TOLEDO, Ohio – TOLEDO, Ohio (AP) _ Welltower Inc. (WELL) on Thursday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Toledo, Ohio, said it had funds from operations of $368.2 million, or 99 cents per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of $1 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 $437.7 million, or $1.17 per share.
The senior housing and health care real estate investment trust posted revenue of $1.1 billion in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $1.07 billion.
Welltower expects full-year funds from operations in the range of $3.95 to $4.05 per share.
The company's shares have fallen 21 percent since the beginning of the year. The stock has fallen 30 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on WELL at https://www.zacks.com/ap/WELL