Diversified Healthcare Trust · NASDAQ:DHC
Diversified Healthcare Trust — Senior Housing Properties Trust — Q3 2015 Earnings Presentation
39 slides from Diversified Healthcare Trust's earnings presentation, Nov 4, 2015
Slide 1: Third Quarter 2015 Supplemental Operating and Financial Data
Exhibit 99.2 Senior Housing Properties Trust Third Quarter 2015 Supplemental Operating and Financial Data The Stratford, Carmel, IN Assisted Living Facility Operator: Maxwell Group Living Units: 213 All amounts in this report are unaudited.
Slide 2: Table of Contents
TABLE OF CONTENTS TABLE OF CONTENTS PAGE/EXHIBIT CORPORATE INFORMATION 6 Company Profile 6 Investor Information 9 Research Coverage 10 FINANCIAL INFORMATION 11 Key Financial Data 12 Condensed Consolidated Balance Sheets 14 Condensed Consolidated Statements of Income 15 Condensed Consolidated Stateme
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 CERTAIN 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: • MATERIAL WEAKNESSES IN IT
Slide 5: Corporate Information
CORPORATE INFORMATION 28515 Westinghouse Place, Valencia, CA Medical Office Building Primary Tenant: Advanced Bionics Square Feet: 146,385
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) Number of Number of Units/Beds or Carrying Value of % of Total % of Q3 2015 Properties Square Feet Investment (1) Investment Q3 2015 NOI (2) Total NOI Independent living (3) 68 16,467 $ 2,222,366 29.9% $ 46,003 29.0% Assisted living (3) 187 13,
Slide 8: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE (continued) Property Mix Geographic Diversification (based on Q3 2015 NOI)(1) (based on 9/30/15 Carrying Value of Investment)(2) 3% IN 3% NY 3% Independent living VA 3% MD 4% Assisted living WI 4% 29% Nursing homes 33 Other States + D.C. 37% 41% GA 5% MOBs
Slide 9: 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 A. Doyle P
Slide 10: 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 FBR & Co. RBC Capital Markets Daniel Altscher Michael Carroll (703) 312-1651
Slide 11: Financial Information
FINANCIAL INFORMATION Bozeman Lodge, Bozeman, MT Assisted Living Facility Operator: Radiant Senior Living Living Units: 131
Slide 12: 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 9/30/2015 6/30/2015 3/31/2015 12/31/2014 9/30/2014 Shares Outstanding: Common shares outstanding (at end of period) 237,472 237,
Slide 13: Key Financial Data (Continued)
KEY FINANCIAL DATA (Continued) KEY FINANCIAL DATA (Continued) (share amounts and dollars appearing in the table below are in thousands, except per share data) As of and For the Three Months Ended 9/30/2015 6/30/2015 3/31/2015 12/31/2014 9/30/2014 Selected Balance Sheet Data: Total assets $ 7,352,996
Slide 14: 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 September 30, 2015 December 31, 2014 ASSETS Real estate properties: Land $ 787,543 $ 683,979 Buildings, improvements and equipment 6,651,545 5,554,632 7,439
Slide 15: Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENTS OF INCOME CONDENSED CONSOLIDATED STATEMENTS OF INCOME (amounts in thousands, except per share data) For the T hree Months Ended For the Nine Months Ended 9/30/2015 9/30/2014 9/30/2015 9/30/2014 Revenues: Rental income (1) $ 158,863 $ 137,614 $ 460,193 $ 377,339 Resi
Slide 16: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) For the Nine Months Ended 9/30/2015 9/30/2014 Cash flows from operating activities: Net income $ 114,425 $ 113,350 Adjustments to reconcile net income to cash provided by operating
Slide 17: Debt Summary
DEBT SUMMARY DEBT SUMMARY (dollars appearing in the table below are in thousands) As of September 30, 2015 Coupon Interest Principal Maturity Due at Years to (1) (2) Rate Rate Balance Date Maturity Maturity Unsecured Debt: Unsecured Floating Rate Debt: Unsecured revolving credit facility (LIBOR + 13
Slide 18: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE (dollars appearing in the table below are in thousands) As of September 30, 2015 Unsecured Unsecured Secured Floating Fixed Fixed Rate (1) (2) Year Rate Debt Rate Debt Debt Total 2015 $ - $ - $ 3,578 $ 3,578 (3) (4) 2016 - 250,000 182,380 432,380 2017 -
Slide 19: 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 9/30/2015 6/30/2015 3/31/2015 12/31/2014 9/30/2014 Leverage Ratios: Total debt / total market capitalization 47.6% 45.2% 34.3% 38.3% 39.3% Total
Slide 20: 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 9/30/2015 6/30/2015 3/31/2015 12/31/2014 9/30/2014 (1) (2) MOB tenant improvements $ 2,568 $ 2,457 $ 1,348 $ 1,620 $ 2,294 (1) (3) MOB leasi
Slide 21: Property Acquisitions / Dispositions Information Since January 1, 2015
JANUARY 1, 2015 PROPERTY ACQUISITIONS / DISPOSITIONS INFORMATION SINCE PROPERTY ACQUISITIONS / DISPOSITIONS INFORMATION SINCE JANUARY 1, 2015 (dollars and sq. ft. appearing in the table below are in thousands, except unit and per sq. ft. amounts) Senior Living Acquisitions: (1) Purchase Initial Date
