Normalized FFO Per Share for the First Quarter
Increases by 4.7% Year over Year to $0.45
Senior Housing Properties Trust (NYSE: SNH) today announced its
financial results for the quarter ended March 31, 2015.
SNH’s President and Chief Operating Officer, David Hegarty, made
the following statement:
“Our financial performance improved during the first quarter of
2015, highlighted by Normalized FFO growth of 4.7% compared to the
comparable period last year. We also grew consolidated same
property cash NOI by 1.1% year over year, including 5.0% same
property NOI growth year over year in our managed senior living
portfolio. SNH is achieving these improvements in its financial
performance while we continue to upgrade the quality of our
portfolio of properties. During the first quarter, we completed the
acquisition of 23 high quality MOBs leased to strong credit quality
tenants for approximately $539 million. Since the end of the first
quarter, we have also closed the acquisition of 37 private pay
senior living communities for approximately $763 million, 18 of
which are leased and 19 of which are operated in a taxable REIT
subsidiary structure.”
Results for the quarter ended March 31, 2015:
Normalized funds from operations, or Normalized FFO, for the
quarter ended March 31, 2015 were $98.6 million, or $0.45 per basic
and diluted share. This compares to Normalized FFO for the quarter
ended March 31, 2014 of $80.1 million, or $0.43 per basic and
diluted share. The increase in Normalized FFO is primarily the
result of acquisitions since April 1, 2014.
Net income was $39.8 million, or $0.18 per basic and diluted
share, for the quarter ended March 31, 2015, compared to net income
of $38.6 million, or $0.21 per basic and diluted share, for the
quarter ended March 31, 2014.
The basic and diluted weighted average number of common shares
outstanding were 221.4 million for the quarter ended March 31,
2015, and 188.0 million for the quarter ended March 31, 2014.
Reconciliations of net income determined in accordance with U.S.
generally accepted accounting principles, or GAAP, to funds from
operations, or FFO, and Normalized FFO for the quarters ended March
31, 2015 and 2014 appear later in this press release.
Operating Results for the quarter ended March 31,
2015:
For the three months ended March 31, 2015, consolidated same
property net operating income, or NOI, and cash basis NOI increased
0.9% and 1.1%, respectively, compared to the quarter ended March
31, 2014.
For the three months ended March 31, 2015, 43.9% of SNH’s NOI
came from 121 properties leased to medical providers, medical
related businesses, clinics and biotech laboratory tenants, or
MOBs, including 11.3 million square feet of leasable area. As of
March 31, 2015, 96.2% of SNH’s MOB square feet were leased,
compared to 95.9% as of December 31, 2014 and 95.0% as of March 31,
2014. Same property occupancy for SNH’s MOBs owned continuously
since January 1, 2014 decreased to 94.6% as of March 31, 2015,
compared to 95.0% as of March 31, 2014. Same property NOI and cash
basis NOI decreased 2.3% and 1.5%, respectively, during the quarter
ended March 31, 2015 compared to the quarter ended March 31,
2014.
For the three months ended March 31, 2015, 38.6% of SNH’s
consolidated NOI came from 214 triple net leased senior living
communities with 24,016 living units. Occupancy at triple net
leased senior living communities was 85.3% during the most recently
reported period, compared to 84.8% during the comparable period
last year.(1) Same property occupancy at triple net leased senior
living communities owned continuously since January 1, 2014 was
85.6% during the most recently reported period, compared to 85.4%
during the comparable period last year.(1) Same property NOI and
cash basis NOI increased 1.4% and 1.2%, respectively, during the
quarter ended March 31, 2015 compared to the quarter ended March
31, 2014.
For the three months ended March 31, 2015, 14.3% of SNH’s NOI
came from 46 managed senior living communities with 7,290 living
units. Occupancy at managed senior living communities was 88.0%
during the quarter ended March 31, 2015, compared to 88.8% during
the comparable period last year. Same property occupancy for
managed senior living communities owned continuously since January
1, 2014 decreased to 87.9% during the quarter ended March 31, 2015,
from 88.8% during the comparable period last year. Same property
NOI and cash basis NOI both increased 5.0% during the quarter ended
March 31, 2015 compared to the quarter ended March 31, 2014.
Reconciliations of NOI and cash basis NOI to net income
determined in accordance with GAAP for the quarters ended March 31,
2015 and 2014 appear later in this press release.
(1) Most recent reported data is based upon the operating
results provided by SNH’s tenants for the 12 months ended December
31, 2014 and 2013 or the most recent prior period for which tenant
operating results are available.
