Business
Senior Housing Properties Trust Announces Third Quarter 2019 Results
Third Quarter Net Loss Attributable to Common Shareholders of $0.12 Per Share Third Quarter Normalized FFO Attributable to Common Shareholders of $0.29 Per
About this update from Diversified Healthcare Trust
[{"type":"text","content":"\nThird Quarter Net Loss Attributable to Common Shareholders of $0.12 Per Share\n\n\nThird Quarter Normalized FFO Attributable to Common Shareholders of $0.29 Per Share\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nSenior Housing Properties Trust (Nasdaq: SNH) today announced its financial results for the quarter and nine months ended September 30, 2019.\n\n\n“During the third quarter, we made further progress in completing the transformative restructuring of our business arrangement with our largest tenant, Five Star Senior Living, and we remain on target to close the transaction on January 1, 2020,” stated Jennifer Francis, President and Chief Operating Officer of Senior Housing Properties Trust. “Additionally, in conjunction with this restructuring, our third quarter results were within our expectations given our disposition activity and the reduced rent from Five Star. Furthermore, we are encouraged by both the pricing and active interest in the assets we are marketing for disposition, with approximately $564 million of assets sold or under agreement to sell and an additional $180 million of assets in first and second round offers stages, and we remain on pace to have approximately $900 million of assets sold or under agreement to sell by year end 2019.”\n\n\nResults for the Quarter Ended September 30, 2019:\n\n\nNet loss attributable to common shareholders was $29.4 million, or $0.12 per share, for the quarter ended September 30, 2019 compared to net income attributable to common shareholders of $45.8 million, or $0.19 per share, for the quarter ended September 30, 2018. The net loss attributable to common shareholders for the quarter ended September 30, 2019 includes:\n\n\n\na decrease in gains and losses on equity securities, net, of $35.1 million for the quarter ended September 30, 2019 compared to the quarter ended September 30, 2018, primarily as a result of SNH's sale of The RMR Group Inc. (Nasdaq: RMR), or RMR Inc., class A common stock on July 1, 2019;\n\n\n$33.1 million of impairment charges during the quarter ended September 30, 2019 compared to $4.5 million of impairment charges during the quarter ended September 30, 2018;\n\n\na decrease in rental income of $25.6 million during the quarter ended September 30, 2019 compared to the quarter ended September 30, 2018, primarily as a result of the reduction in rent paid to SN...