Normalized FFO Per Share for the Second Quarter Increases by 4.7%
Year over Year to $0.45
NEWTON, Mass.--(BUSINESS WIRE)--
Senior Housing Properties Trust (NYSE: SNH) today announced its
financial results for the quarter and six months ended June 30, 2015.
SNH's President and Chief Operating Officer, David Hegarty, made the
following statement:
"We were pleased that for the third straight quarter, SNH achieved
growth of $0.02, or 4.7%, in Normalized FFO per share compared to the
same period a year ago. During the second quarter, we closed the
acquisition of 37 high quality 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.
"In addition, we announced a transaction involving our manager, RMR,
whereby we acquired a 17.0% economic interest in our manager in exchange
for $60.7 million and amended the management agreements with RMR to
extend the terms for 20 years. We believe this transaction further
aligns the interests of RMR management, ourselves and our shareholders
and allows us to continue benefiting from a low cost management
structure."
Results for the quarter ended June 30, 2015:
Normalized funds from operations, or Normalized FFO, for the quarter
ended June 30, 2015 were $106.8 million, or $0.45 per basic and diluted
share. This compares to Normalized FFO for the quarter ended June 30,
2014 of $86.6 million, or $0.43 per basic and diluted share. The
increase in Normalized FFO is primarily the result of acquisitions since
July 1, 2014.
Net income was $36.4 million, or $0.15 per basic and diluted share, for
the quarter ended June 30, 2015, compared to net income of $37.7
million, or $0.19 per basic and diluted share, for the quarter ended
June 30, 2014.
The basic and diluted weighted average number of common shares
outstanding were 235.5 million and 235.6 million, respectively, for the
quarter ended June 30, 2015, and 199.8 million and 199.9 million,
respectively, for the quarter ended June 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 June 30,
2015 and 2014 appear later in this press release.
Results for the six months ended June 30, 2015:
Normalized FFO for the six months ended June 30, 2015 were $205.3
million, or $0.90 per basic and diluted share. This compares to
Normalized FFO for the six months ended June 30, 2014 of $166.7 million,
or $0.86 per basic and diluted share.
Net income was $76.2 million, or $0.33 per basic and diluted share, for
the six months ended June 30, 2015, compared to net income of $76.2
million, or $0.39 per basic and diluted share, for the six months ended
June 30, 2014.
The basic and diluted weighted average number of common shares
outstanding were 228.5 million for the six months ended June 30, 2015,
and 194.0 million for the six months ended June 30, 2014.
Reconciliations of net income determined in accordance with GAAP to FFO
and Normalized FFO for the six months ended June 30, 2015 and 2014
appears later in this press release.
Operating Results for the quarter ended June 30, 2015:
For the three months ended June 30, 2015, consolidated same property net
operating income, or NOI, and cash basis NOI increased 0.4% and
decreased 0.1%, respectively, compared to the quarter ended June 30,
2014.
For the three months ended June 30, 2015, 42.8% 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
square feet of leasable area. As of June 30, 2015, 96.4% of SNH's MOB
square feet were leased, compared to 96.2% as of March 31, 2015 and
95.6% as of June 30, 2014. Same property occupancy for SNH's MOBs owned
continuously since April 1, 2014 increased to 95.0% as of June 30, 2015,
compared to 94.9% as of June 30, 2014. Same property NOI and cash basis
NOI for SNH's MOBs decreased 2.3% and 3.2%, respectively, during the
quarter ended June 30, 2015 compared to the quarter ended June 30, 2014.
For the three months ended June 30, 2015, 39.9% of SNH's consolidated
NOI came from 232 triple net leased senior living communities with
26,135 living units. Occupancy at triple net leased senior living
communities was 85.1% during the most recently reported period, compared
to 85.2% during the comparable period last year.(1) Same
property occupancy at triple net leased senior living communities owned
continuously since April 1, 2014 increased to 85.5% during the most
recently reported period, compared to 85.3% during the comparable period
last year. Same property NOI and cash basis NOI for SNH's triple net
leased senior living communities increased 1.8% and 1.2%, respectively,
during the quarter ended June 30, 2015 compared to the quarter ended
June 30, 2014.
