Risk/Reward archive
Last year at this time, when I last wrote about DHC, the Trust had proposed to merge with another RMR Group affiliate, Office Properties Income Trust (OPI). That merger proposal was scuttled by opposing DHC shareholders.
Continue reading →23Q2 GAAP loss was $0.30 per share and normalized FFO was $0.05 per share, an improvement over 22Q2’s loss of $0.46 and FFO of -$0.14. The GAAP net loss was higher than the $0.24 loss that I projected,…
Continue reading →22Q3 GAAP loss was $0.34 per share and normalized FFO was –$0.06 per share, below my forecast of ‑$0.23 and +$0.01, respectively. The Office Portfolio met expectations, but Senior Housing Operating Portfolio (SHOP) results were disappointing as improved…
Continue reading →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…
Continue reading →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…
Continue reading →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…
Continue reading →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…
Continue reading →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…
Continue reading →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…
Continue reading →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…
Continue reading →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…
Continue reading →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),…
Continue reading →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…
Continue reading →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…
Continue reading →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…
Continue reading →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. …
Continue reading →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…
Continue reading →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…
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