Welltower Swings To Q3 Profit

(RTTNews) - Welltower Inc. (WELL) Monday reported third-quarter net income of $127.5 million or $0.24 per share, compared to net loss of $6.8 million or $ 0.01 per share last year.

Normalized funds from operations for the quarter was $0.92 per share, compared to $0.84 per share last year.

Revenues for the quarter were $1.66 billion, up from $1.47 billion last year.

Analysts polled by Thomson Reuters expected earnings of $0.19 per share on revenues of $1.63 billion for the quarter. Analysts' estimates usually exclude one-time items.

Looking forward, the company expects revised full year 2023 net income of $0.91 to $0.95 per share, as compared to previous guidance of $0.75 to $0.84 per share.

Full year normalized FFO guidance has been revised to $3.59 to $3.63 per share as compared to previous guidance of $3.51 to $3.60 per share.