Diversified Healthcare Trust reported a net loss of $89.3 million, or $0.38 per share, for the third quarter of 2021. The company made substantial progress transitioning the management of senior living communities and saw an increase in same property average monthly occupancy in the SHOP segment. The Office Portfolio segment continued to perform well, with significant leasing activity at higher rents.
Signed new management agreements for 107 transitioning communities, with 99 already transitioned and the remaining eight expected to be transitioned by year end.
Same property average monthly occupancy in the SHOP segment increased 100 basis points between July 2021 and September 2021.
Completed 372,000 square feet of new and renewal leases in the Office Portfolio segment at weighted average rents approximately 28% higher than prior rents.
Balance sheet provides flexibility with approximately $800 million of cash and minimal near-term debt maturities.
DHC expects to complete the remaining eight transitions of senior living communities to new third party managers before year end 2021.
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