Newton REIT Senior Housing Properties Trust has reported $53.5 million in funds from operations (FFO) for the quarter ended Sept. 30, a jump from the $49.4 million in FFO for the same period last year.
Net income was $28.1 million for the quarter ended Sept. 30, compared to net income of $15.6 million for the same period last year.
Net income for the quarter ended Sept. 30 includes a gain on sale of approximately $109,000 related to the sale of four properties in August. Net income for the quarter ended Sept. 30, 2009 includes an impairment of assets charge of $11.2 million related to eight properties, according to a statement.
FFO for the nine months ended Sept. 30 was $161.6 million, compared to $154.4 million in FFO for the nine months ended Sept. 30, 2009.
Net income was $82.6 million for the nine months ended Sept. 30, compared to net income of $77.6 million for the nine months ended Sept. 30, 2009.
Net income for the nine months ended Sept. 30 includes a loss on early extinguishment of debt of approximately $2.4 million related to the redemption of all $97.5 million of the company’s outstanding 7.875 percent senior notes due 2015. Net income for the nine months ended Sept. 30 also includes a gain on sale of approximately $109,000 related to the sale of four properties in August and a non-cash impairment of assets charge of $1.1 million related to five properties.