Recent Investment and Sales Activities:
In January 2015, SNH acquired 23 MOBs, for approximately $539.0
million, including the assumption of approximately $30.0 million of
mortgage debt with a weighted average interest rate of 4.7%. The
MOBs contain approximately 2.2 million square feet and are located
in 12 states.
In December 2014, SNH entered into a purchase agreement to
acquire 38 senior living communities with 3,466 living units
located in 16 states for $790.0 million, excluding closing costs,
and including the assumption of approximately $153.0 million of
mortgage debt with a weighted average interest rate of 4.8%. On May
1, 2015, SNH completed the acquisition of 37 of these senior living
communities with 3,379 living units for $762.6 million, and SNH
amended the purchase agreement to accommodate a delayed closing of
the remaining one senior living community with 87 living units,
which SNH expects to acquire before year end 2015. Nineteen of the
38 communities, with 2,190 living units, including the one
community that SNH has not yet acquired, are leased to seven senior
living operators. The 19 remaining communities, with 1,276 living
units, were acquired using Taxable REIT Subsidiary, or TRS,
structures. SNH terminated the pre-existing management agreements
for 14 of these communities, with 881 living units, and entered
into management agreements with Five Star Quality Care, Inc., or
Five Star, to manage these communities. The remaining five
communities, with 395 living units, will continue to be managed by
the current third party senior living operator. SNH financed this
acquisition using cash on hand, borrowings under its revolving
credit facility and the assumption of approximately $139.2 million
of mortgage debt with a weighted average interest rate of
4.59%.
In April 2015, SNH entered into an agreement to acquire one new
senior living community with 40 private pay independent living
units located in Cumming, GA, for approximately $9.8 million,
excluding closing costs. SNH intends to acquire this community
using a TRS structure and expects to enter into a management
agreement with Five Star to manage this community. This community
is adjacent to an assisted living community owned by SNH which is
managed by Five Star. This acquisition is expected to close in
2015.
In February 2015, SNH sold one vacant senior living community
with 120 units located in Pennsylvania for $250,000, excluding
closing costs. In April 2015, SNH sold one MOB (four buildings)
with an aggregate 323,541 square feet located in New Mexico for
$1.5 million, excluding closing costs.
Recent Financing Activities:
In February 2015, SNH issued 31,050,000 common shares in a
public offering, raising gross proceeds of approximately $689.3
million, before underwriting discounts and expenses. SNH used part
of the net proceeds of this offering to repay borrowings
outstanding under its unsecured revolving credit facility and used
the remainder for general business purposes, including the partial
funding of the acquisition of 38 senior living communities reported
above. Also in February 2015 and after this equity offering, SNH
terminated a $700.0 million bridge loan commitment it had received
in December 2014 and recognized a loss of $1.4 million on
extinguishment of debt in the first quarter of 2015 in connection
with that termination.
In February 2015, SNH repaid at par a mortgage note encumbering
one property with a principal balance of $29.2 million and an
interest rate of 6.02%. In April 2015, SNH prepaid a mortgage note
encumbering one property with a principal balance of $6.3 million
and an interest rate of 5.81%.
Conference Call:
On Wednesday, May 6, 2015, at 1:00 p.m. Eastern Time, David J.
Hegarty, President and Chief Operating Officer, and Richard A.
Doyle, Chief Financial Officer, will host a conference call to
discuss the financial results for the quarter ended March 31, 2015.
The conference call telephone number is (800) 230-1074.
Participants calling from outside the United States and Canada
should dial (612) 234-9959. No pass code is necessary to access the
call from either number. Participants should dial in about 15
minutes prior to the scheduled start of the call. A replay of the
conference call will be available through 11:59 p.m. Eastern Time
on Wednesday, May 13, 2015. To hear the replay, dial (320)
365-3844. The replay pass code is 358456.
A live audio webcast of the conference call will also be
available in a listen-only mode on the company’s website, which is
located at www.snhreit.com. Participants wanting to access the
webcast should visit the company’s website about five minutes
before the call. The archived webcast will be available for replay
on the company’s website for about one week after the call.
The transcription, recording and retransmission in any way of
SNH’s first quarter 2015 conference call are strictly prohibited
without the prior written consent of SNH.
Supplemental Data:
A copy of SNH’s First Quarter 2015 Supplemental Operating and
Financial Data is available for download from the SNH website,
www.snhreit.com. SNH’s website is not incorporated as part of this
press release.
