Business
Diversified Healthcare Trust Announces First Quarter 2022 Results
Net Income Attributable to Common Shareholders of $1.01 Per Share Normalized FFO Attributable to Common Shareholders of $(0.09) Per Share NEWTON,
About this update from Diversified Healthcare Trust
[{"type":"text","content":"\nNet Income Attributable to Common Shareholders of $1.01 Per Share\n\nNormalized FFO Attributable to Common Shareholders of $(0.09) Per Share\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nDiversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended March 31, 2022.\n\nJennifer Francis, President and Chief Executive Officer of DHC, made the following statement:\n\n“During the first quarter, we reported strong sequential quarter NOI growth in our same property SHOP segment, largely driven by increases in rate. In addition, leasing results in our Office Portfolio have remained resilient and are helping to support the overall recovery of our business as the effects of the COVID-19 pandemic wane. Additionally, we generated $653 million of cash in the first quarter through a new joint venture with 10 Office Portfolio properties, bringing our total cash position to approximately $1.5 billion at quarter end. This, combined with the amendment and extension of our credit facility, enhances our capacity to continue to fund investment activities, which we believe best positions DHC to execute on our business plan. With ample liquidity, improving operating performance and solid leasing results, we are confident in DHC’s growth trajectory moving forward.”\n\nQuarterly Results:\n\n\nReported net income attributable to common shareholders of $240.4 million, or $1.01 per share.\n\n\nReported normalized funds from operations, or Normalized FFO, attributable to common shareholders of $(21.9) million, or $(0.09) per share.\n\n\nRecorded a gain on sale of properties of $327.5 million, or $1.38 per share, from DHC's new joint venture with two unrelated third party institutional investors for 10 of its Office Portfolio segment properties.\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, 2022\n\n\n\n \n\n\n\nDecember 31, 2021\n\n\n\n \n\n\n\nMarch 31, 2021\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\n89.3%\n\n\n\n \n\n\n\n91.3%\n\n\n\n \n\n\n\n92.3%\n\n\n\n\n\nSHOP (average day for period)\n\n\n\n \n\n\n\n73.0%\n\n\n\n \n\n\n\n72.5%\n\n\n\n \n\n\n\n69.5%\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\n \n\n\n\n\n\nSame Property Occupancy\n\n\n\n \n\n\n\n \n\n\n\n ...