NEWTON, Mass.--(BUSINESS WIRE)--
Senior Housing Properties Trust (NYSE: SNH) today announced its
financial results for the quarter and year ended December 31, 2013.
Results for the quarter ended December 31, 2013:
Normalized funds from operations, or Normalized FFO, for the quarter
ended December 31, 2013 were $80.5 million, or $0.43 per share. This
compares to Normalized FFO for the quarter ended December 31, 2012 of
$75.5 million, or $0.43 per share.
Net income was $72.2 million, or $0.38 per share, for the quarter ended
December 31, 2013, compared to net income of $44.6 million, or $0.25 per
share, for the quarter ended December 31, 2012. During the three months
ended December 31, 2013 SNH recognized: a gain on sale of properties of
$36.3 million, or $0.19 per share, related to the sale of two
rehabilitation hospitals previously classified as held for sale; and
impairment of assets charges of $12.0 million, or $0.06 per share, to
reduce the carrying value of four senior living communities and two
properties (two buildings) leased to medical providers, medical related
businesses, clinics and biotech laboratory tenants, or MOBs, included in
discontinued operations to their aggregate estimated net sale price. Net
income for the three months ended December 31, 2012 includes a gain on
lease terminations of approximately $479,000, or less than $0.01 per
share, related to SNH's agreement with Sunrise Senior Living, Inc., or
Sunrise, to terminate leases for 10 senior living communities SNH
previously leased to Sunrise.
The weighted average number of common shares outstanding totaled 188.2
million and 176.6 million for the quarters ended December 31, 2013 and
2012, respectively.
A reconciliation of net income determined according to U.S. generally
accepted accounting principles, or GAAP, to funds from operations, or
FFO, and Normalized FFO for the quarters ended December 31, 2013 and
2012 appears later in this press release.
Results for the year ended December 31, 2013:
Normalized FFO for the year ended December 31, 2013 were $317.4 million,
or $1.69 per share. This compares to Normalized FFO for the year ended
December 31, 2012 of $295.9 million, or $1.75 per share.
Net income was $151.2 million, or $0.81 per share, for the year ended
December 31, 2013, compared to net income of $135.9 million, or $0.80
per share, for the year ended December 31, 2012. During the year ended
December 31, 2013 SNH recognized: a loss on early extinguishment of debt
of $797,000, or less than $0.01 per share, related to the amendment of
its revolving credit facility and the prepayment of mortgages
encumbering five properties; a gain on sale of properties of $37.4
million, or $0.20 per share, related to the sale of two rehabilitation
hospitals and one senior living community previously classified as held
for sale; and impairment of assets charges of $45.6 million, or $0.24
per share, to reduce the carrying value of four senior living
communities, one MOB included in continuing operations and four MOBs
(seven buildings) included in discontinued operations to their estimated
net sale price. Net income for the year ended December 31, 2012
includes: an impairment of asset charge of $3.1 million, or $0.02 per
share, to reduce the carrying value of one MOB included in continuing
operations to its estimated net sale price; a loss on early
extinguishment of debt of $6.3 million, or $0.04 per share, related to
the prepayment of a portion of the outstanding principal balance of
SNH's Federal National Mortgage Association secured term loan; a gain on
lease terminations of approximately $375,000, or less than $0.01 per
share, related to SNH's agreement with Sunrise to terminate leases for
10 senior living communities SNH previously leased to Sunrise; and a
loss on sale of properties of approximately $101,000, or less than $0.01
per share, related to the sale of one property in 2012.
The weighted average number of common shares outstanding totaled 187.3
million and 169.2 million for the years ended December 31, 2013 and
2012, respectively.
A reconciliation of net income determined according to GAAP to FFO and
Normalized FFO for the years ended December 31, 2013 and 2012 appears
later in this press release.
