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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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
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
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
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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