Category Archives: Sectors
Assessing the Impact of the Organon Spin-Off on Merck
Merck is progressing toward the spin-off of its subsidiary, Organon & Co., which is expected to be completed by the end of the June. Organon will include Merck’s women’s health products, biosimilars and certain established brands, most of which have … Continue reading
Five Star and DHC Restructure Their Agreement
On April 9, Five Star and DHC announced a restructuring of their management agreement whereby DHC will transition the management of 108 smaller senior living communities (SLCs) with a total of 7,500 units to other operators by the end of … Continue reading
Merck Spin-Off of Organon Targeted for 21Q2
In recent weeks, Merck has been following through on its plan to spin-off its subsidiary, Organon & Co., to shareholders. On March 17, it filed its Form 10 registration statement related to the transaction. On March 24, it posted on … Continue reading
Vaccinations Raise Visibility of a Bottom in Occupancy for DHC
Diversified Healthcare Trust reported 2020 fourth quarter normalized funds from operations (FFO) (my definition) of $15.1 million or $0.06 per share, slightly better than 20Q3, but well below 19Q4. The results were modestly better than I anticipated with lower operating … Continue reading
Citius Pharma Raises $71 million in Equity Unit Offering
Citius Pharmaceuticals (CXTR) is a specialty pharmaceutical company focused on the development of four potential products: (1) Mino-Lok, an antibiotic lock solution to treat and salvage infected central venous catheters (“CVCs”) in patients with catheter-related bloodstream infections (“CRBSIs”); Halo-Lido, a … Continue reading
Five Star Senior Living (FVE) Update
Vaccination of 90% of Residents Raises Visibility on a Rebound in Occupancy Five Star reported slightly stronger 20Q4 results than anticipated, due primarily to gains on investments held by its captive insurer. Average occupancy across its owned and leased senior … Continue reading
2021 Market Outlook – Part 2: S&P 500 Sector Analysis
2020 was of course dominated by the impact of the pandemic on the economy and specifically on the revenues and profits of each of the S&P 500 constituents. There was a sharp stock market sell-off in March-April, followed by a … Continue reading
An Uncertain Outlook for Housing
2020 was a surprisingly solid year for housing in light of the pandemic and the havoc that it wreaked in other parts of the economy. December data will not be reported until later this month. I project that single-family housing … Continue reading
Colony Credit Real Estate 20Q3 Update
Shares of Colony Credit Real Estate (CLNC) have surged over the past six weeks, nearly doubling from a low of $4.37 on Oct. 29 to a high of $8.11 on Nov. 25. Since then, CLNC’s share price has been trading … Continue reading
Diversified Healthcare Trust (DHC): Weaker Than Anticipated 20Q3 Results
Diversified Healthcare Trust reported 2020 third quarter normalized funds from operations (FFO) (according to my definition) of $11.0 million or $0.05 per share, well below results for 19Q3 and 20Q2 and also below my projection of $27.8 million or $0.12 … Continue reading