Senior Housing Properties: 3Q Earnings Snapshot
NEWTON, Mass. (AP) _ Senior Housing Properties Trust (SNH) on Tuesday reported a key measure of profitability in its third quarter. The results fell short of Wall Street expectations.
The Newton, Massachusetts-based real estate investment trust said it had funds from operations of $100.2 million, or 42 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 45 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $45.8 million, or 19 cents per share.
The residential care real estate investment trust posted revenue of $279 million in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $280.4 million.
The company’s shares have fallen 15 percent since the beginning of the year. The stock has dropped 12 percent in the last 12 months.