Welltower: 4Q Earnings Snapshot
TOLEDO, Ohio (AP) _ Welltower Inc. (WELL) on Wednesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Toledo, Ohio, said it had funds from operations of $426.4 million, or $1.05 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.04 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 $224.3 million, or 55 cents per share.
The senior housing and health care real estate investment trust posted revenue of $1.26 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $1.25 billion.
For the year, the company reported funds from operations of $1.68 billion, or $4.16 per share. Revenue was reported as $5.12 billion.
Welltower expects full-year funds from operations in the range of $4.20 to $4.30 per share.
The company’s shares have climbed 5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $85.86, an increase of 12% in the last 12 months.