For the three months ended June 30, 2015, 14.3% of SNH's NOI came from
65 managed senior living communities with 8,563 living units. Occupancy
at managed senior living communities was 88.1% during the quarter ended
June 30, 2015, compared to 88.5% during the comparable period last year.
Same property occupancy for managed senior living communities owned
continuously since April 1, 2014 decreased to 87.6% during the quarter
ended June 30, 2015, from 88.5% during the comparable period last year.
Same property average monthly rates increased 2.4% to $4,276 during the
quarter ended June 30, 2015 compared to the quarter ended June 30, 2014.
Same property NOI and cash basis NOI for SNH's managed senior living
communities both increased 1.4% during the quarter ended June 30, 2015
compared to the quarter ended June 30, 2014.
Reconciliations of NOI and cash basis NOI to net income determined in
accordance with GAAP for the quarters ended June 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 Segment for the quarters ended June 30, 2015
and 2014 appear later in this press release.
Recent Investment and Sales Activities:
As previously disclosed, on May 1, 2015, SNH completed the acquisition
of 37 (out of a portfolio of 38) senior living communities with 3,352
living units for approximately $762.6 million. SNH amended the purchase
agreement related to these communities to accommodate a delayed closing
of one senior living community with 87 living units, which SNH expects
to acquire before year end 2015. Nineteen of the 38 communities, with
2,206 living units, including the one community that SNH has not yet
acquired, are leased to seven senior living operators. The remaining 19
communities, with 1,233 living units, were acquired using taxable REIT
subsidiary, or TRS, structures. SNH terminated the pre-existing
management agreements for 14 of these communities, with 838 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, 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 annual interest rate of 4.43%.
Also in May 2015, SNH acquired a newly constructed senior living
community with 40 private pay independent living units located in
Georgia for approximately $9.8 million, excluding closing costs. This
community is adjacent to another community that SNH owns which is
managed by Five Star. This community and the community already owned are
treated as one property, and are being operated as a single integrated
community under the same management agreement.
In July 2015, SNH entered into an agreement to acquire one senior living
community with 84 private pay assisted living units located in Georgia
for approximately $18.3 million, excluding closing costs. SNH intends to
lease this community to a third party senior living operator. This
acquisition is expected to close in 2015.
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. SNH did not recognize a gain or loss on this sale. 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. Any adjustments to net
book value related to these sales will be recognized in the third
quarter of 2015 when all of the costs of these sales are known.
As previously announced, on June 5, 2015, SNH acquired 5.3 million
shares of Reit Management & Research Inc., or RMR Inc., for $60.7
million, excluding transaction costs. As payment for the shares, SNH
issued 2.3 million of its common shares valued at the volume weighted
average trading prices during the 20 days prior to the acquisition and
paid the remainder of the purchase price in cash. Through SNH's
acquisition of the RMR Inc. shares, SNH indirectly acquired an economic
ownership of 17.0% of Reit Management & Research LLC, or RMR LLC, SNH's
manager. SNH currently expects to distribute half of its RMR Inc. shares
to its shareholders by year end 2015, but SNH will not distribute its
RMR Inc. shares until a registration statement is declared effective by
the Securities and Exchange Commission, or SEC. In connection with
entering into a transaction agreement with RMR Inc., SNH and RMR LLC
entered into amended and restated business management and property
management agreements, which, among other things, extend the terms of
these agreements for 20 years.
Recent Financing Activities:
During the second quarter of 2015, SNH repaid mortgage notes encumbering
seven properties with an aggregate principal balance of $30.6 million
and a weighted average annual interest rate of 5.7%.
Conference Call:
On Thursday, August 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 and six months ended June 30, 2015.
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 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 Thursday, August 13, 2015.
To hear the replay, dial (412) 317-0088. The replay pass code is
10068793.
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
second quarter 2015 conference call are strictly prohibited without the
prior written consent of SNH.
Supplemental Data:
A copy of SNH's Second 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 June 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.
(1) Most recent reported data is based upon the operating
results provided by SNH's tenants for the 12 months ended March 31, 2015
and 2014 or the most recent prior period for which tenant operating
results are available.
