WELL Welltower OP Inc

By Kimberly Chin

Welltower Inc. (WELL) said profit rose in the third quarter and funds from operations were in line with Wall Street expectations.

The real estate investment trust said net income was $589.9 million, or $1.45 a share, compared with $64.4 million, or 17 cents a share, a year earlier.

The increase in profit was driven by higher income from unconsolidated entities and a larger gain from the sale of real estate compared with the year-ago period. The company's income from unconsolidated entities was $3.3 million compared with $344,000 in the same quarter a year earlier. Welltower also posted a $570.3 million gain from its sale of real estate in the quarter, compared with a $24.7 million gain in the comparable quarter a year ago.

Funds from operations were $1.05 a share compared with $1.04 a share a year earlier. Analysts polled by FactSet expected funds from operations of $1.04 a share.

Revenue rose 2.4% from a year ago to $1.27 billion. Analysts were expecting $1.32 billion in revenue.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

October 28, 2019 17:14 ET (21:14 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.