Robert L.B. Diener, former chief executive officer of American Health Properties, has announced that he intends to resign as a director of the Denver-based real estate investment trust effective Feb. 1 to pursue investments in other healthcare facilities.
Mr. Diener resigned as CEO last January after trouble arose with two of the REIT's mortgage loans.
The REIT's financial restructuring, which occurred in the past year, has restored profitability. The company reported net income of $8.3 million, or 40 cents per share, for the fourth quarter ended Dec. 31, 1993, compared with net income of $9.8 million, or 57 cents per share, in the year-ago period. Revenues for the quarter rose to $16.3 million, up some 2%.
For the year, the REIT reported net income of nearly $51 million, or $2.71 per share. In 1992, the company lost $6.3 million, a per-share loss of 37 cents. Revenues dipped 2% to $64.6 million.