The increase in net income was primarily due to the impact of: (i) additional rental income and mortgage interest income associated with $339 million of new investments made throughout 2011; (ii) $5.3 million in gains on the sale of assets and (iii) $24.7 million net decrease in real estate impairments. These increases were partially offset by: (i) $1.9 million of increased depreciation expense associated with the 2011 new investments; (ii) $2.9 million of increased interest expense associated with the 2011 new investments; and (iii) a $7.1 million charge relating to the tender and redemption of all of the Company’s outstanding $175 million of 7% Senior Notes due 2016.FIRST QUARTER 2012 HIGHLIGHTS AND OTHER RECENT DEVELOPMENTS
- In April 2012, the Company increased its quarterly common dividend per share to $0.42 from $0.41.
- In March 2012, the Company tendered and/or redeemed all of its $175 million of 7% Senior Notes due 2016.
- In March 2012, the Company issued $400 million aggregate principal amount of its 5.875% Senior Notes due 2024.