Toledo-based real estate investment trust Welltower Inc. reported third quarter results on Tuesday that included funds from operations of $399.8 million, or $1.08 per share, down 5 percent from $420.8 million or $1.16 per share a year ago.

The numbers beat Wall Street’s expectations. An average estimate of 12 analysts surveyed by Zacks Investment Research was for funds from operations of $1.05 per share.

For real estate investment trusts, funds from operations is the best metric of performance because unlike a manufacturing plant, a REIT's assets increase in value rather than depreciate. Welltower owns and manages senior living housing and health-care properties.

The investment trust reported net income of $74 million, or 20 cents a share in the quarter. That compared to a year ago when net income was $334.9 million, or 93 cents a share. Revenues were $1.09 billion, up from $1.08 billion a year ago.

Late last month Welltower declared a third quarter cash dividend of 87 cents per share, payable Nov. 20 to shareholders of record as of Nov. 7.

First Published November 7, 2017, 5:58 p.m.