Senior Housing Properties Trust (NYSE:SNH) reported a 3rd quarter net income of $30 million, a nearly 7% increase from the previous year; however, net income per share was $0.20, down from the third quarter of 2010’s $0.22 per share. Part of last year’s net income for the period was attributable to the sale of four properties, says SNH.
Normalized funds from operation (FFO) for the quarter ended on Sept. 30, 2011 were $65.4 million,or $0.43 per share, a 22% increase from the previous year’s normalized FFO of $53.5 million and $0.42 per share.
For the nine months ended on Sept. 30, 2011, SNH reported a net income of $112.8 million, or $0.77 per share, compared to $82.6 million or $0.65 per share for the first three quarters in 2010. Net income during this period includes a gain of approximately $21.3 million from the sale of seven properties, but also loss on the early extinguishment of debts of approximately $427,000.
Since July, SNH has acquired, or is under agreements to acquire, 33 properties for an aggregate purchase price of approximately $801 million, including the assumption of approximately $207.5 million of mortgage debt. These properties consist mainly of senior living properties and medical office buildings.
Rental revenue for the quarter saw a substantial increase of nearly 40% from the same period of the previous year, to $113.3 million. Total expenses also went up nearly 79%.
Written by Alyssa Gerace