SNH is a real estate investment trust, or REIT, that owned 392
properties (419 buildings) located in 39 states and Washington,
D.C. as of March 31, 2015. SNH is headquartered in Newton, MA.
Please see the pages attached hereto for a more detailed
statement of SNH’s operating results and financial condition.
WARNING CONCERNING
FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD
LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO,
WHENEVER SNH USES WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”,
“INTEND”, “PLAN”, “ESTIMATE” OR SIMILAR EXPRESSIONS, SNH IS MAKING
FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE
BASED UPON SNH’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT
FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT
OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN
OR IMPLIED BY SNH’s FORWARD LOOKING STATEMENTS AS A RESULT OF
VARIOUS FACTORS. FOR EXAMPLE:
- THIS PRESS RELEASE STATES THAT SNH HAS
AGREED TO ACQUIRE ONE SENIOR LIVING COMMUNITY FOR APPROXIMATELY
$9.8 MILLION AND THAT THE CLOSING IS EXPECTED TO OCCUR IN 2015.
THIS TRANSACTION IS SUBJECT TO CLOSING CONDITIONS. THESE CONDITIONS
MAY NOT BE SATISFIED AND THE ACQUISITION MAY NOT OCCUR, MAY BE
DELAYED OR THE PRICE AND TERMS MAY CHANGE.
- THIS PRESS RELEASE REFERS TO 38 SENIOR
LIVING COMMUNITIES, 37 OF WHICH WERE RECENTLY ACQUIRED BY SNH IN
MAY 2015, AS PRIVATE PAY. ALTHOUGH ALL THE RESIDENTS AT THESE
COMMUNITIES CURRENTLY PAY FOR SERVICES AT THOSE COMMUNITIES
PRIMARILY WITH PRIVATE RESOURCES, RESIDENT RESOURCES MAY BE
EXHAUSTED OR GOVERNMENT PROGRAMS MAY BE CHANGED SO THAT FUTURE
PAYMENTS MAY BE RECEIVED FROM GOVERNMENT PROGRAMS.
- THIS PRESS RELEASE STATES THAT SNH HAS
YET TO COMPLETE THE ACQUISITION OF ONE OF 38 SENIOR LIVING
COMMUNITIES AND THAT SNH EXPECTS THE CLOSING TO OCCUR BEFORE YEAR
END 2015. THE ACQUISITION OF THIS REMAINING SENIOR LIVING COMMUNITY
IS SUBJECT TO CLOSING CONDITIONS. THESE CONDITIONS MAY NOT BE
SATISFIED AND THE ACQUISITION MAY BE DELAYED FURTHER OR THE TERMS
MAY CHANGE.
THE INFORMATION CONTAINED IN SNH’S FILINGS WITH THE SECURITIES
AND EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER THE CAPTION “RISK
FACTORS” IN ITS PERIODIC REPORTS, OR INCORPORATED THEREIN,
IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE DIFFERENCES
FROM SNH’S FORWARD LOOKING STATEMENTS. SNH’S FILINGS WITH THE SEC
ARE AVAILABLE ON THE SEC’S WEBSITE AT WWW.SEC.GOV.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING
STATEMENTS.
EXCEPT AS REQUIRED BY LAW, SNH DOES NOT INTEND TO UPDATE OR
CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW
INFORMATION, FUTURE EVENTS OR OTHERWISE.
SENIOR HOUSING PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF
INCOME
(amounts in thousands, except per share
data)
(unaudited)
Three Months Ended March 31, 2015
2014 Revenues: Rental income $ 145,784
$ 112,055 Residents fees and services 82,793 79,442
Total revenues 228,577 191,497 Expenses: Property operating
expenses 85,794 77,802 Depreciation 53,707 38,355 General and
administrative 10,574 8,290 Acquisition related costs 1,158
122 Total expenses 151,233 124,569
Operating income 77,344 66,928 Interest and other income 75
105 Interest expense (35,942) (28,900) Loss on extinguishment of
debt (1,409) — Income from continuing operations
before income tax expense and equity in earnings of an investee
40,068 38,133 Income tax expense (110) (191) Equity in earnings
(losses) of an investee 72 (97) Income from
continuing operations 40,030 37,845 Discontinued operations: (Loss)
income from discontinued operations (241) 1,300 Impairment of
assets from discontinued operations — (721) Income
before gain on sale of properties 39,789 38,424 Gain on sale of
properties — 156 Net income $ 39,789 $ 38,580
Weighted average common shares outstanding (basic) 221,375
188,026 Weighted average common shares outstanding (diluted)
221,397 188,045 Basic and diluted per common
share amounts: Income from continuing operations $ 0.18 $ 0.21 Loss
(income) from discontinued operations — — Net income
$ 0.18 $ 0.21
SENIOR HOUSING PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF FUNDS FROM
OPERATIONS AND NORMALIZED FUNDS FROM OPERATIONS
(amounts in thousands, except per share
data)
(unaudited)
Calculation of Funds from Operations
(FFO) and Normalized FFO (1):
Three Months Ended March 31, 2015
2014 Net income $ 39,789 $
38,580 Depreciation expense from continuing operations 53,707
38,355 Gain on sale of properties — (156 ) Impairment of assets
from discontinued operations — 721 FFO 93,496
77,500 Acquisition related costs from continuing operations 1,158
122 Loss on extinguishment of debt 1,409 — Percentage rent
adjustment(2) 2,500 2,500 Normalized FFO $
98,563 $ 80,122 Weighted average shares outstanding
(basic) 221,375 188,026 Weighted average
shares outstanding (diluted) 221,397 188,045
Basic and diluted per common share amounts: FFO $ 0.42 $
0.41 Normalized FFO $ 0.45 $ 0.43 Net income $ 0.18 $
0.21 Distributions declared per share $ 0.39 $ 0.39
(1) SNH calculates FFO and Normalized FFO as shown above. FFO is
calculated on the basis defined by the National Association of Real
Estate Investment Trusts, or NAREIT, which is net income,
calculated in accordance with GAAP, excluding any gain or loss on
sale of properties and impairment of real estate assets, plus real
estate depreciation and amortization, as well as certain other
adjustments currently not applicable to SNH. SNH’s calculation of
Normalized FFO differs from NAREIT’s definition of FFO because
SNH’s includes estimated percentage rent in the period to which SNH
estimates that it relates rather than when it is recognized as
income in accordance with GAAP, includes estimated business
management incentive fees, if any, only in the fourth quarter
versus the quarter they are recognized as expense in accordance
with GAAP and excludes acquisition related costs, gain or loss on
early extinguishment of debt, gain or loss on lease terminations
and loss on impairment of intangible assets, if any. SNH considers
FFO and Normalized FFO to be appropriate measures of operating
performance for a real estate investment trust, or REIT, along with
net income, operating income and cash flow from operating
activities. SNH believes that FFO and Normalized FFO provide useful
information to investors because by excluding the effects of
certain historical amounts, such as depreciation expense, FFO and
Normalized FFO may facilitate a comparison of its operating
performance between periods and with other REITs. FFO and
Normalized FFO are among the factors considered by SNH’s Board of
Trustees when determining the amount of distributions to
shareholders. Other factors include, but are not limited to,
requirements to maintain SNH’s status as a REIT, limitations in its
revolving credit facility agreement, term loan agreement and public
debt covenants, the availability of debt and equity capital, SNH’s
expectation of its future capital requirements and operating
performance and SNH’s expected needs and availability of cash to
pay its obligations. FFO and Normalized FFO do not represent cash
generated by operating activities in accordance with GAAP and
should not be considered as alternatives to net income, operating
income or cash flow from operating activities, determined in
accordance with GAAP, or as indicators of SNH’s financial
performance or liquidity, nor are these measures necessarily
indicative of sufficient cash flow to fund all of SNH’s needs.
These measures should be considered in conjunction with net income,
operating income and cash flow from operating activities as
presented in SNH’s Condensed Consolidated Statements of Income and
Comprehensive Income and Condensed Consolidated Statements of Cash
Flows. Other REITs and real estate companies may calculate FFO and
Normalized FFO differently than SNH does.
(2) In calculating net income in accordance with GAAP, SNH
recognizes percentage rental income received for the first, second
and third quarters in the fourth quarter, which is when all
contingencies are met and the income is earned. Although SNH defers
recognition of this revenue until the fourth quarter for purposes
of calculating net income, it includes these estimated amounts in
its calculation of Normalized FFO for each quarter of the year. The
fourth quarter Normalized FFO calculation excludes the amounts
included during the first three quarters.
