Diversified Healthcare Trust · NASDAQ:DHC
Diversified Healthcare Trust — Senior Housing Properties Trust — Q3 2011 Earnings Presentation
31 slides from Diversified Healthcare Trust's earnings presentation, Oct 27, 2011
Slide 1: Senior Housing Properties Trust Third Quarter 2011 Supplemental Operating and Financial Data
Exhibit 99.2 Senior Housing Properties Trust Third Quarter 2011 Supplemental Operating and Financial Data The Laurels in Stone Oak, San Antonio, TX. All amounts in this report are unaudited. Assisted Living Community. Living Units: 94.
Slide 2: Table of Contents
TABLE OF CONTENTS ONTENTS PAGE/EXHIBIT CORPORATE INFORMATION 5 ABLE OF CO Company Profile 6 Investor Information 8 Research Coverage 9 FINANCIAL INFORMATION 10 Key Financial Data 11 TA C d Condensed d Consolidated C lid t d B Balance l Sh Sheett 12 Condensed Consolidated Statement of Income 13 Conde
Slide 3: Warning Concerning Forward Looking Statements
ATEMENTS OKING STAT WARNING CONCERNING FORWARD LOOKING STATEMENTS THIS SUPPLEMENTAL PRESENTATION OF OPERATING AND FINANCIAL DATA REPORT CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD LOOKING STATEMENTS RWARD LOO WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECUR
Slide 4: Warning Concerning Forward Looking Statements (continued)
TEMENTS (ccontinued) FOR EXAMPLE: • FIVE STAR IS OUR LARGEST TENANT AND FIVE STAR MAY EXPERIENCE FINANCIAL DIFFICULTIES AS A RESULT OF A NUMBER OF FACTORS, INCLUDING BUT NOT LIMITED TO: • CHANGES IN MEDICARE AND MEDICAID PAYMENTS, INCLUDING THOSE RESULTING FROM PPACA AND OTHER RECENTLY ADOPTED OR PR
Slide 5: Corporate Information
CORPORATE INFORMATION 1295 Boylston Street, Boston, MA. Medical Office Building. Senior Housing Properties Trust Major tenant: Children’s 5Hospital. Supplemental Operating and Financial Data, September 30, 2011 Square Feet: 99,021
Slide 6: Company Profile
Y PROFILE COMPANY COMPANY PROFILE The Company: Strategy: Senior Housing Properties Trust, or SNH, we, our, or us, is a real estate investment trust, or REIT, which Our business plan is to maintain our portfolio of independent and assisted living properties, owns independent and assisted living prope
Slide 7: Company Profile (continued)
PROFILE (ccontinued) COMPANY PROFILE (continued) Portfolio Concentration byy Facilityy Type yp ((as of 9/30/11)) (($ in 000): ) Number of Number of Units/Beds or Carrying Value of Properties Square Feet Investment (1) Percent Q3 2011 NOI (2) Percent Independent living (3) 48 12,247 $ 1,255,320 29.3%
Slide 8: Investor Information
INVESTOR INFORMATION ORMATION Board of Trustees Barryy M. Portnoyy Adam D. Portnoyy STOR INFO Managing Trustee Managing Trustee John L. Harrington Jeffrey P. Somers Independent Trustee Independent Trustee INVES Frederick N. Zeytoonjian Independent Trustee Senior Management David J. Hegarty Richard A
Slide 9: Research Coverage
OVERAGE RESEARCH COVERAGE Equity Research Coverage Bank of America / Merrill Lynch RBC SEARCH CO J ff S Jeffrey Spector t F kM Frank Morgan (646) 855-1363 (615) 372-1331 Jefferies & Company R.W. Baird Tayo Okusanya David AuBuchon (212) 336-7076 (314) 863-4235 RES JMP Securities Stifel Nicolaus Peter
Slide 10: Financial Information
