For the six-month period ended June 30, 2013, the Company reported net income available to common stockholders of $87.2 million, or $0.76 per diluted common share, on operating revenues of $204.3 million. This compares to net income available to common stockholders of $56.7 million, or $0.54 per diluted common share, on operating revenues of $168.3 million, for the same period in 2012.The year-to-date increase in net income was primarily due to: (i) additional rental income and mortgage interest income associated with approximately $510 million of new investments made since the second quarter of 2012 and (ii) an $11.1 million interest refinancing adjustment (gain) recorded in the second quarter of 2013. These increases to net income were partially offset by (i) increased expenses associated with new investments made throughout 2012 and 2013, including: (a) $9.8 million in increased depreciation expense and (b) $3.6 million in increased interest expense and (ii) $5.4 million in interest refinancing costs relating to 2012 refinancing activities. SECOND QUARTER 2013 HIGHLIGHTS AND OTHER RECENT DEVELOPMENTS
- In July 2013, the Company increased its quarterly common stock dividend to $0.47 per share.
- In Q2 2013, the Company paid off $51 million of long-term debt.
- In Q2 2013, the Company completed $25 million of new investments.
- In Q2 2013, the Company completed $10 million of capital renovation projects.
- In April 2013, the Company increased its quarterly common stock dividend to $0.46 per share.