Senior Housing Properties Trust (NYSE: SNH) today announced its
financial results for the quarter and year ended December 31, 2014.
SNH President and Chief Operating Officer David Hegarty made the
following statement:
“I am pleased with our business performance in the fourth quarter.
In addition to growing Normalized FFO per share by 4.7% during the
quarter, we generated strong operating results in each of our three
major business segments, including growth in same property NOI of 3.5%
in our triple net lease senior living portfolio and 1.6% in our managed
senior living portfolio. We also generated a 4.7% increase in
same property Cash Basis NOI in our MOB portfolio. In addition,
we are excited about the recently closed MOB portfolio acquisition for
$539 million as well as the recently announced senior living acquisition
for $790 million, both of which we believe improves the characteristics
of our portfolio of properties.”
Results for the quarter ended December 31, 2014:
Normalized funds from operations, or Normalized FFO, for the quarter
ended December 31, 2014 were $91.3 million, or $0.45 per basic and
diluted share. This compares to Normalized FFO for the quarter ended
December 31, 2013 of $80.5 million, or $0.43 per basic and diluted
share. The increase in Normalized FFO per share is primarily the result
of acquisitions during 2014.
Net income was $45.3 million, or $0.22 per basic and diluted share, for
the quarter ended December 31, 2014, compared to net income of $72.2
million, or $0.38 per basic and diluted share, for the quarter ended
December 31, 2013.
The basic and diluted weighted average number of common shares
outstanding were 203.7 million and 203.8 million, respectively, for the
quarter ended December 31, 2014, and 188.0 million and 188.2 million,
respectively, for the quarter ended December 31, 2013.
A reconciliation 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 December
31, 2014 and 2013 appears later in this press release.
Results for the year ended December 31, 2014:
Normalized FFO for the year ended December 31, 2014 were $347.6 million,
or $1.75 per basic and diluted share. This compares to Normalized FFO
for the year ended December 31, 2013 of $317.4 million, or $1.69 per
basic and diluted share.
Net income was $158.6 million, or $0.80 per basic and diluted share, for
the year ended December 31, 2014, compared to net income of $151.2
million, or $0.81 per basic and diluted share, for the year ended
December 31, 2013.
The basic and diluted weighted average number of common shares
outstanding were 198.9 million for the year ended December 31, 2014, and
187.3 million and 187.4 million, respectively, for the year ended
December 31, 2013.
A reconciliation of net income determined in accordance with GAAP to FFO
and Normalized FFO for the year ended December 31, 2014 and 2013 appears
later in this press release.
Segment Operating Results for the quarter ended December 31, 2014:
For the three months ended December 31, 2014, 39.5% of SNH’s net
operating income, or NOI, came from 98 MOBs including 9.1 million square
feet of leaseable area. As of December 31, 2014, 95.9% of our MOB square
feet were leased, compared to 95.6% as of September 30, 2014 and 94.9%
as of December 31, 2013. Same property occupancy for MOBs owned
continuously since October 1, 2013 increased to 95.3% as of December 31,
2014, compared to 95.0% as of December 31, 2013. Same property NOI and
cash basis NOI increased 2.8% and 4.7%, respectively, during the quarter
ended December 31, 2014.
For the three months ended December 31, 2014, 45.0% of SNH’s
consolidated NOI came from 215 triple net leased senior living
communities with 24,136 living units. Occupancy at triple net leased
senior living communities was 84.6% during the most recently reported
period, compared to 85.3% during the comparable period last year.(1)
Same property occupancy at triple net leased senior living communities
owned continuously since October 1, 2013 was 85.4% during the most
recently reported period, compared to 85.5% during the comparable period
last year.(1) Same property NOI increased 3.5% during the
quarter ended December 31, 2014.
For the three months ended December 31, 2014, 12.4% of SNH’s NOI came
from 46 managed senior living communities with 7,278 living units.
Occupancy at managed senior living communities was 88.4% during the
quarter ended December 31, 2014, compared to 87.7% during the comparable
period last year. Same property occupancy for managed senior living
communities owned continuously since October 1, 2013 increased to 88.3%
during the quarter ended December 31, 2014, from 87.8% during the
comparable period last year. Same property NOI increased 1.6% during the
quarter ended December 31, 2014.
A reconciliation of NOI and cash basis NOI to net income, determined in
accordance with GAAP, for the quarters and years ended December 31, 2014
and 2013 appears later in this press release.
(1) Most recent reported data is based upon the operating
results provided by our tenants for the 12 months ended September 30,
2014 and 2013 or the most recent prior period for which tenant operating
results are available.
