Senior Housing Properties Trust (NYSE: SNH) today announced its
financial results for the quarter ended March 31, 2007, as follows:
Results for the quarter ended March 31, 2007: Net income for the
quarter ended March 31, 2007, was $17.5 million, or $0.22 per
share, compared to net income of $10.5 million, or $0.15 per share,
for the quarter ended March 31, 2006. Net income for the quarter
ended March 31, 2007, includes a loss on early extinguishment of
debt of $2.0 million 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 quarter in 2006, includes a loss on early extinguishment
of debt of $5.2 million related to the $52.5 million redemption of
SNH�s 7 7/8% senior notes due 2015. Funds from operations (FFO) for
the quarter ended March 31, 2007, was $31.0 million, or $0.38 per
share. FFO includes a loss on early extinguishment of debt paid in
cash of $1.8 million related to the purchase and retirement of the
senior notes due 2012 described above. This compares to FFO for the
quarter ended March 31, 2006 of $23.5 million, or $0.33 per share.
FFO for the quarter ended March 31, 2006, includes a $4.1 million
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 80.8 million and 71.8 million for
the quarters ended March 31, 2007 and 2006, respectively.
Conference Call: On Tuesday, May 1, 2007, at 1:00 p.m. EST, David
J. Hegarty, president and chief operating officer, and Richard A.
Doyle, treasurer and chief financial officer, will host a
conference call to discuss the results for the first quarter ended
March 31, 2007. The conference call telephone number is
1-800-819-9193. Participants calling from outside the United States
and Canada should dial 913-981-4911. No pass code is necessary to
access the call from either number. Participants should dial in
about 15 minutes prior to the scheduled start of the call. A replay
of the conference call will be available through midnight Monday,
May 7, 2007. To hear the replay, dial 719-457-0820. The replay pass
code is 5181204. A live audio web cast of the conference call will
also be available in listen only mode on the SNH web site.
Participants wanting to access the webcast should visit the web
site about five minutes before the call. The archived webcast will
be available for replay on the SNH web site for about one week
after the call. Supplemental Data: A copy of SNH�s First Quarter
2007 Supplemental Operating and Financial Data is available for
download from the SNH website, www.snhreit.com. Senior Housing
Properties Trust is a real estate investment trust, or REIT, that
owns 196 senior living properties located in 32 states. SNH is
headquartered in Newton, Massachusetts. Senior Housing Properties
Trust Financial Information (in thousands, except per share data) �
Income Statement: � Quarter Ended March 31, � 2007� � 2006�
Revenues: Rental income $ 44,301� $ 40,823� Interest and other
income � 451� � 346� Total revenues � 44,752� � 41,169� Expenses:
Interest 9,893� 11,371� Depreciation 11,595� 10,731� General and
administrative 3,716� 3,400� Loss on early extinguishment of
debt(1) � 2,026� � 5,207� Total expenses � 27,230� � 30,709� Net
income $ 17,522� $ 10,460� � Weighted average shares outstanding �
80,815� � 71,812� Per share data: Net income $ 0.22� $ 0.15�
Balance Sheet: � At March 31, 2007 At December 31, 2006 Assets Real
estate properties $ 1,824,002� $ 1,814,358� Less accumulated
depreciation � 288,102� � 276,507� 1,535,900� 1,537,851� Cash and
cash equivalents 17,358� 5,464� Restricted cash 2,620� 2,435�
Deferred financing fees, net 7,454� 8,173� Other assets � 27,600� �
30,851� Total assets $ 1,590,932� $ 1,584,774� Liabilities and
Shareholders� Equity Unsecured revolving bank credit facility $ -�
$ 112,000� Senior unsecured notes, net of discount 321,765�
341,673� Secured debt and capital leases � 90,977� � 91,412� Total
debt 412,742� 545,085� Other liabilities � 15,167� � 20,223� Total
liabilities 427,909� 565,308� Shareholders� equity � 1,163,023� �
1,019,466� Total liabilities and shareholders� equity $ 1,590,932�
$ 1,584,774� (1) In January 2007, we purchased and retired $20.0
million of our 8 5/8% senior notes due 2012 and paid a premium of
$1.8 million and wrote off $276,000 of deferred financing fees and
unamortized discount related to these senior notes. In January
2006, we redeemed $52.5 million of our 7 7/8% senior unsecured
notes and paid a $4.1 million redemption premium and wrote off $1.1
million of deferred financing fees and unamortized discount related
to these senior notes. Senior Housing Properties Trust Funds from
Operations (in thousands, except per share data) � Calculation of
Funds from Operations (FFO) (1): � Quarter Ended March 31, � 2007�
� 2006� Net income $ 17,522� $ 10,460� Add: �Depreciation expense
11,595� 10,731� Loss on early extinguishment of debt 2,026� 5,207�
Deferred percentage rent(2) 1,600� 1,259� Less: Loss on early
extinguishment of debt settled in cash(3) � (1,750) � (4,134) FFO $
30,993� $ 23,523� � Weighted average shares outstanding � 80,815� �
71,812� � FFO per share $ 0.38� $ 0.33� Distributions declared $
0.34� $ 0.32� (1) We compute FFO as shown in the calculation above.
This calculation begins with income from continuing operations or,
if that amount is the same as net income, with net income. Our
calculation of FFO differs from the National Association of Real
Estate Investment Trusts, or NAREIT, definition of FFO because we
include deferred percentage rent in FFO as discussed in Note 3
below and we exclude loss on early extinguishment of debt not
settled in cash from FFO. We consider FFO to be an appropriate
measure of performance for a real estate investment trust, or REIT,
along with net income and cash flow from operating, investing and
financing activities. We believe that FFO provides useful
information to investors because by excluding the effects of
certain historical costs, such as depreciation expense and gain or
loss on sale of properties, FFO can facilitate comparison of
current operating performance among REITs. FFO does not represent
cash generated by operating activities in accordance with U.S.
generally accepted accounting principles, or GAAP, and should not
be considered an alternative to net income or cash flow from
operating activities as a measure of financial performance or
liquidity. FFO is one important factor considered by our board of
trustees in determining the amount of distributions to
shareholders. Other important factors include, but are not limited
to, requirements to maintain our status as a REIT, limitations in
our revolving bank credit facility and public debt covenants, the
availability of debt and equity capital to us and our expectation
of our future performance. (2) Our percentage rents are generally
calculated on an annual basis. We recognize percentage rental
income received during the first, second and third quarters in the
fourth quarter when all contingencies related to percentage rents
are satisfied. Although recognition of revenue is deferred until
the fourth quarter, for purposes of calculating net income, the
calculation of FFO for the first three quarters includes estimated
amounts with respect to those periods. The fourth quarter FFO
calculation excludes the amounts recognized during the first three
quarters. (3) FFO for the quarter ended March 31, 2007, includes
$1.8 million loss for the cash premium paid for our retirement of
$20.0 million of our 8 5/8% senior notes due 2012. FFO of the
quarter ended March 31, 2006, includes $4.1 million loss for the
cash premium paid for our redemption of $52.5 million of our 7 7/8%
senior notes due 2015. A Maryland Real Estate Trust with
transferable shares of beneficial interest listed on the New York
Stock Exchange. No shareholder, Trustee or officer is personally
liable for any act or obligation of the Trust.
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