TOLEDO, Ohio (AP) 鈥� TOLEDO, Ohio (AP) 鈥� Welltower Inc. (WELL) on Monday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Toledo, Ohio, said it had funds from operations of $1.18 billion, or $1.60 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.55 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 $445 million, or 61 cents per share.
The senior housing and health care real estate investment trust, based in Toledo, Ohio, posted revenue of $3.54 billion in the period.
Welltower expects full-year funds from operations in the range of $3.11 to $3.19 per share.
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