Senior Housing Properties Trust (NYSE: SNH) today announced its financial results for the quarter and six months ended June 30, 2013.
Results for the quarter ended June 30, 2013:
Normalized funds from operations, or Normalized FFO, for the quarter ended June 30, 2013 were $79.1 million, or $0.42 per share. This compares to Normalized FFO for the quarter ended June 30, 2012 of $73.2 million, or $0.45 per share.
Net income was $5.6 million, or $0.03 per share, for the quarter ended June 30, 2013, compared to net income of $33.3 million, or $0.20 per share, for the quarter ended June 30, 2012. During the three months ended June 30, 2013, we recognized a loss of $105,000, or less than $0.01 per share, related to the early extinguishment of four mortgage debts. During the quarter ended June 30, 2013, we decided to market for sale 10 senior living communities and seven properties leased to medical providers, medical related businesses, clinics and biotech laboratory tenants, or MOBs. The 10 senior living communities are included in our continuing operations and we recognized non-cash impairment of assets charges of $4.4 million, or $0.02 per share, to reduce the carrying value of four of these senior living communities to their aggregate estimated net sale price during the three months ended June 30, 2013. The seven MOBs have been reclassified to discontinued operations and we recognized non-cash impairment of assets charges of $27.9 million, or $0.15 per share, to reduce the carrying value of these seven MOBs to their aggregate estimated net sale price during the three months ended June 30, 2013.The weighted average number of common shares outstanding totaled 188.1 million and 162.7 million for the quarters ended June 30, 2013 and 2012, 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 June 30, 2013 and 2012 appears later in this press release.
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