Welltower: 2Q Earnings Snapshot

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 real estate investment trust, based in Toledo, Ohio, said it had funds from operations of $426.1 million, or $1.05 per share, in the period.

The average estimate of 10 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 $137.8 million, or 34 cents per share.

The senior housing and health care real estate investment trust posted revenue of $1.32 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $1.28 billion.

Welltower expects full-year funds from operations in the range of $4.10 to $4.20 per share.

The company's shares have increased 20% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $83.10, a rise of 33% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WELL at https://www.zacks.com/ap/WELL