Normalized FFO of $0.48 Per Share for the
First Quarter, Increase of 6.7% Year Over Year
Senior Housing Properties Trust (NYSE: SNH) today announced its
financial results for the quarter ended March 31, 2016.
“SNH had a strong start to 2016, generating $0.48 per share in
Normalized FFO during the first quarter, which was 6.7% higher than
last year,” said David Hegarty, President and Chief Operating
Officer. “Same store Cash Basis NOI increased across all property
types versus last year, with a 1.7% increase on a consolidated
basis during the quarter. Since the beginning of the year, we have
acquired property for an aggregate $76.1 million and we either sold
or entered agreements to sell property for an aggregate $10.2
million. We also issued $250.0 million of 30 year, 6.25% senior
unsecured notes during the quarter.”
Financial Results:
Normalized funds from operations, or Normalized FFO, for the
quarter ended March 31, 2016 were $112.9 million, compared to $98.6
million for the quarter ended March 31, 2015, an increase of 14.6%.
Normalized FFO per share for the quarter ended March 31, 2016 was
$0.48 per diluted share, compared to $0.45 per diluted share for
the quarter ended March 31, 2015, an increase of 6.7%.
For the quarter ended March 31, 2016, cash basis net operating
income, or Cash Basis NOI, was $154.4 million, which represents an
increase of 11.9% as compared to $138.0 million for the quarter
ended March 31, 2015. Contributions to the increase in Cash Basis
NOI include $14.1 million from acquisitions and $2.3 million of
increases at the same properties over the comparison period.
Net income was $31.3 million, or $0.13 per diluted share, for
the quarter ended March 31, 2016, compared to net income of $39.8
million, or $0.18 per diluted share, for the quarter ended March
31, 2015. The decline in net income per diluted share for the
quarter ended March 31, 2016 primarily resulted from non-cash
impairment of asset charges of $7.4 million, or $0.03 per diluted
share, recorded in the quarter ended March 31, 2016.
The basic and diluted weighted average number of common shares
outstanding were approximately 237.3 million for the quarter ended
March 31, 2016 and approximately 221.4 million for the quarter
ended March 31, 2015.
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, 2016 and 2015 appear later in this press release.
Reconciliations of NOI and Cash Basis NOI to net income determined
in accordance with GAAP for the quarters ended March 31, 2016 and
2015 also 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 March 31, 2016 and 2015 appear
later in this press release.
Operating Results:
For the quarter ended March 31, 2016, consolidated same property
NOI and Cash Basis NOI increased 1.6% and 1.7%, respectively,
compared to the quarter ended March 31, 2015.
For the quarter ended March 31, 2016, 41.2% of SNH’s NOI came
from 122 properties leased to medical providers, medical related
businesses, clinics and biotech laboratory tenants, or MOBs, with
11.4 million leasable square feet. As of March 31, 2016, 95.8% of
SNH’s MOB square feet were leased compared to 96.4% as of December
31, 2015 and 96.2% as of March 31, 2015.
Same property occupancy for SNH’s MOBs owned continuously since
January 1, 2015 decreased to 94.8% as of March 31, 2016, compared
to 95.3% as of March 31, 2015. SNH’s MOB same property NOI and Cash
Basis NOI increased 1.2% and 1.4%, respectively, during the quarter
ended March 31, 2016 compared to the quarter ended March 31,
2015.
For the quarter ended March 31, 2016, 40.6% of SNH’s
consolidated NOI came from 231 triple net leased senior living
communities with 26,114 living units. Occupancy at triple net
leased senior living communities decreased to 84.5% for the most
recently reported period, compared to 85.3% for the comparable
period last year.(1) Same property occupancy decreased to 84.8% for
the quarter ended March 31, 2016, compared to 85.7% for the same
period last year.(1) Same property NOI and Cash Basis NOI for SNH’s
triple net leased senior living communities each increased 1.6% for
the quarter ended March 31, 2016 compared to the quarter ended
March 31, 2015.
For the quarter ended March 31, 2016, 15.4% of SNH’s NOI came
from 65 managed senior living communities with 8,535 living units.
Occupancy at the managed senior living communities was 87.5% for
the quarter ended March 31, 2016, compared to 88.0% for the
comparable period last year. Same property occupancy for managed
senior living communities owned continuously since January 1, 2015
decreased to 87.1% for the quarter ended March 31, 2016 from 88.0%
for the comparable period last year. Same property average monthly
rates increased 1.2% to $4,353 for the quarter ended March 31, 2016
compared to the quarter ended March 31, 2015. Same property NOI and
Cash Basis NOI for SNH’s managed senior living communities each
increased 3.3% for the quarter ended March 31, 2016 compared to the
quarter ended March 31, 2015.
