The income dip was attributed to the decline in mortgage interest income related to foreclosure proceedings on one loan and the regular amortization of mortgage notes received. Expenses increased primarily due to increased interest rates on debt.
The REIT owns six skilled nursing facilities, six assisted living centers and one retirement center. NHR also owns first and second mortgage notes of $84.1 million, according to its latest financials.
For the past year, net income was 83 cents basic and diluted compared to 92 cents basic and 91 cents diluted in 1999. Funds from operations basic and diluted were $1.50 and $1.49 per share respectively, compared to $1.57 per share basic and diluted last year. Revenue for the year was $25.1 million compared to $25 million last year.
For the first three months ending Dec. 31, net income was $2.1 million in 2000 compared to $1.86 million last year. Per share net income was 22 cents basic and diluted compared to 19 cents basic and diluted last year. Basic and diluted funds from operations were 40 cents per share compared to 36 cents per share basic and diluted last year.
Revenue for the three months totaled $6.6 million compared to $6 million last year.
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
