Senior Housing Properties Trust (SNH) Tops Q1 EPS by 2c, Revenues Miss

Senior Housing Properties Trust (NASDAQ: SNH) reported Q1 EPS of $0.13, $0.02 better than the analyst estimate of $0.11. Revenue for the quarter came in at $266.29 million versus the consensus estimate of $271.03 million.

“In April 2019, we entered into an agreement to restructure our business arrangements with Five Star Senior Living to seek to maximize the performance and value of our senior living portfolio, as well as to help to stabilize our largest senior living operator,” stated Jennifer Francis, President and Chief Operating Officer. “When fully implemented, we believe the new structure will provide us with increased oversight of our senior living communities, position us for future growth and provide our shareholders with the opportunity to participate in our and Five Star's growth. Additionally, we have begun to execute on our previously announced disposition plan to sell up to $900 million of assets in connection with the restructuring of our business arrangements with Five Star, which we expect, when completed, will enable us to meet our target leverage going forward. Year to date, we have sold or have under agreement to sell 35 properties for total expected proceeds of $64 million, and we are moving forward with the sale process for additional properties.”

For earnings history and earnings-related data on Senior Housing Properties Trust (SNH) click here.

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