Health and Retirement Properties Trust said net income for the second quarter ended June 30 rose 30% to $12.4 million, or 24 cents per share, from $9.5 million, or 27 cents per share, in the year-ago period.
Per-share earnings were depressed by a one-time, $1.9 million loss related to the early retirement of debt.
The Newton, Mass.-based real estate investment trust posted a 45% hike in revenues to $19.9 million and a 50% jump in funds from operations.
For the six months, net income soared 99% to $29 million, or 60 cents per share, compared with $14.6 million, or 44 cents per share, in the year-ago period. Revenues rose 42% to $37.5 million, and funds from operations climbed 47% to $33.3 million.
HRPT recently closed a $200 million debt offering. The proceeds will be used to buy retirement communities from Host Marriott Corp. and to retire outstanding debt on the REIT's revolving line of credit.
The REIT has invested $831 million in 152 properties in 29 states.