Diversified Healthcare Trust · NASDAQ:DHC
Diversified Healthcare Trust — Senior Housing Properties Trust — Q4 2013 Earnings Presentation
33 slides from Diversified Healthcare Trust's earnings presentation, Feb 26, 2014
Slide 1: Senior Housing Properties Trust Fourth Quarter 2013 Supplemental Operating and Financial Data
Exhibit 99.2 11 Fan Pier Blvd. & 50 Northern Ave., Boston, MA. Biotech Medical Office Buildings. Primary Tenant: Vertex Pharmaceuticals. Square Feet: 1,650,000 Under Agreement to be Acquired. Senior Housing Properties Trust Fourth Quarter 2013 Supplemental Operating and Financial Data All amounts in
Slide 2: Table of Contents
TABLE OF CONTENTS TABLE OF CONTENTS PAGE/EXHIBIT CORPORATE INFORMATION 5 Company Profile 6 Investor Information 8 Research Coverage 9 FINANCIAL INFORMATION 10 Key Financial Data 11 Condensed Consolidated Balance Sheets 12 Condensed Consolidated Statements of Income 13 Condensed Consolidated Statemen
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: Forward Looking Statements (continued)
FORWARD LOOKING STATEMENTS (continued) FOR EXAMPLE: • FIVE STAR IS OUR LARGEST TENANT AND MANAGES SEVERAL OF OUR SENIOR LIVING COMMUNITIES FOR OUR ACCOUNT AND FIVE STAR MAY EXPERIENCE FINANCIAL DIFFICULTIES AS A RESULT OF A NUMBER OF FACTORS, INCLUDING BUT NOT LIMITED TO: • CHANGES IN MEDICARE AND M
Slide 5: Corporate Information
Laurels in Stone Oak, San Antonio, TX. CORPORATE INFORMATION Assisted Living Facility. Senior Housing Properties Trust Operator: Five Star Quality Care, Inc. Supplemental Operating and Financial Data, December 31, 2013 Living Units: 94.
Slide 6: 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, which owns Two Newton Place independent and assisted living communities, continuing care retirement communities, nursing homes, wel
Slide 7: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE (continued) Portfolio Concentration by Facility Type (as of 12/31/13) ($ in 000) (1): Number of Number of Units/Beds or Carrying Value of % of Total % of Q4 2013 Properties Square Feet Investment (2) Investment Q4 2013 NOI (3) Total NOI Independent living
Slide 8: Investor Information
INVESTOR INFORMATION INVESTOR INFORMATION Board of Trustees John L. Harrington Jeffrey P. Somers Independent Trustee Independent Trustee Frederick N. Zeytoonjian Independent Trustee Barry M. Portnoy Adam D. Portnoy Managing Trustee Managing Trustee Senior Management David J. Hegarty Richard A. Doyle
Slide 9: Research Coverage
RESEARCH COVERAGE RESEARCH COVERAGE Equity Research Coverage Bank of America / Merrill Lynch Raymond James Juan Sanabria Paul Puryear (646) 855-1589 (727) 567-2253 juan.sanabria@baml.com paul.puryear@raymondjames.com Janney Capital Markets RBC Capital Markets Michael P. Gorman Michael Carroll (215)
Slide 10: Financial Information
The Jefferson, Arlington, VA. Continuing Care Retirement Community. Primary Tenant: Sunrise Senior Living, Inc. Living Units: 421. FINANCIAL INFORMATION Senior Housing Properties Trust Supplemental Operating and Financial Data, December 31, 2013
Slide 11: Key Financial Data
KEY FINANCIAL DATA KEY FINANCIAL DATA (share amounts and dollars appearing in the table below are in thousands, except per share data) As of and For the Three Months Ended 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012 Shares Outstanding (1): Common shares outstanding (at end of period) 188,168
Slide 12: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (dollar amounts appearing in the table below are in thousands) As of As of December 31, 2013 December 31, 2012 ASSETS Real estate properties: Land $ 623,756 $ 599,313 Buildings, improvements and equipment 4,639,869 4,420,302
Slide 13: Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENT OF INCOME CONDENSED CONSOLIDATED STATEMENTS OF INCOME (dollar amounts appearing in the table below are in thousands, except per share data) For the Three Months Ended For the Year Ended 12/31/2013 12/31/2012 12/31/2013 12/31/2012 Revenues: (1) Rental income $ 122,912
Slide 14: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) For the Year Ended 12/31/2013 12/31/2012 Cash flows from operating activities: Net income $ 151,164 $ 135,884 Adjustments to reconcile net income to cash provided by operating activi
Slide 15: Debt Summary
DEBT SUMMARY DEBT SUMMARY (dollars appearing in the table below are in thousands) As of December 31, 2013 Coupon Interest Principal Maturity Due at Years to (1) Rate Rate Balance (2) Date Maturity Maturity Unsecured Debt: Unsecured Floating Rate Debt: (3) Revolving credit facility (LIBOR + 130 b.p.)
