Diversified Healthcare Trust · NASDAQ:DHC
Diversified Healthcare Trust — Senior Housing Properties Trust — Q2 2017 Earnings Presentation
38 slides from Diversified Healthcare Trust's earnings presentation, Aug 3, 2017
Slide 1: Second Quarter 2017 Supplemental Operating and Financial Data
Senior Housing Properties Trust Second Quarter 2017 Supplemental Operating and Financial Data All amounts in this report are unaudited. The Stratford 213 Living Units Carmel, IN
Slide 2: Table of Contents
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 2 TABLE OF CONTENT S 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 Conde
Slide 3: Warning Concerning Forward Looking Statements
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 3 W ARNING CONCERNING FO RW ARD LOOKING S TA TEMENT S WARNING CONCERNING FORWARD LOOKING STATEMENTS THIS PRESENTATION OF SUPPLEMENTAL OPERATING AND FINANCIAL DATA CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOK
Slide 4: Warning Concerning Forward Looking Statements (continued)
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 4 W ARNING CONCERNING FO RW ARD LOOKING S TA TEMENTS (continued ) OUR ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY OUR FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FAC
Slide 5: Warning Concerning Forward Looking Statements (continued)
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 5 W ARNING CONCERNING FO RW ARD LOOKING S TA TEMENTS (continued ) • CONTINUED AVAILABILITY OF BORROWINGS UNDER OUR REVOLVING CREDIT FACILITY IS SUBJECT TO OUR SATISFYING CERTAIN FINANCIAL COVENANTS AND OTHER CRE
Slide 6: Corporate Information
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 6 CORPORATE INFORMATION 6 Cedars Sinai Medical Towers Tenants: Various 331,000 Sq. Ft. Los Angeles, CA
Slide 7: Company Profile
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 7 COM PAN Y PROFIL E The Company: Senior Housing Properties Trust, or SNH, we, our or us, is a real estate investment trust, or REIT, which owns independent and assisted living communities, continuing care retir
Slide 8: Investor Information
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 8 INVES TOR INFORM ATIO N 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. P
Slide 9: Research Coverage
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 9 RESEARCH COVERAG E RESEARCH COVERAGE Equity Research Coverage Bank of America / Merrill Lynch JMP Securities Robert W. Baird & Co. Juan Sanabria Peter Martin Drew Babin (646) 855-1589 (415) 835-8904 (610) 238-
Slide 10: Financials
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 10 FINANCIALS Tenant: Medtronic, Inc. 145,000 Sq. Ft. San Antonio, TX 10
Slide 11: Key Financial Data
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 11 KE Y FINANCIA L D AT A KEY FINANCIAL DATA (dollars in thousands, except per share data) As of and For the Three Months Ended 6/30/2017 3/31/2017 12/31/2016 9/30/2016 6/30/2016 Selected Balance Sheet Data: Tot
Slide 12: Condensed Consolidated Balance Sheets
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 12 CONDENSED CONSOLID ATED BALANCE SHEET S As of June 30, 2017 As of December 31, 2016 ASSETS Real estate properties: Land $ 806,369 $ 803,773 Buildings and improvements 6,993,451 6,926,750 7,799,820 7,730,523 A
Slide 13: Condensed Consolidated Statements of Income
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 13 CONDENSED CONSOLID ATED S TA TEMENTS OF INCOM E CONDENSED CONSOLIDATED STATEMENTS OF INCOME (amounts in thousands, except per share data) For the Three Months Ended June 30, For the Six Months Ended June 30,
Slide 14: Condensed Consolidated Statements of Income (Additional Data)
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 14 CONDENSED CONSOLID ATED S TA TEMENTS OF INCOME (ADDITIONA L D AT A) CONDENSED CONSOLIDATED STATEMENTS OF INCOME (ADDITIONAL DATA) (dollars in thousands) For the Three Months Ended June 30, For the Six Months
