Normalized FFO of $0.47 Per Share for the Third
Quarter, up 6.8% Year over Year
Consolidated Same Property Cash Basis NOI up
1.9% Year over Year,
Including 11.0% Increase from Managed Senior
Living Communities Portfolio
Senior Housing Properties Trust (NYSE: SNH) today announced its
financial results for the quarter and nine months ended September
30, 2015.
SNH’s President and Chief Operating Officer, David Hegarty, made
the following statement:
“Our business produced strong operating results in the third
quarter, with a 6.8% increase in normalized FFO per share compared
to the same period a year ago. We also realized a 1.9% increase in
consolidated same property cash basis NOI during the quarter, which
was highlighted by an 11.0% increase at our managed senior living
communities. In addition, we improved our financial flexibility by
closing on a $200 million seven year unsecured term loan and
exercising a partial expansion under our unsecured revolving credit
facility to increase commitments to $1 billion.”
Results for the quarter ended September 30, 2015:
Normalized funds from operations, or Normalized FFO, for the
quarter ended September 30, 2015 were $111.4 million, or $0.47 per
basic and diluted share. This compares to Normalized FFO for the
quarter ended September 30, 2014 of $89.6 million, or $0.44 per
basic and diluted share. The increase in Normalized FFO is
primarily the result of acquisitions since October 1, 2014 and
strong performance from SNH’s managed senior living
communities.
Net income was $38.2 million, or $0.16 per basic and diluted
share, for the quarter ended September 30, 2015, compared to net
income of $37.1 million, or $0.18 per basic and diluted share, for
the quarter ended September 30, 2014.
The basic and diluted weighted average number of common shares
outstanding were approximately 237 million for the quarter ended
September 30, 2015, and approximately 204 million for the quarter
ended September 30, 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
September 30, 2015 and 2014 appear later in this press release.
Results for the nine months ended September 30, 2015:
Normalized FFO for the nine months ended September 30, 2015 were
$316.7 million, or $1.37 per basic and diluted share. This compares
to Normalized FFO for the nine months ended September 30, 2014 of
$256.3 million, or $1.30 per basic and diluted share.
Net income was $114.4 million, or $0.49 per basic and diluted
share, for the nine months ended September 30, 2015, compared to
net income of $113.4 million, or $0.57 per basic and diluted share,
for the nine months ended September 30, 2014.
The basic and diluted weighted average number of common shares
outstanding were approximately 231 million for the nine months
ended September 30, 2015, and approximately 197 million for the
nine months ended September 30, 2014.
Reconciliations of net income determined in accordance with GAAP
to FFO and Normalized FFO for the nine months ended September 30,
2015 and 2014 appear later in this press release.
Operating Results for the quarter ended September 30,
2015:
For the three months ended September 30, 2015, consolidated same
property net operating income, or NOI, and cash basis NOI increased
2.3% and 1.9% respectively, compared to the quarter ended September
30, 2014.
For the three months ended September 30, 2015, 41.1% of SNH’s
NOI came from 121 properties leased to medical providers, medical
related businesses, clinics and biotech laboratory tenants, or
MOBs, with 11.3 million leasable square feet. As of September 30,
2015, 96.0% of SNH’s MOB leasable square feet were leased, compared
to 96.4% as of June 30, 2015 and 95.6% as of September 30, 2014.
Same property occupancy for SNH’s MOBs owned continuously since
July 1, 2014 decreased to 95.1% as of September 30, 2015, compared
to 95.6% as of September 30, 2014. SNH’s MOB same property NOI
increased 0.5% during the quarter ended September 30, 2015 compared
to the quarter ended September 30, 2014, while SNH’s MOB same
property cash basis NOI decreased 0.3% during the quarter ended
September 30, 2015 compared to the quarter ended September 30,
2014.
For the three months ended September 30, 2015, 40.6% of SNH’s
consolidated NOI came from 232 triple net leased senior living
communities with 26,231 living units. Occupancy at triple net
leased senior living communities was 84.9% during the most recently
reported period, compared to 85.2% during the comparable period
last year.(1) Same property occupancy at SNH’s triple net leased
senior living communities owned continuously since July 1, 2014 was
unchanged at 85.3% compared to the comparable period last year.
Same property NOI and cash basis NOI for SNH’s triple net leased
senior living communities increased 1.3% and 1.1%, respectively,
during the quarter ended September 30, 2015 compared to the quarter
ended September 30, 2014.
