Senior Housing Properties Trust Announces Results for the Periods Ended September 30, 2007
Newton, MA (November 1, 2007). Senior Housing Properties Trust (NYSE: SNH) today announced its financial results for the quarter and nine months ended September 30, 2007, as follows:
Results for the quarter ended September 30, 2007:
Net income for the quarter ended September 30, 2007 was $20.6 million, or $0.25 per share, compared to net income of $15.4 million, or $0.21 per share, for the quarter ended September 30, 2006.
Funds from operations (FFO) for the quarter ended September 30, 2007 was $34.1 million, or $0.41 per share. This compares to FFO for the quarter ended September 30, 2006 of $27.7 million, or $0.39 per share.
The weighted average number of common shares outstanding totaled 83.7 million and 71.8 million for the quarters ended September 30, 2007 and 2006, respectively.
Results for the nine months ended September 30, 2007:
Net income for the nine months ended September 30, 2007 was $58.8 million, or $0.71 per share, compared to net income of $38.6 million, or $0.54 per share, for the nine months ended September 30, 2006. Net income for the nine months ended September 30, 2007 includes a loss on early extinguishment of debt of $2.0 million, or $0.02 per share, related to the purchase and retirement of $20.0 million of SNH’s 8 5/8% senior notes due 2012. Net income for the same period in 2006 includes (1) an impairment of assets charge of $1.4 million, or $0.02 per share, related to three properties that we later sold during the fourth quarter of 2006, (2) a loss on early extinguishment of debt of $1.3 million, or $0.02 per share, related to the $28.2 million redemption of all of SNH’s 10.125% junior subordinated debentures and (3) a loss on early extinguishment of debt of $5.2 million, or $0.07 per share, related to the $52.5 million redemption of SNH’s 7 7/8% senior notes due 2015.
FFO for the nine months ended September 30, 2007 was $99.1 million, or $1.20 per share. FFO includes a loss on early extinguishment of debt paid in cash of $1.8 million, or $0.02 per share, related to the purchase and retirement of the senior notes due 2012 described above. This compares to FFO for the nine months ended September 30, 2006 of $79.0 million, or $1.10 per share. FFO for the nine months ended September 30, 2006 includes a $4.1 million, or $ 0.06 per share, loss for the cash premium paid for partial redemption of the senior notes due 2015 described above.
The weighted average number of common shares outstanding totaled 82.7 million and 71.8 million for the nine months ended September 30, 2007 and 2006, respectively.
A reconciliation of FFO to net income determined according to U.S. generally accepted accounting principles, or GAAP, is set forth below.