Acquisition Activity:
In February 2016, SNH acquired one MOB (three buildings) located
in Minnesota with approximately 128,000 square feet for a purchase
price of approximately $22.7 million, excluding closing costs. In
addition, during the quarter ended March 31, 2016, SNH spent
approximately $8.5 million on capital investments that will
generate additional rent under existing senior living leases.
In May 2016, SNH acquired one senior living community with 38
private pay assisted living units located in Georgia for a purchase
price of approximately $8.4 million, excluding closing costs; SNH
acquired this community using a taxable REIT subsidiary structure
and entered into a management agreement with Five Star Quality
Care, Inc. to manage this community. Also in May 2016, SNH acquired
one MOB (one building) located in Florida with approximately
183,000 square feet for a purchase price of $45.0 million,
excluding closing costs.
Disposition Activity:
In March 2016, SNH sold a land parcel, previously classified as
held for sale, for $0.7 million, excluding closing costs.
In the first quarter of 2016, SNH entered into an agreement to
sell one skilled nursing facility, or SNF, for approximately $9.5
million. This sale is subject to conditions. This property and one
MOB are classified as held for sale as of March 31, 2016.
Financing Activity:
In February 2016, SNH issued $250.0 million in aggregate
principal amount of 6.25% senior unsecured notes due 2046, raising
net proceeds of approximately $241.5 million after underwriting
discounts and expenses. SNH used the net proceeds of this offering
to repay amounts outstanding under its revolving credit facility
and for general business purposes. In January 2016, SNH prepaid at
par plus accrued interest a mortgage note with a maturity date in
April 2016 encumbering one property with a principal balance of
$6.1 million and an annual interest rate of 5.97%. In April 2016,
SNH prepaid at par plus accrued interest another mortgage note with
a maturity date in July 2016 encumbering one property with a
principal balance of $18.0 million and an annual interest rate of
4.65%.
Conference Call:
On Thursday, May 5, 2016, at 10:00 a.m. Eastern Time, David J.
Hegarty, President and Chief Operating Officer, and Richard W.
Siedel, Jr., Chief Financial Officer and Treasurer, will host a
conference call to discuss the first quarter 2016 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 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, May 12, 2016. To hear the replay, dial (412) 317-0088.
The replay pass code is 10083966.
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 first quarter 2016
conference call are strictly prohibited without the prior written
consent of SNH.
Supplemental Data:
A copy of SNH’s First Quarter 2016 Supplemental Operating and
Financial Data is available for download at SNH’s 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, which owns
senior living communities, medical office buildings and wellness
centers throughout the United States. SNH is managed by the
operating subsidiary of The RMR Group Inc. (NASDAQ: RMR), an
alternative asset management company that is headquartered in
Newton, MA.
Please see the pages attached hereto for a more detailed
statement of SNH’s operating results and financial condition, and
for an explanation of SNH’s calculation of FFO, Normalized FFO, NOI
and Cash Basis NOI.
(1) Occupancy ratios for triple net leased senior living
communities are based on operating results provided by SNH’s
tenants, and this information is usually provided to SNH three
months after the end of a fiscal quarter end. As a result,
occupancy ratios presented for triple net leased senior living
communities are for the 12 months ended December 31, 2015 and
2014.
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”, “MAY” 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:
- MR. HEGARTY, SNH'S PRESIDENT AND CHIEF
OPERATING OFFICER, HAS MADE STATEMENTS IN THIS PRESS RELEASE
REGARDING SNH’S STRONG OPERATING RESULTS. THERE CAN BE NO ASSURANCE
THAT SNH WILL CONTINUE TO GENERATE STRONG OPERATING RESULTS AND ITS
OPERATING RESULTS COULD DECLINE, AND
- SNH HAS ENTERED INTO AN AGREEMENT TO
SELL ONE SNF. THIS TRANSACTION IS SUBJECT TO CONDITIONS. AS A
RESULT, THIS TRANSACTION MAY NOT OCCUR, MAY BE DELAYED 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 SNH’S PERIODIC REPORTS, OR INCORPORATED THEREIN,
IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE SNH’S ACTUAL
RESULTS TO DIFFER MATERIALLY FROM THOSE STATED IN OR IMPLIED BY
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
TRUSTCONDENSED CONSOLIDATED STATEMENTS OF
INCOME(amounts in thousands, except per share
