Senior Housing Properties: 1Q Earnings Snapshot

NEWTON, Mass. (AP) _ Senior Housing Properties Trust (SNH) on Wednesday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.

The Newton, Massachusetts-based real estate investment trust said it had funds from operations of $107.2 million, or 45 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 $236 million, or 99 cents per share.

The residential care real estate investment trust posted revenue of $275.8 million in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $272.4 million.

The company's shares have dropped 15 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.21, a decrease of 21 percent in the last 12 months.


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