Slide 16: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE (dollars appearing in the table below are in thousands) As of December 31, 2013 Unsecured Unsecured Secured Floating Fixed Fixed Rate (1) (2) Year Rate Debt Rate Debt Debt Total 2014 $ - $ - $ 48,222 $ 48,222 2015 - - 94,249 94,249 2016 - 250,000 160,136
Slide 17: 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 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012 Leverage Ratios: Total debt / total market capitalization 31.2% 30.4% 27.4% 26.6% 32.5% Total
Slide 18: Summary of Capital Expenditures
SUMMARY OF CAPITAL EXPENDITURES SUMMARY OF CAPITAL EXPENDITURES (dollars and sq. ft. in thousands, except per sq. ft. and per unit data) For the Three Months Ended 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012 (1) MOB tenant improvements $ 1,286 $ 1,066 $ 739 $ 232 $ 1,521 (2) MOB leasing cost
Slide 19: Acquisitions / Dispositions Information Since 1/1/2013
ACQUISITIONS / DISPOSITIONS INFORMATION SINCE 1/1/2013 ACQUISITIONS / DISPOSITIONS INFORMATION SINCE 1/1/2013 (dollars and sq. ft. appearing in the table below are in thousands, except per sq. ft. amounts) Senior Living Acquisitions: (1) Purchase Initial Date Number of Purchase Price Lease / Cap Acq
Slide 20: Portfolio Information
PORTFOLIO INFORMATION The Gables, Winchester, MA. Assisted Living Facility. Senior Housing Properties Trust Operator: Five Star Quality Care, Inc. Supplemental Operating and Financial Data, December 31, 2013 Living Units: 125.
Slide 21: Portfolio Summary by Property Type and Tenant
PORTFOLIO SUMMARY BY PROPERTY TYPE AND TENANT PORTFOLIO SUMMARY BY PROPERTY TYPE AND TENANT (1) (dollars in thousands, except investment per unit / bed or square foot) As of December 31, 2013 Number of Investment Number of Units / Beds Carrying Value of % of Total per Unit / Bed % of Q4 2013 Propert
Slide 22: 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 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012 Property Type: Independent living 87.5% 87.6% 87.7% 87.6% 87.7% Assisted living 86.4% 86.5% 86.5% 86.9% 87.0% Nursing homes 78.7% 78.9% 7
Slide 23: Rent Coverage by Senior Living Tenant
COMMUNITIES) RENT COVERAGE BY SENIOR LIVING TENANT (EXCLUDING MANAGED SENIOR LIVING RENT COVERAGE BY SENIOR LIVING TENANT (EXCLUDING MANAGED SENIOR LIVING COMMUNITIES) For the Twelve Months Ended Tenant 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012 Five Star (Lease No. 1) 1.19x 1.19x 1.22x 1.22
Slide 24: Triple Net Leased Senior Living Communities Results of Operations
TRIPLE NET LEASED SENIOR LIVING COMMUNITIES CONSOLIDATED AND SAME PROPERTY – TRIPLE NET LEASED SENIOR LIVING COMMUNITIES CONSOLIDATED - RESULTS OF OPERATIONS (1) RESULTS OF OPERATIONS (dollars in thousands) As of and For the Three Months Ended As of and For the Year Ended 12/31/2013 12/31/2012 12/31
Slide 25: Managed Senior Living Communities Results of Operations
MANAGED SENIOR LIVING COMMUNITIES CONSOLIDATED AND SAME PROPERTY – RESULTS OF OPERATIONS MANAGED SENIOR LIVING COMMUNITIES CONSOLIDATED - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Three Months Ended As of and For the Year Ended 12/31/2013 12/31/2012
Slide 26: MOB Portfolio Consolidated and Same Property Results of Operations
OPERATIONS MOB PORTFOLIO CONSOLIDATED AND SAME PROPERTY - RESULTS OF MOB PORTFOLIO CONSOLIDATED - RESULTS OF OPERATIONS (1) (dollars and sq. ft. in thousands) As of and For the Three Months Ended As of and For the Year Ended 12/31/2013 12/31/2012 12/31/2013 12/31/2012 Number of Properties 96 90 96 9
Slide 27: MOB Leasing Summary
MOB LEASING SUMMARY MOB LEASING SUMMARY (dollars and sq. ft. in thousands, except per sq. ft. data) As of and For the Three Months Ended (1) 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012 Properties 96 93 92 92 90 Buildings 119 116 115 115 113 (2) Total sq. ft. 7,882 7,819 7,714 7,712 7,619 Occ
Slide 28: Tenants Representing 1% or More of Total Rent
TENANTS REPRESENTING 1% OR MORE OF TOTAL RENT TENANTS REPRESENTING 1% OR MORE OF TOTAL RENT (1) (dollars in thousands) Annualized % of Rental Income Annualized Rental (2) (2) Tenant Facility Type 12/31/2013 Income Expiration 1 Five Star Senior living $ 195,305 37.1% 2017 - 2028 2 Aurora Health Care,
Slide 29: Portfolio Lease Expiration Schedule
PORTFOLIO LEASE EXPIRATION SCHEDULE PORTFOLIO LEASE EXPIRATION SCHEDULE (dollars in thousands) (1) (2) Annualized Rental Income Percent of Total Cumulative Annualized Percentage of Senior Living Wellness Rental Income Annualized Rental Year Communities (3) MOBs Centers Total Expiring Income Expiring
Slide 30: Exhibits
21823 30th Drive S.E., Bothell, WA. Medical Office Building. Primary Tenant: Seattle Genetics, Inc. Square Feet: 145,000. EXHIBITS Senior Housing Properties Trust Supplemental Operating and Financial Data, December 31, 2013
Slide 31: Calculation and Reconciliation of 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 (amounts appearing in the table below are in thousands) For the Three Months Ended For the Year Ended 12/31/2013 12/31/2012 12/31/2013 12/31
Slide 32: Calculation and Reconciliation of EBITDA and Adjusted EBITDA
CALCULATION AND RECONCILIATION OF EBITDA AND ADJUSTED EBITDA CALCULATION AND RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (dollars appearing in the table below are in thousands) For the Three Months Ended For the Year Ended EXHIBIT B 12/31/2013 12/31/2012 12/31/2013 12/31/2012 Net income $ 72,206 $
Slide 33: 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 (amounts appearing in the table below are in thousands, except per share data) For the Three Months Ended For the Year Ended 12/31/2013 12
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