For the three months ended September 30, 2015, 15.4% of SNH’s
NOI came from 65 managed senior living communities with 8,606
living units. Occupancy at the managed senior living communities
was 87.7% during the quarter ended September 30, 2015, compared to
88.2% during the comparable period last year. Same property
occupancy for managed senior living communities owned continuously
since July 1, 2014 decreased to 87.2% during the quarter ended
September 30, 2015, from 88.2% during the comparable period last
year. Same property average monthly rates increased 1.8% to $4,228
during the quarter ended September 30, 2015 compared to the quarter
ended September 30, 2014. Same property NOI and cash basis NOI for
SNH’s managed senior living communities both increased 11.0% during
the quarter ended September 30, 2015 compared to the quarter ended
September 30, 2014. This increase was the result of a $1.1 million
increase in revenues, which was primarily driven by rate increases
in excess of lost revenues from occupancy declines, and $917,000 of
expense reductions.
Reconciliations of NOI and cash basis NOI to net income
determined in accordance with GAAP for the quarters ended September
30, 2015 and 2014 appear later in this press release. In addition,
calculations and reconciliations of NOI, Cash Basis NOI, Same
Property NOI and Same Property Cash Basis NOI by SNH’s operating
segments for the quarters ended September 30, 2015 and 2014 appear
later in this press release.
Recent Investment and Sales Activities:
In September 2015, SNH acquired one senior living community with
87 living units for approximately $27.4 million, excluding closing
costs and including the assumption of approximately $12.3 million
of mortgage debt at an annual interest rate of 6.2%. SNH leases
this community to a third party senior living operator. This
community was the last remaining community to be acquired in
conjunction with the May 2015 purchase of 37 senior living
communities with 3,352 living units for approximately $762.6
million.
Also in September 2015, SNH acquired one senior living community
with 84 private pay assisted living units located in Georgia for
approximately $18.3 million, excluding closing costs. SNH leases
this community to a third party senior living operator.
In July 2015, SNH sold one senior living community with 12
living units located in Iowa for $155,000, excluding closing costs.
In August 2015, SNH sold one senior living community with 63 living
units located in Wisconsin for $850,000, excluding closing costs.
SNH did not recognize any gains or losses from these sales.
Recent Financing Activities:
In September 2015, SNH closed on a new $200 million, seven year
unsecured term loan. The term loan matures in September 2022. The
interest rate on the term loan is LIBOR plus 180 basis points,
subject to adjustments based on changes to SNH’s credit ratings.
The term loan has an accordion feature under which maximum
borrowings may be increased to up to $400 million in certain
circumstances. SNH used the net proceeds of the term loan to
partially repay amounts outstanding under its revolving credit
facility.
Also in September 2015, SNH partially exercised the accordion
feature under its unsecured revolving credit facility agreement to
increase the lending commitments under the credit facility to $1
billion from its previous amount of $750 million. All other
material terms of the credit facility remain unchanged.
In October 2015, SNH prepaid two mortgages with maturity dates
in January 2016 encumbering one property with an aggregate
principal balance of $52 million and a weighted average annual
interest rate of 5.6%. Also, SNH’s $250 million 4.3% senior
unsecured notes due in January 2016 have been called for prepayment
on or about November 4, 2015. SNH funded or will fund these
prepayments with cash on hand and borrowings under its revolving
credit facility.
Conference Call:
On Wednesday, November 4, 2015, at 10:00 a.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 third quarter 2015 financial results. The
conference call telephone number is (877) 329-4297. Participants
calling from outside the United States and Canada should dial (412)
317-5435. No pass code is necessary to access the call at 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, November
11, 2015. To hear the replay, dial (412) 317-0088. The replay pass
code is 10074253.
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 after the call.
The transcription, recording and retransmission in any way of
SNH’s third quarter 2015 conference call are strictly prohibited
without the prior written consent of SNH.
Supplemental Data:
A copy of SNH’s Third 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 428
properties (452 buildings) located in 43 states and Washington,
D.C. as of September 30, 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 THESE FORWARD LOOKING STATEMENTS AS A RESULT OF
VARIOUS FACTORS. FOR EXAMPLE:
- THE MAXIMUM BORROWING AVAILABILITY
UNDER SNH’S REVOLVING CREDIT FACILITY AND TERM LOANS MAY BE
INCREASED TO UP TO $2.6 BILLION ON A COMBINED BASIS IN CERTAIN
CIRCUMSTANCES. HOWEVER, INCREASING THE MAXIMUM BORROWING
AVAILABILITY UNDER SNH’S REVOLVING CREDIT FACILITY AND TERM LOANS
IS SUBJECT TO SNH OBTAINING ADDITIONAL COMMITMENTS FROM LENDERS,
WHICH MAY NOT OCCUR.
