Senior Housing Properties Trust FFO Rises to $62.1 Million During Q1

Senior Housing Properties Trust (NYSE: SNH) reported funds from operations (FFO) for the first quarter of 2011 came in at $62.1 million, or $0.44 per share.

During the quarter, net income was $31.8 million, or $0.22 per share, up from $30.0 million, or $0.24 per share, for the quarter ended March 31, 2010.  The weighted average number of common shares outstanding totaled 141.9 million and 127.4 million for the quarters ended March 31, 2011 and 2010, respectively.

The company said it acquired or entered agreements to acquire 33 properties for an aggregate purchase price of approximately $450.5 million since January 1, 2011.


SNH added that it has agreements to sell six properties, including three nursing homes with 329 beds, two MOBs with an aggregate of 12,578 square feet and one former assisted living facility which is being converted to another use, for combined sales prices totaling approximately $19.6 million.

“We expect the sale of these properties to occur during the second quarter of 2011. The sale of these properties is contingent upon completion of the buyer’s diligence and other customary closing conditions; accordingly, we can provide no assurance that we will sell these properties,” said the company in a statement.

SNH is a real estate investment trust, or REIT, that owns 327 properties located in 37 states and Washington, D.C. SNH is headquartered in Newton, MA.


For more details on the deals and earning, see here.