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For more than 30 years, Cabling Installation & Maintenance has provided useful, practical information to professionals responsible for the specification, design, installation and management of structured cabling systems serving enterprise, data center and other environments. These professionals are challenged to stay informed of constantly evolving standards, system-design and installation approaches, product and system capabilities, technologies, as well as applications that rely on high-performance structured cabling systems. Our editors synthesize these complex issues into multiple information products. This portfolio of information products provides concrete detail that improves the efficiency of day-to-day operations, and equips cabling professionals with the perspective that enables strategic planning for networks’ optimum long-term performance.

Throughout our annual magazine, weekly email newsletters and 24/7/365 website, Cabling Installation & Maintenance digs into the essential topics our audience focuses on.

  • Design, Installation and Testing: We explain the bottom-up design of cabling systems, from case histories of actual projects to solutions for specific problems or aspects of the design process. We also look at specific installations using a case-history approach to highlight challenging problems, solutions and unique features. Additionally, we examine evolving test-and-measurement technologies and techniques designed to address the standards-governed and practical-use performance requirements of cabling systems.
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Diversified Healthcare Trust Provides Monthly SHOP Performance Update

By: via Business Wire

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 Properties:

  • January 2024 occupancy was 79.0%, 30 basis points below December 2023, and 250 basis points above January 2023.
  • January 2024 Resident Fees and Services revenue was $102.7 million, $3.9 million, or 4.0%, above December 2023, and $10.7 million, or 11.6%, above January 2023.
  • January 2024 net operating income, or NOI, was $7.3 million, $4.6 million, or 175.6%, above December 2023, and $3.3 million, or 83.4%, above January 2023.
  • January 2024 NOI margin was 7.1%, 440 basis points above December 2023, and 280 basis points above January 2023.

Revenues increased primarily due to increases in average monthly rate and care level increases at DHC’s communities, partially offset by increased use of discounts and decreased community fees.

Operating expenses decreased due to lower repair and maintenance expenses and decreases in contract labor, partially offset by annual wage adjustments and hiring expenses. Year over year, increases were primarily attributable to inflationary effects of higher wages and food expenses, as well as higher property insurance premiums in select markets.

Diversified Healthcare Trust

SHOP Segment - Monthly Results of Operations

(dollars in thousands, except average monthly rate)

 

2024 (1)

2023

$

%

2023

$

%

 

 

Jan

Dec

Change

Change

Jan

Change

Change

ALR/Five Star Managed Communities

Number of Properties

 

 

119

 

 

119

 

 

 

 

 

 

119

 

 

 

 

Number of Units

 

17,542

 

17,655

 

17,716

Occupancy

 

 

78.8%

 

 

79.1%

 

 

 

 

 

 

77.2%

 

 

 

 

Average Monthly Rate

$

4,638

$

4,401

$

237

5.4%

$

4,267

$

371

8.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residents Fees and Services

 

$

66,669

$

63,558

$

3,111

4.9%

$

59,539

$

7,130

12.0%

Property Operating Expenses

 

 

(59,093)

 

 

(59,851)

 

 

758

 

(1.3)%

 

 

(53,744)

 

 

(5,349)

 

10.0%

NOI (2)

 

$

7,576

$

3,707

$

3,869

104.4%

$

5,795

$

1,781

30.7%

NOI Margin

 

 

11.4%

 

 

5.8%

 

 

 

 

 

 

9.7%

 

 

 

 

 

Other Operator Managed Communities

Number of Properties

 

 

113

 

 

113

 

 

 

 

 

 

118

 

 

 

 

Number of Units

 

7,557

 

7,554

 

7,623

Occupancy

 

 

79.5%

 

 

79.6%

 

 

 

 

 

 

74.8%

 

 

 

 

Average Monthly Rate

$

5,841

$

5,706

$

135

2.4%

$

5,547

$

(8)

(0.1)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residents Fees and Services

 

$

36,059

$

35,262

$

797

2.3%

$

32,486

$

3,573

11.0%

Property Operating Expenses

 

 

(36,356)

 

 

(36,328)

 

 

(28)

 

0.1%

 

 

(34,312)

 

 

(2,044)

 

6.0%

NOI (2)

 

$

(297)

$

(1,066)

$

769

72.1%

$

(1,826)

$

1,529

83.7%

NOI Margin

 

 

(0.8)%

 

 

(3.0)%

 

 

 

 

 

 

(5.6)%

 

 

 

 

 

Total SHOP

Number of Properties

 

 

232

 

 

232

 

 

 

 

 

 

237

 

 

 

 

Number of Units

 

25,099

 

25,209

 

25,339

Occupancy

 

 

79.0%

 

 

79.3%

 

 

 

 

 

 

76.5%

 

 

 

 

Average Monthly Rate

$

4,999

$

4,792

$

207

4.3%

$

4,645

$

354

7.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residents Fees and Services

 

$

102,728

$

98,820

$

3,908

4.0%

$

92,025

$

10,703

11.6%

Property Operating Expenses

 

 

(95,449)

 

 

(96,179)

 

 

730

 

(0.8)%

 

