Toledo-based real estate investment trust Health Care REIT Inc. on Friday said that its second quarter funds from operations were $316.4 million, or $1.06 per share, up 22 percent from a year ago when FFO was $256.1 million, or 93 cents per share.
The company’s quarterly revenues were $826.4 million, up 22 percent from $678.5 million a year ago.
Funds from operations are considered the most important metric for a real estate investment trust because unlike a manufacturing plant, the assets of a REIT — usually office buildings, housing, or other property — appreciate in value rather than depreciate like machinery.
Health Care REIT, which owns and manages senior living housing and health-care properties, said its net profits were $71.8 million, or 24 cents per share, up from a loss of $8.5 million, or 3 cents a share, in the second quarter a year ago.
The Toledo real estate investment trust’s quarterly Funds Available for Distribution were $281 million, or 94 cents per share, up from $227.3 million, or 82 cents per share, a year ago. Funds available for distribution are considered important because they include capital expenditures that pay for the upkeep on a REIT’s properties.
On the New York Stock Exchange Friday, Health Care REIT shares rose 95 cents, closing at $64.58.
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