Senior Housing Properties Trust (NYSE:SNH) reported a 107% increase in net income in the second quarter 2011, as a result of the sales of several of its properties in the quarter.
Net income for the quarter ending on June 30, 2011 was $51.05 million, or $0.36 per share, up from last year’s $24.56 million and $0.19 per share. This includes a gain from the sale of seven properties for approximately $21.3 million.
The normalized FFO increased to $62.6 million, and $0.44 per share, up from $53.2 million and $0.42 per share, just slightly below analysts’ expectations of $0.45 per share for the quarter ending on June 30, 2011.
Total revenue for SNH increased nearly 25% to $100.7 million, compared to last year’s $80.8 million.
Since April 1, 2011, SNH has acquired, or has entered into agreements to acquire, 29 properties for an aggregate purchase prices of $360.9 million.
SNH’s second quarter 2011 earnings report can be viewed here.
Written by Alyssa Gerace