Recent Investment and Sales Activities:
In December 2014, SNH agreed to acquire 38 senior living communities
with 3,466 units located in 16 states for $790.0 million, excluding
closing costs, and including the assumption of approximately $153.0
million of mortgage debt with a weighted average interest rate of 4.8%.
Eighteen of the 38 communities, with 1,847 living units, are currently
leased to six senior living operators. The remaining 20 communities,
with 1,619 living units, are currently managed by six senior living
operators (including one manager who also leases one of the 18 leased
communities).
In January 2015, SNH acquired 23 MOBs, for approximately $539.0 million,
including the assumption of approximately $30.0 million of mortgage debt
with a weighted average interest rate of 4.7%. The MOBs contain
approximately 2.2 million square feet and are located in 12 states. The
23 properties were purchased in connection with the acquisition by
Select Income REIT (NYSE: SIR) of Cole Corporate Income Trust, or CCIT.
In December 2014, SNH acquired one senior living community with 52
private pay assisted living units located in Jackson, WI for
approximately $7.0 million, excluding closing costs. Also in December
2014, SNH acquired one senior living community with 176 private pay
independent and assisted living units located in Madison, WI for
approximately $40.4 million, excluding closing costs. SNH acquired these
communities using taxable REIT subsidiary structures and entered into
long term management agreements with Five Star Quality Care, Inc. to
manage these communities.
In October 2014, SNH sold one senior living community with 70 units
located in Virginia for $2.85 million, excluding closing costs. Also in
October 2014, SNH sold two senior living communities with 177 units
located in Arizona for $5.9 million, excluding closing costs. In the
aggregate for the year ended December 31, 2014, the majority of the
combined revenues from the three sold senior living communities came
from government funded programs, including Medicare and Medicaid. In
February 2015, SNH sold one senior living community with 120 units
located in Pennsylvania for $250,000, excluding closing costs.
SNH is also currently marketing for sale three senior living communities
with 192 living units classified as held for sale and one MOB (four
buildings) with an aggregate of 323,541 square feet that is included in
discontinued operations. In aggregate for the year ended December 31,
2014, the majority of the combined revenues generated from the three
senior living communities listed for sale came from government funded
programs, including Medicare and Medicaid.
Recent Financing Activities:
In February 2015, SNH issued 31,050,000 common shares in a public
offering, raising gross proceeds of approximately $689.3 million, before
underwriting discounts and expenses. SNH used part of the net proceeds
of this offering (approximately $660.0 million) to repay borrowings
outstanding under its unsecured revolving credit facility and intends to
use the remainder for general business purposes, including the possible
partial funding of the pending acquisition noted above.
In October 2014, SNH prepaid a $14.7 million loan incurred in connection
with certain revenue bonds that were scheduled to mature in December
2027. That loan had an interest rate of 5.9%. Also in October 2014, SNH
prepaid a mortgage note encumbering one property with a principal
balance of approximately $11.9 million and an interest rate of 6.3% that
was scheduled to mature in May 2015. In December 2014, SNH prepaid a
mortgage note encumbering one property with a principal balance of $11.3
million and an interest rate of 6.4% that was scheduled to mature in
July 2015. SNH recognized a net loss on early extinguishment of debt of
approximately $12,000 related to these mortgage note prepayments.
Conference Call:
On Thursday, February 26, 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 year ended December 31, 2014. The
conference call telephone number is (800) 230-1085. Participants calling
from outside the United States and Canada should dial (612) 288-0329. 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, March 5, 2015. To hear the
replay, dial (320) 365-3844. The replay pass code is 352026.
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
fourth quarter conference call are strictly prohibited without the prior
written consent of SNH.
Supplemental Data:
A copy of SNH’s Fourth Quarter 2014 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 370
properties (397 buildings) located in 38 states and Washington, D.C. as
of December 31, 2014. 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:
-
THIS PRESS RELEASE QUOTES DAVID HEGARTY AS BELIEVING THAT THE RECENTLY
CLOSED MOB PORTFOLIO ACQUISITION FOR $539 MILLION AS WELL AS THE
RECENTLY ANNOUNCED SENIOR LIVING ACQUISITION FOR $790 MILLION IMPROVES
THE CHARACTERISTICS OF SNH’S PORTFOLIO OF PROPERTIES. MR. HEGARTY’S OR
SNH’S BELIEFS ABOUT THE QUALITY OF SNH’S PROPERTY CHARACTERISTICS ARE,
IN PART, PERSONAL AND SUBJECTIVE, AND THERE IS NO GUARANTEE THAT THESE
ACQUISITIONS WILL IMPROVE THE CHARACTERISTICS OF SNH’S PORTFOLIO OF
PROPERTIES. IN FACT, MARKET PARTICIPANTS MAY HAVE DIFFERENT BELIEFS OR
REACH DIFFERENT CONCLUSIONS ABOUT THE IMPACT OF THESE ACQUISITIONS ON
THE CHARACTERISTICS OF SNH’S PORTFOLIO OF PROPERTIES.
