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Jun 30, 2020
Diversified Heal Q2 2020 Earnings Report
Announced financial results with net loss attributable to common shareholders of $0.11 per share and normalized FFO attributable to common shareholders of $0.24 per share.
Key Takeaways
Diversified Healthcare Trust reported a net loss attributable to common shareholders of $26.1 million, or $0.11 per share, for the quarter ended June 30, 2020. Normalized FFO attributable to common shareholders were $57.1 million, or $0.24 per share, for the same period. The company sold four properties for approximately $50.6 million during the quarter and had 24 additional properties under agreement to sell for approximately $231.7 million.
Net loss attributable to common shareholders was $0.11 per share.
Normalized FFO attributable to common shareholders was $0.24 per share.
Sold four properties for approximately $50.6 million.
Collected approximately 99% of contractual rents due from tenants in the Office Portfolio segment.
Forward Guidance
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws.These forward-looking statements are based upon DHC’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur.
Positive Outlook
- DHC’s manager’s and operators’ responses to adversity caused by the COVID-19 pandemic, as well as the work of DHC's asset and property management teams on COVID-19 mitigation measures and DHC being well positioned for the future may imply that DHC will continue to achieve similar or better financial results.
- DHC raised $1.0 billion of unsecured senior notes and worked with its lenders to amend the terms of the agreements governing its revolving credit facility and term loan to ensure sufficient liquidity to meet the unique challenges presented by the COVID-19 pandemic and to continue investing in its portfolio of high quality healthcare real estate.
- The amendments to those agreements provide for certain modifications to the financial covenants included therein through June 30, 2021 and provide DHC continued access to undrawn amounts under its revolving credit facility during that period, subject to conditions
- DHC remains committed to its deleveraging strategy and that it believes it is well positioned for the future.
- DHC has classified certain properties as held for sale as of June 30, 2020.
Challenges Ahead
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