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| 6 Comments
Tue, May 5, 5:30 PM
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Tue, May 5, 10:31 AM
- A big move higher in interest rates continues, with the 10-year Treasury yield up another six basis points to 2.20% - roughly the level at which it started the year (it fell as low as 1.65% in early February).
- The move here is small-time compared to what's going on across the pond, as the absurd levels of two weeks ago become somewhat less absurd. Ten-year Bund yields are up to 0.51% from 0.05%. Italian 10-years are up 30 bps today to 1.78%, with a similar move in Spain.
- The IYR is down 1.1%.
- Individual names: Realty Income (O -1.3%), Senior Housing Properties (SNH -1.5%), Medical Properties Trust (MPW -2.4%), Gramercy Property Trust (GPT -1.8%), Equity Residential (EQR -1.4%), AvalonBay (AVB -1.5%), Government Properties (GOV -2.3%), Pebblebrook Hotel (PEB -2%), Eastgroup Properties (EGP -1.6%), American Campus (ACC -1.4%).
- Mortgage REITS (REM -0.6%) are outperforming the equity names: Annaly (NLY -0.7%), American Capital Agency (AGNC -0.6%), Two Harbors (TWO -0.7%), CYS Investments (CYS -0.3%), Invesco (IVR -0.2%).
Mon, Apr. 13, 8:47 AM| Comment!
Wed, Mar. 18, 3:28 PM
- The Fed earlier cuts its forecasts for GDP growth, inflation, and the pace of rate hikes. Alongside, it also lowered NAIRU - the level at which unemployment threatens accelerating inflation.
- The 10-year Treasury yield is lower by 13 basis points to 1.92% following the news, sending the board averages to near-1.5% gains, but the strongest names are the equity REITs.
- IYR +2.3%
- National Retail Properties (NNN +3%), Spirit Realty (SRC +3.1%), Senior Housing Properties (SNH +2.1%), Healthcare Trust of America (HTA +2.9%), Equity Commonwealth (EQC +2.7%), Gramercy Property (GPT +3.2%), Post Properties (PPS +3.9%), Aimco (AIV +2.6%), Kimco (KIM +2.8%), DDR Corp (DDR +2.4%), Public Storage (PSA +2%), Government Properties (GOV +1.9%), First Potomac Realty (FPO +3%), Digital Realty Trust (DLR +1.5%), Sunstone Hotel (SHO +2%), Liberty Property (LPT +2.4%), American Campus (ACC +2.5%)
- Previously: Day's biggest news: Fed sharply cuts "normal" unemployment rate (March 18)
- Previously: FOMC drops "patient," but sends dovish signal (March 18)
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
Thu, Feb. 26, 9:15 AM
- Q4 normalized FFO of $91.3M or $0.45 per share vs. $80.5M and $0.43 one year earlier. Full-year normalized FFO of $1.75 per share vs. $1.69 in 2013.
- 98 medical office buildings account for 39.5% of company NOI in Q4. As of Dec. 31, 95.6% is leased vs. 94.9% at Q3's end. Same-property occupancy of 95.3% up 30 basis points Y/Y. Same-property NOI up 2.8% for the quarter.
- 215 triple-net leased senior living communities account for 45% of NOI in Q4. Same-property occupancy of 85.4% down 10 bps Y/Y. Same-property NOI up 3.5%.
- 46 senior living communities account for 12.4% of NOI in Q4. Same-property occupancy of 88.3% up 50 bps Y/Y. Same-property NOI up 1.6%.
- Conference call at 1 ET
- Previously: Senior Housing Properties Trust FFO and revenue in-line (Feb. 26)
- SNH flat premarket
Thu, Feb. 26, 8:06 AM| Comment!
Tue, Feb. 24, 3:32 PM
- The 10-year Treasury yield has tumbled back beneath 2% amid Janet Yellen's congressional testimony and some weak economic data, but there's no bid for income favorites like equity REITs.
- The iShares DJ U.S. Real Estate ETF (IYR -1.9%).
