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Senior Housing Properties Trust Announces 2012 Third Quarter Results

Stocks in this article: SNH

Senior Housing Properties Trust (NYSE: SNH) today announced its financial results for the quarter and nine months ended September 30, 2012.

Results for the quarter ended September 30, 2012:

Normalized funds from operations, or Normalized FFO, for the quarter ended September 30, 2012 were $74.8 million, or $0.43 per share. This compares to Normalized FFO for the quarter ended September 30, 2011 of $65.4 million, or $0.43 per share.

Net income was $25.6 million, or $0.15 per share, for the quarter ended September 30, 2012, compared to net income of $30.0 million, or $0.20 per share, for the quarter ended September 30, 2011. Net income for the quarter ended September 30, 2012 was negatively impacted by the timing of acquisitions and the deployment of the proceeds received from our capital raises in July 2012. Net income for the quarter ended September 30, 2012 includes a loss on early extinguishment of debt of approximately $6.3 million, or $0.04 per share, related to the prepayment of a portion of the outstanding principal balance of our FNMA secured term loan, a loss on lease terminations of approximately $104,000, or less than $0.01 per share, related to our agreement with Sunrise Senior Living, Inc., or Sunrise, to terminate 10 senior living communities we leased to them that were scheduled to expire in December 2013 and a loss on sale of properties of approximately $101,000, or less than $0.01 per share, related to the sale of one property in July 2012. Net income for the quarter ended September 30, 2011 includes a non-cash impairment of assets charge of $1.0 million, or $0.01 per share, related to one property.

The weighted average number of common shares outstanding totaled 174.7 million and 153.4 million for the quarters ended September 30, 2012 and 2011, respectively.

A reconciliation of net income determined according to U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, and Normalized FFO for the quarters ended September 30, 2012 and 2011 appears later in this press release.

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