Diversified Healthcare Trust (Nasdaq: DHC) today provided an update regarding the recent performance of its Senior Housing Operating Portfolio, or SHOP, segment.
Monthly Unaudited Results in DHC’s Total SHOP Comparable Properties:
- September 2023 occupancy was 79.4%, 660 basis points below September 2019, and 10 basis points above August 2023.
- September 2023 Resident Fees and Services revenue was $96.1 million, $4.0 million, or 4.0%, below September 2019, and $1.4 million, or 1.5%, above August 2023.
- September 2023 net operating income, or NOI, was $8.8 million, $5.9 million, or 40.0%, below September 2019, and $3.5 million, or 66.4% above August 2023.
- September 2023 NOI margin was 9.2%, 550 basis points below September 2019, and 360 basis points above August 2023.
Year to Date Unaudited Results in DHC’s Total SHOP Comparable Properties:
- Year to date occupancy through September 30, 2023, was 78.3%, 820 basis points below the same period in 2019.
- Year to date Resident Fees and Services revenue through September 30, 2023, was $833.9 million, $86.2 million, or 9.4%, below the same period in 2019.
- Year to date NOI through September 30, 2023, was $59.1 million, $99.4 million, or 62.7%, below the same period in 2019.
- Year to date NOI margin through September 30, 2023, was 7.1%, 1,010 basis points below the same period in 2019.
Diversified Healthcare Trust(1)
(dollars in thousands, except average monthly rate)
2023 | |||||||||||||||||||||||||||||
COMPARABLE (2) | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | YTD | |||||||||||||||||||
ALR/Five Star Managed Communities | |||||||||||||||||||||||||||||
| Number of Properties | 117 | 117 | 117 | 117 | 117 | 117 | 117 | 117 | 117 | 117 | |||||||||||||||||||
| Number of Units | 16,995 | 16,995 | 16,995 | 16,995 | 16,995 | 16,995 | 16,995 | 16,995 | 16,951 | 16,951 | |||||||||||||||||||
| Occupancy | 78.0% | 77.9% | 78.5% | 78.7% | 78.8% | 79.3% | 79.5% | 79.9% | 80.0% | 79.0% | |||||||||||||||||||
| Average Monthly Rate | $ | 4,278 | $ | 4,907 | $ | 4,384 | $ | 4,541 | $ | 4,417 | $ | 4,549 | $ | 4,405 | $ | 4,411 | $ | 4,582 | $ | 4,492 | |||||||||
| Residents Fees and Services | $ | 58,695 | $ | 60,666 | $ | 60,434 | $ | 60,769 | $ | 61,178 | $ | 61,309 | $ | 61,524 | $ | 61,831 | $ | 62,160 | $ | 548,566 | |||||||||
| Property Operating Expenses | (52,606) | (51,786) | (54,777) | (50,892) | (54,500) | (54,324) | (55,532) | (55,526) | (55,153) | (485,096) | |||||||||||||||||||
| NOI (3) | $ | 6,089 | $ | 8,880 | $ | 5,657 | $ | 9,877 | $ | 6,678 | $ | 6,985 | $ | 5,992 | $ | 6,305 | $ | 7,007 | $ | 63,470 | |||||||||
| NOI Margin | 10.4% | 14.6% | 9.4% | 16.3% | 10.9% | 11.4% | 9.7% | 10.2% | 11.3% | 11.6% | |||||||||||||||||||
Other Operator Managed Communities | |||||||||||||||||||||||||||||
| Number of Properties | 106 | 106 | 106 | 106 | 106 | 106 | 106 | 106 | 106 | 106 | |||||||||||||||||||
| Number of Units | 7,130 | 7,130 | 7,130 | 7,130 | 7,130 | 7,130 | 7,130 | 7,130 | 7,154 | 7,154 | |||||||||||||||||||
| Occupancy | 74.2% | 75.9% | 76.2% | 76.6% | 76.3% | 77.2% | 77.6% | 77.8% | 77.9% | 76.7% | |||||||||||||||||||
| Average Monthly Rate | $ | 5,665 | $ | 5,944 | $ | 5,662 | $ | 5,668 | $ | 5,566 | $ | 5,749 | $ | 5,675 | $ | 5,723 | $ | 6,095 | $ | 5,748 | |||||||||
| Residents Fees and Services | $ | 30,788 | $ | 29,808 | $ | 31,504 | $ | 30,938 | $ | 31,303 | $ | 31,664 | $ | 32,461 | $ | 32,933 | $ | 33,981 | $ | 285,380 | |||||||||
| Property Operating Expenses | (33,025) | (30,118) | (32,590) | (31,725) | (32,096) | (31,472) | (32,549) | (33,946) | (32,181) | (289,702) | |||||||||||||||||||
| NOI (3) | $ | (2,237) | $ | (310) | $ | (1,086) | $ | (787) | $ | (793) | $ | 192 | $ | (88) | $ | (1,013) | $ | 1,800 | $ | (4,322) | |||||||||
| NOI Margin | (7.3)% | (1.0)% | (3.4)% | (2.5)% | (2.5)% | 0.6% | (0.3)% | (3.1)% | 5.3% | (1.5)% | |||||||||||||||||||
Total SHOP Comparable | |||||||||||||||||||||||||||||
| Number of Properties | 223 | 223 | 223 | 223 | 223 | 223 | 223 | 223 | 223 | 223 | |||||||||||||||||||
| Number of Units | 24,125 | 24,125 | 24,125 | 24,125 | 24,125 | 24,125 | 24,125 | 24,125 | 24,105 | 24,105 | |||||||||||||||||||
| Occupancy | 76.9% | 77.3% | 77.8% | 78.1% | 78.1% | 78.7% | 79.0% | 79.3% | 79.4% | 78.3% | |||||||||||||||||||
| Average Monthly Rate | $ | 4,671 | |||||||||||||||||||||||||||
