TOLEDO, Ohio (AP) _ Welltower Inc. (WELL) on Monday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The Toledo, Ohio-based real estate investment trust said it had funds from operations of $426.7 million, or $1.05 per share, in the period.
The average estimate of nine 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 $589.9 million, or $1.45 per share.
The senior housing and health care real estate investment trust posted revenue of $1.27 billion in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $1.32 billion.
Welltower expects full-year funds from operations in the range of $4.14 to $4.18 per share.
The company's shares have climbed 26% since the beginning of the year. In the final minutes of trading on Monday, shares hit $87.24, an increase of 34% in the last 12 months.