First-quarternormalized FFO at Welltower Inc.rose to around $401.0 million, or $1.13 per share, compared to $349.7 million,or $1.04 per share, a year earlier.
Thecompany said the quarterly results were "positively impacted by strongtrailing-four-quarter average total same store cash NOI growth, net investmentsof $1.8 billion and average net debt to undepreciated book capitalization ratioof 38.5%."
FFOtotaled $391.3 million, or $1.10 per share, compared to $344.3 million, or$1.02 per share, during the 2015 first quarter.
TheS&P Capital IQ consensus FFO-per-share estimate for the first quarter was$1.12.
Welltowercompleted $348 million of pro rata gross investments for the quarter, including$204 million in acquisitions/joint ventures, $96 million in development fundingand $48 million in loans.
AtMarch-end, the company had $356 million of cash and cash equivalents and $1.9billion of available borrowing capacity under its primary unsecured credit facility.
Lookingahead, the company affirmed its earnings guidance for the 2016 full year. It expects normalizedFFO to be in a range of $4.50 to $4.60 per share, representing a 3% to 5%increase.
TheS&P Capital IQ consensus FFO-per-share estimate for the 2016 full year is$4.56.
Welltoweralso declared a cash dividend of 86 cents per share for the quarter ended March31, representing a 4.2% increase from the first quarter of 2015.