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:
-
THIS PRESS RELEASE STATES THAT SNH EXPECTS TO COMPLETE THE CLOSING OF
ONE SENIOR LIVING COMMUNITY 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,
-
THIS PRESS RELEASE STATES THAT SNH HAS AGREED TO ACQUIRE ONE SENIOR
LIVING COMMUNITY FOR APPROXIMATELY $18.3 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 STATES THE PURCHASE PRICE SNH PAID FOR THE RMR INC.
SHARES AND SNH'S ECONOMIC OWNERSHIP INTEREST IN RMR LLC. AN
IMPLICATION OF THESE STATEMENTS MAY BE THAT THE RMR INC. SHARES TO BE
DISTRIBUTED TO SNH'S SHAREHOLDERS WILL HAVE A MARKET VALUE AT LEAST
EQUAL TO THE VALUE SNH PAID FOR THE RMR INC. SHARES. IN FACT, THE
VALUE OF THE RMR INC. SHARES MAY BE DIFFERENT FROM THE PRICE SNH PAID
FOR THE RMR INC. SHARES AND THE MARKET VALUE OF THE RMR INC. SHARES
WILL DEPEND UPON VARIOUS FACTORS, INCLUDING SOME THAT ARE BEYOND SNH'S
CONTROL, SUCH AS MARKET CONDITIONS GENERALLY AT THE TIME THE RMR INC.
SHARES ARE AVAILABLE FOR TRADING. THERE CAN BE NO ASSURANCE PROVIDED
REGARDING THE PRICE AT WHICH THE RMR INC. SHARES WILL TRADE IF AND
WHEN THEY ARE DISTRIBUTED AND LISTED ON A NATIONAL STOCK EXCHANGE.
-
THIS PRESS RELEASE STATES THAT SNH CURRENTLY EXPECTS TO DISTRIBUTE
HALF OF THE RMR INC. SHARES SNH ACQUIRED TO SNH'S SHAREHOLDERS AND
THAT SNH CURRENTLY EXPECTS THE DISTRIBUTION OF RMR INC. SHARES WILL
OCCUR BY YEAR END 2015. THE PROCESS OF PREPARING A REGISTRATION
STATEMENT FOR THE DISTRIBUTION OF THE RMR INC. SHARES REQUIRES
EXTENSIVE LEGAL AND ACCOUNTING SERVICES. AFTER A REGISTRATION
STATEMENT IS FILED, IT WILL BE SUBJECT TO REVIEW BY SEC STAFF, WHICH
MAY ALSO TAKE CONSIDERABLE TIME. SNH CAN PROVIDE NO ASSURANCE WHEN OR
IF THE REGISTRATION STATEMENT WILL BE DECLARED EFFECTIVE BY THE SEC,
THAT THE RMR INC. SHARES WILL BE APPROVED FOR LISTING ON A NATIONAL
STOCK EXCHANGE OR IF THE DISTRIBUTION OF THE RMR INC. SHARES WILL
OCCUR BY YEAR END 2015, OR EVER.
-
THIS PRESS RELEASE STATES THAT THE BUSINESS MANAGEMENT AND PROPERTY
MANAGEMENT AGREEMENTS BETWEEN SNH AND RMR LLC HAVE BEEN AMENDED AND
EXTENDED FOR 20 YEAR TERMS. THE AMENDED MANAGEMENT AGREEMENTS INCLUDE
TERMS WHICH PERMIT EARLY TERMINATION AND EXTENSIONS IN CERTAIN
CIRCUMSTANCES. ACCORDINGLY, THERE CAN BE NO ASSURANCE THAT THESE
AGREEMENTS WILL REMAIN IN EFFECT FOR 20 YEARS OR FOR SHORTER OR LONGER
TERMS.
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.
