Business
Diversified Healthcare Trust Announces Second Quarter 2021 Results
Second Quarter Net Loss Attributable to Common Shareholders of $0.14 Per Share Second Quarter Normalized FFO Attributable to Common Shareholders of $0.05 Per
About this update from Diversified Healthcare Trust
[{"type":"text","content":"\nSecond Quarter Net Loss Attributable to Common Shareholders of $0.14 Per Share\n\nSecond Quarter Normalized FFO Attributable to Common Shareholders of $0.05 Per Share\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nDiversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended June 30, 2021.\n\n“In the second quarter of 2021, we reported normalized FFO per share and adjusted EBITDAre of $0.05 and $87.8 million, respectively, both of which improved from the first quarter of 2021,” stated Jennifer Francis, President and Chief Executive Officer of Diversified Healthcare Trust. “We have made significant progress on our plan to transition 108 senior living communities from Five Star Senior Living to new managers, as we have executed agreements with four new managers representing approximately 70% of the communities to be transitioned, and we continue to expect to complete the transitions by year end. While we work to stabilize our SHOP segment, our Office Portfolio segment remains strong, with this quarter’s leasing activity at the highest level in our history. In the second quarter of 2021, we completed approximately 632,000 square feet of new and renewal leases at GAAP rents that were 5.9% higher than prior rents for the same space. We are excited about the investments we are making in our SHOP and Office portfolios and continue to believe fundamental tailwinds and the aging U.S. population bode well for future performance.”\n\nQuarterly Results:\n\n\nReported net loss attributable to common shareholders of $34.2 million, or $0.14 per share.\n\n\nReported normalized funds from operations, or Normalized FFO, attributable to common shareholders of $12.2 million, or $0.05 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\nJune 30, 2021\n\n\n\n \n\n\n\nMarch 31, 2021\n\n\n\n \n\n\n\nJune 30, 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\n91.0%\n\n\n\n \n\n\n\n92.3%\n\n\n\n \n\n\n\n92.0%\n\n\n\n\n\nSHOP (average day for period)\n\n\n\n \n\n\n\n70.9%\n\n\n\n \n\n\n\n69.5%\n\n\n\n \n\n\n\n78.7%\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 \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nOffice P...