Operating revenue for the quarter was $83.8 million versus $72.6 million for the second quarter of 2011. The increase was primarily a result of $7.4 million of incremental lease revenue from a combination of acquisitions completed in the second half of 2011, capital improvements made to our facilities throughout 2011 and 2012 and lease amendments made during that same time period, $4 million of mortgage interest from new mortgages originated throughout 2011 and a $0.5 million of other investment income related to a $28 million note originated in December.
These three were partially offset by a $700,000 reduction in lease revenue related to one operator whose revenue is recorded on a cash basis and is anticipated to be current in the third quarter. The $83.8 million of revenue for the quarter includes approximately $8 million of non-cash revenue.
Operating expense for the second quarter of 2012, when excluding nursing home expenses, provisions for uncollectible accounts receivable and stock-based compensation expense increased by $2.5 million as compared to the second quarter of 2011. The increase was primarily a result of $2.4 million in depreciation and amortization expense related to the closing of approximately $370 million of new investments since July 1, 2011.
From a G&A standpoint, we project our 2012 annual G&A expense to be approximately $14.5 million assuming no extraordinary transactions or unusual events. Interest expense for the quarter when excluding refinancing cost and non-cash deferred financing cost was $24 million versus $20 million for the same period of 2011. The $4 million increase in interest expense resulted from higher debt balances associated with financings related to $370 million of new investments completed since July 1, 2011 and includes a full quarter of interest associated with the $400 million 5 7/8% bonds due 2024 that were issued in March 2012 offset by interest related to the March redemption of our then 175 million 7% bonds due 2016.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV