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Diversified Healthcare Trust Updates SHOP Performance
Recovery Continues but at an Uneven Pace NEWTON, Mass.--(BUSINESS WIRE)-- Diversified Healthcare Trust (Nasdaq: DHC) today provided an update of its Senior
About this update from Diversified Healthcare Trust
[{"type":"text","content":"\n Recovery Continues but at an Uneven Pace\n\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nDiversified Healthcare Trust (Nasdaq: DHC) today provided an update of its Senior Housing Operating Portfolio, or SHOP, performance. DHC believes the SHOP performance comparison of the 2023 periods to the comparable pre-Covid periods in 2019 provides useful information for investors in evaluating the overall recovery in DHC’s performance.\n\n\nJennifer Francis, DHC’s President and Chief Executive Officer made the following statement:\n\n\n“While the SHOP segment performance is generally improving, it remains inconsistent from month-to-month and difficult to predict. With $700 million of debt maturing over the next twelve months and the pace of the SHOP recovery being critical to our ability to refinance this debt, this uncertainty is one of the many reasons why we are confident that the previously announced merger with Office Properties Income Trust is the best path forward for DHC.”\n\n\nMonthly Unaudited Results in DHC’s Total SHOP Comparable Properties:\n\n\n\nApril 2023 occupancy was 78.0%, 860 basis points below April 2019, and 40 basis points above March 2023.\n\n\n\nApril 2023 Resident Fees and Services revenue was $91.7 million, $10.9 million below April 2019, and $0.3 million below March 2023.\n\n\n\nApril 2023 net operating income, or NOI, was $9.0 million, $10.1 million below April 2019, and $4.6 million above March 2023.\n\n\n\nApril 2023 NOI margin was 9.9%, 880 basis points below April 2019, and 500 basis points above March 2023.\n\n\n\nYear to Date Unaudited Results in DHC’s Total SHOP Comparable Properties:\n\n\n\nYear to date occupancy through April 30, 2023 was 77.4%, 920 basis points below the same period in 2019.\n\n\n\nYear to date Resident Fees and Services revenue through April 30, 2023 was $363.8 million, $46.7 million below the same period in 2019.\n\n\n\nYear to date NOI through April 30, 2023 was $25.8 million, $51.4 million below the same period in 2019.\n\n\n\nYear to date NOI margin through April 30, 2023 was 7.1%, 1,170 basis points below the same period in 2019.\n\n\n\nDiversified Healthcare Trust(1)\n(dollars in thousands, except average monthly rate)\n\n\n\n\n\n\n2019 Pro Forma (2)\n\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n\n\nCOMPARABLE (3)\n\n\n\n\n\n\nJan\n\n\n\n\n\n\n\nFeb\n\n\n\n\n\n\n\nMar\n\n\n\n\n\n\n\nApr\n\n\n\n...