Diversified Healthcare Trust · NASDAQ:DHC
Diversified Healthcare Trust — Senior Housing Properties Trust — Q3 2013 Earnings Presentation
33 slides from Diversified Healthcare Trust's earnings presentation, Oct 29, 2013
Slide 1: Senior Housing Properties Trust Third Quarter 2013 Supplemental Operating and Financial Data
Overlake Terrace, Redmond, WA. Exhibit 99.2 Independent Living / Assisted Living. Operator: Stellar Senior Living, LLC. 150 units. Senior Housing Properties Trust Third Quarter 2013 Supplemental Operating and Financial Data All amounts in this report are unaudited.
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 MANAGED 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 MEDICA
Slide 5: Corporate Information
CORPORATE INFORMATION Stratford Court, Palm Harbor, FL. Continuing Care Retirement Community. Senior Housing Properties Trust Operator: Five Star Quality Care, Inc. Supplemental Operating and Financial Data, September 30, 2013 318 Units.
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 independent and assisted living communities, continuing care retirement communities, nursing homes, Two Newton Place reh
Slide 7: Company Profile (continued)
COMPANY PROFILE (continued) COMPANY PROFILE (continued) Portfolio Concentration by Facility Type (as of 9/30/13) ($ in 000) : (1) Number of Number of Units/Beds or Carrying Value of % of Total % of Q3 2013 Properties Square Feet Investment (2) Investment Q3 2013 NOI (3) Total NOI Independent living
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 Raymond James Juan Sanabria Paul Puryear (646) 855-1589 (727) 567-2253 Janney Capital Markets RBC Capital Markets Michael P. Gorman Michael Carroll (215) 665-6224 (440) 715-2649 Jefferies & Company Stifel Ni
Slide 10: Financial Information
FINANCIAL INFORMATION 1450 Busch Parkway, Buffalo Grove, IL. Medical Office Building. Major Tenant: Affinity Healthcare. Senior Housing Properties Trust Square Feet: 65,000. Supplemental Operating and Financial Data, September 30, 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 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012 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 September 30, 2013 December 31, 2012 ASSETS Real estate properties: Land $ 617,512 $ 599,313 Buildings, improvements and equipment 4,580,487 4,420,30
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 Nine Months Ended 9/30/2013 9/30/2012 9/30/2013 9/30/2012 Revenues: Rental income (1) $ 112,
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 Nine Months Ended 9/30/2013 9/30/2012 Cash flows from operating activities: Net income $ 78,957 $ 91,248 Adjustments to reconcile net income to cash provided by operating act
Slide 15: Debt Summary
DEBT SUMMARY DEBT SUMMARY (dollars appearing in the table below are in thousands) As of September 30, 2013 Coupon Interest Principal Maturity Due at Years to Rate Rate (1) Balance (2) Date Maturity Maturity Unsecured Debt: Unsecured Floating Rate Debt: Revolving credit facility (LIBOR + 130 b.p.) (5
Slide 16: Debt Maturity Schedule
DEBT MATURITY SCHEDULE DEBT MATURITY SCHEDULE (dollars appearing in the table below are in thousands) As of September 30, 2013 Unsecured Unsecured Secured Floating Fixed Fixed Rate Year Rate Debt (1) Rate Debt Debt (2) Total 2013 $ - $ - $ 3,020 $ 3,020 2014 - - 48,222 48,222 2015 - - 94,249 94,249
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 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012 Leverage Ratios: Total debt / total market capitalization 30.4% 27.4% 26.6% 32.5% 32.7% 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 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012 MOB tenant improvements (1) $ 1,066 $ 739 $ 232 $ 1,521 $ 650 (2) MOB leasing costs 2
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 Pewaukee Clinic, Pewaukee, WI. Medical Office Building. Senior Housing Properties Trust Major Tenant: Aurora Healthcare. Supplemental Operating and Financial Data, September 30, 2013 Square Feet: 148,000.
