(RTTNews) - Senior Housing Properties Trust (SNH: News ), Tuesday reported a decline in profit for the third quarter, despite a rise in revenues, reflecting higher expenses, depreciation and impairment charges. Funds from operations, however, rose from the comparable quarter last year, in line with analysts' estimates.

Senior Housing reported net income for the third quarter that declined to $15.56 million or $0.13 per share from $29.15 million or $0.25 per share in the previous year. Results for the quarter include an impairment of assets charge of $11.25 million.

FFO for the quarter increased to $49.42 million or $0.41 per share from $47.04 million or $0.41 per share a year ago.

On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter increased to $72.36 million from $59.67 million last year. Analysts estimated a revenue of $72.28 million for the quarter.
Rental income rose to $72.01 million from $58.84 million a year ago. Interest and other income declined to $355 thousand from $829 thousand in the previous year.

Total expenses increased to $56.80 million from $30.79 million last year. Property operating expenses rose to $4.11 million from $1.02 million and interest expense rose to $15.95 million from $9.61 million a year ago. Depreciation charges were $19.69 million, up from $15.86 million last year.

For the nine-month period, net income increased to $77.61 million or $0.65 per share from $74.14 million or $0.73 per share in the same period of the previous year. Total revenues for the period increased to $210.53 million from $162.62 million last year. FFO was $154.4 million or $1.29 per share, compared to $126.6 million or $1.24 per share a year ago.

SNH is currently trading at $19.36, up 0.08 or 0.41%, on a volume of 392K shares on the NYSE.

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by RTT Staff Writer

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