Senior Housing Properties Trust Reports Q1 Results

Senior Housing Properties Trust (NYSE: SNH) announced last week that its net income was $31.5 million, or $0.27 per share, for the quarter ended March 31, 2009, compared to net income of $23.3 million, or $0.26 per share, for the quarter ended March 31, 2008.  The company reported funds from operations, or FFO, for the quarter ended March 31, 2009 was $52.1 million, or $0.44 per share. This compares to FFO for the quarter ended March 31, 2008 of $38.3 million, or $0.42 per share.


In May 2009, the company entered into a series of agreements to acquire 48 medical office, clinic and biotech laboratory buildings for an aggregate purchase price of approximately $565.0 million. To date, SNH has acquired 38 of these buildings for approximately $366.0 million, excluding closing costs and funded these acquisitions using cash on hand, proceeds from equity issuances, borrowings under the company’s revolving credit facility and by assuming three mortgage loans on two properties, totaling $10.8 million with a weighted average interest rate of 7.1% per annum and a weighted average maturity in 2018.  The remaining nine buildings are scheduled to close in 2010, but may accelerate the closings of these acquisitions.