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Jun 30, 2021
Diversified Heal Q2 2021 Earnings Report
Reported a net loss and Normalized FFO per share, with improvements in adjusted EBITDAre compared to the previous quarter. Progressed on transitioning senior living communities and maintained a strong Office Portfolio segment.
Key Takeaways
Diversified Healthcare Trust announced its Q2 2021 financial results, reporting a net loss attributable to common shareholders of $0.14 per share and normalized FFO of $0.05 per share. The company is transitioning senior living communities to new managers and experienced high leasing activity in its Office Portfolio segment.
Net loss attributable to common shareholders was $0.14 per share.
Normalized FFO attributable to common shareholders was $0.05 per share.
Agreements executed with four new managers for approximately 70% of the senior living communities to be transitioned.
Completed approximately 632,000 square feet of new and renewal leases at GAAP rents that were 5.9% higher than prior rents for the same space in the office portfolio.
Forward Guidance
Forward-looking statements involve risks and uncertainties, and actual results may differ materially. DHC's operating results and financial condition may be adversely impacted by current economic conditions, and DHC may fail to comply with the terms of the waiver and other requirements under its credit agreement.
Positive Outlook
- Significant progress on plan to transition 108 senior living communities to new managers.
- Office Portfolio segment remains strong, with leasing activity at the highest level in DHC's history.
- Completed approximately 632,000 square feet of new and renewal leases at GAAP rents that were 5.9% higher.
- Investments being made in SHOP and Office portfolios.
- Fundamental tailwinds and the aging U.S. population bode well for future performance.
Challenges Ahead
- Senior living communities may not achieve similar or better results of operations with the new managers.
- May be unable to identify new managers for the 32 remaining senior living communities.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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