Slide 15: Consolidated Statements of Cash Flows
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 15 CONSOLID ATED S TA TEMENTS OF CASH FLOW S CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) Six Months Ended June 30, 2017 2016 Cash flows from operating activities: Net income $ 49,683 $ 70,507 Ad
Slide 16: Debt Summary
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 16 DEBT SUMMA RY DEBT SUMMARY(dollars in thousands) As of June 30, 2017 Coupon Interest Principal Maturity Due at Years to Rate Rate (1) Balance (2) Date Maturity Maturity Unsecured Debt: Unsecured Floating Rate
Slide 17: Debt Maturity Schedule
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 17 DEBT M ATURIT Y SCHEDUL E DEBT MATURITY SCHEDULE (dollars in thousands) As of June 30, 2017 Unsecured Unsecured Secured Floating % of Total Fixed % of Total Fixed Rate % of Total % of TotalYear Rate Debt Rate
Slide 18: Leverage Ratios, Coverage Ratios and Public Debt Covenants
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 18 LEVERAGE R ATIOS, COVERAGE R ATIOS AND PUBLIC DEBT COVENANT S LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS As of and For the Three Months Ended 6/30/2017 3/31/2017 12/31/2016 9/30/2016 6/30/2016
Slide 19: Summary of Capital Expenditures
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 19 SUMMA RY OF CAPI TA L EXPENDITURE S SUMMARY OF CAPITAL EXPENDITURES (dollars and sq. ft. in thousands, except per sq. ft. and unit data) For the Three Months Ended 6/30/2017 3/31/2017 12/31/2016 9/30/2016 6/3
Slide 20: Property Acquisitions / Dispositions Information Since January 1, 2017
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 20 PROPERT Y ACQUISITIONS / DISPOSITIONS INFORM ATION SINC E JANUA RY 1, 201 7 PROPERTY ACQUISITIONS / DISPOSITIONS INFORMATION SINCE JANUARY 1, 2017 (dollars and sq. ft. in thousands, except per sq. ft. and uni
Slide 21: Calculation and Reconciliation of NOI and Cash Basis NOI
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 21 CALCUL ATION AND RECONCILI ATION OF NET OPER ATING INCOME (NOI) AND CASH BASIS NO I CALCULATION AND RECONCILIATION OF NET OPERATING INCOME (NOI) AND CASH BASIS NOI (1) (amounts in thousands) For the Three Mon
Slide 22: Consolidated and Same Property NOI and Cash Basis NOI
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 22 CONSOLID ATED AND SAME PROPERT Y NET OPER ATING INCOME (NOI) AN D CASH BASIS NO I CONSOLIDATED NET OPERATING INCOME (NOI) AND CASH BASIS NOI (1) (dollars in thousands) For the Three Months Ended For the Six M
Slide 23: NOI Reconciliation by Segment, Three Months Ended June 30
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 23CALCUL ATION AND RECONCILI ATION OF NET OPER ATING INCOME (NOI), CASH BASIS NOI, SAME PROPERT Y NOI AN D SAME PROPERT Y CASH BASIS NOI B Y SEGMENT FOR THE THREE MONTHS ENDED JUNE 30, 2017 AND 201 6 CALCULATION
Slide 24: NOI Reconciliation by Segment, Six Months Ended June 30
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 24 (1) See page 21 for the calculation of NOI and a reconciliation of net income determined in accordance with GAAP to that amount, and Definitions of Certain Non-GAAP Financial Measures on page 27 for a definit
Slide 25: Calculation and Reconciliation of EBITDA and Adjusted EBITDA
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 25 CALCUL ATION AND RECONCILI ATION OF EBITD A AND ADJUSTED EBITD A CALCULATION AND RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (1) (amounts in thousands) For the Three Months Ended For the Six Months Ended 6/3
Slide 26: Calculation and Reconciliation of FFO and Normalized FFO
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 26 CALCUL ATION AND RECONCILI ATION O F FUNDS FROM OPER ATIONS (FFO) AND NORMALIZED FF O CALCULATION AND RECONCILIATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO (1) (amounts in thousands, except per sha
Slide 27: Definitions of Certain Non-GAAP Financial Measures
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 27 DEFINITIONS OF CER TAIN NON-GAA P FINANCIA L MEASURE S 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 clos
Slide 28: Portfolio Information
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 28 PORTFOLIO INFORMATION 28 The Forum at Deer Creek 291 Independent Living , Assisted Living and Skilled Nursing Units Deerfield Beach, FL Tenant: Five Star Senior Living
Slide 29: Portfolio Summary by Property Mix and Geographic Diversification
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 29 PORTFOLIO SUMMA RY B Y PROPERT Y MIX AND GEOGRAPHIC DIVERSIFIC ATIO N PORTFOLIO SUMMARY BY PROPERTY MIX AND GEOGRAPHIC DIVERSIFICATION (1) See Page 21 for the calculation of NOI and a reconciliation of net in
Slide 30: Portfolio Summary by Property Type and Tenant
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 30 PORTFOLIO SUMMA RY B Y PROPERT Y TYPE AND TENAN T PORTFOLIO SUMMARY BY PROPERTY TYPE AND TENANT (dollars in thousands, except investment per unit / bed or square foot) As of June 30, 2017 Number of Investment
Slide 31: Occupancy by Property Type and Tenant
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 31 OCCU PANC Y B Y PROPERT Y TYPE AND TENAN T OCCUPANCY BY PROPERTY TYPE AND TENANT (1) For the Twelve Months Ended (2) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 Property Type: Independent living 86.9%
Slide 32: Rent Coverage by Tenant
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 32 RENT COVERAGE B Y TENANT (TRIPLE NET LEASED SENIOR LIVING COMMUNITIE S AND WELLNESS CENTERS ) RENT COVERAGE BY TENANT (TRIPLE NET LEASED SENIOR LIVING COMMUNITIES AND WELLNESS CENTERS) (1) For the Twelve Mont
Slide 33: Triple Net Leased Senior Living Communities Segment and Same Property Results
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 33 TRIPLE NET LEASED SENIOR LIVING COMMUNITIES SEGMENT AND SAME PROPERT Y – RESU LTS OF OPER ATION S TRIPLE NET LEASED SENIOR LIVING COMMUNITIES SEGMENT - RESULTS OF OPERATIONS (1) (dollars in thousands) As of a
Slide 34: Managed Senior Living Communities Segment and Same Property Results
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 34 MANAGED SENIOR LIVING COMMUNITIES SEGMENT AND SAME PROPERT Y – RESU LTS OF OPER ATION S MANAGED SENIOR LIVING COMMUNITIES SEGMENT - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As
Slide 35: MOB Portfolio Segment and Same Property Results
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 35 MOB PORTFOLIO SEGMENT AND SAME PROPERT Y - RESU LTS OF OPER ATION S MOB PORTFOLIO SEGMENT - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and for the Three Months Ended June 30, As of and For
Slide 36: MOB Leasing Summary
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 36 MOB LEASING SUMMA RY MOB LEASING SUMMARY(dollars and sq. ft. in thousands, except per sq. ft. data) As of and For the Three Months Ended 6/30/2017 3/31/2017 12/31/2016 9/30/2016 6/30/2016 Properties 120 120 1
Slide 37: Tenants Representing 1% or More of Total Rent
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 37 TENANTS REPRESENTING 1% OR MORE OF TO TA L REN T TENANTS REPRESENTING 1% OR MORE OF TOTAL RENT (dollars in thousands) As of June 30, 2017 % of Annualized Annualized Rental Tenant Facility Type Rental Income (
Slide 38: Portfolio Lease Expiration Schedule
Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2017 38 PORTFOLIO LEASE EXPIR ATION SCHEDUL E PORTFOLIO LEASE EXPIRATION SCHEDULE (dollars in thousands) As of June 30, 2017 Annualized Rental Income (1) Year Senior Living Communities (2) MOBs Wellness Centers Total
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