investment trust posted revenue of $1.09 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $1.04 billion.
Welltower expects full-year funds from operations in the range of $4.19 to $4.25 per share.
The company's shares have increased almost 2 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 16 percent. The stock has risen slightly more than 4 percent in the last 12 months.