TOLEDO, Ohio (AP) — TOLEDO, Ohio (AP) — Welltower Inc. (WELL) on Tuesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Toledo, Ohio-based real estate investment trust said it had funds from operations of $419.5 million, or 85 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 82 cents 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 $25.7 million, or 5 cents per share.
The senior housing and health care real estate investment trust, based in Toledo, Ohio, posted revenue of $1.56 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $1.54 billion.
Welltower expects full-year funds from operations in the range of $3.39 to $3.54 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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