-
THIS PRESS RELEASE STATES THAT SNH HAS AGREED TO ACQUIRE 38 SENIOR
LIVING COMMUNITIES FOR APPROXIMATELY $790 MILLION. THIS ACQUISITION 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 THAT SNH CURRENTLY EXPECTS TO ASSUME
APPROXIMATELY $153 MILLION OF MORTGAGE DEBT ON CERTAIN OF THE SENIOR
LIVING COMMUNITIES TO BE ACQUIRED. SNH’S ASSUMPTION OF THE $153
MILLION OF MORTGAGE DEBT WILL REQUIRE THE APPROVAL OF THE MORTGAGEES
WHICH MAY NOT BE OBTAINED.
-
THIS PRESS RELEASE STATES THAT SNH HAS THREE SENIOR LIVING COMMUNITIES
AND ONE MOB CURRENTLY LISTED FOR SALE. SNH MAY NOT BE ABLE TO SELL
THESE PROPERTIES ON TERMS ACCEPTABLE TO IT, AND THE SALES OF ANY OR
ALL OF THESE PROPERTIES MAY NOT OCCUR.
THE INFORMATION CONTAINED IN SNH’S FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER THE CAPTION “RISK FACTORS”
IN ITS PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER
IMPORTANT FACTORS THAT COULD CAUSE DIFFERENCES FROM SNH’S FORWARD
LOOKING STATEMENTS. SNH’S FILINGS WITH THE SEC ARE AVAILABLE ON THE
SEC’S WEBSITE AT WWW.SEC.GOV.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON SNH’S FORWARD LOOKING
STATEMENTS.
EXCEPT AS REQUIRED BY LAW, SNH DOES NOT INTEND TO UPDATE OR CHANGE ANY
FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS
OR OTHERWISE.
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SENIOR HOUSING PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF INCOME
(amounts in thousands, except per share data)
(unaudited)
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Three Months Ended
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Year Ended
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December 31,
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December 31,
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2014
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2013
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2014
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2013
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Revenues:
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Rental income
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$
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149,364
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$
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122,912
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$
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526,703
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$
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459,380
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Residents fees and services
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80,445
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77,424
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318,184
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302,058
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Total revenues
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229,809
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200,336
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844,887
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761,438
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Expenses:
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Property operating expenses
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84,268
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76,985
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324,564
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299,878
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Depreciation
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50,257
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38,554
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185,391
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153,026
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General and administrative
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10,696
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8,042
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38,946
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32,657
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Acquisition related costs
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1,957
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788
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4,607
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3,378
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Impairment of assets
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(10)
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2,314
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(10)
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7,989
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Total expenses
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147,168
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126,683
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553,498
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496,928
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Operating income
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82,641
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73,653
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291,389
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264,510
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Interest and other income
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89
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99
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425
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711
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Interest expense
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(35,901)
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(29,284)
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(135,114)
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(117,819)
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Loss on early extinguishment of debt
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(12)
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—
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(12)
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(797)
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Income from continuing operations before income tax expense
and
equity in earnings of an investee
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46,817
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44,468
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156,688
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146,605
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Income tax expense
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(74)
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(195)
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(576)
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(600)
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Equity in earnings of an investee
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28
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115
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87
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334
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Income from continuing operations
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46,771
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44,388
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156,199
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146,339
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Discontinued operations:
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(Loss) income from discontinued operations
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(123)
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1,281
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1,362
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5,043
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Impairment of assets from discontinued operations
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(4,260)
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(9,714)
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(4,377)
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(37,610)
