Welltower Inc (NYSE:WELL) stock surges 10.8% (As on November 8, 10:48:03 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 22. Inclusive of available borrowings under the line of credit, cash and cash equivalents, and restricted cash, as of September 30, 2022, the company had $3.8 billion of near-term available liquidity and no material senior unsecured note maturities until 2024. During the three months ended September 30, 2022, the company settled 9.1 million shares of common stock that were sold under the ATM program via forward sale agreements, resulting in $842 million of gross proceeds. Subsequent to quarter end, the company has reduced variable rate debt by $817 million, inclusive of borrowings under the line of credit as well as secured debt assumed and subsequently paid off post-quarter end.  In the third quarter, the company has completed $1.1 billion of pro rata gross investments including $850 million in acquisitions and loan funding, as well as $203 million in development funding. Transactions during this period were funded, in part, through the issuance of OP Units. The company has opened four development projects for an aggregate pro rata investment amount of $79 million. Further, during the quarter the company has completed pro rata property dispositions and loan payoffs of $8 million.

Moreover, in July, WELL continued to expand the relationship with Oakmont through the acquisition of three newly-constructed rental communities and three stable entrance fee communities in high barrier-to-entry California markets for an aggregate purchase price of $312 million. The portfolio will be managed by Oakmont under a RIDEA 3.0 management contract. During the third quarter, WELL had expanded the relationship with Kisco through the acquisition of a 187-unit seniors housing property in the San Francisco MSA for a pro rata purchase price of $114 million.

WELL in the third quarter of FY 22 has reported the adjusted funds from operations per share of 84 cents, which is inline with the analysts’ estimates for the adjusted Funds from operations per share of 84 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $1.47 billion in the third quarter of FY 22, beating the analysts’ estimates for revenue of $1.46 billion.

Additionally, the company has authorized a share repurchase program whereby WELL may repurchase up to $3 billion of common stock.

For the fourth quarter ending in December, Welltower expects its per-share funds from operations to range from 80 cents to 85 cents.