Senior Housing Properties Trust (SNH) has reported a 349.34 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $42.88 million, or $0.18 a share in the quarter, compared with $9.54 million, or $0.04 a share for the same period last year.
Revenue during the quarter went up marginally by 2.53 percent to $274.30 million from $267.52 million in the previous year period.
Cost of revenue for the quarter was almost stable at $101.02 million, when compared with the previous year period. Gross margin for the quarter expanded 102 basis points over the previous year period to 63.17 percent.
Total expenses were $187.92 million for the quarter, up 2.29 percent or $4.21 million from year-ago period. Operating margin for the quarter expanded 16 basis points over the previous year period to 31.49 percent.
Operating income for the quarter was $86.38 million, compared with $83.81 million in the previous year period.
Revenue from real estate activities during the quarter went up marginally by 2.68 percent or $4.57 million to $175.28 million.
"In 2016, we employed a disciplined approach to capital allocation throughout the year," said David Hegarty, President and Chief Operating Officer. "In the fourth quarter we acquired two assisted living communities and one medical office building for a total purchase price of approximately $37 million, bringing our gross acquisition volume for 2016 to approximately $226 million. 2016 acquisitions were done at a weighted average cap rate of 9.3%. Additionally, in the fourth quarter we prepaid approximately $48 million of secured debt with an average annual interest rate of 6.5%."
Total assets went up marginally by 0.94 percent or $67.66 million to $7,227.75 million on Dec. 31, 2016. On the other hand, total liabilities were at $4,028.35 million as on Dec. 31, 2016, up 5.99 percent or $228.02 million from year-ago.
Return on assets moved up 54 basis points to 1.20 percent in the quarter. At the same time, return on equity moved up 106 basis points to 1.34 percent in the quarter.
Debt moves up
Total debt was at $3,714.46 million as on Dec. 31, 2016, up 6.76 percent or $235.33 million from year-ago. Shareholders equity stood at $3,199.40 million as on Dec. 31, 2016, down 4.77 percent or $160.36 million from year-ago. As a result, debt to equity ratio went up 13 basis points to 1.16 percent in the quarter.
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