Senior Housing Properties Trust Q4 FFO Rises - Quick Facts

(RTTNews) - Senior Housing Properties Trust (SNH) said that its fourth-quarter of 2013 funds from operations rose to $86.54 million from the prior year's $81.61 million. Funds from operations per share was $0.46, unchanged from last year.

Normalized funds from operations, or Normalized FFO, for the quarter ended December 31, 2013 were $80.5 million, or $0.43 per share, compared to Normalized FFO for the quarter ended December 31, 2012 of $75.5 million, or $0.43 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share for the quarter. Analysts' estimates typically exclude special items.

Net income was $72.2 million, or $0.38 per share, for the quarter compared to net income of $44.6 million, or $0.25 per share in the year ago quarter.

During the fourth-quarter ended December 31, 2013 SNH recognized: a gain on sale of properties of $36.3 million, or $0.19 per share, related to the sale of two rehabilitation hospitals previously classified as held for sale; and impairment of assets charges of $12.0 million, or $0.06 per share, to reduce the carrying value of four senior living communities and two properties (two buildings) leased to medical providers, medical related businesses, clinics and biotech laboratory tenants, or MOBs, included in discontinued operations to their aggregate estimated net sale price.

Net income for the prior year included a gain on lease terminations of approximately $479,000, or less than $0.01 per share, related to SNH's agreement with Sunrise Senior Living, Inc., or Sunrise, to terminate leases for 10 senior living communities SNH previously leased to Sunrise.

Total revenues for the quarter were $200.34 million, up from $191.70 million last year. Six analysts estimated revenues of $199.24 million for the quarter.