 

(88,056)

 

 

(7,393)

 

8.4%

NOI (2)

 

$

7,279

$

2,641

$

4,638

175.6%

$

3,969

$

3,310

83.4%

NOI Margin

 

 

7.1%

 

 

2.7%

 

 

 

 

 

 

4.3%

 

 

 

 

 

2023

 

 

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

YTD

ALR/Five Star Managed Communities

Number of Properties

 

119

 

 

119

 

 

119

 

 

119

 

 

119

 

 

119

 

 

119

 

 

119

 

 

119

 

 

119

 

 

119

 

 

119

 

 

119

Number of Units

 

17,716

 

17,706

 

17,704

 

17,704

 

17,703

 

17,699

 

17,699

 

17,677

 

17,655

 

17,655

 

17,655

 

17,655

 

17,655

Occupancy

 

77.2%

 

 

77.2%

 

 

77.7%

 

 

78.0%

 

 

78.1%

 

 

77.6%

 

 

78.0%

 

 

78.5%

 

 

78.7%

 

 

79.2%

 

 

79.3%

 

 

79.1%

 

 

78.2%

Average Monthly Rate

$

4,267

$

4,892

$

4,369

$

4,527

$

4,404

$

4,532

$

4,384

$

4,388

$

4,556

$

4,396

$

4,510

$

4,401

$

4,464

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residents Fees and Services

$

59,539

$

61,616

$

61,307

$

61,673

$

62,076

$

62,268

$

62,570

$

62,923

$

63,276

$

63,482

$

63,154

$

63,558

$

747,442

Property Operating Expenses

 

(53,744)

 

 

(52,753)

 

 

(56,145)

 

 

(51,873)

 

 

(55,579)

 

 

(55,416)

 

 

(56,808)

 

 

(56,774)

 

 

(56,355)

 

 

(56,793)

 

 

(56,604)

 

 

(59,851)

 

 

(668,695)

NOI (2)

$

5,795

$

8,863

$

5,162

$

9,800

$

6,497

$

6,852

$

5,762

$

6,149

$

6,921

$

6,689

$

6,550

$

3,707

$

78,747

NOI Margin

 

9.7%

 

 

14.4%

 

 

8.4%

 

 

15.9%

 

 

10.5%

 

 

11.0%

 

 

9.2%

 

 

9.8%

 

 

10.9%

 

 

10.5%

 

 

10.4%

 

 

5.8%

 

 

10.5%

 

Other Operator Managed Communities

Number of Properties

 

118

 

 

115

 

 

115

 

 

115

 

 

115

 

 

115

 

 

115

 

 

115

 

 

115

 

 

114

 

 

113

 

 

113

 

 

113

Number of Units

 

7,623

 

7,623

 

7,623

 

7,623

 

7,623

 

7,623

 

7,623

 

7,647

 

7,647

 

7,572

 

7,571

 

7,554

 

7,554

Occupancy

 

74.8%

 

 

76.3%

 

 

76.5%

 

 

77.4%

 

 

77.1%

 

 

78.0%

 

 

78.3%

 

 

78.6%

 

 

78.6%

 

 

79.2%

 

 

79.4%

 

 

79.6%

 

 

77.8%

Average Monthly Rate

$

5,547

$

5,839

$

5,553

$

5,569

$

5,469

$

5,644

$

5,576

$

5,610

$

5,987

$

5,627

$

5,745

$

5,706

$

5,654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residents Fees and Services

$

32,486

$

31,502

$

33,142

$

32,576

$

32,953

$

33,300

$

34,109

$

34,559

$

35,697

$

34,605

$

34,275

$

35,262

$

404,466

Property Operating Expenses

 

(34,312)

 

 

(31,423)

 

 

(33,952)

 

 

(32,932)

 

 

(33,428)

 

 

(32,731)

 

 

(33,688)

 

 

(35,301)

 

 

(33,519)

 

 

(34,361)

 

 

(34,421)

 

 

(36,328)

 

 

(406,396)

NOI (2)

$

(1,826)

$

79

$

(810)

$

(356)

$

(475)

$

569

$

421

$

(742)

$

2,178

$

244

$

(146)

$

(1,066)

$

(1,930)

NOI Margin

 

(5.6)%

 

 

0.3%

 

 

(2.4)%

 

 

(1.1)%

 

 

(1.4)%

 

 

1.7%

 

 

1.2%

 

 

(2.1)%

 

 

6.1%

 

 

0.7%

 

 

(0.4)%

 

 

(3.0)%

 

 

(0.5)%

 

Total SHOP

Number of Properties

 

237

 

 

234

 

 

234

 

 

234

 

 

234

 

 

234

 

 

234

 

 

234

 

 

234

 

 

233

 

 

232

 

 

232

 

 

232

Number of Units

 

25,339

 

25,329

 

25,327

 

25,327

 

25,326

 

25,322

 

25,322

 

25,324

 

25,302

 

25,227

 

25,226

 

25,209

 

25,209

Occupancy

 

76.5%

 

 

77.0%

 

 

77.3%

 

 

77.8%

 

