TOLEDO, Ohio (AP) - Welltower Inc. (HCN) on Friday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
TOLEDO, Ohio (AP) — Welltower Inc. (HCN) on Friday 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 $396.5 million, or $1.12 per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of $1.10 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 $182 million, or 52 cents per share.
The senior housing and health care real estate investment trust posted revenue of $979 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $954 million.
Welltower expects full-year funds from operations in the range of $4.32 to $4.37 per share.
This story has been corrected to report the company's new name.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HCN at http://www.zacks.com/ap/HCN
Keywords: Health Care REIT, Earnings Report