Business
Diversified Healthcare Trust Announces Fourth Quarter 2021 Results
Raised Over $1.0 Billion in Proceeds from Two Separate Joint Venture Transactions in December 2021 and January 2022 Completed Transition of 107 Senior Living
About this update from Diversified Healthcare Trust
[{"type":"text","content":"\nRaised Over $1.0 Billion in Proceeds from Two Separate Joint Venture Transactions in December 2021 and January 2022\n\nCompleted Transition of 107 Senior Living Communities\n\nAmended Revolving Credit Facility to Provide Covenant Relief through December 2022 and Extended Maturity through January 2024\n\n1.35 Million Square Feet of Leasing Activity at Over 6% Higher Rents During Fourth Quarter\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nDiversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended December 31, 2021.\n\n“We are pleased with the progress made in the fourth quarter in our SHOP segment and with our enhanced liquidity as we enter 2022,” stated Jennifer Francis, President and Chief Executive Officer of Diversified Healthcare Trust. “During 2021, we focused on the foundational work necessary to position our portfolio for a successful transition out of the global pandemic. We completed the transition of 107 senior living communities to new operators and continued to invest capital to improve or reposition many of our communities. We recapitalized our joint venture that owns a two building life science complex in Boston’s Seaport district and ended the quarter with over $1 billion of cash on our balance sheet. Subsequent to year-end we received an additional $653 million of cash following the completion of an additional joint venture for 10 properties that were a part of our Office Portfolio. As a result, we believe we are well-capitalized to continue investing in our portfolio, reduce leverage, and maintain liquidity as our portfolio recovers.”\n\nQuarterly Results:\n\n\nReported net income attributable to common shareholders of $365.6 million, or $1.54 per share.\n\n\nReported normalized funds from operations, or Normalized FFO, attributable to common shareholders of $(16.5) million, or $(0.07) per share.\n\n\nRecorded a gain on sale of properties of $461.4 million, or $1.94 per share, from DHC's sale of equity interest in its existing joint venture to another third party institutional investor.\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, 2021\n\n\n\n \n\n\n\nSeptember 30, 2021\n\n\n\n \n\n\n\nDecember 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 en...