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Income before gain on sale of properties
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42,388
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35,955
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153,184
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113,772
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Gain on sale of properties
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2,900
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36,251
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5,453
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37,392
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Net income
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$
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45,288
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$
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72,206
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$
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158,637
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$
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151,164
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Weighted average common shares outstanding (basic)
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203,742
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188,017
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198,868
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187,271
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Weighted average common shares outstanding (diluted)
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203,754
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188,168
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198,894
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187,414
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Basic and diluted per common share amounts:
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Income from continuing operations
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$
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0.24
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$
|
0.43
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$
|
0.81
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$
|
0.98
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Loss from discontinued operations
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(0.02)
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(0.05)
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(0.01)
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(0.17)
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Net income
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$
|
0.22
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$
|
0.38
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$
|
0.80
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$
|
0.81
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SENIOR HOUSING PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS AND NORMALIZED
FUNDS FROM OPERATIONS
(amounts in thousands, except per share data)
(unaudited)
|
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Calculation of Funds from Operations (FFO) and Normalized FFO
(1):
|
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Three Months Ended
|
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|
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Year Ended
|
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|
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December 31,
|
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|
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December 31,
|
|
|
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2014
|
|
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|
2013
|
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2014
|
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2013
|
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Net income
|
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$
|
45,288
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$
|
72,206
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$
|
158,637
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|
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$
|
151,164
|
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Depreciation expense from continuing operations
|
|
|
|
|
|
50,257
|
|
|
|
|
38,554
|
|
|
|
|
185,391
|
|
|
|
|
153,026
|
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Depreciation expense from discontinued operations
|
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|
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—
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—
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—
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|
|
799
|
|
Gain on sale of properties
|
|
|
|
|
|
(2,900)
|
|
|
|
|
(36,251)
|
|
|
|
|
(5,453)
|
|
|
|
|
(37,392)
|
|
Impairment of assets
|
|
|
|
|
|
(10)
|
|
|
|
|
2,314
|
|
|
|
|
(10)
|
|
|
|
|
7,989
|
|
Impairment of assets from discontinued operations
|
|
|
|
|
|
4,260
|
|
|
|
|
9,714
|
|
|
|
|
4,377
|
|
|
|
|
37,610
|
|
FFO
|
|
|
|
|
|
96,895
|
|
|
|
|
86,537
|
|
|
|
|
342,942
|
|
|
|
|
313,196
|
|
Estimated business management incentive fees(2)
|
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
75
|
|
Acquisition related costs from continuing operations
|
|
|
|
|
|
1,957
|
|
|
|
|
788
|
|
|
|
|
4,607
|
|
|
|
|
3,378
|
|
Loss on early extinguishment of debt
|
|
|
|
|
|
12
|
|
|
|
|
—
|
|
|
|
|
12
|
|
|
|
|
797
|
|
Percentage rent adjustment(3)
|
|
|
|
|
|
(7,600)
|
|
|
|
|
(6,800)
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Normalized FFO
|
|
|
|
|
$
|
91,264
|
|
|
|
$
|
80,525
|
|
|
|
$
|
347,561
|
|
|
|
$
|
317,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (basic)
|
|
|
|
|
|
203,742
|
|
|
|
|
188,017
|
|
|
|
|
198,868
|
|
|
|
|
187,271
|
|
Weighted average shares outstanding (diluted)
|
|
|
|
|
|
203,754
|
|
|
|
|
188,168
|
|
|
|
|
198,894
|
|
|
|
|
187,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted per common share amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO
|
|
|
|
|
$
|
0.48
|
|
|
|
$
|
0.46
|
|
|
|
$
|
1.72
|
|
|
|
$
|
1.67
|
|
Normalized FFO
|
|
|
|
|
$
|
0.45
|
|
|
|
$
|
0.43
|
|
|
|
$
|
1.75
|
|
|
|
$
|
1.69
|
|
Net income
|
|
|
|
|
$
|
0.22
|
|
|
|
$
|
0.38
|
|
|
|
$
|
0.80
|
|
|
|
$
|
0.81
|
|
Distributions declared per share
|
|
|
|
|
$
|
0.39
|
|
|
|
$
|
0.39
|
|
|
|
$
|
1.56
|
|
|
|
$
|
1.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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’s includes estimated percentage
rent in the period to which it estimates that it relates rather than
when it is recognized as income in accordance with GAAP, includes
estimated business management incentive fees, if any, only in the fourth
quarter versus the quarter they are recognized as expense in accordance
with GAAP and excludes acquisition related costs, gain or loss on early
extinguishment of debt, gain or loss on lease terminations and loss on
impairment of intangible assets, if any. SNH considers FFO and
Normalized FFO to be appropriate measures of operating performance for a
real estate investment trust, or 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 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 Consolidated
Statements of Income and Comprehensive Income and Consolidated
Statements of Cash Flows. Other REITs and real estate companies may
calculate FFO and Normalized FFO differently than SNH does.
(2) Amounts represent estimated incentive fees under SNH’s business
management agreement payable in common shares after the end of each
calendar year calculated: (i) prior to 2014 based upon increases in
annual Normalized FFO per share and (ii) beginning in 2014 based on
common share total return. In calculating net income in accordance with
GAAP, SNH recognizes an estimated business management incentive fee
expense, if any, each quarter. Although SNH recognizes this expense, if
any, each quarter for purposes of calculating net income, SNH does not
include these amounts in the calculation of Normalized FFO until the
fourth quarter, which is when the actual expense amount for the year is
determined. Adjustments were made to prior period amounts to conform to
the current period Normalized FFO calculation.
