Business
Diversified Healthcare Trust Announces Fourth Quarter 2020 Results
Fourth Quarter Net Loss Attributable to Common Shareholders of $0.07 Per Share Fourth Quarter Normalized FFO Attributable to Common Shareholders of $0.09 Per
About this update from Diversified Healthcare Trust
[{"type":"text","content":"\nFourth Quarter Net Loss Attributable to Common Shareholders of $0.07 Per Share\n\nFourth Quarter Normalized 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 December 31, 2020.\n\n“The commencement of vaccine distribution in December of 2020 marked a major milestone in the early stages of the senior living industry recovery,” stated Jennifer Francis, President and Chief Operating Officer of Diversified Healthcare Trust. “As of February 20, 2021, we are pleased that our operator has vaccinated over 23,500 total residents and staff in our SHOP communities, including over 14,500 residents and staff who have received both doses of the vaccine, and we expect our operator to largely conclude the vaccination clinic program by the end of the first quarter of 2021. Additionally, in our Office segment, we reported another strong quarter of rent collections, which were 99% of quarterly obligations, and our rent deferrals remain modest at just 0.4% of annualized revenues. Subsequent to quarter end, DHC took several critical steps to preserve liquidity as we amended our credit facility to secure waivers of most financial covenants through June 2022, and completed a $500 million senior notes offering which effectively addressed all of our significant maturities into 2024.”\n\nQuarterly Results:\n\n\nReported net loss attributable to common shareholders of $16.2 million, or $0.07 per share.\n\n\nReported normalized funds from operations, or Normalized FFO, attributable to common shareholders of $20.5 million, or $0.09 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\nDecember 31, 2020\n\n\n\n \n\n\n\nSeptember 30, 2020\n\n\n\n \n\n\n\nDecember 31, 2019\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\n \n\n\n\n91.4\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n91.3\n\n\n\n%\n\n\n\n \n\n\n\n92.2\n\n\n\n%\n\n\n\n\n\nSHOP (average day period)\n\n\n\n \n\n\n\n \n\n\n\n72.2\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n75.2\n\n\n\n%\n\n\n\n \n\n\n\n83.3\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\n\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended\n\n\n\n\n\n \n...