TOLEDO, Ohio (AP) _ Welltower Inc. (WELL) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Toledo, Ohio-based real estate investment trust said it had funds from operations of $361 million, or 86 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 83 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 $179.2 million, or 42 cents per share.
The senior housing and health care real estate investment trust posted revenue of $1.19 billion in the period.
The company's shares have decreased 35% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $53.15, a decrease of 37% in the last 12 months.