(3) 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
|
|
|
|
|
For the Year Ended
|
|
|
|
|
|
|
12/31/2014
|
|
|
|
|
12/31/2013
|
|
|
|
|
12/31/2014
|
|
|
|
|
12/31/2013
|
|
Calculation of NOI and Cash Basis NOI (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental income
|
|
|
|
|
$149,364
|
|
|
|
|
$122,912
|
|
|
|
|
$526,703
|
|
|
|
|
$459,380
|
|
Residents fees and services
|
|
|
|
|
80,445
|
|
|
|
|
77,424
|
|
|
|
|
318,184
|
|
|
|
|
302,058
|
|
Total revenues
|
|
|
|
|
229,809
|
|
|
|
|
200,336
|
|
|
|
|
844,887
|
|
|
|
|
761,438
|
|
Property operating expenses
|
|
|
|
|
84,268
|
|
|
|
|
76,985
|
|
|
|
|
324,564
|
|
|
|
|
299,878
|
|
Property net operating income (NOI):
|
|
|
|
|
145,541
|
|
|
|
|
123,351
|
|
|
|
|
520,323
|
|
|
|
|
461,560
|
|
Non cash straight line rent adjustments
|
|
|
|
|
(2,857)
|
|
|
|
|
(1,832)
|
|
|
|
|
(9,663)
|
|
|
|
|
(7,245)
|
|
Lease value amortization
|
|
|
|
|
(1,211)
|
|
|
|
|
863
|
|
|
|
|
(2,322)
|
|
|
|
|
3,555
|
|
Lease termination fees
|
|
|
|
|
-
|
|
|
|
|
(4)
|
|
|
|
|
-
|
|
|
|
|
(11)
|
|
Cash Basis NOI
|
|
|
|
|
$141,473
|
|
|
|
|
$122,378
|
|
|
|
|
$508,338
|
|
|
|
|
$457,859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Cash Basis NOI to Net
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Basis NOI
|
|
|
|
|
$141,473
|
|
|
|
|
$122,378
|
|
|
|
|
$508,338
|
|
|
|
|
$457,859
|
|
Non cash straight line rent adjustments
|
|
|
|
|
2,857
|
|
|
|
|
1,832
|
|
|
|
|
9,663
|
|
|
|
|
7,245
|
|
Lease value amortization
|
|
|
|
|
1,211
|
|
|
|
|
(863)
|
|
|
|
|
2,322
|
|
|
|
|
(3,555)
|
|
Lease termination fees
|
|
|
|
|
-
|
|
|
|
|
4
|
|
|
|
|
-
|
|
|
|
|
11
|
|
Property NOI
|
|
|
|
|
145,541
|
|
|
|
|
123,351
|
|
|
|
|
520,323
|
|
|
|
|
461,560
|
|
Depreciation expense
|
|
|
|
|
(50,257)
|
|
|
|
|
(38,554)
|
|
|
|
|
(185,391)
|
|
|
|
|
(153,026)
|
|
General and administrative expense
|
|
|
|
|
(10,696)
|
|
|
|
|
(8,042)
|
|
|
|
|
(38,946)
|
|
|
|
|
(32,657)
|
|
Acquisition related costs
|
|
|
|
|
(1,957)
|
|
|
|
|
(788)
|
|
|
|
|
(4,607)
|
|
|
|
|
(3,378)
|
|
Impairment of assets
|
|
|
|
|
10
|
|
|
|
|
(2,314)
|
|
|
|
|
10
|
|
|
|
|
(7,989)
|
|
Operating income
|
|
|
|
|
82,641
|
|
|
|
|
73,653
|
|
|
|
|
291,389
|
|
|
|
|
264,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income
|
|
|
|
|
89
|
|
|
|
|
99
|
|
|
|
|
425
|
|
|
|
|
711
|
|
Interest expense
|
|
|
|
|
(35,901)
|
|
|
|
|
(29,284)
|
|
|
|
|
(135,114)
|
|
|
|
|
(117,819)
|
|
Loss on early extinguishment of debt
|
|
|
|
|
(12)
|
|
|
|
|
-
|
|
|
|
|
(12)
|
|
|
|
|
(797)
|
|
Income before income tax expense and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity in earnings of an investee
|
|
|
|
|
46,817
|
|
|
|
|
44,468
|
|
|
|
|
156,688
|
|
|
|
|
146,605
|
|
Income tax expense
|
|
|
|
|
(74)
|
|
|
|
|
(195)
|
|
|
|
|
(576)
|
|
|
|
|
(600)
|
|
Equity in earnings of an investee
|
|
|
|
|
28
|
|
|
|
|
115
|
|
|
|
|
87
|
|
|
|
|
334
|
|
Income from continuing operations
|
|
|
|
|
46,771
|
|
|
|
|
44,388
|
|
|
|
|
156,199
|
|
|
|
|
146,339
|
|
Discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from discontinued operations
|
|
|
|
|
(123)
|
|
|
|
|
1,281
|
|
|
|
|
1,362
|
|
|
|
