Newton’s Senior Housing Properties Trust has reported $65.4 million in normalized funds from operations (FFO) for the quarter ended Sept. 30, compared to $53.5 million in normalized FFO for the same period last year.
Net income was $30 million for the quarter ended Sept. 30, compared to $28.1 million in net income for the same period in 2010. Net income for the quarter ended Sept. 30 includes a non-cash impairment of assets charge of $1 million related to one property. Net income for the quarter ended September 30, 2010 includes a gain on sale of properties of approximately $109,000, or less than $0.01 per share, related to the sale of four properties in August 2010.
Normalized FFO for the nine months ended Sept. 30 were $190.1 million, compared to normalized FFO of $161.6 million for the nine months ended Sept. 30, 2010.
Net income was $112.8 million for the nine months ended Sept. 30, compared to net income of $82.6 million for the nine months ended Sept. 30, 2010. Net income during this period includes a gain on sale of properties of approximately $21.3 million, or $0.15 per share, related to the sale of seven properties, a loss on early extinguishment of debt of approximately $427,000, or less than $0.01 per share, in connection with replacing our previous $550 million revolving credit facility
Since July 1, the company has acquired, or has under agreements to acquire, 33 properties for an aggregate purchase price of approximately $801 million, including the assumption of approximately $207.5 million of mortgage debt and excluding closing costs.