THE INFORMATION CONTAINED IN SNH’S FILINGS WITH THE 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.
(1) Most recent reported data is based upon the operating
results provided by SNH’s tenants for the 12 months ended June 30,
2015 and 2014 or the most recent prior period for which tenant
operating results are available.
SENIOR HOUSING PROPERTIES
TRUSTCONSOLIDATED STATEMENTS OF INCOME(amounts in
thousands, except per share data)(unaudited)
Three Months EndedSeptember 30, Nine
Months EndedSeptember 30,
2015
2014
2015
2014
Revenues: Rental income $ 158,863 $ 137,614 $ 460,193 $ 377,339
Residents fees and services 96,412 79,259
271,061 237,740 Total revenues
255,275 216,873 731,254 615,079 Expenses: Property operating
expenses 96,927 82,706 276,313 240,297 Depreciation 70,016 50,074
186,234 135,132 General and administrative 10,316 10,384 32,563
28,250 Acquisition related costs 742 15 6,517 2,649 Impairment of
assets (98 ) — (98 ) -
Total expenses 177,903 143,179
501,529 406,328 Operating income 77,372
73,694 229,725 208,751 Interest and other income 57 78 274
336 Interest expense (38,989 ) (36,201 ) (112,838 ) (99,213 ) Loss
on early extinguishment of debt (21 ) —
(1,469 ) — Income from continuing operations before
income tax expense and equity in (losses) earnings of an investee
38,419 37,571 115,692 109,874 Income tax expense (146 ) (156 ) (385
) (502 ) Equity in (losses) earnings of an investee (24 )
38 70 59 Income from
continuing operations 38,249 37,453 115,377 109,431 Discontinued
operations: (Loss) income from discontinued operations — (557 )
(350 ) 1,484 Impairment of assets from discontinued operations
— 216 (602 ) (117 )
Income before gain on sale of properties 38,249 37,112 114,425
110,798 Gain on sale of properties — —
— 2,552 Net income $ 38,249 $
37,112 $ 114,425 $ 113,350 Weighted
average shares outstanding (basic) 237,263
203,647 231,454 197,225 Weighted
average shares outstanding (diluted) 237,293
203,675 231,486 197,256
Basic and diluted per common share amounts: Income from continuing
operations per share $ 0.16 $ 0.18 $ 0.50 $ 0.56 (Loss) income from
discontinued operations per share — —
(0.01 ) 0.01 Basic and diluted net income per
share $ 0.16 $ 0.18 $ 0.49 $ 0.57
SENIOR HOUSING PROPERTIES
TRUSTCONSOLIDATED 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 EndedSeptember 30, Nine Months
EndedSeptember 30,
2015
2014
2015
2014
Net income $ 38,249 $ 37,112 $ 114,425 $ 113,350
Depreciation expense 70,016 50,074 186,234 135,132 Gain on sale of
properties — — — (2,552 ) Impairment of assets from continuing
operations (98 ) — (98 ) — Impairment of assets from discontinued
operations — (216 ) 602
117 FFO 108,167 86,970 301,163 246,047 Acquisition related
costs 742 15 6,517 2,649 Loss on early extinguishment of debt 21 —
1,469 — Percentage rent adjustment(2) 2,500
2,600 7,600 7,600 Normalized FFO
$ 111,430 $ 89,585 $ 316,749 $ 256,296
Weighted average shares outstanding (basic) 237,263
203,647 231,454 197,225
Weighted average shares outstanding (diluted) 237,293
203,675 231,486 197,256
FFO per share (basic and diluted) $ 0.46 $
0.43 $ 1.30 $ 1.25 Normalized FFO per share
(basic and diluted) $ 0.47 $ 0.44 $ 1.37 $
1.30 Net income per share (basic and diluted) $ 0.16
$ 0.18 $ 0.49 $ 0.57 Distributions declared
per share $ 0.39 $ 0.39 $ 1.17 $ 1.17
(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
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, SNH includes estimated business
management incentive fees, if any, only in the fourth quarter
versus the quarter when they are recognized as expense in
accordance with GAAP and SNH excludes acquisition related costs,
gains and losses on early extinguishment of debt, gains and losses
on lease terminations and losses on impairment of intangible
assets, if any. SNH considers FFO and Normalized FFO to be
appropriate measures of operating performance for a 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 its
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 activities.