Recent Investment and Sales Activities:
Since October 1, 2013, SNH has acquired seven properties in five
transactions for a combined purchase price of $56.4 million, excluding
closing costs:
-
In October 2013, SNH acquired two senior living communities with 153
private pay assisted living units located in Canton and Ellijay, GA
for a total of approximately $19.1 million. These communities are
operated in SNH's taxable REIT subsidiary, or TRS, structure and
managed by Five Star Quality Care, Inc., or Five Star, under a long
term management agreement;
-
Also in October 2013, SNH acquired a senior living community with 60
private pay assisted living units located in Jefferson City, TN for
approximately $9.9 million. This community is operated in SNH's TRS
structure and managed by Five Star under a long term management
agreement;
-
In November 2013, SNH acquired a senior living community with 68
private pay assisted living units located in Verona, WI for
approximately $12.0 million. This community is operated in SNH's TRS
structure and managed by Five Star under a long term management
agreement; and
-
In December 2013, SNH acquired a portfolio of three MOBs (three
buildings) with 62,826 square feet located in Orlando, FL for
approximately $15.4 million.
SNH also currently has one property under agreement to be acquired for a
purchase price of approximately $1.125 billion, excluding closing costs:
-
In February 2014, SNH entered into an agreement to acquire one MOB
(two buildings) with 1,651,037 gross building square feet located in
Boston, MA for approximately $1.125 billion. This MOB is certified by
the U.S. Green Building Council as two class A, leadership in energy
and environmental design, or LEED®, gold, newly-built biotech
buildings located on the waterfront in the Seaport District, Boston's
fastest growing submarket.
In December 2013, SNH sold two rehabilitation hospitals with 364
licensed beds located in Braintree and Woburn, MA for $90.0 million,
excluding closing costs. The majority of the revenues at these hospitals
come from Medicare. SNH recorded a gain of $36.3 million from this sale.
In January 2014, SNH sold one assisted living facility with 36 units
located in Kerrville, TX for $2.4 million, excluding closing costs.
SNH is also currently marketing for sale nine senior living communities
with 708 living units and four MOBs (seven buildings) with 831,499
square feet. The majority of the combined revenues generated from the
nine senior living communities listed for sale come from government
funded programs, such as Medicare and Medicaid. The results of
operations from the four MOBs (seven buildings) listed for sale are
included in discontinued operations in SNH's financial statements.
Recent Financing Activities:
Simultaneous with entering the agreement to acquire the one MOB (two
buildings) in Boston, MA noted above, SNH received a term loan
commitment for $800 million from Jefferies Finance, LLC and Wells Fargo
Bank, N.A. The term loan will have an interest rate of LIBOR plus 140
basis points, can be repaid in part or whole at any time without penalty
and will mature five years from closing. Prior to closing the
acquisition of these buildings, the term loan is expected to be
syndicated to a group of lenders, and the term loan is expected to close
simultaneous with the closing of this acquisition.
Conference Call:
On Wednesday, February 26, 2014, at 1:00 p.m. Eastern Time, David J.
Hegarty, President and Chief Operating Officer, and Richard A. Doyle,
Chief Financial Officer, will host a conference call to discuss the
financial results for the quarter and year ended December 31, 2013. The
conference call telephone number is (877) 531-2986. Participants calling
from outside the United States and Canada should dial (651) 224-7472. 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 11:59 p.m. Eastern Time, Wednesday, March 5, 2014. To hear the
replay, dial (320) 365-3844. The replay pass code is: 318032.
A live audio web cast of the conference call will also be available in
listen only mode on the SNH website at www.snhreit.com. Participants
wanting to access the webcast should visit the website about five
minutes before the call. The archived webcast will be available for
replay on the SNH website for about one week after the call. The
transcription, recording and retransmission in any way of SNH's fourth
quarter conference call are strictly prohibited without the prior
written consent of SNH.
Supplemental Data:
A copy of SNH's Fourth Quarter 2013 Supplemental Operating and Financial
Data is available for download from the SNH website, www.snhreit.com.
SNH's website is not incorporated as part of this press release.