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SENIOR HOUSING PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF INCOME
(amounts in thousands, except per share data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental income
|
|
|
|
$
|
155,546
|
|
|
|
$
|
127,669
|
|
|
|
$
|
301,329
|
|
|
|
$
|
239,724
|
|
Residents fees and services
|
|
|
|
|
91,856
|
|
|
|
|
79,039
|
|
|
|
|
174,649
|
|
|
|
|
158,481
|
|
Total revenues
|
|
|
|
|
247,402
|
|
|
|
|
206,708
|
|
|
|
|
475,978
|
|
|
|
|
398,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses
|
|
|
|
|
93,592
|
|
|
|
|
79,786
|
|
|
|
|
179,386
|
|
|
|
|
157,590
|
|
Depreciation
|
|
|
|
|
62,511
|
|
|
|
|
46,703
|
|
|
|
|
116,218
|
|
|
|
|
85,058
|
|
General and administrative
|
|
|
|
|
11,674
|
|
|
|
|
9,577
|
|
|
|
|
22,248
|
|
|
|
|
17,866
|
|
Acquisition related costs
|
|
|
|
|
4,617
|
|
|
|
|
2,512
|
|
|
|
|
5,775
|
|
|
|
|
2,635
|
|
Total expenses
|
|
|
|
|
172,394
|
|
|
|
|
138,578
|
|
|
|
|
323,627
|
|
|
|
|
263,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
75,088
|
|
|
|
|
68,130
|
|
|
|
|
152,351
|
|
|
|
|
135,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income
|
|
|
|
|
142
|
|
|
|
|
154
|
|
|
|
|
217
|
|
|
|
|
258
|
|
Interest expense
|
|
|
|
|
(37,907
|
)
|
|
|
|
(34,112
|
)
|
|
|
|
(73,848
|
)
|
|
|
|
(63,012
|
)
|
Loss on early extinguishment of debt
|
|
|
|
|
(39
|
)
|
|
|
|
—
|
|
|
|
|
(1,448
|
)
|
|
|
|
—
|
|
Income from continuing operations before income tax expense and
equity in earnings of an investee
|
|
|
|
|
37,204
|
|
|
|
|
34,172
|
|
|
|
|
77,272
|
|
|
|
|
72,302
|
|
Income tax expense
|
|
|
|
|
(129
|
)
|
|
|
|
(155
|
)
|
|
|
|
(239
|
)
|
|
|
|
(346
|
)
|
Equity in earnings of an investee
|
|
|
|
|
23
|
|
|
|
|
118
|
|
|
|
|
95
|
|
|
|
|
21
|
|
Income from continuing operations
|
|
|
|
|
37,098
|
|
|
|
|
34,135
|
|
|
|
|
77,128
|
|
|
|
|
71,977
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from discontinued operations
|
|
|
|
|
(109
|
)
|
|
|
|
741
|
|
|
|
|
(350
|
)
|
|
|
|
2,041
|
|
Impairment of assets from discontinued operations
|
|
|
|
|
(602
|
)
|
|
|
|
387
|
|
|
|
|
(602
|
)
|
|
|
|
(334
|
)
|
Income before gain on sale of properties
|
|
|
|
|
36,387
|
|
|
|
|
35,263
|
|
|
|
|
76,176
|
|
|
|
|
73,684
|
|
Gain on sale of properties
|
|
|
|
|
—
|
|
|
|
|
2,396
|
|
|
|
|
—
|
|
|
|
|
2,552
|
|
Net income
|
|
|
|
$
|
36,387
|
|
|
|
$
|
37,659
|
|
|
|
$
|
76,176
|
|
|
|
$
|
76,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (basic)
|
|
|
|
|
235,549
|
|
|
|
|
199,830
|
|
|
|
|
228,501
|
|
|
|
|
193,962
|
|
Weighted average shares outstanding (diluted)
|
|
|
|
|
235,592
|
|
|
|
|
199,867
|
|
|
|
|
228,534
|
|
|
|
|
193,990
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
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Basic and diluted per common share amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations per share
|
|
|
|
|
0.16
|
|
|
|
|
0.18
|
|
|
|
|
0.34
|
|
|
|
|
0.38
|
|
Income from discontinued operations per share
|
|
|
|
|
(0.01
|
)
|
|
|
|
0.01
|
|
|
|
|
(0.01
|
)
|
|
|
|
0.01
|
|
Basic and diluted net income per share
|
|
|
|
$
|
0.15
|
|
|
|
$
|
0.19
|
|
|
|
$
|
0.33
|
|
|
|
$
|
0.39
|
|
|
|
|
|
|
|
|
|
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
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
36,387
|
|
|
$
|
37,659
|
|
|
|
$
|
76,176
|
|
|
$
|
76,236
|
|
Depreciation expense from continuing operations
|
|
|
|
|
62,511
|
|
|
|
46,703
|
|
|
|
|
116,218
|
|
|
|
85,058
|
|
Gain on sale of properties
|
|
|
|
|
—
|
|
|
|
(2,396
|
)
|
|
|
|
—
|
|
|
|
(2,552
|
)
|
Impairment of assets from discontinued operations
|
|
|
|
|
602
|
|
|
|
(387
|
)
|
|
|
|
602
|
|
|
|
334
|
|
FFO
|
|
|
|
|
99,500
|
|
|
|
81,579
|
|
|
|
|
192,996
|
|
|
|
159,076
|
|
Acquisition related costs
|
|
|
|
|
4,617
|
|
|
|
2,512
|
|
|
|
|
5,775
|
|
|
|
2,635
|
|
Loss on early extinguishment of debt
|
|
|
|
|
39
|
|
|
|
—
|
|
|
|
|
1,448
|
|
|
|
—
|
|
Percentage rent adjustment(2)
|
|
|
|
|
2,600
|
|
|
|
2,500
|
|
|
|
|
5,100
|
|
|
|
5,000
|
|
Normalized FFO
|
|
|
|
$
|
106,756
|
|
|
$
|
86,591
|
|
|
|
$
|
205,319
|
|
|
$
|
166,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (basic)
|
|
|
|
|
235,549
|
|
|
|
199,830
|
|
|
|
|
228,501
|
|
|
|
193,962
|
|
Weighted average shares outstanding (diluted)
|
|
|
|
|
235,592
|
|
|
|
199,867
|
|
|
|
|
228,534
|
|
|
|
193,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per share
|
|
|
|
$
|
0.42
|
|
|
$
|
0.41
|
|
|
|
$
|
0.84
|
|
|
$
|
0.82
|
|
Normalized FFO per share
|
|
|
|
$
|
0.45
|
|
|
$
|
0.43
|
|
|
|
$
|
0.90
|
|
|
$
|
0.86
|
|
Net income per share
|
|
|
|
$
|
0.15
|
|
|
$
|
0.19
|
|
|
|
$
|
0.33
|
|
|
$
|
0.39
|
|
Distributions declared per share
|
|
|
|
$
|
0.39
|
|
|
$
|
0.39
|
|
|
|
$
|
0.78
|
|
|
$
|
0.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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 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
|
|
|
|
|
|
6/30/2015
|
|
|
|
6/30/2014
|
Calculation of NOI and Cash Basis NOI (1):
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Rental income
|
|
|
|
|
$ 155,546
|
|
|
|
$ 127,669
|
Residents fees and services
|
|
|
|
|
91,856
|
|
|
|
79,039
|
Total revenues
|
|
|
|
|
247,402
|
|
|
|
206,708
|
Property operating expenses
|
|
|
|
|
93,592
|
|
|
|
79,786
|
Property net operating income (NOI):
|
|
|
|
|
153,810
|
|
|
|
126,922
|
Non cash straight line rent adjustments
|
|
|
|
|
(5,190)
|
|
|
|
(2,351)
|
Lease value amortization
|
|
|
|
|
(1,179)
|
|
|
|
(569)
|
Lease termination fees
|
|
|
|
|
(163)
|
|
|
|
—
|
Cash Basis NOI
|
|
|
|
|
$ 147,278
|
|
|
|
$ 124,002
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Cash Basis NOI to Net
Income:
|
|
|
|
|
|
|
|
|
|
Cash Basis NOI
|
|
|
|
|
$ 147,278