FINANCIAL INFORMATION Pewaukee Clinic, Pewaukee, WI. Medical Office Building. Senior Major Tenant: Housing Aurora Properties Trust Healthcare. 10 Supplemental Square Feet: 148,022 Operating and Financial Data, September 30, 2011
Slide 11: Key Financial Data
KEY FINANCIAL DATA CIAL DATA (share amounts and dollars in thousands, except per share data) As of and For the Three Months Ended 9/30/2011 6/30/2011 3/31/2011 12/31/2010 9/30/2010 Shares Outstanding (1): Common shares outstanding (at end of period) 153,446 141,874 141,864 141,855 127,480 Weighted a
Slide 12: Condensed Consolidated Balance Sheet
CONDENSED CONSOLIDATED BALANCE SHEET CE SHEET (amounts in thousands, except share data) As of As of September 30, December 31, 2011 2010 ASSETS ED BALANC Real estate pproperties: p Land $ 520,175 $ 446,622 Buildings, improvements and equipment 3,774,646 3,315,090 4,294,821 3,761,712 Less accumulated
Slide 13: Condensed Consolidated Statement of Income
CONDENSED CONSOLIDATED STATEMENT OF INCOME F INCOME (amounts in thousands, except per share data) For the Three Months Ended For the Nine Months Ended 9/30/2011 9/30/2010 9/30/2011 9/30/2010 Revenues: Rental income (1) $ 102,546 $ 80,961 $ 300,527 $ 242,173 TEMENT OF Residents fees and services (2)
Slide 14: Condensed Consolidated Statement of Cash Flows
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS SH FLOWS (amounts in thousands) For the Nine Months Ended 9/30/2011 9/30/2010 Cash flows from operating activities: Net income $ 112,819 $ 82,621 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 82,120 82 120 67
Slide 15: Debt Summary
DEBT SUMMARY SUMMARY (dollars in thousands) Coupon Interest Principal Maturity Due at Years to Rate Rate (1) Balance (2) Date Maturity Maturity Secured Debt: Secured Fixed Rate Debt: Mortgage - secured by 1 property 6.030% 6.030% $ 12,445 3/11/2012 $ 12,372 0.4 Mortgage - secured by 1 property 6.730
Slide 16: Debt Maturity Schedule
CHEDULE ATURITY SC DEBT MATURITY SCHEDULE (dollars in thousands) Scheduled Principal Payments During Period Secured DEBT MA Fixed Rate Secured Unsecured Unsecured Debt and Floating Floating Fixed Year Capital Leases Rate Debt Rate Debt (1) Rate Debt Total 2011 $ 2,079 $ 596 $ - $ - $ 2,675 2012 55,3
Slide 17: Leverage Ratios, Coverage Ratios and Public Debt Covenants
OVENANTS OS AND PUBLIC DEBT CO LEVERAGE RATIOS RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS As of and For the Three Months Ended 9/30/2011 6/30/2011 3/31/2011 12/31/2010 9/30/2010 Leverage Ratios: Total debt / total market capitalization 32.7% 31.8% 29.2% 27.9% 26.7% Total debt / total book cap
Slide 18: Acquisitions / Dispositions Information Since 1/1/2011
ATION SINCE 1/1/2011 ACQUISITIONS / DISPOSITIONS INFORMATION SINCE 1/1/2011 (dollars and sq. ft. in thousands, except per sq. ft. amounts) Senior Living Acquisitions: (1) Purchase Initial Date Number of Purchase Price Lease / Cap Acquired Location Type of Property Properties Units Price (2) Per Unit
Slide 19: Portfolio Information
PORTFOLIO INFORMATION Forum at Deer Creek, Deerfield Beach, FL. Senior Housing Properties Trust 19 Continuing Care Retirement Community. Supplemental Operating and Financial Data, September 30, 2011 Living Units: 291.