SNH is a real estate investment trust, or REIT, that owned 375
properties (401 buildings) located in 40 states and Washington, D.C. as
of December 31, 2013. SNH is headquartered in Newton, MA.
Please see the pages attached hereto for a more detailed statement of
SNH's operating results and financial condition.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING
STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER SNH USES
WORDS SUCH AS "BELIEVE", "EXPECT", "ANTICIPATE", "INTEND", "PLAN",
"ESTIMATE" OR SIMILAR EXPRESSIONS, SNH IS MAKING FORWARD LOOKING
STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON SNH'S
PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS
ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER
MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY THESE FORWARD LOOKING
STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:
-
THIS PRESS RELEASE STATES THAT SNH HAS ENTERED INTO AN AGREEMENT TO
ACQUIRE ONE PROPERTY. THIS TRANSACTION IS SUBJECT TO VARIOUS TERMS AND
CONDITIONS TYPICAL OF COMMERCIAL REAL ESTATE TRANSACTIONS FOR A
PROPERTY OF THIS TYPE. SUCH TERMS AND CONDITIONS MAY NOT BE MET. AS A
RESULT, THIS TRANSACTION MAY NOT OCCUR OR MAY BE DELAYED OR ITS TERMS
MAY CHANGE;
-
THIS PRESS RELEASE DESCRIBES CERTAIN EXPECTED TERMS OF AN $800 MILLION
TERM LOAN WHICH SNH MAY INCUR IN CONNECTION WITH THE ACQUISITION OF
TWO BIOTECH MEDICAL OFFICE BUILDINGS. THE COMMITMENTS WHICH WE
RECEIVED FOR THE TERM LOAN ARE SUBJECT TO VARIOUS CONDITIONS,
INCLUDING MUTUALLY SATISFACTORY DOCUMENTATION. THERE CAN BE NO
ASSURANCE THAT ALL THE CONDITIONS WILL BE SATISFIED, THAT THE TERMS OF
THE TERM LOAN WILL NOT CHANGE, OR THAT THE TERM LOAN WILL BE AVAILABLE
TO US TIMELY OR AT ALL. WE ARE NOT COMMITTED TO INCUR THE ENTIRE TERM
LOAN OR ANY PORTION THEREOF, AND MAY UTILIZE OTHER DEBT OR EQUITY
FINANCING FOR ALL OR A PORTION OF THE ACQUISITION;
-
THIS PRESS RELEASE STATES THAT THE INTEREST RATE UNDER THE TERM LOAN
WILL BE LIBOR PLUS 140 BASIS POINTS. THIS INTEREST RATE IS BASED ON
OUR CURRENT DEBT RATINGS AND THE INTEREST RATE MAY BE HIGHER OR LOWER
THAN LIBOR PLUS 140 BASIS POINTS IN THE FUTURE DEPENDING ON OUR FUTURE
DEBT RATINGS. THIS INTEREST RATE IS ALSO SUBJECT TO CONTRACTUAL
PROVISIONS THAT WOULD ADJUST THE LENDERS' YIELD TO MARKET CONDITIONS
AT THE TIME OF SYNDICATION; AND
-
THIS PRESS RELEASE STATES THAT SNH HAS NINE SENIOR LIVING COMMUNITIES
AND FOUR MOBS CURRENTLY LISTED FOR SALE. SNH MAY NOT BE ABLE TO SELL
THESE PROPERTIES ON ACCEPTABLE TERMS, AND THE SALES OF ANY OR ALL OF
THESE PROPERTIES MAY NOT OCCUR.
THE INFORMATION CONTAINED IN SNH'S FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER THE CAPTION "RISK FACTORS"
IN ITS PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER
IMPORTANT FACTORS THAT COULD CAUSE DIFFERENCES FROM SNH'S FORWARD
LOOKING STATEMENTS. SNH'S FILINGS WITH THE SEC ARE AVAILABLE ON THE
SEC'S WEBSITE AT WWW.SEC.GOV.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON SNH'S FORWARD LOOKING
STATEMENTS.
