Wed, Nov. 4, 7:55 AM
- Q3 normalized FFO of $111.4M or $0.47 per share vs. $89.6M and $0.44 one year ago. Dividend is $0.39.
- Same-property NOI up 2.3%, up 1.9% on a cash basis, with managed senior living communities particularly strong.
- 41.1% of NOI comes from 121 MOB properties; 40.6% from 232 triple net leased senior living communities; 15.4% from 65 managed senior living communities.
- Conference call at 10 ET
- Previously: Senior Housing Properties Trust beats by $0.01, beats on revenue (Nov. 4)
- SNH flat premarket
Wed, Nov. 4, 7:24 AM
Tue, Nov. 3, 5:30 PM
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Thu, Oct. 22, 10:26 AM
Tue, Oct. 13, 8:07 AM
Thu, Oct. 8, 9:45 AM
- FBR launches coverage on Physicians Realty Trust (DOC +1.5%) and Sabra Health Care REIT (SBRA -0.7%) with Outperform ratings. The $18 price target on DOC is about 16% above last night's close, and the $28 PT on SBRA reflects the same percentage gain.
- The team also initiates coverage on Senior Housing Properties (SNH -0.5%), but it rates just a Market Perform. The $18 PT stands against the current price of $17.06.
Tue, Aug. 11, 8:20 AM
- The occupancy rate for all senior housing in 31 major markets fell this spring for the second consecutive quarter, reports Liam Pleven in the WSJ, and Dallas, Atlanta, and Chicago are among the cities where the number of new assisted-living units under construction represent more than 10% of the current inventory.
- For the 31 major markets in total the figure is 6.4%; about four years ago it was just 3.4%.
- "Everybody's thinking about these 10K baby boomers turning 65 every day," says one senior living executive, but that doesn't mean they're ready right away to move into senior communities. Alongside trouble finding renters - occupancy of 88.4% in Q2 was down 20 basis points from Q1 and 30 bps from a year ago - attempting to raise rents can also be an issue.
- Among names of interest: Health Care REIT (NYSE:HCN), HCP, Brookdale Senior Living (NYSE:BKD), Ventas (NYSE:VTR), New Senior (NYSE:SNR), Senior Housing Properties (NYSE:SNH), LTC Properties (NYSE:LTC).
Thu, Aug. 6, 8:04 AM
- Q2 normalized FFO of $106.8M or $0.45 per share vs. $86.6M and $0.43 one year ago.
- Same-property NOI up 0.4% Y/Y on a GAAP basis, down 0.1% on a cash basis.
- 42.8% of NOI came from 121 properties leased to medical providers, medical related businesses, clinics, and biotech labs - all otherwise known as Medical Office Buildings, or MOBs. As of June 30, 96.4% of 11.3M square feet of MOB space was leased vs. 95.6% a year ago. Same-property NOI fell 2.3% Y/Y on a GAAP basis, fell 3.2% on a cash basis.
- 39.9% of NOI came from 232 triple net leased senior living communities with 26,135 living units. Same-property NOI rose 1.8% on a GAAP basis, 1.2% cash basis.
- 14.3 of NOI came from 65 managed senior living communities with 8,563 units. Same-property NOI rose 1.4% on both a GAAP and cash basis.
- Earnings call at 1 ET
- Previously: Senior Housing Properties Trust beats by $0.01, beats on revenue (Aug. 6)
- SNH flat premarket
Thu, Aug. 6, 7:06 AM
Mon, Jul. 13, 9:03 AM
Thu, Jun. 25, 4:17 PM
- The XLU underperformed again today, losing 0.7% and bringing its year-to-date decline to more than 12%.
- Looking at equity REITs, the IYR dipped another 0.95% and VNQ fell 1%. Both are down about 6% in 2015, and roughly 15% since late January. Some individual names: Spirit Realty (SRC -2.8%), Senior Housing (SNH -1.2%), HCP (HCP -1.4%), American Realty Capital (ARCP -3%), Gramercy Property (GPT -2.8%), Duke Realty (DRE -2%).
- In mortgage REITs, REM lost 0.9% today and is off 7% YTD. Some individual names: American Capital Agency (AGNC -1.2%), Armour (ARR -1%), CYS Investments (CYS -0.9%), Annaly Capital (NLY -0.8%), Invesco Mortgage (IVR -1.2%), Apollo Residential (AMTG -1.1%), PennyMac Mortgage (PMT -2.3%), Western Asset Mortgage (WMC -2.7%).
- The 10-year Treasury yield gained three basis points to 2.40%.
- Previously: Sell-side abandoning REITs as rates rise (June 25)
- ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
Tue, Jun. 9, 9:40 AM
- With Select Income REIT (NYSE:SIR) COO David Blackman presenting at NAREIT's REITWeek conference, investors are taking the opportunity to ask about yesterday's deal for SIR (along with other Portnoy-managed REITs) to take a stake in the Portnoys' RMR.
- "Who set the price on RMR," is naturally the first question, and "Did any independent party do a valuation opinion" is naturally the second.
- RMR came to its REITs with a price, says Blackman, and the price was based upon 50% of the termination fees in the existing management contracts. As for question number two, Blackman says all the banks involved had a look, but it doesn't appear as if any outsiders were retained to help out.
- "Why not just internalize management," is another natural question, and Blackman says RMR's scale allows for lower costs.
- Other REITs involved: SNH, HPT, GOV
- Previously: Portnoys' RMR to go public; managed REITs now own about half (June 8)
Mon, Jun. 8, 8:32 AM
- Aiming to quell investor concerns by more-aligning the interests of RMR Management and the REITs it manages, Senior Housing Properties (NYSE:SNH), Hospitality Properties (NYSE:HPT), Select Income REIT (NYSE:SIR), and Government Properties Trust (NYSE:GOV) are now the owners of about half of Reit Management & Research (RMR).
- The management agreements will RMR are all extended for 20-year terms.
- The REITs plan to distribute about half of their RMR shares to their shareholders, a move that will be facilitated by RMR's plan for a public listing.
- The total purchase price was $172.8M, $46.4M of which was paid in cash and the rest in restricted common shares subject to 10-year lockups. The REITs now own 48.4% of RMR.
- Source: Press Release
Wed, May 6, 9:08 AM
- Q1 normalized FFO of $98.6M or $0.45 per share vs. $80.1M and $0.43 one year ago. Float of 221.4M vs. $188M.
- Consolidated same property NOI up 0.9% Y/Y.
- 43.9% of NOI came from 121 properties leased to MOBs. As of quarter end, 96.2% of this 11.3M square feet of space was leased, up 120 bps from a year ago. Same property occupancy of 94.6% slips 40 bps. Same property NOI fell 2.3%.
- 38.6% of NOI came from 214 triple net leased senior living communities with 24K living units. Occupancy of 85.3% up 90 bps Y/Y. Same property occupancy of 85.6% up 20 bps. Same property NOI up 1.4%.
- 14.3% of NOI came from 46 managed senior living communities with 7,290 units. Occupancy of 88% down 80 bps Y/Y. Same property occupancy of 87.9% down 90 bps. Same property NOI up 5%.
- Conference call at 1 ET
- Previously: Senior Housing Properties Trust FFO in-line, misses on revenue (May 6)
- SNH flat premarket
Wed, May 6, 8:08 AM
Tue, May 5, 5:30 PM
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Senior Housing Properties Trust is a real estate investment trust. It owns and operates independent living and assisted living communities, continuing care retirement communities, nursing homes, wellness centers.
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