|
5,043
|
|
Impairment of assets from discontinued operations
|
|
|
|
|
(4,260)
|
|
|
|
|
(9,714)
|
|
|
|
|
(4,377)
|
|
|
|
|
(37,610)
|
|
Income before gain on sale of properties
|
|
|
|
|
42,388
|
|
|
|
|
35,955
|
|
|
|
|
153,184
|
|
|
|
|
113,772
|
|
Gain on sale of properties
|
|
|
|
|
2,900
|
|
|
|
|
36,251
|
|
|
|
|
5,453
|
|
|
|
|
37,392
|
|
Net income
|
|
|
|
|
$45,288
|
|
|
|
|
$72,206
|
|
|
|
|
$158,637
|
|
|
|
|
$151,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The calculation of NOI and Cash Basis NOI excludes certain
components of net income in order to provide results that are more
closely related to SNH’s properties' 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 our 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 Consolidated Statements of Income and Comprehensive
Income and 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 Same Property Net Operating
Income (NOI) and Same Property Cash Basis NOI by Segment (1)
|
|
(amounts in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, 2014
|
|
|
|
|
For the Three Months Ended December 31, 2013
|
|
Calculation of NOI to Same Property 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
|
|
|
|
$
|
65,394
|
|
|
|
|
$
|
80,445
|
|
|
|
|
$
|
79,452
|
|
|
|
|
$
|
4,518
|
|
|
|
|
$
|
229,809
|
|
|
|
|
|
$
|
66,442
|
|
|
|
|
$
|
77,424
|
|
|
|
|
$
|
52,102
|
|
|
|
|
$
|
4,368
|
|
|
|
$
|
200,336
|
|
|
Property operating expenses
|
|
|
|
|
-
|
|
|
|
|
|
(62,352
|
)
|
|
|
|
|
(21,916
|
)
|
|
|
|
|
-
|
|
|
|
|
|
(84,268
|
)
|
|
|
|
|
|
-
|
|
|
|
|
|
(59,863
|
)
|
|
|
|
|
(17,122
|
)
|
|
|
|
|
-
|
|
|
|
|
(76,985
|
)
|
|
Property net operating income (NOI)
|
|
|
|
|
65,394
|
|
|
|
|
|
18,093
|
|
|
|
|
|
57,536
|
|
|
|
|
|
4,518
|
|
|
|
|
|
145,541
|
|
|
|
|
|
|
66,442
|
|
|
|
|
|
17,561
|
|
|
|
|
|
34,980
|
|
|
|
|
|
4,368
|
|
|
|
|
123,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI not included in same property
|
|
|
|
|
38
|
|
|
|
|
|
512
|
|
|
|
|
|
21,631
|
|
|
|
|
|
-
|
|
|
|
|
|
22,181
|
|
|
|
|
|
|
3,296
|
|
|
|
|
|
260
|
|
|
|
|
|
58
|
|
|
|
|
|
-
|
|
|
|
|
3,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same property NOI (6)
|
|
|
|
$
|
65,356
|
|
|
|
|
$
|
17,581
|
|
|
|
|
$
|
35,905
|
|
|
|
|
$
|
4,518
|
|
|
|
|
$
|
123,360
|
|
|
|
|
|
$
|
63,146
|
|
|
|
|
$
|
17,301
|
|
|
|
|
$
|
34,922
|
|
|
|
|
$
|
4,368
|
|
|
|
$
|
119,737
|
|
|
Same property NOI growth
|
|
|
|
|
3.5
|
%
|
|
|
|
|
1.6
|
%
|
|
|
|
|
2.8
|
%
|
|
|
|
|
3.4
|
%
|
|
|
|
|
3.0
|
%
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Same Property NOI to Same
Property
Cash Basis NOI:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same property NOI (6)
|
|
|
|
$
|
65,356
|
|
|
|
|
$
|
17,581
|
|
|
|
|
$
|
35,905
|
|
|
|
|
$
|
4,518
|
|
|
|
|
$
|
123,360
|
|
|
|
|
|
$
|
63,146
|
|
|
|
|
$
|
17,301
|
|
|
|
|
$
|
34,922
|
|
|
|
|
$
|
4,368
|
|
|
|
$
|
119,737
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non cash straight line rent adjustments
|
|
|
|
|
129
|
|
|
|
|
|
-
|
|
|
|
|
|
918
|
|
|
|
|
|
138
|
|
|
|
|
|
1,185
|
|
|
|
|
|
|
(9
|
)
|
|
|
|
|
-
|
|
|
|
|
|
1,701
|
|
|
|
|
|
138
|
|
|
|
|
1,830
|
|
|
Lease value amortization
