Business
Diversified Healthcare Trust Announces First Quarter 2021 Results
First Quarter Net Loss Attributable to Common Shareholders of $0.28 Per Share First Quarter Normalized FFO Attributable to Common Shareholders of $0.02 Per
About this update from Diversified Healthcare Trust
[{"type":"text","content":"\nFirst Quarter Net Loss Attributable to Common Shareholders of $0.28 Per Share\n\nFirst Quarter Normalized FFO Attributable to Common Shareholders of $0.02 Per Share\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nDiversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended March 31, 2021.\n\n“We are pleased that the COVID-19 vaccination clinics at our managed senior living communities are complete and we believe that the successful rollout of the vaccines was a catalyst for occupancy to begin to stabilize in February and March,” stated Jennifer Francis, President and Chief Operating Officer of Diversified Healthcare Trust. “At the conclusion of the vaccination clinics, over 96% of residents had received a vaccine. All of our communities are now open to admissions. As previously announced, we are working on the transition of 108 senior living communities to new operators to improve profitability at both the communities to be transitioned to new operators and the communities that will continue to be managed by Five Star Senior Living. We have made significant progress in the process of transitioning the management at these 108 communities and expect to complete the transition by year end. Our Office Portfolio segment continues to perform well, with same property NOI growth for the last two sequential quarters, or since the third quarter of 2020, and continued strong rent collections. Finally, we believe the previously announced credit agreement amendments and senior notes issuance will provide the liquidity we need to execute upon our business plan.”\n\nQuarterly Results:\n\n\nReported net loss attributable to common shareholders of $67.5 million, or $0.28 per share.\n\n\nReported normalized funds from operations, or Normalized FFO, attributable to common shareholders of $5.8 million, or $0.02 per share.\n\n\n\n\n \n\n\n\n \n\n\n\nAs of and For the Three Months Ended\n\n\n\n\n\n \n\n\n\n \n\n\n\nMarch 31, 2021\n\n\n\n \n\n\n\nDecember 31, 2020\n\n\n\n \n\n\n\nMarch 31, 2020\n\n\n\n\n\nOccupancy\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nOffice Portfolio (period end)\n\n\n\n \n\n\n\n92.3%\n\n\n\n \n\n\n\n91.4%\n\n\n\n \n\n\n\n92.6%\n\n\n\n\n\nSHOP (average day period)\n\n\n\n \n\n\n\n69.5%\n\n\n\n \n\n\n\n72.2%\n\n\n\n \n\n\n\n82.7%\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\...