EXCEPT AS REQUIRED BY LAW, SNH DOES NOT INTEND TO UPDATE OR CHANGE ANY
FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS
OR OTHERWISE.
|
|
|
SENIOR HOUSING PROPERTIES TRUST
|
|
CONSOLIDATED STATEMENTS OF INCOME
|
|
(amounts in thousands, except per share data)
|
|
(unaudited)
|
|
|
Income Statement:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental income
|
|
$
|
122,912
|
|
|
$
|
121,578
|
|
|
$
|
459,380
|
|
|
$
|
450,769
|
|
|
Residents fees and services
|
|
|
77,424
|
|
|
|
70,125
|
|
|
|
302,058
|
|
|
|
184,031
|
|
|
|
Total revenues
|
|
|
200,336
|
|
|
|
191,703
|
|
|
|
761,438
|
|
|
|
634,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses
|
|
|
76,985
|
|
|
|
72,584
|
|
|
|
299,878
|
|
|
|
197,696
|
|
|
Depreciation
|
|
|
38,554
|
|
|
|
36,369
|
|
|
|
153,026
|
|
|
|
139,042
|
|
|
General and administrative
|
|
|
8,042
|
|
|
|
7,411
|
|
|
|
32,657
|
|
|
|
31,517
|
|
|
Acquisition related costs
|
|
|
788
|
|
|
|
2,580
|
|
|
|
3,378
|
|
|
|
9,394
|
|
|
Impairment of assets
|
|
|
2,314
|
|
|
|
-
|
|
|
|
7,989
|
|
|
|
3,071
|
|
|
|
Total expenses
|
|
|
126,683
|
|
|
|
118,944
|
|
|
|
496,928
|
|
|
|
380,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
73,653
|
|
|
|
72,759
|
|
|
|
264,510
|
|
|
|
254,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income
|
|
|
99
|
|
|
|
160
|
|
|
|
711
|
|
|
|
1,117
|
|
Interest expense
|
|
|
(29,284)
|
|
|
|
(29,814)
|
|
|
|
(117,819)
|
|
|
|
(117,240)
|
|
Loss on early extinguishment of debt
|
|
|
-
|
|
|
|
-
|
|
|
|
(797)
|
|
|
|
(6,349)
|
|
Gain on lease terminations
|
|
|
-
|
|
|
|
479
|
|
|
|
-
|
|
|
|
375
|
|
Gain (loss) on sale of properties
|
|
|
36,251
|
|
|
|
-
|
|
|
|
37,392
|
|
|
|
(101)
|
|
Income from continuing operations before income tax expense
|
|
|
80,719
|
|
|
|
43,584
|
|
|
|
183,997
|
|
|
|
131,882
|
|
|
and equity in earnings of an investee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
(195)
|
|
|
|
(85)
|
|
|
|
(600)
|
|
|
|
(375)
|
|
Equity in earnings of an investee
|
|
|
115
|
|
|
|
80
|
|
|
|
334
|
|
|
|
316
|
|
Income from continuing operations
|
|
|
80,639
|
|
|
|
43,579
|
|
|
|
183,731
|
|
|
|
131,823
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
|
|
1,281
|
|
|
|
1,057
|
|
|
|
5,043
|
|
|
|
4,061
|
|
|
Loss on asset impairment from discontinued operations
|
|
|
(9,714)
|
|
|
|
-
|
|
|
|
(37,610)
|
|
|
|
-
|
|
|
Net income
|
|
$
|
72,206
|
|
|
$
|
44,636
|
|
|
$
|
151,164
|
|
|
$
|
135,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
188,168
|
|
|
|
176,554
|
|
|
|
187,251
|
|
|
|
169,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations per share
|
|
$
|
0.43
|
|
|
$
|
0.25
|
|
|
$
|
0.98
|
|
|
$
|
0.78
|
|
(Loss) income from discontinued operations per share
|
|
|
(0.05)
|
|
|
|
0.00
|
|
|
|
(0.17)
|
|
|
|
0.02
|
|
Net income per share
|
|
$
|
0.38
|
|
|
$
|
0.25
|
|
|
$
|
0.81
|
|
|
$
|
0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENIOR HOUSING PROPERTIES TRUST
|
|
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS AND NORMALIZED
FUNDS FROM OPERATIONS
|
|
(amounts in thousands, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Funds from Operations (FFO) and Normalized FFO (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
2013
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
72,206
|
|
|
|
$
|
44,636
|
|
|
$
|
151,164
|
|
|
|
$
|
135,884
|
|
Depreciation expense from continuing operations
|
|
|
|
38,554
|
|
|
|
|
36,369
|
|
|
|
153,026
|
|
|
|
|
139,042
|
|
Depreciation expense from discontinued operations
|
|
|
|
-
|
|
|
|
|
600
|
|
|
|
799
|
|
|
|
|
2,414
|
|
(Gain) loss on sale of properties
|
|
|
|
(36,251)
|
|
|
|
|
-
|
|
|
|
(37,392)
|
|
|
|
|
101
|
|
Impairment of assets from continuing operations
|
|
|
|
2,314
|
|
|
|
|
-
|
|
|
|
7,989
