Diversified Healthcare Trust · NASDAQ:DHC
Diversified Healthcare Trust — Senior Housing Properties Trust — Q2 2016 Earnings Presentation
38 slides from Diversified Healthcare Trust's earnings presentation, Aug 5, 2016
Slide 1: Second Quarter 2016 Supplemental Operating and Financial Data
Exhibit 99.2 Senior SeniorHousing Housing Properties Trust Properties Trust Second Quarter 2016 Supplemental Operating and Financial Data Tenant: Duke University Health System 126,000 Sq. Ft. Durham, NC All amounts in this report are unaudited.
Slide 2: Table of Contents
TABLE OF CONTENTS TABLE OF CONTENTS PAGE CORPORATE INFORMATION 6 Company Profile 7 Investor Information 8 Research Coverage 9 FINANCIALS 10 Key Financial Data 11 Condensed Consolidated Balance Sheets 12 Condensed Consolidated Statements of Income 13 Condensed Consolidated Statements of Income (Addit
Slide 3: Warning Concerning Forward Looking Statements
WARNING CONCERNING FORWARD LOOKING STATEMENTS WARNING CONCERNING FORWARD LOOKING STATEMENTS THIS PRESENTATION OF SUPPLEMENTAL OPERATING AND FINANCIAL DATA CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTH
Slide 4: Warning Concerning Forward Looking Statements (continued)
WARNING CONCERNING FORWARD LOOKING STATEMENTS (continued) OUR ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY OUR FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FACTORS THAT COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR FORWARD LOOKING STATEMENTS AND UPON OUR BUS
Slide 5: Warning Concerning Forward Looking Statements (continued)
WARNING CONCERNING FORWARD LOOKING STATEMENTS (continued) • CONTINUED AVAILABILITY OF BORROWINGS UNDER OUR REVOLVING CREDIT FACILITY IS SUBJECT TO OUR SATISFYING CERTAIN FINANCIAL COVENANTS AND OTHER CUSTOMARY CREDIT FACILITY CONDITIONS THAT WE MAY BE UNABLE TO SATISFY, • ACTUAL COSTS UNDER OUR REVO
Slide 6: Corporate Information
CORPORATE INFORMATION The Stratford 213 Living Units Carmel, IN 6
Slide 7: Company Profile
COMPANY PROFILE COMPANY PROFILE The Company: Corporate Headquarters: Senior Housing Properties Trust, or SNH, we, our or us, is a real estate investment trust, or REIT, Two Newton Place which owns independent and assisted living communities, continuing care retirement communities, 255 Washington Str
Slide 8: Investor Information
INVESTOR INFORMATION INVESTOR INFORMATION Board of Trustees John L. Harrington Lisa Harris Jones Jeffrey P. Somers Independent Trustee Independent Trustee Lead Independent Trustee Adam D. Portnoy Barry M. Portnoy Managing Trustee Managing Trustee Senior Management David J. Hegarty Richard W. Siedel,
Slide 9: Research Coverage
RESEARCH COVERAGE RESEARCH COVERAGE Equity Research Coverage Bank of America / Merrill Lynch Raymond James Juan Sanabria Jonathan Hughes (646) 855-1589 (727) 567-2438 juan.sanabria@baml.com jonathan.hughes@raymondjames.com Jefferies & Company RBC Capital Markets Omotayo Okusanya Michael Carroll (212
Slide 10: Financials
FINANCIALS Cedars Sinai Medical Towers Tenants: Various 331,000 Sq. Ft. Los Angeles, CA 10
Slide 11: Key Financial Data
KEY FINANCIAL DATA KEY FINANCIAL DATA (amounts in thousands, except per share data) As of and For the Three Months Ended 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 Selected Balance Sheet Data: Total gross assets (1) $ 8,501,876 $ 8,347,701 $ 8,307,630 $ 8,429,231 $ 8,390,487 Total assets $ 7
Slide 12: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share and per share data) As of As of June 30, 2016 December 31, 2015 ASSETS Real estate properties: Land $ 798,603 $ 781,426 Buildings and improvements 6,856,429 6,675,514 7,655,032 7,456,940 A
Slide 13: Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENTS OF INCOME CONDENSED CONSOLIDATED STATEMENTS OF INCOME (amounts in thousands, except per share data) For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Revenues: Rental income $ 163,997 $ 155,546 $ 325,419 $ 301,329 Residents fe
Slide 14: Condensed Consolidated Statements of Income (Additional Data)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (ADDITIONAL DATA) CONDENSED CONSOLIDATED STATEMENTS OF INCOME (ADDITIONAL DATA) (amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Additional Data: General and administrative expenses / total re
