Tag Archives: Diversified Healthcare Trust
Diversified Healthcare Trust (DHC) 22Q2 Update
22Q2 GAAP loss was $0.46 per share and normalized FFO -$0.04 per share, below my forecast of -$0.42 and +$0.01, respectively. The Office Portfolio disappointed again, raising concerns about declining occupancy. Senior Housing Operating Portfolio (SHOP) results met expectations.
DHC 22Q1 Update
22Q1 In Line with Expectations. Maintaining Performance Rating and Price Target. 22Q1 GAAP earnings were $1.01 per share and normalized FFO –$0.09 per share, in line with my expectations of $1.04 and –$0.06. Excluding a $327.8 million gain on the … Continue reading
DHC 21Q4 Update
Lowering Estimates for 2022 and Adding 2023, Lowering Price Target to $5.00 DHC reported 21Q4 normalized FFO of –$0.09 per share, compared with 21Q3’s ‑$0.05 and 20Q4’s +$0.09. Although the Office portfolio posted another solid quarter and the Senior Housing … Continue reading
DHC Announces Sales of Joint Venture Interests in Certain Office Properties
Sales Raise Over $1 Billion, Giving the Trust the Means to Retire the 9.75% Senior Notes due 2025 When They Become Callable in June 2022. DHC announced on January 31 that it has entered into a joint venture with two … Continue reading
DHC 21Q3 Results
Diversified Healthcare Trust (DHC) reported 21Q3 normalized FFO of –$0.04 per share, compared with 21Q2’s $0.05. The loss came despite a 40 bp improvement in SHOP occupancy. Operating costs remain high and senior living operators are discounting resident rates more … Continue reading
Five Star Senior Living 21Q3 Update
Again Lowering EPS Estimates; Reducing 6-12 Month PT and Maintaining Outperform Rating Five Star reported a third quarter net loss of $10.2 million or $0.32 per share, less than the second quarter’s loss of $12.3 million or $0.39 per share. … Continue reading
DHC 21Q2 Update
Progress on Strategic Repositioning; Performance in Line with Expectations; Upgrading Performance Rating; Maintaining Price Target of ~$7.50. DHC reported 21Q2 normalized funds from operations (FFO) of $12.2 million or $0.05 per share, lower than 20Q2’s $0.25, due mostly to a … Continue reading
Five Star Senior Living 21Q2 Update
Five Star reported a second quarter net loss of $12.3 million, reversing last year’s $3.0 million net profit. On a per share basis, the loss was $0.39, compared to net income of $0.10 and below my estimate of a loss … Continue reading
Five Star Alters Strategy, Its Stock Gets Slammed
In early April, Five Star announced a change in its strategy whereby it will transition out of the management of 108 smaller senior living communities (SLCs) with 7,500 living units (with an average of 69.4 units per community), close and … 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
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
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
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