|
|
|
|
|
3,071
|
|
Impairment of assets from discontinued operations
|
|
|
|
9,714
|
|
|
|
|
-
|
|
|
|
37,610
|
|
|
|
|
-
|
|
|
FFO
|
|
|
|
86,537
|
|
|
|
|
81,605
|
|
|
|
313,196
|
|
|
|
|
280,512
|
|
Acquisition related costs
|
|
|
|
788
|
|
|
|
|
2,580
|
|
|
|
3,378
|
|
|
|
|
9,394
|
|
Loss on early extinguishment of debt
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
797
|
|
|
|
|
6,349
|
|
Gain on lease terminations
|
|
|
|
-
|
|
|
|
|
(479)
|
|
|
|
-
|
|
|
|
|
(375)
|
|
Percentage rent adjustment (2)
|
|
|
|
(6,800)
|
|
|
|
|
(8,200)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
Normalized FFO
|
|
|
$
|
80,525
|
|
|
|
$
|
75,506
|
|
|
$
|
317,371
|
|
|
|
$
|
295,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
188,168
|
|
|
|
|
176,554
|
|
|
|
187,251
|
|
|
|
|
169,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per share
|
|
|
$
|
0.46
|
|
|
|
$
|
0.46
|
|
|
$
|
1.67
|
|
|
|
$
|
1.66
|
|
Normalized FFO per share
|
|
|
$
|
0.43
|
|
|
|
$
|
0.43
|
|
|
$
|
1.69
|
|
|
|
$
|
1.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) SNH calculates FFO and Normalized FFO as shown above. FFO is
calculated on the basis defined by The National Association of Real
Estate Investment Trusts, or NAREIT, which is net income, calculated in
accordance with GAAP, excluding any gain or loss on sale of properties
and impairment of real estate assets, plus real estate depreciation and
amortization, as well as certain other adjustments currently not
applicable to these calculations. SNH's calculation of Normalized FFO
differs from NAREIT's definition of FFO because SNH's includes estimated
percentage rent in the period to which it estimates that it relates
rather than when it is recognized as income in accordance with GAAP and
excludes acquisition related costs, gain or loss on early extinguishment
of debt, gain or loss on lease terminations and loss on impairment of
intangible assets, if any. SNH considers FFO and Normalized FFO to be
appropriate measures of operating performance for a real estate
investment trust, or REIT, along with net income, operating income and
cash flow from operating activities. SNH believes that FFO and
Normalized FFO provide useful information to investors because by
excluding the effects of certain historical amounts, such as
depreciation expense, FFO and Normalized FFO may facilitate a comparison
of its operating performance between periods and with other REITs. FFO
and Normalized FFO are among the factors considered by SNH's Board of
Trustees when determining the amount of distributions to its
shareholders. Other factors include, but are not limited to,
requirements to maintain its status as a REIT, limitations in its
revolving credit facility agreement, term loan agreement, if any, and
public debt covenants, the availability of debt and equity capital,
SNH's expectation of its future capital requirements and operating
performance and its expected needs and availability of cash to pay its
obligations. FFO and Normalized FFO do not represent cash generated by
operating activities in accordance with GAAP and should not be
considered as alternatives to net income, operating income or cash flow
from operating activities, determined in accordance with GAAP, or as
indicators of SNH's financial performance or liquidity, nor are these
measures necessarily indicative of sufficient cash flow to fund all of
SNH's needs. These measures should be considered in conjunction with net
income, operating income and cash flow from operating activities as
presented in SNH's Consolidated Statements of Income and Comprehensive
Income and Consolidated Statements of Cash Flows. Other REITs and real
estate companies may calculate FFO and Normalized FFO differently than
SNH does.
