Diversified Healthcare Trust · NASDAQ:DHC
Diversified Healthcare Trust — Senior Housing Properties Trust — Q4 2012 Earnings Presentation
32 slides from Diversified Healthcare Trust's earnings presentation, Feb 15, 2013
Slide 1: Senior Housing Properties Trust Fourth Quarter 2012 Supplemental Data
Exhibit 99.2 Senior Housing Properties Trust Fourth Quarter 2012 Supplemental Operating and Financial Data 1100 Ward Avenue, Honolulu, HI. All amounts in this report are unaudited. Medical Office Building. Square Feet: 204,429.
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 WARNING CONCERNING FORWARD LOOKING STATEMENTS 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
CORPORATE INFORMATION Baylor Medical Plaza, Heath, TX. Medical Office Building. Square Feet: 35,485. Senior Housing Properties Trust Supplemental Operating and Financial Data, December 31, 2012
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, reh
Slide 7: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE (continued) Portfolio Concentration by Facility Type (as of 12/31/12) ($ in 000): Number of Number of Units/Beds or Carrying Value of % of Total % of Q4 2012 Properties Square Feet Investment (1) Investment Q4 2012 NOI (2) Total NOI Independent living (3)
Slide 8: Investor Information
INVESTOR INFORMATION INVESTOR INFORMATION Board of Trustees Barry M. Portnoy Adam D. Portnoy Managing Trustee Managing Trustee John L. Harrington Jeffrey P. Somers Independent Trustee Independent Trustee Frederick N. Zeytoonjian Independent 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 RBC Capital Markets Jana Galan Michael Carroll (646) 855-3081 (440) 715-2649 Jefferies & Company Sandler O'Neill & Partners Omotayo Okusanya James Milam (212) 336-7076 (212) 466-8066 JMP Securities Stifel Ni
Slide 10: Financial Information
FINANCIAL INFORMATION The Gardens of Scottsdale, Scottsdale, AZ. 143 Assisted Living, Alzheimer’s and Skilled Nursing Units. Senior Housing Properties Trust Supplemental Operating and Financial Data, December 31, 2012
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 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011 Shares Outstanding (1): Common shares outstanding (at end of period) 176,554
Slide 12: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEET (dollar amounts appearing in the table below are in thousands) As of As of December 31, 2012 December 31, 2011 ASSETS Real estate properties: Land $ 615,623 $ 564,628 Buildings, improvements and equipment 4,567,684 4,156,963
Slide 13: Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENTS OF INCOME CONDENSED CONSOLIDATED STATEMENT OF INCOME (amounts appearing in the table below are in thousands, except per share data) For the Three Months Ended For the Year Ended 12/31/2012 12/31/2011 12/31/2012 12/31/2011 Revenues: Rental income (1) $ 124,039 $ 120,
Slide 14: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (amounts in thousands) For the Year Ended 12/31/2012 12/31/2011 Cash flows from operating activities: Net income $ 135,884 $ 151,419 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) Coupon Interest Principal Maturity Due at Years to Rate Rate (1) Balance (2) Date Maturity Maturity Secured Debt: Secured Fixed Rate Debt: Mortgages - secured by 4 properties 6.110% 6.420% $ 10,565 12/1/2013 $ 10,178 0
Slide 16: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE (dollars appearing in the table below are in thousands) Scheduled Principal Payments During Period Secured Unsecured Unsecured Fixed Rate Floating Fixed (1) (2) Year Debt Rate Debt Rate Debt Total 2013 $ 36,109 $ - $ - $ 36,109 2014 48,022 - - 48,022 201
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 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011 Leverage Ratios: Total debt / total market capitalization 32.5% 32.7% 35.1% 34.0% 33.4% 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 (1) 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011 MOB leasing capital (2) $ 1,969 $ 1,049 $ 1,826 $ 1,498 $ 1,095 MOB building imp
Slide 19: Acquisitions / Dispositions Information Since 1/1/2012