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
(755
|
)
|
|
|
|
|
55
|
|
|
|
|
|
(700
|
)
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
(918
|
)
|
|
|
|
|
55
|
|
|
|
|
(863
|
)
|
|
Lease termination fees
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
4
|
|
|
|
|
|
-
|
|
|
|
|
4
|
|
|
|
|
|
|
|
129
|
|
|
|
|
|
-
|
|
|
|
|
|
163
|
|
|
|
|
|
193
|
|
|
|
|
|
485
|
|
|
|
|
|
|
(9
|
)
|
|
|
|
|
-
|
|
|
|
|
|
787
|
|
|
|
|
|
193
|
|
|
|
|
971
|
|
|
Same property cash basis NOI
|
|
|
|
$
|
65,227
|
|
|
|
|
$
|
17,581
|
|
|
|
|
$
|
35,742
|
|
|
|
|
$
|
4,325
|
|
|
|
|
$
|
122,875
|
|
|
|
|
|
$
|
63,155
|
|
|
|
|
$
|
17,301
|
|
|
|
|
$
|
34,135
|
|
|
|
|
$
|
4,175
|
|
|
|
$
|
118,766
|
|
|
Same property cash basis NOI growth
|
|
|
|
|
3.3
|
%
|
|
|
|
|
1.6
|
%
|
|
|
|
|
4.7
|
%
|
|
|
|
|
3.6
|
%
|
|
|
|
|
3.5
|
%
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For a calculation, reconciliation and definition of NOI and Cash
Basis NOI, please see pages 10 and 11.
(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 October 1, 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENIOR HOUSING PROPERTIES TRUST
|
|
Calculation and Reconciliation of Same Property Net Operating
Income (NOI) and Same Property Cash Basis NOI by Segment (1)
|
|
(amounts in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, 2014
|
|
|
|
For the Year Ended December 31, 2013
|
|
Calculation of NOI to Same Property 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
|
|
|
|
$
|
230,718
|
|
|
|
|
$
|
318,184
|
|
|
|
|
$
|
278,041
|
|
|
|
|
$
|
17,944
|
|
|
|
|
$
|
844,887
|
|
|
|
|
$
|
237,209
|
|
|
|
|
$
|
302,058
|
|
|
|
|
$
|
204,594
|
|
|
|
|
$
|
17,577
|
|
|
|
$
|
761,438
|
|
|
Property operating expenses
|
|
|
|
|
-
|
|
|
|
|
|
(245,093
|
)
|
|
|
|
|
(79,471
|
)
|
|
|
|
|
-
|
|
|
|
|
|
(324,564
|
)
|
|
|
|
|
-
|
|
|
|
|
|
(233,711
|
)
|
|
|
|
|
(66,167
|
)
|
|
|
|
|
-
|
|
|
|
|
(299,878
|
)
|
|
Property net operating income (NOI)
|
|
|
|
|
230,718
|
|
|
|
|
|
73,091
|
|
|
|
|
|
198,570
|
|
|
|
|
|
17,944
|
|
|
|
|
|
520,323
|
|
|
|
|
|
237,209
|
|
|
|
|
|
68,347
|
|
|
|
|
|
138,427
|
|
|
|
|
|
17,577
|
|
|
|
|
461,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI not included in same property
|
|
|
|
|
2,775
|
|
|
|
|
|
3,504
|
|
|
|
|
|
64,556
|
|
|
|
|
|
-
|
|
|
|
|
|
70,835
|
|
|
|
|
|
14,861
|
|
|
|
|
|
1,054
|
|
|
|
|
|
5,708
|
|
|
|
|
|
-
|
|
|
|
|
21,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same property NOI (6)
|
|
|
|
$
|
227,943
|
|
|
|
|
$
|
69,587
|
|
|
|
|
$
|
134,014
|
|
|
|
|
$
|
17,944
|
|
|
|
|
$
|
449,488
|
|
|
|
|
$
|
222,348
|
|
|
|
|
$
|
67,293
|
|
|
|
|
$
|
132,719
|
|
|
|
|
$
|
17,577
|
|
|
|
$
|
439,937
|
|
|
Same property NOI growth
|
|
|
|
|
2.5
|
%
|
|
|
|
|
3.4
|
%
|
|
|
|
|
1.0
|
%
|
|
|
|
|
2.1
|
%
|
|
|
|
|
2.2
|
%
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Same Property NOI to Same
Property
Cash Basis NOI:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same property NOI (6)
|
|
|
|
$
|
227,943
|
|
|
|
|
$
|
69,587
|
|
|
|
|
$
|
134,014
|
|
|
|
|
$
|
17,944
|
|
|
|
|
$
|
449,488
|
|
|
|
|
$
|
222,348
|
|
|
|
|
$
|
67,293
|
|
|
|
|
$
|
132,719
|
|
|
|