data)(unaudited)
Three Months Ended March 31,
2016 2015 Revenues: Rental income $
161,421 $ 145,784 Residents fees and services 96,954
82,793 Total revenues 258,375 228,577 Expenses: Property
operating expenses 97,949 85,794 Depreciation 71,223 53,707 General
and administrative 10,863 10,574 Acquisition related costs 439
1,158 Impairment of assets 7,390 — Total expenses
187,864 151,233 Operating income 70,511 77,344
Interest and other income 64 75 Interest expense (39,280)
(35,942) Loss on early extinguishment of debt (6)
(1,409) Income from continuing operations before income tax expense
and equity in earnings of an investee 31,289 40,068 Income
tax expense (94) (110) Equity in earnings of an investee 77
72 Income from continuing operations 31,272 40,030
Discontinued operations: Loss from discontinued operations —
(241) Net income $ 31,272 $ 39,789 Weighted average
shares outstanding (basic) 237,315 221,375 Weighted
average shares outstanding (diluted) 237,329 221,397
Basic and diluted per common share amounts: Income from
continuing operations per share $ 0.13 $ 0.18 Loss from
discontinued operations per share — (0.00) Basic and
diluted net income per share $ 0.13 $ 0.18
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 Ended March 31, 2016
2015 Net income $ 31,272 $ 39,789
Depreciation expense 71,223 53,707 Impairment of assets
7,390 — FFO 109,885 93,496 Acquisition related costs
439 1,158 Loss on early extinguishment of debt 6 1,409 Percentage
rent adjustment(2) 2,600 2,500 Normalized FFO $
112,930 $ 98,563 Weighted average shares outstanding (basic)
237,315 221,375 Weighted average shares outstanding
(diluted) 237,329 221,397 FFO per share (basic
and diluted) $ 0.46 $ 0.42 Normalized FFO per share (basic and
diluted) $ 0.48 $ 0.45 Net income per share (basic and diluted) $
0.13 $ 0.18 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
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 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 and gains and losses on
early extinguishment of debt, 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
qualification for taxation as a REIT, limitations in SNH’s
revolving credit facility and term loan agreements and SNH’s public
debt covenants, the availability to SNH 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 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 full year 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,
SNH include estimates of these amounts in its calculation of
Normalized FFO for each quarter of the year. The fourth quarter
Normalized FFO calculation includes an adjustment to exclude the
amounts included in Normalized FFO during the first three
quarters.
SENIOR HOUSING PROPERTIES
TRUSTCALCULATION AND RECONCILIATION OF NET OPERATING INCOME
(NOI) AND CASH BASIS NOI(amounts in
thousands)(unaudited)
Three Months Ended March 31,
March 31, 2016 2015
Calculation of
NOI and Cash Basis NOI(1):
Revenues: Rental income $ 161,421 $ 145,784 Residents fees and
services 96,954 82,793 Total revenues 258,375 228,577
Property operating expenses (97,949) (85,794)
Property net operating income (NOI): 160,426 142,783 Non-cash
straight line rent adjustments (4,561) (3,509) Lease value
amortization (1,254) (1,198) Lease termination fee amortization
(42) (105) Non-cash amortization included in property operating
expenses(2) (199) - Cash Basis NOI $ 154,370 $
137,971
Reconciliation of
Cash Basis NOI to Net Income:
Cash Basis NOI $ 154,370 $ 137,971 Non-cash straight line rent
adjustments 4,561 3,509 Lease value amortization 1,254 1,198 Lease
termination fee amortization 42 105 Non-cash amortization included
in property operating expenses(2) 199 - Property NOI
160,426 142,783 Depreciation expense (71,223) (53,707) General and
administrative expense (10,863) (10,574) Acquisition related costs
(439) (1,158) Impairment of assets (7,390) -
Operating income 70,511 77,344 Interest and other income 64
75 Interest expense (39,280) (35,942) Loss on early extinguishment
of debt (6) (1,409) Income before income tax expense
and equity in earnings of an investee 31,289 40,068 Income tax
expense (94) (110) Equity in earnings of an investee 77
72 Income from continuing operations 31,272 40,030
Discontinued operations Loss from discontinued operations -
(241) Net income $ 31,272 $ 39,789
(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 fee amortization, 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 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 RMR common stock in June 2015. A portion
of this liability is being amortized on a straight line basis
through December 31, 2035 as a reduction to property management
fees, which are included in property operating expenses.