Slide 22: Portfolio Information
2265 N. Lakeshore Drive, Rockwall, TX Medical Office Building Primary Tenant: Texas Health Presbyterian Hospital Square Feet: 16,605 PORTFOLIO INFORMATION
Slide 23: 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 September 30, 2015 Number of Investment Number of Units / Beds Carrying Value of % of Total per Unit / Bed % of Q3 2015 (1) (2) (3
Slide 24: 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 6/30/2015 3/31/2015 12/31/2014 9/30/2014 6/30/2014 Property Type: Independent living 87.6% 87.7% 87.8% 87.8% 87.7% Assisted living 87.0% 87.0% 86.9% 86.5% 86.4% Nursing homes 78.1% 78.8% 7
Slide 25: Rent Coverage by Tenant
AND WELLNESS CENTERS) RENT COVERAGE BY TENANT (TRIPLE NET LEASED SENIOR LIVING COMMUNITIES RENT COVERAGE BY TENANT (TRIPLE NET LEASED SENIOR LIVING COMMUNITIES AND WELLNESS CENTERS) (1) For the Twelve Months Ended Tenant 6/30/2015 3/31/2015 12/31/2014 9/30/2014 6/30/2014 Five Star (Lease No. 1) 1.11
Slide 26: Consolidated and Same Property NOI and Cash Basis NOI
CASH BASIS NOI CONSOLIDATED AND SAME PROPERTY NET OPERATING INCOME (NOI) AND CONSOLIDATED NET OPERATING INCOME (NOI) AND CASH BASIS NOI (1) (2) (dollars in thousands) As of and For the Three Months Ended As of and For the Nine Months Ended 9/30/2015 9/30/2014 % Growth 9/30/2015 9/30/2014 % Growth NO
Slide 27: 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 Nine Months Ended 9/30/2015 9/30/2014 9/30/20
Slide 28: Managed Senior Living Communities Segment and Same Property Results
MANAGED SENIOR LIVING COMMUNITIES SEGMENT AND SAME PROPERTY – RESULTS OF OPERATIONS MANAGED SENIOR LIVING COMMUNITIES SEGMENT - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Three Months Ended As of and For the Nine Months Ended 9/30/2015 9/30/2014 9/30/
Slide 29: 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 Nine Months Ended 9/30/2015 9/30/2014 9/30/2015 9/30/2014 Number of Properties 121 98 121 98 Num
Slide 30: 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 9/30/2015 6/30/2015 3/31/2015 12/31/2014 9/30/2014 Properties 121 121 121 98 98 Buildings 145 145 145 122 122 (2) Total sq. ft. 11,315 11,315 11,312 9,142 9,14
Slide 31: 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 September 30, 2015 % of Annualized Annualized Rental (1) (1) Tenant Facility Type Rental Income Income Expiration 1 Five Star Senior living $ 197,457 26.9% 2024 - 2032 2 Vertex Ph
Slide 32: Portfolio Lease Expiration Schedule
PORTFOLIO LEASE EXPIRATION SCHEDULE PORTFOLIO LEASE EXPIRATION SCHEDULE (dollars in thousands) As of September 30, 2015 (1) Annualized Rental Income Percent of Total Cumulative Annualized Percentage of Senior Living Wellness Rental Income Annualized Rental (2) Year Communities MOBs Centers Total Exp
Slide 33: Exhibits
Savannah Square, Savannah, GA Independent Living Facility Operator: Five Star Senior Living Living Units: 194 EXHIBITS
Slide 34: 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 (1) (amounts appearing in the table below are in thousands) EXHIBIT A-1 For the Three Months Ended For the Nine Months Ended 9/30/2015 6/30/
Slide 35: Reconciliation of NOI by Segment, Three Months Ended September 30, 2015
Same Property Cash Basis NOI by Segment for the Three Months Ended September 30, 2015 Calculation and Reconciliation of Net Operating Income (NOI), Cash Basis NOI, Same Property NOI and EXHIBIT A-2 Calculation and Reconciliation of Net Operating Income (NOI), Cash Basis NOI, Same Property NOI and Sa
Slide 36: Reconciliation of NOI by Segment, Nine Months Ended September 30, 2015
Same Property Cash Basis NOI by Segment for the Nine Months Ended September 30, 2015 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 C
Slide 37: Calculation and Reconciliation of EBITDA and Adjusted EBITDA
CALCULATION AND RECONCILIATION OF EBITDA AND ADJUSTED EBITDA EXHIBIT B CALCULATION AND RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (1) (amounts appearing in the table below are in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2015 6/30/2015 3/31/2015 12/31/2014 9/30/2014 9/30
Slide 38: Calculation and Reconciliation of FFO and Normalized FFO
CALCULATION AND RECONCILIATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO EXHIBIT C CALCULATION AND RECONCILIATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO (1) (amounts appearing in the table below are in thousands, except per share data) For the Three Months Ended For the Nine Month
Slide 39: 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 calculation of NOI and Cash Basis NOI excludes certain components of net income in order to provide results that are more closely related to our property level results of
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