|
$
|
17,577
|
|
|
|
$
|
439,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non cash straight line rent adjustments
|
|
|
|
|
280
|
|
|
|
|
|
-
|
|
|
|
|
|
3,810
|
|
|
|
|
|
550
|
|
|
|
|
|
4,640
|
|
|
|
|
|
(104
|
)
|
|
|
|
|
-
|
|
|
|
|
|
5,689
|
|
|
|
|
|
1,129
|
|
|
|
|
6,714
|
|
|
Lease value amortization
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
(2,799
|
)
|
|
|
|
|
221
|
|
|
|
|
|
(2,578
|
)
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
(3,672
|
)
|
|
|
|
|
221
|
|
|
|
|
(3,451
|
)
|
|
Lease termination fees
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
11
|
|
|
|
|
|
-
|
|
|
|
|
11
|
|
|
|
|
|
|
|
280
|
|
|
|
|
|
-
|
|
|
|
|
|
1,011
|
|
|
|
|
|
771
|
|
|
|
|
|
2,062
|
|
|
|
|
|
(104
|
)
|
|
|
|
|
-
|
|
|
|
|
|
2,028
|
|
|
|
|
|
1,350
|
|
|
|
|
3,274
|
|
|
Same property cash basis NOI
|
|
|
|
$
|
227,663
|
|
|
|
|
$
|
69,587
|
|
|
|
|
$
|
133,003
|
|
|
|
|
$
|
17,173
|
|
|
|
|
$
|
447,426
|
|
|
|
|
$
|
222,452
|
|
|
|
|
$
|
67,293
|
|
|
|
|
$
|
130,691
|
|
|
|
|
$
|
16,227
|
|
|
|
$
|
436,663
|
|
|
Same property cash basis NOI growth
|
|
|
|
|
2.3
|
%
|
|
|
|
|
3.4
|
%
|
|
|
|
|
1.8
|
%
|
|
|
|
|
5.8
|
%
|
|
|
|
|
2.5
|
%
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
|
--
|
|
|
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For a calculation, reconciliation and definition of NOI and Cash
Basis NOI, please see pages 10 and 11.
(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 January 1, 2013.
|
|
|
|
|
|
|
|
|
|
|
SENIOR HOUSING PROPERTIES TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
(unaudited)
|
|
|
|
Balance Sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
|
2014
|
|
|
|
2013
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Real estate properties
|
|
|
|
$
|
6,238,611
|
|
|
|
$
|
5,263,625
|
|
Less accumulated depreciation
|
|
|
|
|
(983,850)
|
|
|
|
|
(840,760)
|
|
|
|
|
|
|
5,254,761
|
|
|
|
|
4,422,865
|
|
Cash and cash equivalents
|
|
|
|
|
27,594
|
|
|
|
|
39,233
|
|
Restricted cash
|
|
|
|
|
10,544
|
|
|
|
|
12,514
|
|
Deferred financing fees, net
|
|
|
|
|
30,549
|
|
|
|
|
27,975
|
|
Acquired real estate leases and other intangible assets, net
|
|
|
|
|
472,788
|
|
|
|
|
103,494
|
|
Other assets
|
|
|
|
|
172,033
|
|
|
|
|
158,585
|
|
Total assets
|
|
|
|
$
|
5,968,269
|
|
|
|
$
|
4,764,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured revolving credit facility
|
|
|
|
$
|
80,000
|
|
|
|
$
|
100,000
|
|
Unsecured term loan
|
|
|
|
|
350,000
|
|
|
|
|
—
|
|
Senior unsecured notes, net of discount
|
|
|
|
|
1,743,628
|
|
|
|
|
1,093,337
|
|
Secured debt and capital leases
|
|
|
|
|
627,076
|
|
|
|
|
699,427
|
|
Accrued interest
|
|
|
|
|
20,046
|
|
|
|
|
15,839
|
|
Assumed real estate lease obligations, net
|
|
|
|
|
122,826
|
|
|
|
|
12,528
|
|
Other liabilities
|
|
|
|
|
72,286
|
|
|
|
|
66,546
|
|
Total liabilities
|
|
|
|
|
3,015,862
|
|
|
|
|
1,987,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity
|
|
|
|
|
2,952,407
|
|
|
|
|
2,776,989
|
|
Total liabilities and shareholders’ equity
|
|
|
|
$
|
5,968,269
|
|
|
|
$
|
4,764,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Copyright Business Wire 2015