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.
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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
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