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Mar 31, 2020
Diversified Heal Q1 2020 Earnings Report
Financial results announced for the quarter ended March 31, 2020.
Key Takeaways
Diversified Healthcare Trust reported a net income attributable to common shareholders of $9.7 million, or $0.04 per share, and normalized FFO attributable to common shareholders of $69.3 million, or $0.29 per share, for the quarter ended March 31, 2020. The company's office portfolio segment experienced same-store cash basis NOI growth of 2.6%.
Net income attributable to common shareholders was $0.04 per share.
Normalized FFO attributable to common shareholders was $0.29 per share.
Office Portfolio segment produced same-store cash basis NOI growth of 2.6%.
Board of Trustees declared a quarterly distribution of $0.01 per share in April to preserve capital.
Forward Guidance
Company provided forward-looking statements regarding potential impacts of COVID-19, rent relief requests, and future distributions.
Positive Outlook
- DHC's Office Portfolio segment may experience continued same store cash basis NOI growth
- DHC’s balance sheet remains well positioned to address near term capital obligations.
- DHC has classified certain properties as held for sale as of March 31, 2020
- DHC had 27 properties under agreements to sell for an aggregate sales price of approximately $164.0 million
- New and renewal leases for an aggregate of 302,236 rentable square feet at weighted average rents that were 16.2% above prior rents
Challenges Ahead
- Several of DHC’s tenants have requested rent relief.
- The impact of the COVID-19 pandemic and current economic conditions may negatively impact DHC’s business.
- DHC’s same store cash basis NOI in its Office Portfolio segment may not grow in future periods and could decline
Historical Earnings Impact
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Avg. Return Before/After Earnings
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