Hot Stock to watch: Welltower Inc (NYSE: WELL)

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Welltower Inc (NYSE: WELL) stock rose over 3.8% on October 29th, 2019 (as of 11:03 am GMT-4; Source: Google finance) after the company posted mixed results for the third quarter of FY 19. The company has reported the net income of $589.9 million compared to $64.4 million a year earlier. The rise in profit was on back of higher income from unconsolidated entities and a major 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. WELL has also booked a $570.3 million gain from its sale of real estate in the quarter, compared to a $24.7 million gain in the comparable quarter a year ago. At the end of the quarter, the company had $266 million of cash and cash equivalents and $1.7 billion of available borrowing capacity under the unsecured revolving credit facility.

WELL in the third quarter of FY 19 has reported the adjusted funds from operations per share of $1.05, beating the analysts’ estimates for the adjusted funds from operations per share of $1.04, according to analysts polled by FactSet. The company had reported the adjusted revenue growth of 2.4 percent to $1.27 billion in the third quarter of FY 19, missing the analysts’ estimates for revenue of $1.32 billion.

For FY 19, the company expects net income attributable to common stockholders to be now in a range of $3.06 to $3.10 per diluted share compared to the previous range of $3.33 to $3.43 per diluted share, mainly due to changes in forecasted net gains/losses/impairments and depreciation and amortization. The company expects full year normalized FFO attributable to common stockholders to be now in the range of $4.14 to $4.18 per diluted share compared to the previous range of $4.10 to $4.20 per diluted share. The company expects Same Stores NOI growth from 2.0% to 2.5% to the range of 2.25% to 2.75%.

The company expects annual general and administrative expenses to be of approximately $130 million, including $24 million of stock-based compensation. The company expects funding to be of approximately $183 million of additional development in 2019 relating to projects underway on September 30, 2019. The company expects disposition proceeds to be of $3.1 billion at a blended yield of 6.2%, including approximately $2.8 billion of proceeds from dispositions and loan payoffs completed to date and $0.3 billion of incremental proceeds from expected property sales and loan payoffs.

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