SENIOR HOUSING PROPERTIES TRUST
Calculation 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 March 31, 2016 For the Three Months Ended
March 31, 2015
Calculation of NOI and Cash Basis
NOI:
Triple NetLeased
SeniorLivingCommunities (2)
ManagedSenior
LivingCommunities (3)
MOBs (4) Non-Segment (5) Total
Triple NetLeased
SeniorLivingCommunities (2)
ManagedSenior
LivingCommunities (3)
MOBs (4) Non-Segment (5) Total
Rental income / residents fees and services $ 65,308 $ 96,954 $
91,582 $ 4,531
$
258,375
$ 55,251 $ 82,793 $ 86,001 $ 4,532
$
228,577
Property operating expenses (363 ) (72,178 )
(25,408 ) - (97,949 ) - (62,403 )
(23,391 ) - (85,794 ) Property net operating
income (NOI) $ 64,945 $ 24,776 $ 66,174 $
4,531
$
160,426
$ 55,251 $ 20,390 $ 62,610 $ 4,532
$
142,783
NOI change 17.5 % 21.5 % 5.7 % -- 12.4 % -- -- -- -- --
Property NOI $ 64,945 $ 24,776 $ 66,174 $ 4,531
$
160,426
$ 55,251 $ 20,390 $ 62,610 $ 4,532
$
142,783
Less: Non-cash straight line rent adjustments 1,172 - 3,252 137
4,561 52 - 3,320 137 3,509 Lease value amortization - - 1,199 55
1,254 - - 1,143 55 1,198 Lease termination fee amortization - - 42
- 42 - - 105 - 105 Non-cash amortization included in property
operating expenses (6) - - 199
- 199 - - -
- - Cash Basis NOI $ 63,773 $
24,776 $ 61,482 $ 4,339
$
154,370
$ 55,199 $ 20,390 $ 58,042 $ 4,340 $ 137,971
Cash Basis NOI change 15.5 % 21.5 % 5.9 % -- 11.9 % -- -- --
-- --
Reconciliation of NOI to Same Property NOI:
Property NOI $ 64,945 $ 24,776 $ 66,174 $ 4,531
$
160,426
$ 55,251 $ 20,390 $ 62,610 $ 4,532
$
142,783
Less: NOI not included in same property 9,059 3,715 8,836 - 21,610
257 - 5,931 - 6,188
Same property NOI (7) $ 55,886 $
21,061 $ 57,338 $ 4,531 $ 138,816 $ 54,994 $
20,390 $ 56,679 $ 4,532
$
136,595
Same property NOI change 1.6 % 3.3 % 1.2 % -- 1.6 % -- -- --
-- --
Reconciliation of Same Property NOI to Same
Property Cash Basis NOI: Same property NOI (7) $ 55,886 $
21,061 $ 57,338 $ 4,531 $ 138,816 $ 54,994 $ 20,390 $ 56,679 $
4,532
$
136,595
Less: Non-cash straight line rent adjustments 91 - 2,565 137 2,793
52 - 2,793 137 2,982 Lease value amortization - - 1,169 55 1,224 -
- 1,150 55 1,205 Lease termination fee amortization - - 42 - 42 - -
105 - 105 Non-cash amortization included in property operating
expenses (6) - - 176
- 176 - - -
- - Same property cash basis NOI (7) $ 55,795
$ 21,061 $ 53,386 $ 4,339 $ 134,581 $
54,942 $ 20,390 $ 52,631 $ 4,340
$
132,303
Same property cash basis NOI change 1.6 % 3.3 % 1.4 % -- 1.7
% -- -- -- -- -- (1) See above for the calculation of NOI
and a reconciliation of NOI to net income determined in accordance
with GAAP, and for a definition of NOI and Cash Basis NOI, reasons
why management believes they are appropriate supplemental measures
and any additional purposes for which management uses these
measures. Excludes properties classified in discontinued
operations. (2) Includes triple net leased senior living
communities that provide short term and long term residential care
and other services for residents. (3) Includes managed senior
living communities that provide short term and long term
residential care and other 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, fitness and spa
services to members. (6) 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 RMR common stock in June 2015.
A portion of this liability is being amortized on a straight line
basis through December 31, 2035 as a reduction to property
management fees, which are included in property operating expenses.
(7) Consists of properties owned continuously since January
1, 2015.
SENIOR HOUSING PROPERTIES
TRUSTCONDENSED CONSOLIDATED BALANCE SHEETS(amounts in
thousands)(unaudited)
Balance Sheet:
March 31, December 31, 2016 2015
ASSETS
Real estate properties $ 7,490,116 $ 7,456,940 Accumulated
depreciation (1,193,550 ) (1,147,540 ) 6,296,566
6,309,400 Cash and cash equivalents 39,199 37,656 Restricted cash
6,853 6,155 Acquired real estate leases and other intangible
assets, net 580,221 604,286 Other assets, net 231,312
202,593 Total assets $ 7,154,151 $ 7,160,090
LIABILITIES AND
SHAREHOLDERS’ EQUITY
Unsecured revolving credit facility $ 561,000 $ 775,000 Unsecured
term loans, net 546,493 546,305 Senior unsecured notes, net
1,720,714 1,478,536 Secured debt and capital leases, net 669,314
679,295 Accrued interest 33,628 16,974 Assumed real estate lease
obligations, net 114,507 115,363 Other liabilities 185,751
188,857 Total liabilities 3,831,407 3,800,330
Total shareholders’ equity 3,322,744
3,359,760 Total liabilities and shareholders’ equity $
7,154,151 $ 7,160,090
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/20160505005504/en/
Senior Housing Properties TrustBrad Shepherd,
617-796-8234Director, Investor Relationswww.snhreit.com
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