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
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
TRUSTCALCULATION AND RECONCILIATION OF NET OPERATING INCOME
(NOI) AND CASH BASIS NOI(amounts in
thousands)(unaudited)
For the Three Months Ended
9/30/2015
9/30/2014
Calculation of NOI and Cash Basis NOI
(1): Revenues: Rental
income $ 158,863 $ 137,614 Residents fees and services
96,412 79,259 Total revenues 255,275 216,873
Property operating expenses 96,927 82,706
Property net operating income (NOI): 158,348 134,167 Non
cash straight line rent adjustments (5,040 ) (2,876 ) Lease value
amortization (1,084 ) (1,264 ) Lease termination fees (244 ) —
Non cash amortization included in
propertyoperating expenses(2)
(204 ) — Cash Basis NOI $ 151,776 $
130,027
Reconciliation of Cash Basis NOI to
Net Income: Cash Basis NOI $ 151,776 $ 130,027 Non cash
straight line rent adjustments 5,040 2,876 Lease value amortization
1,084 1,264 Lease termination fees 244 —
Non cash amortization included in
propertyoperating expenses(2)
204 — Property NOI 158,348 134,167
Depreciation expense (70,016 ) (50,074 ) General and administrative
expense (10,316 ) (10,384 ) Acquisition related costs (742 ) (15 )
Impairment of assets 98 — Operating
income 77,372 73,694 Interest and other income 57 78
Interest expense (38,989 ) (36,201 ) Loss on early extinguishment
of debt (21 ) —
Income before income tax expense andequity
in (losses) earnings of an investee
38,419 37,571 Income tax expense (146 ) (156 ) Equity in (losses)
earnings of an investee (24 ) 38 Income from
continuing operations 38,249 37,453 Discontinued operations Loss
from discontinued operations — (557 ) Impairment of assets from
discontinued
operations
— 216 Net income $ 38,249 $
37,112
(1) The calculations of NOI and Cash Basis NOI exclude certain
components of net income in order to provide results that are more
closely related to SNH’s property level 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 excluding non cash straight line rent adjustments, lease
value amortization, lease termination fees, if any, and non cash
amortization included in property operating expenses. 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 generated and 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 activities.
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
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.
(2) SNH recorded a liability for the amount by which the
estimated fair value for accounting purposes exceeded the price SNH
paid for its investment in The RMR Group Inc. shares in June 2015.
A portion of this liability is being amortized on a straight line
basis over the 20 year life of the property management agreement
with The RMR Group LLC as a reduction to property management fees,
which are included in property operating expenses.
SENIOR HOUSING PROPERTIES TRUSTCalculation and
Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same
Property Cash Basis NOI by Segment (1)(dollars in
thousands)(unaudited)
For the Three Months Ended
September 30, 2015 For the Three Months Ended September 30,
2014 Calculation of NOI and Cash Basis NOI:
Triple NetLeased Senior
LivingCommunities (2)
ManagedSenior
LivingCommunities (3)
MOBs (4) Non-Segment (5) Total
Triple NetLeased Senior
LivingCommunities (2)
ManagedSenior
LivingCommunities (3)
MOBs (4) Non-Segment (5) Total
Rental income / residents fees and services $ 64,222 $ 96,412 $
90,072 $ 4,569 $ 255,275 $ 55,266 $ 79,259 $ 77,798 $ 4,550 $
216,873 Property operating expenses - (71,983
) (24,944 ) - (96,927 ) -
(61,330 ) (21,376 ) - (82,706 ) Property net
operating income (NOI) $ 64,222 $ 24,429 $ 65,128
$ 4,569 $ 158,348 $ 55,266 $ 17,929 $
56,422 $ 4,550 $ 134,167 NOI Growth 16.2 % 36.3 %
15.4 % 0.4 % 18.0 % -- -- -- -- -- Property NOI $ 64,222 $
