Business
Diversified Healthcare Trust Announces Third Quarter 2021 Results
372,106 Square Feet of Leasing Activity at Over 28% Higher Rents During Third Quarter New Agreements for 107 of the Transitioning Communities have been
About this update from Diversified Healthcare Trust
[{"type":"text","content":"\n372,106 Square Feet of Leasing Activity at Over 28% Higher Rents During Third Quarter\n\nNew Agreements for 107 of the Transitioning Communities have been Executed with Transitions Expected to be Completed by Year End\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nDiversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended September 30, 2021.\n\n“In the third quarter, we made substantial progress transitioning the management of a number of our senior living communities from Five Star to new third party managers,” stated Jennifer Francis, President and Chief Executive Officer of Diversified Healthcare Trust. “As of today, we have signed new management agreements for 107 transitioning communities, and 99 of these communities have been transitioned, with the expectation that the remaining eight will be transitioned by year end.\n\nSame property average monthly occupancy in our SHOP segment increased 100 basis points between July 2021 and September 2021 despite the pervasiveness of the COVID-19 Delta variant which has slowed our recovery. Our Office Portfolio segment continues to perform well. We completed 372,000 square feet of new and renewal leases in the quarter at weighted average rents that were approximately 28% higher than prior rents for the same space. With approximately $800 million of cash and minimal near-term debt maturities, our balance sheet continues to provide us with flexibility to continue investing in our portfolio to maximize the benefits from improving industry fundamentals and long-term demographic tailwinds.”\n\nQuarterly Results:\n\n\nReported net loss attributable to common shareholders of $89.3 million, or $0.38 per share.\n\n\nReported normalized funds from operations, or Normalized FFO, attributable to common shareholders of $(9.4) million, or $(0.04) 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\nSeptember 30, 2021\n\n\n\n \n\n\n\nJune 30, 2021\n\n\n\n \n\n\n\nSeptember 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\n91.3%\n\n\n\n \n\n\n\n91.0%\n\n\n\n \n\n\n\n91.3%\n\n\n\n\n\nSHOP (average day for period)\n\n\n\n \n\n\n\n71.3%\n\n\n\n \n\n\n\n70.9%\n\n\n\n \n\n\n\n75.2%\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \...