Diversified Healthcare Trust · NASDAQ:DHC
Diversified Healthcare Trust — Senior Housing Properties Trust — Q2 2012 Earnings Presentation
32 slides from Diversified Healthcare Trust's earnings presentation, Aug 1, 2012
Slide 1: Senior Housing Properties Trust Second Quarter 2012 Supplemental Operating and Financial Data
Exhibit 99.2 Senior Housing Properties Trust Second Quarter 2012 Supplemental Operating and Financial Data Alta Reserve, Chesapeake, VA. 172 Independent Living Units. All amounts in this report are unaudited.
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 WARNING CONCERNING FORWARD LOOKING STATEMENTS OKING STAT THIS PRESENTATION OF SUPPLEMENTAL OPERATING AND FINANCIAL DATA CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO,
Slide 4: Warning Concerning Forward Looking Statements (continued)
TEMENTS (ccontinued) • IF FIVE STAR'S OPERATIONS BECOME UNPROFITABLE, FIVE STAR MAY BECOME UNABLE TO PAY OUR RENTS AND WE MAY NOT RECEIVE OUR CONTRACTED RETURN ON OUR INVESTED CAPITAL OR ADDITIONAL AMOUNTS FROM OUR SENIOR LIVING COMMUNITIES THAT ARE MANAGED BY FIVE STAR; • OUR OTHER TENANTS MAY EXPE
Slide 5: Corporate Information
CORPORATE INFORMATION Racine Clinic, Clinic Racine, Racine WI. WI Medical Office Building. Major Tenant: Aurora Healthcare. Square Feet: 82,154. Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2012
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 current business plan is to maintain our portfolio of independent and assisted living owns independent and assisted living communitie
Slide 7: Company Profile (continued)
PROFILE (ccontinued) COMPANY PROFILE (continued) Portfolio Concentration by Facility Type (as of 6/30/12) ($ in 000): Number of Number of Units/Beds or Carrying Value of % of Total % of Q2 2012 Properties Square Feet Investment (1) Investment Q2 2012 NOI (2) Total NOI Independent living (3) 56 14,16
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 RBC Capital Markets Jana Galan Frank Morgan g SEARCH CO (646) 855-3081 (615) 372-1331 Jefferies & Company Sandler O'Neill & Partners Omotayo Okusanya James Milam (212) 336-7076 (212) 466-8066 JMP Securities Stifel Nic
Slide 10: Financial Information
FINANCIAL INFORMATION Senior Housing Premier Residences, Properties Boca Trust Raton, FL. Supplemental Operating 214 Independent Living Units. and Financial Data, June 30, 2012
Slide 11: Key Financial Data
KEY FINANCIAL DATA CIAL 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 6/30/2012 3/31/2012 12/31/2011 9/30/2011 6/30/2011 Shares Outstanding (1): Common shares outstanding (at end of period) 162,675 162,667 1
Slide 12: Condensed Consolidated Balance Sheet
CONDENSED CONSOLIDATED BALANCE SHEET CE SHEET (dollar amounts appearing in the table below are in thousands) As of As of December 31, June 30, 2012 2011 ASSETS ED BALANC Real estate properties: Land $ 583,683 $ 564,628 Buildings, improvements and equipment 4,282,707 4,156,963 4,866,390 4,721,591 Les
Slide 13: Condensed Consolidated Statement of Income
CONDENSED CONSOLIDATED STATEMENT OF INCOME F INCOME (amounts appearing in the table below are in thousands, except per share data) For the Three Months Ended For the Six Months Ended 6/30/2012 6/30/2011 6/30/2012 6/30/2011 Revenues: Rental income (1) $ 110,986 $ 100,318 $ 220,491 $ 198,870 TEMENT OF
Slide 14: Condensed Consolidated Statement of Cash Flows
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS SH FLOWS (amounts in thousands) For the Six Months Ended 6/30/2012 6/30/2011 Cash flows from operating activities: Net income $ 65,603 $ 82,823 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 68,607 68 607 53,2
Slide 15: Debt Summary
SUMMARY DEBT SUMMARY (1) (dollars appearing in the table below are in thousands) Coupon Interest Principal Maturity Due at Years to Rate Rate (2) Balance (3) Date Maturity Maturity Secured Debt: Secured Fixed Rate Debt: Mortgage - secured by 1 property 6.500% 6.500% 4,181 1/11/2013 4,137 0.5 DEBT S
Slide 16: Debt Maturity Schedule
CHEDULE ATURITY SC DEBT MATURITY SCHEDULE (1) (dollars appearing in the table below are 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 (1) Rate Debt (2) Rate Debt Total 201
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 6/30/2012 3/31/2012 12/31/2011 9/30/2011 6/30/2011 Leverage Ratios: Total debt / total market capitalization 35.1% 34.0% 33.4% 32.7% 31.8% Total debt / total book capitaliza
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) 6/30/2012 3/31/2012 12/31/2011 9/30/2011 6/30/2011 MOB leasing capital (2) $ 1,826 $ 1,498 $ 1,095 $ 1,553 $ 1,898 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. 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 Acquired Location Type of Property
Slide 20: Portfolio Information
PORTFOLIO INFORMATION Clear Creek Surgery Center, Wheat Ridge, CO. Medical Office Building. Square Feet: 14,695. Senior Housing Properties Trust Supplemental Operating and Financial Data, June 30, 2012
Slide 21: Portfolio Summary by Facility Type and Tenant
D TENANT PORTFOLIO SUMMARY BY FACILITY TYPE AND TENANT (dollars in thousands, except investment per unit / bed or square foot) Number of Investment Y TYPE AND Number of Units / Beds Carrying Value of % of Total per Unit / Bed % of Q2 2012 Properties or Square Feet Investment (1) Investment or Square
Slide 22: Occupancy by Property Type and Tenant
D TENANT OCCUPANCY BY PROPERTY TYPE AND TENANT For the Twelve Months Ended (1) 3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011 Property Type: Y TYPE AND Independent living (2) 87.3% 87.1% 87.0% 87.1% 87.3% Assisted living (2) 86.7% 86.5% 86.3% 86.7% 87.0% Nursing homes (2) 80.0% 80.3% 80.7% 81.8%
Slide 23: Rent Coverage by Tenant (excluding MOBs and Managed Communities)
MMUNITIES) NAGED COM RENT COVERAGE BY TENANT (EXCLUDING MOBs and MANAGED COMMUNITIES) OBs and MAN For the F th TTwelve l M Months th E Ended d d Tenant 3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011 Five Star (Lease No. 1) 1.17x 1.20x 1.23x 1.26x 1.31x Five Star (Lease No. 2) 1.38x 1.39x 1.42x 1
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 6/30/2012 3/31/2012 12/31/2011 9/30/2011 6/30/2011 ES – RESUL Number of Properties 24 23 22 13 10 Number of Units / Beds 3,338 3,279 3,187 1,
Slide 25: MOB Portfolio and Same Store - Results of Operations
ERATIONS MOB PORTFOLIO - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended As of and For the Six Months Ended LTS OF OPE 6/30/2012 6/30/2011 6/30/2012 6/30/2011 Number of Properties 112 91 112 91 Square Feet (1) 8,066 6,147 8,066 6,147 Occupancy (2) 94.5%
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 6/30/2012 3/31/2012 12/31/2011 9/30/2011 6/30/2011 Properties 112 108 108 105 91 MOB LEASING S Total sq. ft. (1) 8,066 7,630 7,630 7,490 6,147 Occupancy (2) 94.5% 94.2% 95.9%
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 Rental Income Annualized Rental Tenant Facility Type 6/30/2012 (1) Income (1) Expiration G 1% OR MO 1 Five Star Quality Care, Inc. Senior living $ 201,196 40.3% 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 Shoreview Business Center, Shoreview, MN. Medical Office Building. Senior Major tenant: Housing Allina Properties Medical Clinic.Trust Supplemental Square Feet: 49,809. Operating and Financial Data, June 30, 2012
Slide 30: Exhibit A: Calculation and Reconciliation of Net Operating Income (NOI)
EXHIBIT A COME (NOI) CALCULATION AND RECONCILIATION OF NET OPERATING INCOME (NOI) (amounts in thousands) PERATING INC For the Three Months Ended For the Six Months Ended 6/30/2012 6/30/2011 6/30/2012 6/30/2011 Calculation of NOI: Revenues: Rental income $ 110,986 $ 100,318 $ 220,491 $ 198,870 Reside
Slide 31: Exhibit B: Calculation and Reconciliation of EBITDA
EXHIBIT B OF EBITDA CALCULATION AND RECONCILIATION OF EBITDA CILIATION O (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2012 6/30/2011 6/30/2012 6/30/2011 LATION AND RECONC Net income $ 33,251 $ 51,048 $ 65,603 $ 82,823 Plus: interest expense 28,120 23,361 57,009 46,
Slide 32: Exhibit C: Reconciliation of FFO and Normalized FFO
OPERATIONS (FFO) AND EXHIBIT C 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 For the Six Months Ended 6/30/2012 6/30/2011 6/30/2012 6/30/2011 Net income $ 33,251 $ 51,048 $ 65
Senior Housing Properties Trust — Q2 2012 Earnings Presentation on 6ix