|
|
|
|
$ 124,002
|
Non cash straight line rent adjustments
|
|
|
|
|
5,190
|
|
|
|
2,351
|
Lease value amortization
|
|
|
|
|
1,179
|
|
|
|
569
|
Lease termination fees
|
|
|
|
|
163
|
|
|
|
—
|
Property NOI
|
|
|
|
|
153,810
|
|
|
|
126,922
|
Depreciation expense
|
|
|
|
|
(62,511)
|
|
|
|
(46,703)
|
General and administrative expense
|
|
|
|
|
(11,674)
|
|
|
|
(9,577)
|
Acquisition related costs
|
|
|
|
|
(4,617)
|
|
|
|
(2,512)
|
Operating income
|
|
|
|
|
75,008
|
|
|
|
68,130
|
|
|
|
|
|
|
|
|
|
|
Interest and other income
|
|
|
|
|
142
|
|
|
|
154
|
Interest expense
|
|
|
|
|
(37,907)
|
|
|
|
(34,112)
|
Loss on early extinguishment of debt
|
|
|
|
|
(39)
|
|
|
|
—
|
Income before income tax expense and
|
|
|
|
|
|
|
|
|
|
equity in earnings of an investee
|
|
|
|
|
37,204
|
|
|
|
34,172
|
Income tax expense
|
|
|
|
|
(129)
|
|
|
|
(155)
|
Equity in earnings of an investee
|
|
|
|
|
23
|
|
|
|
118
|
Income from continuing operations
|
|
|
|
|
37,098
|
|
|
|
34,135
|
Discontinued operations
|
|
|
|
|
|
|
|
|
|
(Loss) income from discontinued operations
|
|
|
|
|
(109)
|
|
|
|
741
|
Impairment of assets from discontinued
operations
|
|
|
|
|
(602)
|
|
|
|
387
|
Income before gain on sale of properties
|
|
|
|
|
36,387
|
|
|
|
35,263
|
Gain on sale of properties
|
|
|
|
|
—
|
|
|
|
2,396
|
Net income
|
|
|
|
|
$ 36,387
|
|
|
|
$ 37,659
|
|
|
|
|
|
|
|
|
|
|
(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 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 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 TRUST Calculation and
Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same
Property Cash Basis NOI by Segment (1) (amounts
in thousands) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 2015
|
|
|
|
For the Three Months Ended June 30, 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 Net Leased Senior Living Communities
(2)
|
|
|
|
Managed Senior Living Communities (3)
|
|
|
|
MOBs (4)
|
|
|
|
Non-Segment (5)
|
|
|
|
Total
|
Rental income / residents fees and services
|
|
$
|
61,347
|
|
|
|
|
$
|
91,856
|
|
|
|
|
$
|
89,591
|
|
|
|
|
$
|
4,608
|
|
|
|
|
$
|
247,402
|
|
|
|
|
$
|
55,166
|
|
|
|
$
|
79,039
|
|
|
|
|
$
|
68,027
|
|
|
|
|
$
|
4,476
|
|
|
|
$
|
206,708
|
|
Property operating expenses
|
|
|
|
|
|
-
|
|
|
|
|
|
(69,792
|
)
|
|
|
|
|
(23,800
|
)
|
|
|
|
|
-
|
|
|
|
|
|
(93,592
|
)
|
|
|
|
|
-
|
|
|
|
|
(60,624
|
)
|
|
|
|
|
(19,162
|
)
|
|
|
|
|
-
|
|
|
|
|
(79,786
|
)
|
Property net operating income (NOI)
|
|
|
|
|
$
|
61,347
|
|
|
|
|
$
|
22,064
|
|
|
|
|
$
|
65,791
|
|
|
|
|
$
|
4,608
|
|
|
|
|
$
|
153,810
|
|
|
|
|
$
|
55,166
|
|
|
|
$
|
18,415
|
|
|
|
|
$
|
48,865
|
|
|
|
|
$
|
4,476
|
|
|
|
$
|
126,922
|
|
NOI Growth
|
|
|
|
|
|
11.2
|
%
|
|
|
|
|
19.8
|
%
|
|
|
|
|
34.6
|
%
|
|
|
|
|
2.9
|
%
|
|
|
|
|
21.2
|
%
|
|
|
|
|
--
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property NOI