 

77.8%

 

 

77.7%

 

 

78.1%

 

 

78.5%

 

 

78.6%

 

 

79.2%

 

 

79.3%

 

 

79.3%

 

 

78.1%

Average Monthly Rate

$

4,645

$

5,176

$

4,722

$

4,840

$

4,723

$

4,866

$

4,742

$

4,755

$

4,986

$

4,764

$

4,879

$

4,792

$

4,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residents Fees and Services

$

92,025

$

93,118

$

94,449

$

94,249

$

95,029

$

95,568

$

96,679

$

97,482

$

98,973

$

98,087

$

97,429

$

98,820

$

1,151,908

Property Operating Expenses

 

(88,056)

 

 

(84,176)

 

 

(90,097)

 

 

(84,805)

 

 

(89,007)

 

 

(88,147)

 

 

(90,496)

 

 

(92,075)

 

 

(89,874)

 

 

(91,154)

 

 

(91,025)

 

 

(96,179)

 

 

(1,075,091)

NOI (2)

$

3,969

$

8,942

$

4,352

$

9,444

$

6,022

$

7,421

$

6,183

$

5,407

$

9,099

$

6,933

$

6,404

$

2,641

$

76,817

NOI Margin

 

4.3%

 

 

9.6%

 

 

4.6%

 

 

10.0%

 

 

6.3%

 

 

7.8%

 

 

6.4%

 

 

5.5%

 

 

9.2%

 

 

7.1%

 

 

6.6%

 

 

2.7%

 

 

6.7%

(1)

The information regarding DHC’s SHOP segment results for January 2024 reflects preliminary estimates with respect to certain results of DHC for such period, based on currently available information. Because the quarterly financial close process and review for that period is not yet complete, DHC’s final results upon completion of its quarterly close process and review may vary from these preliminary estimates.

 

(2)

The calculation of NOI shown excludes certain components of net income (loss) in order to provide results that are more closely related to DHC's property level results of operations. DHC defines NOI as income from its real estate less its property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that DHC records as depreciation and amortization. DHC uses NOI to evaluate individual and company wide property level performance. Other real estate companies and real estate investment trusts, or REITs, may calculate NOI differently than DHC does.

 
Calculation and Reconciliation of NOI for SHOP Segment
 

(dollars in thousands)

For the Month Ended

January 31, 2023

January 31, 2024

Calculation of NOI:

SHOP

SHOP

Residents fees and services

$

92,025

$

102,728

Property operating expenses

 

(88,056)

 

(95,449)

NOI

$

3,969

$

7,279

 

For the Month Ended

January 31, 2023

December 31, 2023

January 31, 2024

SHOP

SHOP

SHOP

 

Residents fees and services

$

92,025

 

$

98,820

 

$

102,728

 

Expenses:

 

 

 

 

 

Property operating expenses

 

88,056

 

96,179

 

95,449

Depreciation and amortization

 

13,874

 

 

15,952

 

 

15,595

Total expenses

 

101,930

 

112,131

 

111,044

 

 

 

 

 

 

Gain on sale of properties

 

940

 

-

 

-

Interest expense

 

(178)

 

 

(24)

 

 

(23)

Net loss

 

(9,143)

 

(13,335)

 

(8,339)

 

 

 

 

 

 

Add (less):

Interest expense

 

178

 

24

 

23

Depreciation and amortization

 

13,874

 

 

15,952

 

 

15,595

Gain on sale of properties

 

(940)

 

-

 

-

NOI

$

3,969

 

$

2,641

 

$

7,279

About Diversified Healthcare Trust:

DHC is a real estate investment trust focused on owning high-quality healthcare properties located throughout the United States. DHC seeks diversification across the health services spectrum by care delivery and practice type, by scientific research disciplines and by property type and location. As of December 31, 2023, DHC’s approximately $7.2 billion portfolio included 371 properties in 36 states and Washington, D.C., occupied by approximately 500 tenants, and totaling approximately 8.6 million square feet of life science and medical office properties and more than 27,000 senior living units. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $41 billion in assets under management as of December 31, 2023 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. To learn more about DHC, visit www.dhcreit.com.

Warning Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever DHC uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, it is making forward-looking statements. These forward-looking statements are based upon DHC’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 DHC’s forward-looking statements as a result of various factors. For example, the information regarding DHC’s SHOP segment results provided in this press release reflects certain preliminary estimates based on currently available information, and DHC’s final results upon completion of its quarterly financial close process and review may vary from these preliminary estimates, and as a result, the information provided herein may not provide a meaningful measure of DHC’s SHOP segment results as expected.

The information contained in DHC's periodic reports filed with the Securities and Exchange Commission, or the SEC, including under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” or incorporated therein, also identifies important factors that could cause DHC's actual results to differ materially from those stated in or implied by DHC's forward-looking statements. DHC's filings with the SEC are available on the SEC's website at www.sec.gov.

You should not place undue reliance upon any forward-looking statements. Except as required by law, DHC does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.

A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.

No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.

Contacts

Melissa McCarthy, Manager, Investor Relations

(617) 796-8234

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