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Dec 31, 2021
Diversified Heal Q4 2021 Earnings Report
Announced fourth quarter 2021 results, raised over $1.0 billion in proceeds from two separate joint venture transactions in December 2021 and January 2022, completed transition of 107 senior living communities, amended revolving credit facility to provide covenant relief through December 2022 and extended maturity through January 2024, and had 1.35 million square feet of leasing activity at over 6% higher rents.
Key Takeaways
Diversified Healthcare Trust announced its Q4 2021 financial results, highlighting progress in the SHOP segment and enhanced liquidity. The company completed the transition of 107 senior living communities, invested in improving communities, recapitalized a joint venture, and ended the quarter with over $1 billion in cash. Subsequent to year-end, an additional $653 million was received from a joint venture.
Net income attributable to common shareholders was $365.6 million, or $1.54 per share.
Normalized funds from operations attributable to common shareholders was $(16.5) million, or $(0.07) per share.
Gain on sale of properties of $461.4 million, or $1.94 per share, was recorded from DHC's sale of equity interest in its existing joint venture.
Completed the transition of 107 senior living communities to new operators.
Revenue by Segment
Forward Guidance
The press release does not contain specific forward guidance for revenue or EPS. It does mention potential improvements from SHOP segment and future liquidity.
Positive Outlook
- DHC believes it is well-capitalized to continue investing in its portfolio.
- DHC expects to reduce leverage.
- DHC anticipates maintaining liquidity as its portfolio recovers.
- DHC anticipates improved operating results and returns from its SHOP segment.
- DHC's operating results and financial position will improve as a result of recent transactions.
Challenges Ahead
- DHC may not realize increased operating results and returns from its SHOP segment.
- DHC's business is subject to various risks, including risks outside its control.
- DHC may not realize the benefits it expects from its efforts and transactions.
- DHC may be required to utilize all or a significant portion of its cash and cash equivalents to fund its business and operations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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