24,429 $ 65,128 $ 4,569 $ 158,348 $ 55,266 $ 17,929 $ 56,422 $
4,550 $ 134,167 Less: Non cash straight line rent adjustments 1,373
- 3,530 138 5,041 113 - 2,626 137 2,876 Lease value amortization -
- 1,029 55 1,084 - - 1,209 55 1,264 Lease termination fees - - 244
- 244 - - - - - Non cash amortization included in property
operating expenses (7) - - 203
- 203 - -
- - - Cash Basis NOI $ 62,849
$ 24,429 $ 60,122 $ 4,376 $ 151,776
$ 55,153 $ 17,929 $ 52,587 $ 4,358 $ 130,027
Cash Basis NOI Growth 14.0 % 36.3 % 14.3 % 0.4 % 16.7 % --
-- -- -- --
Reconciliation of NOI to Same Property
NOI: Property NOI $ 64,222 $ 24,429 $ 65,128 $ 4,569 $ 158,348
$ 55,266 $ 17,929 $ 56,422 $ 4,550 $ 134,167 Less: NOI not included
in same property 8,665 4,521 8,548 - 21,734 441 - 124 - 565
Same
property NOI (6) $ 55,557 $ 19,908 $ 56,580 $
4,569 $ 136,614 $ 54,825 $ 17,929 $ 56,298
$ 4,550 $ 133,602 Same property NOI growth 1.3 % 11.0
% 0.5 % 0.4 % 2.3 % -- -- -- -- --
Reconciliation of Same
Property NOI to Same Property Cash Basis NOI: Same property NOI
(6) $ 55,557 $ 19,908 $ 56,580 $ 4,569 $ 136,614 $ 54,825 $ 17,929
$ 56,298 $ 4,550 $ 133,602 Less: Non cash straight line rent
adjustments 233 - 2,828 138 3,199 113 - 2,625 137 2,875 Lease value
amortization - - 1,039 55 1,094 - - 1,209 55 1,264 Lease
termination fees - - 244 - 244 - - - - - Non cash amortization
included in property operating expenses (7) -
- 179 179 -
- - - - Same property
cash basis NOI (6) $ 55,324 $ 19,908 $ 52,290
$ 4,376 $ 131,898 $ 54,712 $ 17,929 $ 52,464
$ 4,358 $ 129,463 Same property cash basis NOI growth
1.1 % 11.0 % (0.3 %) 0.4 % 1.9 % -- -- -- -- --
(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
leased 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 leased to medical providers,
medical related businesses, clinics and biotech laboratory
tenants.(5) Includes the operating results of certain properties
that offer wellness and spa services to members.(6) Consists of
properties owned continuously since July 1, 2014.(7) We recorded a
liability for the amount by which the estimated fair value for
accounting purposes exceeded the price we paid for our investment
in RMR Inc. shares in June 2015. A portion of this liability is
being amortized on a straight line basis over the 20 year life of
the property management agreement with RMR LLC as a reduction to
property management fees, which are included in property operating
expenses.
SENIOR HOUSING PROPERTIES
TRUSTCONDENSED CONSOLIDATED BALANCE SHEETS(amounts in
thousands)(unaudited)
Balance Sheet:
September 30,2015 December 31,2014
ASSETS Real estate properties $ 7,439,088 $ 6,238,611
Less accumulated depreciation (1,101,434 ) (983,850 )
6,337,654 5,254,761 Cash and cash equivalents 61,408 27,594
Restricted cash 8,179 10,544 Deferred financing fees, net 29,486
30,549 Acquired real estate leases and other intangible assets, net
628,706 472,788 Other assets 287,563 172,033
Total assets $ 7,352,996 $ 5,968,269
LIABILITIES AND SHAREHOLDERS’ EQUITY Unsecured
revolving credit facility $ 467,757 $ 80,000 Unsecured term loans
550,000 350,000 Senior unsecured notes, net of discount 1,744,694
1,743,628 Secured debt and capital leases 739,114 627,076 Accrued
interest 33,662 20,046 Assumed real estate lease obligations, net
118,099 122,826 Other liabilities 194,130
72,286 Total liabilities 3,847,456 3,015,862 Total
shareholders’ equity 3,505,540 2,952,407
Total liabilities and shareholders’ equity $ 7,352,996
$ 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151104005543/en/
Senior Housing Properties TrustOlivia Snyder,
617-796-8234Investor Relations Analyst
Senior Housing Properties (NASDAQ:SNH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Senior Housing Properties (NASDAQ:SNH)
Historical Stock Chart
From Apr 2023 to Apr 2024