|
|
|
|
|
$
|
61,347
|
|
|
|
|
$
|
22,064
|
|
|
|
|
$
|
65,791
|
|
|
|
|
$
|
4,608
|
|
|
|
|
$
|
153,810
|
|
|
|
|
$
|
55,166
|
|
|
|
$
|
18,415
|
|
|
|
|
$
|
48,865
|
|
|
|
|
$
|
4,476
|
|
|
|
$
|
126,922
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non cash straight line rent adjustments
|
|
|
|
|
|
1,251
|
|
|
|
|
|
-
|
|
|
|
|
|
3,803
|
|
|
|
|
|
137
|
|
|
|
|
|
5,191
|
|
|
|
|
|
120
|
|
|
|
|
-
|
|
|
|
|
|
2,094
|
|
|
|
|
|
137
|
|
|
|
|
2,351
|
|
Lease value amortization
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
1,123
|
|
|
|
|
|
55
|
|
|
|
|
|
1,178
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
514
|
|
|
|
|
|
55
|
|
|
|
|
569
|
|
Lease termination fees
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
163
|
|
|
|
|
|
-
|
|
|
|
|
|
163
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Cash Basis NOI
|
|
|
|
|
$
|
60,096
|
|
|
|
|
$
|
22,064
|
|
|
|
|
$
|
60,702
|
|
|
|
|
$
|
4,416
|
|
|
|
|
$
|
147,278
|
|
|
|
|
$
|
55,046
|
|
|
|
$
|
18,415
|
|
|
|
|
$
|
46,257
|
|
|
|
|
$
|
4,284
|
|
|
|
$
|
124,002
|
|
Cash Basis NOI Growth
|
|
|
|
|
|
9.2
|
%
|
|
|
|
|
19.8
|
%
|
|
|
|
|
31.2
|
%
|
|
|
|
|
3.1
|
%
|
|
|
|
|
18.8
|
%
|
|
|
|
|
--
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of NOI to Same Property NOI:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property NOI
|
|
|
|
|
$
|
61,347
|
|
|
|
|
$
|
22,064
|
|
|
|
|
$
|
65,791
|
|
|
|
|
$
|
4,608
|
|
|
|
|
$
|
153,810
|
|
|
|
|
$
|
55,166
|
|
|
|
$
|
18,415
|
|
|
|
|
$
|
48,865
|
|
|
|
|
$
|
4,476
|
|
|
|
$
|
126,922
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI not included in same property
|
|
|
|
|
|
5,645
|
|
|
|
|
|
3,400
|
|
|
|
|
|
30,634
|
|
|
|
|
|
-
|
|
|
|
|
|
39,679
|
|
|
|
|
|
424
|
|
|
|
|
-
|
|
|
|
|
|
12,878
|
|
|
|
|
|
-
|
|
|
|
|
13,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same property NOI (6)
|
|
|
|
|
$
|
55,702
|
|
|
|
|
$
|
18,664
|
|
|
|
|
$
|
35,157
|
|
|
|
|
$
|
4,608
|
|
|
|
|
$
|
114,131
|
|
|
|
|
$
|
54,742
|
|
|
|
$
|
18,415
|
|
|
|
|
$
|
35,987
|
|
|
|
|
$
|
4,476
|
|
|
|
$
|
113,620
|
|
Same property NOI growth
|
|
|
|
|
|
1.8
|
%
|
|
|
|
|
1.4
|
%
|
|
|
|
|
(2.3
|
%)
|
|
|
|
|
2.9
|
%
|
|
|
|
|
0.4
|
%
|
|
|
|
|
--
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Same Property NOI to Same Property Cash Basis
NOI:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same property NOI
|
|
|
|
|
$
|
55,702
|
|
|
|
|
$
|
18,664
|
|
|
|
|
$
|
35,157
|
|
|
|
|
$
|
4,608
|
|
|
|
|
$
|
114,131
|
|
|
|
|
$
|
54,742
|
|
|
|
$
|
18,415
|
|
|
|
|
$
|
35,987
|
|
|
|
|
$
|
4,476
|
|
|
|
$
|
113,620
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non cash straight line rent adjustments
|
|
|
|
|
|
435
|
|
|
|
|
|
-
|
|
|
|
|
|
1,320
|
|
|
|
|
|
137
|
|
|
|
|
|
1,892
|
|
|
|
|
|
120
|
|
|
|
|
-
|
|
|
|
|
|
1,125
|
|
|
|
|
|
137
|
|
|
|
|
1,382
|
|
Lease value amortization
