Senior Housing Properties Trust (SNH, Financial) filed Quarterly Report for the period ended 2010-09-30.
Senior Housing Properties Trust has a market cap of $3.06 billion; its shares were traded at around $23.89 with and P/S ratio of 10.3. The dividend yield of Senior Housing Properties Trust stocks is 6.2%.SNH is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, David Dreman of Dreman Value Management, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
On August 4, 2009, we closed a FNMA mortgage financing for approximately $512.9 million. A part of this borrowing is at a fixed interest rate, with a balance of $304.7 million at September 30, 2010, and a part is at a floating rate calculated as a spread above LIBOR, with a balance of $203.0 million at September 30, 2010. Generally, a change in market interest rates will not change the value of the floating rate part of this loan but will change the interest expense on the floating rate part of this loan. For example, at September 30, 2010, our effective weighted average annual interest rate payable on the outstanding variable amount of this loan was 6.41%. If interest rates increase by 10% of current rates, the impact upon us would be to change our interest expense as shown in the following table (dollars in thousands):
As previously reported, on September 17, 2010, pursuant to our equity compensation plan, we granted an aggregate of 66,850 common shares of beneficial interest, par value $0.01 per share, valued at $24.31 per share, the closing price of our common shares on the NYSE on that day, to our officers and certain employees of our manager, RMR. We made these grants pursuant to an exemption from registration contained in Section 4(2) of the Securities Act.
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Senior Housing Properties Trust has a market cap of $3.06 billion; its shares were traded at around $23.89 with and P/S ratio of 10.3. The dividend yield of Senior Housing Properties Trust stocks is 6.2%.SNH is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, David Dreman of Dreman Value Management, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Our unsecured revolving credit facility accrues interest at floating rates and matures in December 2010. Subject to certain conditions, we can extend the maturity for one year upon payment of a fee. At September 30 and November 1, 2010, we had $12.0 million and $15.0 million, respectively, outstanding and $538.0 million and $535.0 million, respectively, available for borrowing under our revolving credit facility. We may make repayments and drawings under our revolving credit facility at any time without penalty. We borrow in U.S. dollars and borrowings under our revolving credit facility accrue interest at LIBOR plus a spread. Accordingly, we are vulnerable to changes in U.S. dollar based short term rates, specifically LIBOR. In addition, upon renewal or refinancing of our revolving credit facility, we are vulnerable to increases in credit spreads due to market conditions. Generally, a change in interest rates would not affect the value of our floating rate debt but would affect our operating results. If interest rates were to change gradually over time, the impact would be spread over time. Our exposure to fluctuations in floating interest rates will increase or decrease in the future with increases or decreases in the outstanding amount under our revolving credit facility or other floating rate debt. For example, the interest rate payable on our outstanding revolving indebtedness of $12.0 million at September 30, 2010, was 1.05%. The following table presents the impact a 10% change in interest rates would have on our annual floating rate interest expense at September 30, 2010 (dollars in thousands):On August 4, 2009, we closed a FNMA mortgage financing for approximately $512.9 million. A part of this borrowing is at a fixed interest rate, with a balance of $304.7 million at September 30, 2010, and a part is at a floating rate calculated as a spread above LIBOR, with a balance of $203.0 million at September 30, 2010. Generally, a change in market interest rates will not change the value of the floating rate part of this loan but will change the interest expense on the floating rate part of this loan. For example, at September 30, 2010, our effective weighted average annual interest rate payable on the outstanding variable amount of this loan was 6.41%. If interest rates increase by 10% of current rates, the impact upon us would be to change our interest expense as shown in the following table (dollars in thousands):
As previously reported, on September 17, 2010, pursuant to our equity compensation plan, we granted an aggregate of 66,850 common shares of beneficial interest, par value $0.01 per share, valued at $24.31 per share, the closing price of our common shares on the NYSE on that day, to our officers and certain employees of our manager, RMR. We made these grants pursuant to an exemption from registration contained in Section 4(2) of the Securities Act.
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