Business
Diversified Healthcare Trust Announces Second Quarter 2020 Results
Second Quarter Net Loss Attributable to Common Shareholders of $0.11 Per Share Second Quarter Normalized FFO Attributable to Common Shareholders of $0.24 Per
About this update from Diversified Healthcare Trust
[{"type":"text","content":"\nSecond Quarter Net Loss Attributable to Common Shareholders of $0.11 Per Share\n\n\nSecond Quarter Normalized FFO Attributable to Common Shareholders of $0.24 Per Share\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nDiversified Healthcare Trust (Nasdaq:DHC) today announced its financial results for the quarter and six months ended June 30, 2020.\n\n\n\"The COVID-19 pandemic has had a profound impact on global economies and on the U.S. senior living industry during the second quarter of 2020, but we are proud of our manager's and operators' responses to adversity,\" stated Jennifer Francis, President and Chief Operating Officer of Diversified Healthcare Trust. \"Our senior living operators have worked tirelessly to care for and protect the residents in our senior living communities. Across our Office Portfolio, our asset and property management teams have worked with tenants on COVID-19 mitigation measures, some of whom are on the front lines of caring for patients and others who are developing life-saving treatments, to ensure both safety in our buildings and strong rent collection levels. We raised $1.0 billion of unsecured senior notes and worked with our lenders to amend the terms of our credit and term loan facility agreements to ensure sufficient liquidity to meet the unique challenges presented by the pandemic and to continue investing in our portfolio of high quality healthcare real estate. Despite our expectations that our disposition program would stall, we sold four properties for approximately $50.6 million during the second quarter of 2020 and currently have 24 additional properties under agreement to sell for approximately $231.7 million. We remain committed to our deleveraging strategy and believe we are well positioned for the future.\"\n\n\nResults for the Quarter Ended June 30, 2020:\n\n\nNet loss attributable to common shareholders was $26.1 million, or $0.11 per share, for the quarter ended June 30, 2020 compared to net loss attributable to common shareholders of $37.2 million, or $0.16 per share, for the quarter ended June 30, 2019. The change in net loss attributable to common shareholders for the quarter ended June 30, 2020 primarily resulted from:\n\n\n\ngains on equity securities during the 2020 period compared to losses during the 2019 period;\n\n\nlosses on sale of properties during the 2020 period compared to...