Slide 21: Portfolio Summary by Facility Type and Tenant
PORTFOLIO SUMMARY BY FACILITY TYPE AND TENANT PORTFOLIO SUMMARY BY FACILITY TYPE AND TENANT (1) (dollars in thousands, except investment per unit / bed or square foot) As of September 30, 2013 Number of Investment Number of Units / Beds Carrying Value of % of Total per Unit / Bed % of Q3 2013 Proper
Slide 22: Occupancy by Property Type and Tenant
OCCUPANCY BY PROPERTY TYPE AND TENANT (1) OCCUPANCY BY PROPERTY TYPE AND TENANT For the Twelve Months Ended (2) 6/30/2013 3/31/2013 12/31/2012 9/30/2012 6/30/2012 Property Type: Independent living 87.6% 87.7% 87.6% 87.7% 87.6% Assisted living 86.5% 86.5% 86.9% 87.0% 86.7% Nursing homes 78.9% 79.5% 8
Slide 23: Rent Coverage by Tenant
RENT COVERAGE BY TENANT (EXCLUDING MOBs AND MANAGED SENIOR LIVING COMMUNITIES) RENT COVERAGE BY TENANT (EXCLUDING MOBs AND MANAGED SENIOR LIVING COMMUNITIES) For the Twelve Months Ended Tenant 6/30/2013 3/31/2013 12/31/2012 9/30/2012 6/30/2012 Five Star (Lease No. 1) 1.19x 1.22x 1.22x 1.21x 1.20x Fi
Slide 24: Triple Net Leased Senior Living Communities and Same Property – Results of Operations
TRIPLE NET LEASED SENIOR LIVING COMMUNITIES AND SAME PROPERTY – RESULTS OF OPERATIONS TRIPLE NET LEASED SENIOR LIVING COMMUNITIES - RESULTS OF OPERATIONS (1) (dollars in thousands) As of and For the Three Months Ended As of and For the Nine Months Ended 9/30/2013 9/30/2012 9/30/2013 9/30/2012 Number
Slide 25: Managed Senior Living Communities and Same Property – Results of Operations
MANAGED SENIOR LIVING COMMUNITIES - RESULTS OF OPERATIONS MANAGED SENIOR LIVING COMMUNITIES AND SAME PROPERTY – 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 9/30/2013 9/30/2012 9/30/2013 9/30/2012 N
Slide 26: MOB Portfolio and Same Property - Results of Operations
MOB PORTFOLIO AND SAME PROPERTY - RESULTS OF OPERATIONS MOB PORTFOLIO - 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 9/30/2013 9/30/2012 9/30/2013 9/30/2012 Number of Properties 116 107 116 107 Square Feet (2) 7
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) 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012 Properties 116 115 115 113 107 Total sq. ft. (2) 7,819 7,714 7,712 7,619 7,366 Occupancy (3) 95.0% 94.1% 94.
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 Tenant Facility Type 9/30/2013 (2) Income (2) Expiration 1 Five Star Senior living $ 204,348 38.4% 2017 - 2028 2 Aurora Health Care,
Slide 29: Portfolio Lease Expiration Schedule
(1) PORTFOLIO LEASE EXPIRATION SCHEDULE PORTFOLIO LEASE EXPIRATION SCHEDULE (dollars in thousands) Annualized Rental Income (2) Percent of Cumulative Total Percentage of Annualized Annualized Senior Living Wellness Rental Income Rental Income Year Communities (3) MOBs Centers Total Expiring Expiring
Slide 30: Exhibits
EXHIBITS 21823 30th Drive S.E., Bothell, WA. Medical Office Building. Major Tenant: Seattle Genetics, Inc. Senior Housing Properties Trust Supplemental Operating and Financial Data, September 30, 2013 Square Feet: 145,000.
Slide 31: Calculation and Reconciliation of Net Operating Income (NOI)
CALCULATION AND RECONCILIATION OF NET OPERATING INCOME (NOI) CALCULATION AND RECONCILIATION OF NET OPERATING INCOME (NOI) (amounts appearing in the table below are in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2013 9/30/2012 9/30/2013 9/30/2012 Calculation of NOI (1): Reven
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 Nine Months Ended EXHIBIT B 9/30/2013 9/30/2012 9/30/2013 9/30/2012 Net income $ 38,125
Slide 33: Calculation and Reconciliation of Funds from Operations (FFO) and Normalized FFO
NORMALIZED FFO CALCULATION AND RECONCILIATION OF FUNDS FROM OPERATIONS (FFO) AND 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 Nine Months Ended 9/30/2
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