Slide 15: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) For the Six Months Ended June 30, 2016 2015 Cash flows from operating activities: Net income $ 70,507 $ 76,176 Adjustments to reconcile net income to cash provided by operating acti
Slide 16: Debt Summary
DEBT SUMMARY DEBT SUMMARY (1) (dollars in thousands) As of June 30, 2016 Coupon Interest Principal Maturity Due at Years to (2) (3) Rate Rate Balance Date Maturity Maturity Unsecured Debt: Unsecured Floating Rate Debt: (4) Unsecured revolving credit facility (LIBOR + 130 b.p.) 1.720% 1.720% $ 749,00
Slide 17: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE (1) (dollars in thousands) As of June 30, 2016 Unsecured Unsecured Secured Floating % of Fixed % of Fixed Rate % of % of (2) Year Rate Debt Total Rate Debt Total Debt Total Total Total (3) 2016 $ - $ - $ 98,593 $ 98,593 2017 - - 69,838 69,838 (1) (4) 201
Slide 18: Leverage Ratios, Coverage Ratios and Public Debt Covenants
LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS As of and For the Three Months Ended 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 Leverage Ratios: (1) (2) Total debt (book value) / total gross assets 43.1% 41.9% 41.9% 41.2%
Slide 19: Summary of Capital Expenditures
SUMMARY OF CAPITAL EXPENDITURES SUMMARY OF CAPITAL EXPENDITURES (dollars and sq. ft. in thousands, except per sq. ft. and unit data) For the Three Months Ended 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 MOB tenant improvements (1) (2) $ 1,743 $ 389 $ 3,808 $ 2,568 $ 2,457 (1) (3) MOB leasing
Slide 20: Property Acquisitions / Dispositions Information Since January 1, 2016
JANUARY 1, 2016 PROPERTY ACQUISITIONS / DISPOSITIONS INFORMATION SINCE PROPERTY ACQUISITIONS / DISPOSITIONS INFORMATION SINCE JANUARY 1, 2016 (dollars and sq. ft. in thousands, except per sq. ft. and unit data) Triple Net Leased Senior Living Acquisitions: Weighted Purchase Initial Average Date Numb
Slide 21: Calculation and Reconciliation of Net Operating Income (NOI) and Cash Basis NOI
CALCULATION AND RECONCILIATION OF NET OPERATING INCOME (NOI) AND CASH BASIS NOI CALCULATION AND RECONCILIATION OF NET OPERATING INCOME (NOI) AND CASH BASIS NOI (1) (amounts in thousands) For the Three Months Ended For the Six Months Ended 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 6/30/2016
Slide 22: Consolidated and Same Property NOI and Cash Basis NOI
CONSOLIDATED AND SAME PROPERTY NET OPERATING INCOME (NOI) AND CASH BASIS NOI (1) CONSOLIDATED NET OPERATING INCOME (NOI) AND CASH BASIS NOI (dollars in thousands) As of and For the Three Months Ended As of and For the Six Months Ended 6/30/2016 6/30/2015 % Change 6/30/2016 6/30/2015 % Change NOI : (
Slide 23: NOI Reconciliation by Segment, Three Months Ended June 30, 2016 and 2015
Same Property Cash Basis NOI by Segment for the Three Months Ended June 30, 2016 Calculation and Reconciliation of Net Operating Income (NOI), Cash Basis NOI, Same Property NOI and Calculation and Reconciliation of Net Operating Income (NOI), Cash Basis NOI, Same Property NOI and Same Property Cash
Slide 24: NOI Reconciliation by Segment, Six Months Ended June 30, 2016 and 2015
Calculation and Reconciliation of Net Operating Income (NOI), Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment for the Six Months Ended June 30, 2016 Calculation and Reconciliation of Net Operating Income (NOI), Cash Basis NOI, Same Property NOI and Same Property Cash Ba
Slide 25: Calculation and Reconciliation of EBITDA and Adjusted EBITDA
CALCULATION AND RECONCILIATION OF EBITDA AND ADJUSTED EBITDA CALCULATION AND RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (1) (2) (amounts in thousands) For the Three Months Ended For the Six Months Ended 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 6/30/2016 6/30/2015 Net income $ 39,233 $ 31
Slide 26: Calculation and Reconciliation of FFO and Normalized FFO
CALCULATION AND RECONCILIATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO CALCULATION AND RECONCILIATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO (1) (2) (amounts in thousands, except per share data) For the Three Months Ended For the Six Months Ended 6/30/2016 3/31/2016 12/31/2015 9
