Business
Diversified Healthcare Trust Announces Third Quarter 2022 Results
Net Loss Attributable to Common Shareholders of $0.34 Per Share Normalized FFO Attributable to Common Shareholders of ($0.06) Per Share NEWTON,
About this update from Diversified Healthcare Trust
[{"type":"text","content":"\nNet Loss Attributable to Common Shareholders of $0.34 Per Share\n\nNormalized FFO Attributable to Common Shareholders of ($0.06) Per Share\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nDiversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended September 30, 2022.\n\nJennifer Francis, President and Chief Executive Officer of DHC, made the following statement:\n\n\"During the third quarter, leasing demand remained strong in our Office Portfolio segment, as we executed 221,000 square feet of new and renewal leases at a 2.4% roll up from prior rents. As a result of the consistent strength in leasing over the past several quarters, same property cash basis NOI in the Office Portfolio segment increased 4.7% year-over-year and 1.2% from the second quarter.\n\nThe recovery of our SHOP segment continues to progress, with average occupancy increasing 110 basis points from the second quarter. However, SHOP results were negatively impacted in part by the effects of Hurricane Ian, which increased operating expenses by over $4.1 million during the quarter, and by cost increases related to labor, utilities and food. Despite these setbacks, we are seeing strengthening demand for senior living and expect continued occupancy and rate growth in our SHOP segment, leading to future stabilization. With over $800 million of cash at quarter-end and no significant debt maturities until 2024, we believe that we have sufficient liquidity to execute on our business plan and position the company for long-term, sustainable growth.\"\n\nQuarterly Results:\n\n\nReported net loss attributable to common shareholders of $81.5 million, or $0.34 per share.\n\n\nReported normalized funds from operations, or Normalized FFO, attributable to common shareholders of ($14.2) million, or ($0.06) 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, 2022\n\n\n\n \n\n\n\nJune 30, 2022\n\n\n\n \n\n\n\nSeptember 30, 2021\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\n85.9%\n\n\n\n \n\n\n\n88.1%\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\n74.7%\n\n\n\n \n\n\n\n73.6%\n\n\n\n \n\n\n\n71.3%\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\...