Senior Housing Properties Trust (SNH) reported that its second-quarter net income increased to $37.66 million or $0.19 per share, from $5.60 million or $0.03 per share, last year. FFO increased to $81.58 million or $0.41 per share, from $76.36 million or $0.41 per share, prior year. Normalized FFO per share was $0.43 for the quarter.
On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.43 for the quarter. Analysts' estimates typically exclude special items.
Total revenues increased to $206.71 million from $186.93 million, last year. Analysts expected revenue of $204.04 million for the quarter.
SNH Chief Operating Officer David Hegarty said: "SNH's second quarter results improved as we reported same property NOI growth across all property types, we completed the $1.1 billion acquisition of the Vertex Pharmaceuticals headquarters located in the Seaport District of Boston, and we successfully completed a disciplined capital raising program to finance that acquisition so as to produce accretive results for shareholders. In addition, SNH remains active in selectively pursuing acquisitions and dispositions to further strengthen its senior housing and medical office portfolios."
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