ACQUISITIONS / DISPOSITIONS INFORMATION SINCE 1/1/2012 ACQUISITIONS / DISPOSITIONS INFORMATION SINCE 1/1/2012 (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 Stratford Court of Palm Harbor, FL. Continuing Care Retirement Community. 318 Units. Senior Housing Properties Trust Supplemental Operating and Financial Data, December 31, 2012
Slide 21: Portfolio Summary by Facility Type and Tenant
PORTFOLIO SUMMARY BY FACILITY TYPE AND TENANT PORTFOLIO SUMMARY BY FACILITY TYPE AND TENANT (dollars in thousands, except investment per unit / bed or square foot) Number of Investment Number of Units / Beds Carrying Value of % of Total per Unit / Bed % of Q4 2012 Properties or Square Feet Investmen
Slide 22: Occupancy by Property Type and Tenant
OCCUPANCY BY PROPERTY TYPE AND TENANT OCCUPANCY BY PROPERTY TYPE AND TENANT For the Twelve Months Ended (1) 9/30/2012 6/30/2012 3/31/2012 12/31/2011 9/30/2011 Property Type: Independent living 87.7% 87.6% 87.2% 87.0% 86.9% Assisted living 87.0% 86.7% 86.6% 86.5% 86.3% Nursing homes 80.1% 79.9% 80.0%
Slide 23: Rent Coverage by Tenant
RENT COVERAGE BY TENANT (EXCLUDING MOBs AND MANAGED COMMUNITIES) RENT COVERAGE BY TENANT (EXCLUDING MOBs AND MANAGED COMMUNITIES) For the Twelve Months Ended Tenant 9/30/2012 6/30/2012 3/31/2012 12/31/2011 9/30/2011 Five Star (Lease No. 1) (1) 1.21x 1.20x 1.18x 1.22x 1.25x Five Star (Lease No. 2) (1
Slide 24: Senior Living Managed Communities - Results of Operations
SENIOR LIVING MANAGED COMMUNITIES – RESULTS OF OPERATIONS SENIOR LIVING MANAGED COMMUNITIES - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Three Months Ended 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011 Number of Properties (1) 39 30 24 23 22 Num
Slide 25: MOB Portfolio and Same Store - Results of Operations
MOB PORTFOLIO - RESULTS OF OPERATIONS MOB PORTFOLIO AND SAME STORE - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended As of and For the Year Ended 12/31/2012 12/31/2011 12/31/2012 12/31/2011 Number of Properties 120 108 120 108 Square Feet (1) 8,450 7,630
Slide 26: 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 12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011 Properties 120 114 112 108 108 Total sq. ft. (1) 8,457 8,197 8,066 7,630 7,630 Occupancy (2) 93.3% 93.9% 94.5%
Slide 27: 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) Annualized % of Rental Income Annualized Rental Tenant Facility Type 12/31/2012 (1) Income (1) Expiration 1 Five Star Senior living $ 202,576 39.3% 2017 - 2028 2 Aurora Health Care, Inc
Slide 28: Portfolio Lease Expiration Schedule
PORTFOLIO LEASE EXPIRATION SCHEDULE PORTFOLIO LEASE EXPIRATION SCHEDULE (dollars in thousands) Annualized Rental Income (1) Percent of Cumulative Total Percentage of Short and Long Term Annualized Annualized Residential Care Wellness Rental Income Rental Income Year Communities (2) MOBs Centers Tota
Slide 29: Exhibits
EXHIBITS Cedars-Sinai Medical Center, Los Angeles, CA. Senior Housing Properties Trust Medical Office Building. Supplemental Operating and Financial Data, December 31, 2012 Square Feet: 330,892.
Slide 30: Calculation and Reconciliation of Net Operating Income (NOI)
CALCULATION AND RECONCILIATION OF NET OPERATING INCOME (NOI) CALCULATION AND RECONCILIATION OF NET OPERATING INCOME (NOI) EXHIBIT A (amounts appearing in the table below are in thousands) For the Three Months Ended For the Year Ended 12/31/2012 12/31/2011 12/31/2012 12/31/2011 Calculation of NOI: Re
Slide 31: 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) EXHIBIT B For the Three Months Ended For the Year Ended 12/31/2012 12/31/2011 12/31/2012 12/31/2011 Net income $ 44,636 $
Slide 32: Calculation and Reconciliation of FFO and Normalized FFO
CALCULATION AND RECONCILIATION OF FUNDS FROM OPERATIONS (FFO) AND CALCULATION AND RECONCILIATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO NORMALIZED FFO (amounts appearing in the table below are in thousands, except per share data) EXHIBIT C For the Three Months Ended For the Year Ended 12/
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