(2) In calculating net income in accordance with GAAP, SNH recognizes
percentage rental income received for the first, second and third
quarters in the fourth quarter, which is when all contingencies are met
and the income is earned. Although SNH defers recognition of this
revenue until the fourth quarter for purposes of calculating net income,
it includes these estimated amounts in its calculation of Normalized FFO
for each quarter of the year. The fourth quarter Normalized FFO
calculation excludes the amounts recognized during the first three
quarters.
|
|
|
SENIOR HOUSING PROPERTIES TRUST
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(amounts in thousands)
|
|
(unaudited)
|
|
|
|
Balance Sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
ASSETS
|
|
|
|
|
Real estate properties
|
|
|
|
$
|
5,263,625
|
|
|
|
$
|
5,019,615
|
|
Less accumulated depreciation
|
|
|
|
|
(840,760)
|
|
|
|
|
(714,687)
|
|
|
|
|
|
|
|
|
4,422,865
|
|
|
|
|
4,304,928
|
|
Cash and cash equivalents
|
|
|
|
|
39,233
|
|
|
|
|
42,382
|
|
Restricted cash
|
|
|
|
|
12,514
|
|
|
|
|
9,432
|
|
Deferred financing fees, net
|
|
|
|
|
27,975
|
|
|
|
|
29,410
|
|
Acquired real estate leases and other intangible assets, net
|
|
|
|
|
103,494
|
|
|
|
|
113,986
|
|
Other assets
|
|
|
|
|
158,585
|
|
|
|
|
247,864
|
|
Total assets
|
|
|
|
$
|
4,764,666
|
|
|
|
$
|
4,748,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured revolving credit facility
|
|
|
|
$
|
100,000
|
|
|
|
$
|
190,000
|
|
Senior unsecured notes, net of discount
|
|
|
|
|
1,093,337
|
|
|
|
|
1,092,053
|
|
Secured debt and capital leases
|
|
|
|
|
699,427
|
|
|
|
|
724,477
|
|
Accrued interest
|
|
|
|
|
15,839
|
|
|
|
|
15,757
|
|
Assumed real estate lease obligations, net
|
|
|
|
|
12,528
|
|
|
|
|
13,482
|
|
Other liabilities
|
|
|
|
|
66,546
|
|
|
|
|
65,665
|
|
Total liabilities
|
|
|
|
|
1,987,677
|
|
|
|
|
2,101,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
|
2,776,989
|
|
|
|
|
2,646,568
|
|
Total liabilities and shareholders' equity
|
|
|
|
$
|
4,764,666
|
|
|
|
$
|
4,748,002
|
|
|
|
|
|
|
|
|
|
|
|
|
A Maryland Real Estate Investment 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.
Senior Housing Properties Trust
Timothy A. Bonang, 617-796-8237
Vice
President, Investor Relations,
or
Kimberly Brow, 617-796-8237
Director,
Investor Relations
www.snhreit.com
Source: Senior Housing Properties Trust
News Provided by Acquire Media