Slide 27: Definitions of Certain Non-GAAP Financial Measures
DEFINITIONS OF CERTAIN NON-GAAP FINANCIAL MEASURES DEFINITIONS OF CERTAIN NON-GAAP FINANCIAL MEASURES NOI and Cash Basis NOI The calculations of NOI and Cash Basis NOI exclude certain components of net income in order to provide results that are more closely related to our property level results of
Slide 28: Portfolio Information
PORTFOLIO INFORMATION Premier Residences of Boca Raton 214 Living Units Boca Raton, FL Vertex Headquarters Texas Center for Athletes 1,134,000 Sq. Ft. Tenants: Various Boston, MA 129,000 Sq. Ft. San Antonio, TX 28
Slide 29: Portfolio Summary by Property Mix and Geographic Diversification
PORTFOLIO SUMMARY BY PROPERTY MIX AND GEOGRAPHIC DIVERSIFICATION PORTFOLIO SUMMARY BY PROPERTY MIX AND GEOGRAPHIC DIVERSIFICATION Property Mix Geographic Diversification (based on Q2 2016 NOI)(1) (based on 6/30/16 Gross Book Value of Real Estate Assets)(2) Wellness VA 3% IN 3% Centers NC 4% 3% MD 4%
Slide 30: Portfolio Summary by Property Type and Tenant
PORTFOLIO SUMMARY BY PROPERTY TYPE AND TENANT PORTFOLIO SUMMARY BY PROPERTY TYPE AND TENANT (dollars in thousands, except investment per unit / bed or square foot) As of June 30, 2016 Number of Investment Number of Units / Beds Carrying Value of % of Total per Unit / Bed % of Q2 2016 Properties or S
Slide 31: Occupancy by Property Type and Tenant
OCCUPANCY BY PROPERTY TYPE AND TENANT OCCUPANCY BY PROPERTY TYPE AND TENANT (1) (2) For the Twelve Months Ended 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 Property Type: Independent living 87.1% 87.3% 87.4% 87.6% 87.7% Assisted living 86.8% 86.9% 87.0% 87.1% 87.1% Skilled nursing facilities
Slide 32: Rent Coverage by Tenant
RENT COVERAGE BY TENANT (TRIPLE NET LEASED SENIOR LIVING COMMUNITIES AND WELLNESS CENTERS) RENT COVERAGE BY TENANT (TRIPLE NET LEASED SENIOR LIVING COMMUNITIES AND WELLNESS CENTERS) (1) For the Twelve Months Ended Tenant 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 Five Star Senior Living (Lea
Slide 33: Triple Net Leased Senior Living Communities Segment and Same Property Results
TRIPLE NET LEASED SENIOR LIVING COMMUNITIES SEGMENT AND SAME PROPERTY – RESULTS OF OPERATIONS TRIPLE NET LEASED SENIOR LIVING COM M UNITIES SEGM ENT - RESULTS OF OPERATIONS (1) (dollars in thousands) As of and For the Three Months Ended As of and For the Six Months Ended June 30, June 30, 2016 2015
Slide 34: Managed Senior Living Communities Segment and Same Property Results
MANAGED SENIOR LIVING COMMUNITIES SEGMENT AND SAME PROPERTY – MANAGED SENIOR LIVING COMMUNITIES SEGMENT - RESULTS OF OPERATIONS RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Three Months Ended As of and For the Six Months Ended June 30, June 30, 2016 201
Slide 35: MOB Portfolio Segment and Same Property Results of Operations
MOB PORTFOLIO SEGMENT AND SAME PROPERTY - RESULTS OF OPERATIONS MOB PORTFOLIO SEGMENT - RESULTS OF OPERATIONS (1) (dollars and sq. ft. in thousands) As of and For the Three Months Ended As of and For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Number of Properties 123 121 123 121 Numb
Slide 36: MOB Leasing Summary
MOB LEASING SUMMARY MOB LEASING SUMMARY (dollars and sq. ft. in thousands, except per sq. ft. data) (1) As of and For the Three Months Ended 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 Properties 123 122 121 121 121 Buildings 149 148 145 145 145 (2) Total sq. ft. 11,610 11,444 11,316 11,315 1
Slide 37: Tenants Representing 1% or More of Total Rent
TENANTS REPRESENTING 1% OR MORE OF TOTAL RENT TENANTS REPRESENTING 1% OR MORE OF TOTAL RENT (dollars in thousands) As of June 30, 2016 % of Annualized Annualized Rental (1) (1) Tenant Facility Type Rental Income Income Expiration 1 Five Star Senior Living Senior living $ 206,918 27.1% 2024 - 2032 2
Slide 38: Portfolio Lease Expiration Schedule
PORTFOLIO LEASE EXPIRATION SCHEDULE PORTFOLIO LEASE EXPIRATION SCHEDULE (dollars in thousands) As of June 30, 2016 (1) Annualized Rental Income Percent of Cumulative Total Percentage of Annualized Annualized Senior Living Wellness Rental Income Rental Income (2) Year Communities MOBs Centers Total E
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