SENIOR HOUSING PROPERTIES TRUST
CALCULATION AND RECONCILIATION OF NET
OPERATING INCOME (NOI) AND CASH BASIS NOI
(amounts in thousands)
(unaudited)
For the Three Months Ended March 31,
2015 2014
Calculation of
NOI and Cash Basis NOI (1):
Revenues: Rental income $145,784 $112,055 Residents fees and
services 82,793 79,442 Total revenues 228,577 191,497 Property
operating expenses 85,794 77,802 Property net operating income
(NOI): 142,783 113,695 Non cash straight line rent adjustments
(3,509) (1,578) Lease value amortization (1,198) 722 Lease
termination fees (105) - Cash Basis NOI $137,971 $112,839
Reconciliation of
Cash Basis NOI to Net Income:
Cash Basis NOI $137,971 $112,839 Non cash straight line rent
adjustments 3,509 1,578 Lease value amortization 1,198 (722) Lease
termination fees 105 - Property NOI 142,783 113,695 Depreciation
expense (53,707) (38,355) General and administrative expense
(10,574) (8,290) Acquisition related costs (1,158) (122) Operating
income 77,344 66,928 Interest and other income 75 105
Interest expense (35,942) (28,900) Loss on early extinguishment of
debt (1,409) - Income before income tax expense and equity in
earnings (losses) of an investee 40,068 38,133 Income tax expense
(110) (191) Equity in earnings (losses) of an investee 72 (97)
Income from continuing operations 40,030 37,845 Discontinued
operations (Loss) income from discontinued operations (241) 1,300
Impairment of assets from discontinued operations - (721) Income
before gain on sale of properties 39,789 38,424 Gain on sale of
properties - 156 Net income $39,789 $38,580
(1) The calculation of NOI and Cash Basis NOI excludes certain
components of net income in order to provide results that are more
closely related to SNH’s properties' results of operations. SNH
calculates NOI and Cash Basis NOI as shown above excluding
properties classified as discontinued operations. SNH defines NOI
as income from its real estate less its property operating
expenses. NOI excludes amortization of capitalized tenant
improvement costs and leasing commissions. SNH defines Cash Basis
NOI as NOI less non cash straight line rent adjustments, lease
value amortization and lease termination fees, if any. SNH
considers NOI and Cash Basis NOI to be appropriate supplemental
measures to net income because they may help both investors and
management to understand the operations of SNH’s properties. SNH
uses NOI and Cash Basis NOI internally to evaluate individual and
company-wide property level performance, and it believes that NOI
and Cash Basis NOI provide useful information to investors
regarding its results of operations because these measures reflect
only those income and expense items that are incurred at the
property level and may facilitate comparisons of its operating
performance between periods and with other REITs. NOI and Cash
Basis NOI do not represent cash generated by operating activities
in accordance with GAAP and should not be considered as an
alternative to net income, operating income or cash flow from
operating activities determined in accordance with GAAP, or as
indicators of SNH’s financial performance or liquidity, nor are
these measures necessarily indicative of sufficient cash flow to
fund all of SNH’s needs. These measures should be considered in
conjunction with net income, operating income and cash flow from
operating activities as presented in SNH’s Condensed Consolidated
Statements of Income and Comprehensive Income and Condensed
Consolidated Statements of Cash Flows. Other REITs and real estate
companies may calculate NOI and Cash Basis NOI differently than SNH
does.
