Category Archives: DHC
Debt Refinancing Eliminates Risk of Default; But Diversified Healthcare Trust Will Need to Raise Equity Eventually
Diversified Healthcare Trust (DHC) reported 2020 second quarter normalized funds from operations (FFO) (according to my definition) of $52.8 million or $0.22 per share, down 33% from $81.1 million or $0.33 per share in the prior year quarter. The decline … Continue reading
Five Star’s Strong Stock Performance Could Signal Quicker Turnaround
Five Star Senior Living continues to cope with the effects of the COVID-19 pandemic on its operations. During the 2020 second quarter, it experienced a 3.8% decline in occupancy from 82.5% to 78.7% across its owned and managed senior living … Continue reading
DHC Cuts Distribution As It Copes with COVID-19 Fallout
DHC’s share price closed on Thursday (4/9) at $3.51, down 58.4% year-to-date, worse than the peer group average of down 24.7%, but the stock is up from its bottom of $2.00. Most of the losses for DHC occurred during March. … Continue reading
SNH Still Seems Behind Goal on Asset Sales
SNH has set a goal of $900 million in announced or closed asset sales in 2019. With more than nine months of the year gone, it has completed only $119.1 million in asset sales and has an estimated $125 million … Continue reading
A Reset for Senior Housing Properties Trust
In response to the financial difficulties of its primary tenant, Five Star Senior Living (FVE), Senior Housing Properties Trust (SNH) has been forced to negotiate a change in the structure of their business relationship. Specifically, SNH has agreed to cancel … Continue reading
Senior Housing Properties Trust Nears Restructuring/ Acquisition of Five Star
After reporting a 2018 fourth quarter loss of $23 million, negative EBITDA for the quarter of $12.5 million and a $51 million drawdown on its bank credit facility, it is clear that Five Star, SNH’s largest tenant, must obtain a … Continue reading
Five Star Heads Toward a Restructuring
As a result of recent operating losses, Five Star Senior Living faces a restructuring with its landlord, Senior Housing Properties Trust. Continue reading
An Update on Senior Housing Properties Trust (SNH)
Pressure from Declining Occupancy; But SNH Has Sufficient Financial Flexibility to Cope for Next Two Years or More.