Slide 20: Portfolio Summary by Facility Type and Tenant
D TENANT Y TYPE AND PORTFOLIO SUMMARY BY FACILITY TYPE AND TENANT (dollars in thousands except annualized rental income per living unit, bed or square foot) Number of Investment Number of Units / Beds Carrying Value of per Unit / Bed Properties or Square Feet Investment (1) Percent or Square Foot (2
Slide 21: Occupancy by Property Type and Tenant
D TENANT OCCUPANCY BY PROPERTY TYPE AND TENANT For the Twelve Months Ended ((1)) Y TYPE AND 6/30/2011 3/31/2011 12/31/2010 9/30/2010 6/30/2010 Property Type: Independent living 87.1% 87.3% 87.4% 87.1% 86.9% Assisted living 86.7% 87.0% 87.3% 87.6% 87.7% Nursing homes 81.8% 82.4% 82.8% 83.1% 83.2% Reh
Slide 22: Rent Coverage by Tenant
MMUNITIES) NAGED COM RENT COVERAGE BY TENANT (EXCLUDING MOBs and MANAGED COMMUNITIES) For the Twelve Months Ended Tenant 6/30/2011 3/31/2011 12/31/2010 9/30/2010 6/30/2010 OBs and MAN Five Star (Lease No. 1) 1.26x 1.31x 1.31x 1.28x 1.29x Five Star (Lease No. 2) 1.41x 1.39x 1.37x 1.34x 1.33x Five Sta
Slide 23: MOB Portfolio and Same Store Portfolio - Results of Operations
MOB PORTFOLIO - RESULTS OF OPERATIONS ERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended As of and For the Nine Months Ended 9/30/2011 9/30/2010 9/30/2011 9/30/2010 LTS OF OPE Number of Properties 105 60 105 60 Square Feet (1) 7,490 3,038 7,490 3,038 Occupancy (2) 96.4%
Slide 24: MOB Tenant Improvements, Leasing Costs and Capital Improvements
OVEMENTS STS AND CAPITAL IMPRO MOB TENANT IMPROVEMENTS IMPROVEMENTS, LEASING COSTS AND CAPITAL IMPROVEMENTS (dollars and sq. ft. in thousands, except per sq. ft. data) For the Three Months Ended (1) 9/30/2011 6/30/2011 3/31/2011 12/31/2010 9/30/2010 Tenant improvements (TI) $ 992 $ 1,468 $ 974 $ 1,8
Slide 25: MOB Leasing Summary
MOB LEASING SUMMARY SUMMARY (dollars and sq. ft. in thousands, except per sq. ft. data) As of and For the Three Months Ended 9/30/2011 6/30/2011 3/31/2011 12/31/2010 9/30/2010 MOB LEASING S Properties 105 91 89 82 60 Total sq. ft. (1) 7,490 6,147 5,982 5,163 3,039 Occupancy (2) 96.4% 96.6% 97.1% 97.
Slide 26: MOB Tenants Representing 1% or More of Total MOB Rent
MOB RENT OF TOTAL M MOB TENANTS REPRESENTING 1% OR MORE OF TOTAL MOB RENT ( dollars and sq. ft. in thousands) Annualized % of % of Total Rental Income Annualized Rental Tenant Sq. Ft. (1) Sq. Ft. (1) 9/30/2011 (2) Income (2) Expiration OR MORE O 1 Aurora Healthcare 643 8.9% $ 16,896 9.4% 2024 2 The
Slide 27: Portfolio Lease Expiration Schedule
PORTFOLIO LEASE EXPIRATION SCHEDULE CHEDULE (dollars in thousands) Annualized Rental Income (1) Percent of Cumulative Total Percentage of Short and Long Term Annualized Annualized PIRATION SC Residential Care Wellness Rental Income Rental Income Year Communities (2) MOBs Centers Total Expiring Expir
Slide 28: Exhibits
EXHIBITS Stratford Court, Boca Raton, FL. ContinuingSenior Housing Properties Care Retirement Trust . Community 28 Supplemental Living Units: 527. Operating and Financial Data, September 30, 2011
Slide 29: Calculation and Reconciliation of Net Operating Income (NOI)
EXHIBIT A COME (NOI) CALCULATION AND RECONCILIATION OF NET OPERATING INCOME (NOI) (amounts in thousands) For the Three Months Ended For the Nine Months Ended PERATING INC 9/30/2011 9/30/2010 9/30/2011 9/30/2010 Calculation of NOI: Revenues: Rental income $ 102,546 $ 80,961 $ 300,527 $ 242,173 Reside
Slide 30: Calculation and Reconciliation of EBITDA
EXHIBIT B OF EBITDA CILIATION O CALCULATION AND RECONCILIATION OF EBITDA (dollars in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2011 9/30/2010 9/30/2011 9/30/2010 LATION AND RECONC Net income $ 29,996 $ 28,078 $ 112,819 $ 82,621 Plus: interest expense 24,730 20,226 70,837 5
Slide 31: Calculation and Reconciliation of FFO and Normalized FFO
EXHIBIT C OPERATIONS (FFO) AND NORMAALIZED FFO CALCULATION AND RECONCILIATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO (amounts in thousands, except per share data) For the Three Months Ended For the Nine Months Ended 9/30/2011 9/30/2010 9/30/2011 9/30/2010 NDS FROM O Net income $ 29,996 $
Senior Housing Properties Trust — Q3 2011 Earnings Presentation on 6ix