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HEALTH AND REHABILITATION PROPERTIES TRUST ANNOUNCES FIRST QUARTER CASH FLOW OF 33 CENTS A SHARE; DECLARES DIVIDEND OF 31 CENTS A SHARE

HEALTH AND REHABILITATION PROPERTIES TRUST ANNOUNCES FIRST QUARTER CASH FLOW OF 33 CENTS A SHARE; DECLARES DIVIDEND OF 31 CENTS A SHARE
 NEWTON, Mass., April 10 /PRNewswire/ -- Health and Rehabilitation Properties Trust (NYSE: HRP) today announced cash flow of 33 cents per share for the quarter ended March 31, 1992, and declared a dividend of 31 cents per share based on the results of the quarter. This is an annual dividend yield of $1.24 per share.
 Gross revenues for the quarter ended March 31, 1992, were $11,539,000, an increase of 11 percent over gross revenues of $10,379,000 for the quarter ended March 31, 1991. Net income and net income per share for the 1992 quarter were $6,495,000 and 24 cents, respectively. This compares with net income and net income per share in the 1991 quarter of $5,042,000 and 26 cents, respectively. Average outstanding common shares of beneficial interest for the 1992 and 1991 quarters were 26,756,000 and 19,452,000, respectively.
 The dividend of 31 cents per share will be paid to shareholders of record at the close of business on April 27, 1992, and will be distributed on or about May 27, 1992. This dividend is being paid with respect to the results of operations for the quarter ended March 31, 1992.
 HRP determines its dividends based on the company's cash flow available from operations which is the company's net income plus depreciation and amortization of prepaid interest and financing costs. Cash flow available from operations for the quarter ended March 31, 1992, was $8,739,000 or 33 cents per share vs. $6,807,000 or 35 cents per share for the quarter ended March 31, 1991.
 Mark J. Finkelstein, president and CEO, stated that the 31 cents per share dividend is the same amount paid for the previous quarter. Net income per share and cash flow available from operations per share are lower for the current period compared to the same period last year as a result of the issuance of 6,435,000 new common shares of beneficial interest in September 1991 and the fact that we have had approximately $40 million of cash on hand yielding short-term investment rates. Approximately 20 percent of the 1992 dividend is considered a tax deferred return of capital; the exact percentage is determined on an annual basis at year-end.
 Health and Rehabilitation Properties Trust is a real estate investment trust headquartered in Newton, Mass. HRP has approximately $316 million of investments in 41 health care properties located in 16 states and operated by six separate operating companies.
 HEALTH AND REHABILITATION PROPERTIES TRUST
 (A Real Estate Investment Trust)
 Summarized Statement of Income and Cash Available from Operations
 (amounts in thousands, except per share data)
 Quarter Ended
 March 31,
 1992 1991
 Revenues $11,539 $10,379
 Expenses $5,044 $5,337
 Net income $6,495 $5,042
 Average shares outstanding 26,756 19,452
 Net income per share 24 cents 26 cents
 Cash available from
 operations $8,729 $6,807
 Cash available from
 operations per share 33 cents 35 cents
 Dividend declared 31 cents 30 cents
 -0- 4/10/92
 /CONTACT: Mark J. Finkelstein, president, or David J. Hegarty, treasurer, of HRPT, 617-332-3990/
 (HRP) CO: Health and Rehabilitation Properties Trust ST: Massachusetts IN: HEA SU: ERN


SH-EG -- NE008 -- 7152 04/10/92 10:40 EDT
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Publication:PR Newswire
Date:Apr 10, 1992
Words:565
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