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
(845
|
)
|
|
|
|
|
55
|
|
|
|
|
|
(790
|
)
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
(792
|
)
|
|
|
|
|
55
|
|
|
|
|
(737
|
)
|
Lease termination fees
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
163
|
|
|
|
|
|
-
|
|
|
|
|
|
163
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Same property cash basis NOI (6)
|
|
|
|
|
$
|
55,267
|
|
|
|
|
$
|
18,664
|
|
|
|
|
$
|
34,519
|
|
|
|
|
$
|
4,416
|
|
|
|
|
$
|
112,866
|
|
|
|
|
$
|
54,622
|
|
|
|
$
|
18,415
|
|
|
|
|
$
|
35,654
|
|
|
|
|
$
|
4,284
|
|
|
|
$
|
112,975
|
|
Same property cash basis NOI growth
|
|
|
|
|
|
1.2
|
%
|
|
|
|
|
1.4
|
%
|
|
|
|
|
(3.2
|
%)
|
|
|
|
|
3.1
|
%
|
|
|
|
|
(0.1
|
%)
|
|
|
|
|
--
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For a calculation, reconciliation and definition of NOI and Cash
Basis NOI, please see pages 10 and 11. 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 April 1, 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENIOR HOUSING PROPERTIES TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
Balance Sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
|
|
2015
|
|
|
2014
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Real estate properties
|
|
|
|
|
$
|
7,392,221
|
|
|
|
$
|
6,238,611
|
|
Less accumulated depreciation
|
|
|
|
|
|
(1,066,686
|
)
|
|
|
|
(983,850
|
)
|
|
|
|
|
|
|
6,325,535
|
|
|
|
|
5,254,761
|
|
Cash and cash equivalents
|
|
|
|
|
|
52,231
|
|
|
|
|
27,594
|
|
Restricted cash
|
|
|
|
|
|
9,121
|
|
|
|
|
10,544
|
|
Deferred financing fees, net
|
|
|
|
|
|
27,691
|
|
|
|
|
30,549
|
|
Acquired real estate leases and other intangible assets, net
|
|
|
|
|
|
650,020
|
|
|
|
|
472,788
|
|
Other assets
|
|
|
|
|
|
283,428
|
|
|
|
|
172,033
|
|
Total assets
|
|
|
|
|
$
|
7,348,026
|
|
|
|
$
|
5,968,269
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Unsecured revolving credit facility
|
|
|
|
|
$
|
615,000
|
|
|
|
$
|
80,000
|
|
Unsecured term loan
|
|
|
|
|
|
350,000
|
|
|
|
|
350,000
|
|
Senior unsecured notes, net of discount
|
|
|
|
|
|
1,744,339
|
|
|
|
|
1,743,628
|
|
Secured debt and capital leases
|
|
|
|
|
|
730,213
|
|
|
|
|
627,076
|
|
Accrued interest
|
|
|
|
|
|
21,258
|
|
|
|
|
20,046
|
|
Assumed real estate lease obligations, net
|
|
|
|
|
|
120,732
|
|
|
|
|
122,826
|
|
Other liabilities
|
|
|
|
|
|
200,263
|
|
|
|
|
72,286
|
|
Total liabilities
|
|
|
|
|
|
3,781,805
|
|
|
|
|
3,015,862
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
|
|
3,566,221
|
|
|
|
|
2,952,407
|
|
Total liabilities and shareholders' equity
|
|
|
|
|
$
|
7,348,026
|
|
|
|
$
|
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/20150806005402/en/
Senior Housing Properties Trust
Kimberly Brown, 617-796-8237
Director,
Investor Relations
www.snhreit.com
Source: Senior Housing Properties Trust
News Provided by Acquire Media