- Realty Income (O -2.9%), National Retail Properties (NNN -2.7%), Senior Housing Properties (SNH -2.2%), Ventas (VTR -3.8%), HCP (HCP -3.6%), Equity Commonwealth (EQC -2.3%), Vornado (VNO -1.9%), Equity Residential (EQR -2.5%), AvalonBay (AVB -2.7%), Simon Property (SPG -1.8%), General Growth (GGP -2.1%), Kimco (KIM -3%), Sovran Self Storage (SSS -2%), Boston Properties (BXP -2%), Hospitality Properties (HPT -2.7%), LaSalle Hotel (LHO -2.8%), Liberty Property Trust (LPT -2.7%), American Campus Communities (ACC -1.7%).
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI
Wed, Feb. 4, 11:03 AM| 1 Comment
Mon, Jan. 12, 9:05 AM| Comment!
Dec. 23, 2014, 8:39 AM
- The agreement with CNL Lifestyle Properties is for 38 senior living communities with 3,466 living units, including 826 independent living units, 1,860 assisted living units, 744 memory care units, and 36 skilled nursing beds. In the past, roughly 95% of revenues have come from residents' private resources.
- The cap rate is expected to be in excess of 7%, and the deal should close in Q2. Alongside this agreement, SNH has received a bridge loan commitment from Wells Fargo for $700M - that, the assumption of a $153M mortgage, and SNH's $750M revolver should be plenty of liquidity to close both this deal and another previously announced purchase for $539M.
- Source: Press Release
Nov. 3, 2014, 9:35 AM
- Q3 normalized FFO of $89.6M or $0.44 per share vs. $78.8M and $0.42 one year ago. Share count of 203.8M vs. 188.1M.
- 42.1% of NOI came from 98 MOB's with 9.1M square feet. Occupancy of 95.6% flat from Q2, up 60 bps from a year ago. Same-property cash basis NOI up 2.6% for quarter.
- 41.1% of NOI came from triple net leased senior living communities with 24,383 living units. Occupancy of 85.2% up 10 bps Y/Y. Same-property occupancy of 85.2% down 40 bps. Same-property NOI up 2.3% for the quarter.
- 13.4% f NOI came from 44 managed senior living communities with 7.051 units. Same-property NOI flat Y/Y.
- Conference call at 1 ET
- Previously: Senior Housing Properties Trust misses by $0.01, misses on revenue
- SNH +0.6%
Nov. 3, 2014, 8:02 AM| Comment!
Nov. 2, 2014, 5:30 PM
Oct. 13, 2014, 4:19 PM
- Both equity and mortgage REITs saw plenty of buying as nearly all of the rest of the market was lit up bright red, and Treasury ETFs signaled a sharp drop in yields when government bonds reopen for trade tomorrow (closed this session for Columbus Day).
- A sampling of equity names: Senior Housing Properties (SNH +1.2%), Medical Properties Trust (MPW +1.4%), Gramercy Property Trust (GPT +1.7%), Equity Residential (EQR +0.7%), Inland Real Estate (IRC +0.9%), Sovran Self Storage (SSS +1.1%), Highwoods Properties Trust (HIW +1%).
- One equity REIT sector in the red along with the rest of the market is lodging amid worsening Ebola fears: Ashford Hospitality Trust (AHT -2.9%), Sunshine Hotel Investors (SHO -1.4%), LaSalle Hotel Properties (LHO -1.5%), Summit Hotel Properties (INN -1.5%).
- Mortgage REITs: American Capital Agency (AGNC +1.4%), CYS Investments (CYS +2.2%), Invesco (IVR +1.1%), American Capital Mortgage (MTGE +1.5%), Western Asset (WMC +1.1%).
- ETFs: IYR, VNQ, REM, MORL, MORT, DRN, URE, REZ, SRS, RWR, SCHH, ICF, ROOF, DRV, KBWY, RTL, REK, FRI, FTY, PSR, IFNA, FNIO, WREI
SNH vs. ETF Alternatives
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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