Diversified Healthcare Trust · NASDAQ:DHC
Diversified Healthcare Trust — Senior Housing Properties Trust — Q1 2012 Earnings Presentation
32 slides from Diversified Healthcare Trust's earnings presentation, Apr 30, 2012
Slide 1: Senior Housing Properties Trust First Quarter 2012 Supplemental Operating and Financial Data
Exhibit 99.2 Premier Residences of Pompano Beach Pompano Beach, FL. Senior Housing Properties AL/IL AL/IL. Living Units: 169. Trust First Quarter 2012 Supplemental Operating and Financial Data All amounts in this report are unaudited.
Slide 2: Table of Contents
TABLE OF CONTENTS ONTENTS PAGE/EXHIBIT ABLE OF CO CORPORATE INFORMATION 5 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 WARNING CONCERNING FORWARD LOOKING STATEMENTS OKING STAT THIS SUPPLEMENTAL PRESENTATION OF OPERATING AND FINANCIAL DATA REPORT CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS
Slide 4: Warning Concerning Forward Looking Statements (continued)
TEMENTS (ccontinued) 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 MEDICAID PAYMENTS,
Slide 5: Corporate Information
CORPORATE INFORMATION 1145 19th Street, Washington, DC. Senior Housing Properties Trust Medical Office Building. Supplemental Operating and Financial Data, March 31, 2012 Square Feet: 127,973.
Slide 6: Company Profile
Y PROFILE COMPANY PROFILE COMPANY 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 communities, owns independent and assisted living commu
Slide 7: Company Profile (continued)
PROFILE (ccontinued) COMPANY PROFILE (continued) Portfolio Concentration by Facility Type (as of 3/31/12) ($ in 000): Number of Number of Units/Beds or Carrying Value of Properties Square Feet Investment (1) Percent Q1 2012 NOI (2) Percent Independent living (3) 56 14,163 $ 1,640,559 34.6% $ 35,323
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
RESEARCH COVERAGE OVERAGE Equity Research Coverage Bank of America / Merrill Lynch R.W. Baird Jana Galan David AuBuchon SEARCH CO (646) 855-3081 8 3081 (314) 445-6520 44 6 20 Jefferies & Company Sandler O'Neill & Partners Tayo Okusanya James Milam (212) 336-7076 (212) 466-8066 JMP Securities Stifel
Slide 10: Financial Information
FINANCIAL INFORMATION Alta Reserve, Chesapeake, VA. IL. Units: 172.Senior Housing Properties Trust Supplemental Operating and Financial Data, March 31, 2012
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 3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011 Shares Outstanding (1): Common shares outstanding (at end of period) 162,667 162,646 153,446 141,874 141,864 Weighted a
Slide 12: Condensed Consolidated Balance Sheet
CONDENSED CONSOLIDATED BALANCE SHEET CE SHEET (dollar amounts in thousands) As of As of March 31, December 31, 2012 2011 ASSETS ED BALANC Real estate properties: properties Land $ 564,911 $ 564,628 Buildings, improvements and equipment 4,172,776 4,156,963 4,737,687 4,721,591 Less accumulated depreci
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 3/31/2012 3/31/2011 Revenues: TEMENT OF Rental income (1) $ 109,505 109 505 $ 98,552 98 552 Residents fees and services (2) 35,568 - Total revenues 145,073 98,552 Expenses: De
Slide 14: Condensed Consolidated Statement of Cash Flows
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS SH FLOWS (amounts in thousands) For the Three Months Ended 3/31/2012 3/31/2011 Cash flows from operating activities: Net income $ 32,352 $ 31,775 D STATEMENT OF CAS Adj t t tto reconcile Adjustments il nett iincome tto cashh provided id d bby operating
Slide 15: Debt Summary
SUMMARY DEBT SUMMARY (dollars in thousands) Coupon Interest Principal Maturity Due at Years to Rate Rate (1) Balance (2) Date Maturity Maturity Secured Debt: DEBT S Secured Fixed Rate Debt: Mortgage - secured by 1 property 6.730% 6.730% $ 2,340 6/30/2012 $ 2,329 0.2 Mortgages - secured by 16 propert
Slide 16: Debt Maturity Schedule
CHEDULE ATURITY SC DEBT MATURITY SCHEDULE (dollars in thousands) Scheduled Principal Payments During Period DEBT MA Secured Fixed Rate Secured Unsecured Unsecured Debt and Floating Floating Fixed Year Capital Leases Rate Debt Rate Debt (1) Rate Debt Total 2012 $ 43,521 $ 1,748 $ - $ - $ 45,269 2013
Slide 17: Leverage Ratios, Coverage Ratios and Public Debt Covenants
OVENANTS LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS OS AND PUBLIC DEBT CO As of and For the Three Months Ended 3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011 Leverage Ratios: Total debt / total market capitalization 34.0% 33.4% 32.7% 31.8% 29.2% T t l debt Total d bt / ttotal t l
Slide 18: Summary of Capital Expenditures
NDITURES RY OF CAPITAL EXPEN SUMMARY OF CAPITAL EXPENDITURES (dollars and sq. ft. in thousands, except per sq. ft. and per unit data) For the Three Months Ended (1) 3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011 MOB leasing capital (2) $ 1,498 $ 1,095 $ 1,553 $ 1,898 $ 2,310 MOB building improve
Slide 19: Acquisitions / Dispositions Information Since 1/1/2012
E 1/1/2012 ATION SINCE ACQUISITIONS / DISPOSITIONS INFORMATION SINCE 1/1/2012 (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 / Beds Price (2)
Slide 20: Portfolio Information
PORTFOLIO INFORMATION Clear Creek Surgery Center, Wheat Ridge, CO. Senior Housing Properties Trust Medical Office Building. Supplemental Operating and Financial Data, March 31, 2012 Square Feet: 14,695.
Slide 21: 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 (
Slide 22: Occupancy by Property Type and Tenant
D TENANT OCCUPANCY BY PROPERTY TYPE AND TENANT Y TYPE AND For the Twelve Months Ended (1) 12/31/2011 9/30/2011 6/30/2011 3/31/2011 12/31/2010 Property Type: Independent living (2) 87.1% 87.0% 87.1% 87.3% 87.4% Assisted living (2) 86.5% 86.3% 86.7% 87.0% 87.3% Nursing homes (2) 80.3% 80.7% 81.8% 82.4
Slide 23: Rent Coverage by Tenant
MMUNITIES) NAGED COM RENT COVERAGE BY TENANT (EXCLUDING MOBs and MANAGED COMMUNITIES) For the Twelve Months Ended Tenant 12/31/2011 9/30/2011 6/30/2011 3/31/2011 12/31/2010 Five Star (Lease No. 1) 1.20x 1.23x 1.26x 1.31x 1.31x OBs and MAN Fi Star Five St (Lease (L N No. 2) 1 39 1.39x 1 42 1.42x 1 41
Slide 24: TRS Managed Communities - Results of Operations
ERATIONS LTS OF OPE TRS MANAGED COMMUNITIES - RESULTS OF OPERATIONS (1) (dollars in thousands, except average daily rate) As of and For the Three Months Ended 3/31/2012 12/31/2011 9/30/2011 6/30/2011 ES – RESUL Number of Properties 23 22 13 10 Number of Units / Beds 3,279 3,187 1,214 824 Occupancy 8
Slide 25: MOB Portfolio and Same Store - Results of Operations
MOB PORTFOLIO - RESULTS OF OPERATIONS ERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended 3/31/2012 3/31/2011 LTS OF OPE Number of Properties 108 89 Square Feet (1) 7,630 5,984 Occupancy (2) 94.2% 97.8% Rental Income (3) $ 46,261 $ 37,090 RE - RESUL NOI (4) $ 32 426 32,4
Slide 26: 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 MOB LEASING S 3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011 Properties 108 108 105 91 89 Total sq. ft. (1) 7,630 7,630 7,490 6,147 5,982 Occupancy (2) 94.2% 95.9% 96.4% 9
Slide 27: Tenants Representing 1% or More of Total Rent
TAL RENT ORE OF TOT TENANTS REPRESENTING 1% OR MORE OF TOTAL RENT (dollars in thousands) Annualized % of G 1% OR MO Rental Income Annualized Rental Tenant Facility Type 3/31/2012 (1) Income (1) Expiration 1 Five Star Quality Care, Inc. Senior living $ 200,591 44.7% 2017 - 2028 2 Sunrise Senior Livin
Slide 28: 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 29: Exhibits
EXHIBITS Mayfair Clinic, Wauwatosa, WI. Medical Office Building. Senior Major tenant: Housing Aurora PropertiesInc. Healthcare, Trust Supplemental Square Feet: 33,300. Operating and Financial Data, March 31, 2012
Slide 30: Calculation and Reconciliation of Net Operating Income (NOI)
CALCULATION AND RECONCILIATION OF NET OPERATING INCOME (NOI) EXHIBIT A COME (NOI) (amounts in thousands) For the Three Months Ended 3/31/2012 3/31/2011 Calculation of NOI: PERATING INC Revenues: Rental income $ 109,505 $ 98,552 Residents fees and services 35,568 - Total revenues 145,073 98,552 Prope
Slide 31: Calculation and Reconciliation of EBITDA
EXHIBIT B OF EBITDA CALCULATION AND RECONCILIATION OF EBITDA CILIATION O (dollars in thousands) For the Three Months Ended 3/31/2012 3/31/2011 Net income $ 32 352 32,352 $ 31 775 31,775 LATION AND RECONC Plus: interest expense 28,889 22,746 income tax expense 204 71 depreciation expense 33,377 26,36
Slide 32: Calculation and Reconciliation of FFO and Normalized FFO
EXHIBIT C OPERATIONS (FFO) AND ALIZED FFO CALCULATION AND RECONCILIATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO NORMA (amounts in thousands, except per share data) For the Three Months Ended 3/31/2012 3/31/2011 Net income $ 32,352 $ 31,775 Depreciation expense 33 377 33,377 26 361 26,361
Senior Housing Properties Trust — Q1 2012 Earnings Presentation on 6ix