Senior Housing Properties Trust (SNH) reported that its first-quarter funds from operations increased to $74.84 million from $68.80 million in the prior year quarter. But, funds from operations per share declined to $0.41 from last year's $0.42.
Normalized funds from operations were $78.9 million, or $0.43 per share, compared to $72.4 million, or $0.45 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.
Net income for the quarter was $35.2 million or $0.19 per share compared to net income of $32.4 million, or $0.20 per share in the year ago quarter.
During the first-quarter ended March 31, 2013 and 2012, the company recorded impairment of assets charges of $1.3 million and $3.1 million, respectively, to reduce the carrying value of one of properties to its estimated net sale price.
Total revenues for the quarter rose to $189.43 million from $145.07 million in the prior year quarter. Five analysts had consensus revenue estimate of $190.77 million for the quarter.
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