Senior Housing Properties Trust (SNH), said Thursday that its fourth quarter FFO increased from last year, as strong growth in revenues offset higher expenses.
Funds from operations or FFO for the fourth quarter was $48.9 million or $0.43 per share, up from $35.2 million or $0.42 per share in the prior year quarter. On average, 9 analysts polled by Thomson Reuters expected the company to earn $0.43 per share for the fourth quarter. Analysts' estimate typically excludes special items.
Net income for the quarter rose to $32.4 million or $0.28 per share from $26.5 million or $0.31 per share in the year-ago quarter. The result for the quarter under review included an asset impairment charge of $5.4 million or $0.05 per share, related to three properties.
Total revenues for the fourth quarter increased to $72.92 million from $53.08 million in the same quarter of last year. Five analysts had a consensus revenue estimate of $63.74 million for the fourth quarter.
Total expenses soared to $40.6 million from $26.6 million in the fourth quarter of 2007.
For the full year 2008, FFO grew to $175.5 million or $1.67 per share from $134.4 million or $1.62 per share in the previous year.
Net income was $106.5 million or $1.01 per share, compared to $85.3 million or $1.03 per share in the prior year.
Annual revenues increased to $235.54 million from $188.02 million in the preceding year.
Analysts expected the company to report FFO of $1.67 per share on revenue of $226.22 million for the year.
SNH closed Thursday's regular trading session at $12.84, down 67 cents or 4.96%.
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