Wednesday, Senior Housing Properties Trust (SNH), reported a rise in funds from operations or FFO for the first quarter, although short of estimates. Revenues for the quarter increased, and exceeded analysts' expectations.
For the first quarter, the Newton, Massachusetts-based company's FFO increased to $52.1 million from $38.3 million in the prior-year quarter. On a per share basis, FFO rose to $0.44 from $0.42 last year.
Net income for the quarter increased to $31.5 million or $0.27 per share from $23.3 million or $0.26 per share in the same quarter last year.
On average, eight analysts polled by Thomson Reuters expected the company to earn $0.45 per share for the first quarter. Analysts' estimates typically exclude special items.
Quarterly revenues increased to $69.00 million from $50.00 million in the year-ago quarter, topping Wall Street analysts' consensus estimate of $67.47 million.
Total expenses for the quarter rose to $37.05 million from $26.24 million last year.
The company also acquired 38 of medical office, clinic and biotech laboratory buildings from an affiliate HRPT properties trust for a price of about $565.0 million. The acquisitions were funded using cash on hand, proceeds from equity issuances, borrowings under revolving credit facility and by assuming three mortgage loans on two properties.
SNH is currently trading at $15.66, down $0.20 or 1.26%, on a volume of 0.75 million shares on the NYSE.
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