SENIOR HOUSING PROPERTIES
TRUSTCalculation and Reconciliation of NOI, Cash Basis NOI,
Same Property Net Operating Income (NOI) and Same Property Cash
Basis NOI by Segment (1) (2)(amounts in
thousands)(unaudited)
For the Three Months Ended March 31,
2015 For the Three Months Ended
March 31, 2014 Calculation of NOI and Cash Basis NOI:
Triple Net Leased Senior
Living Communities (2)
Managed Senior Living
Communities (3)
MOBs (4)
Non-Segment (5) Total
Triple NetLeased Senior
Living Communities (2)
ManagedSenior
LivingCommunities (3)
MOBs (4)
Non-Segment (5) Total Rental
income / residents fees and services $ 55,251 $ 82,793 $ 86,001 $
4,532 $ 228,577 $ 54,890 $ 79,442 $ 52,763 $ 4,402 $ 191,497
Property operating expenses - (62,403 )
(23,391 ) - (85,794 ) -
(60,788 ) (17,014 ) - (77,802 ) Property net
operating income (NOI) $ 55,251 $ 20,390 $ 62,610
$ 4,532 $ 142,783 $ 54,890 $ 18,654
$ 35,749 $ 4,402 $ 113,695 NOI Growth 0.7 %
9.3 % 75.1 % 3.0 % 25.6 % -- -- -- -- -- Property NOI $
55,251 $ 20,390 $ 62,610 $ 4,532 $ 142,783 $ 54,890 $ 18,654 $
35,749 $ 4,402 $ 113,695 Less: Non cash straight line rent
adjustments 52 - 3,320 137 3,509 (39 ) - 1,480 137 1,578 Lease
value amortization - - 1,143 55 1,198 - - (777 ) 55 (722 ) Lease
termination fees - - 105
- 105 - -
- - - Cash Basis NOI $ 55,199
$ 20,390 $ 58,042 $ 4,340 $ 137,971
$ 54,929 $ 18,654 $ 35,046 $ 4,210 $
112,839 Cash Basis NOI Growth 0.5 % 9.3 % 65.6 % 3.1 % 22.3
% -- -- -- -- --
Reconciliation of NOI to Same Property
NOI: Property NOI $ 55,251 $ 20,390 $ 62,610 $ 4,532 $ 142,783
$ 54,890 $ 18,654 $ 35,749 $ 4,402 $ 113,695 Less: NOI not included
in same property 109 812 27,697 - 28,618 501 - - - 501
Same
property NOI (6) $ 55,142 $ 19,578 $ 34,913 $
4,532 $ 114,165 $ 54,389 $ 18,654 $
35,749 $ 4,402 $ 113,194 Same property NOI growth 1.4
% 5.0 % (2.3 %) 3.0 % 0.9 % -- -- -- -- --
Reconciliation
of Same Property NOI to Same Property Cash Basis NOI: Same
property NOI $ 55,142 $ 19,578 $ 34,913 $ 4,532 $ 114,165 $ 54,389
$ 18,654 $ 35,749 $ 4,402 $ 113,194 Less: Non cash straight line
rent adjustments 52 - 1,120 137 1,309 (37 ) - 1,480 137 1,580 Lease
value amortization - - (829 ) 55 (774 ) - - (777 ) 55 (722 ) Lease
termination fees - - 105
- 105 - -
- - - Same property cash basis
NOI (6) $ 55,090 $ 19,578 $ 34,517 $ 4,340
$ 113,525 $ 54,426 $ 18,654 $ 35,046
$ 4,210 $ 112,336 Same property cash basis NOI growth
1.2 % 5.0 % (1.5 %) 3.1 % 1.1 % -- -- -- -- -- (1)
For a calculation, reconciliation and definition of NOI and Cash
Basis NOI, please see pages 8 and 9. Excludes properties classified
in discontinued operations. (2) Includes triple net senior living
communities that provide short term and long term residential care
and dining services for residents. (3) Includes managed senior
living communities that provide short term and long term
residential care and dining services for residents. (4) Includes
properties where medical related activities occur but where
residential overnight stays and dining services are not provided.
(5) Includes the operating results of certain properties that offer
fitness, wellness and spa services to members. (6) Consists of
properties owned continuously since January 1, 2014.
SENIOR HOUSING PROPERTIES TRUST
CONDENSED CONSOLIDATED BALANCE
SHEETS
(amounts in thousands)
(unaudited)
Balance Sheet:
March 31,2015
December 31,2014
ASSETS
Real estate properties $ 6,717,946 $ 6,238,611 Less accumulated
depreciation (1,023,843 ) (983,850 ) 5,694,103
5,254,761 Cash and cash equivalents 77,794 27,594 Restricted cash
7,685 10,544 Deferred financing fees, net 29,649 30,549 Acquired
real estate leases and other intangible assets, net 543,776 472,788
Other assets 184,088 172,033 Total
assets $ 6,537,095 $ 5,968,269
LIABILITIES AND
SHAREHOLDERS’ EQUITY
Unsecured revolving credit facility $ — $ 80,000 Unsecured term
loan 350,000 350,000 Senior unsecured notes, net of discount
1,743,983 1,743,628 Secured debt and capital leases 625,131 627,076
Accrued interest 31,984 20,046 Assumed real estate lease
obligations, net 123,435 122,826 Other liabilities 87,769
72,286 Total liabilities 2,962,302 3,015,862
Total shareholders’ equity 3,574,793
2,952,407 Total liabilities and shareholders’ equity $
6,537,095 $ 5,968,269
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the New York
Stock Exchange.
No shareholder, Trustee or officer is
personally liable for any act or obligation of the Trust.
Senior Housing Properties TrustKimberly Brown,
617-796-8237Director, Investor Relationswww.snhreit.com
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