Oct. 2, 2014, 4:07 PM| Comment!
Sep. 2, 2014, 7:48 AM
- In connection with Select Income REITs (NYSE:SIR) $3.1B purchase of Cole Corporate Income Trust, the company is offloading the healthcare properties in CCIT's portfolio (23) to Senior Housing Properties Trust (NYSE:SNH) for $539M.
- The properties to be purchased by SNH are 100% occupied with average term of 9.5 years. Seventy-two percent of rents are payable by investment grade tenants. The GAAP cap rate is about 6.4%.
- After the sale of the healthcare assets to SNH, Select will be adding 64 office and industrial properties to its portfolio. The company expects - following closing of the purchase in early 2015 - to boost its quarterly dividend by $0.02 to $0.50 per share.
- Previously: American Realty's CCIT to be sold to Select Income REIT
Aug. 4, 2014, 8:20 AM
- Normalized FFO of $86.6M or $0.43 per share vs. $79,1M and $0.42 a year ago.
- 43.5% of NOI came from 218 triple-net-leased senior living communities. Occupancy of 85.2% falls 40 bps from a year ago. Same-property NOI increased 2.2%.
- 14.5% of NOI came from 44 managed senior living communities. Occupancy of 88.5% up from 87.4%. Same-property NOI increased 6.4%.
- 38.5% of NOI came from 98 MOBs with 9.1M square feet. Leasing rate of 95.6% up from 94.1% a year ago. Same-property cash basis NOI up 1.3%.
- Conference call at 1 ET
- SNH flat premarket
Aug. 4, 2014, 8:03 AM| Comment!
Aug. 3, 2014, 5:30 PM
Jul. 7, 2014, 5:44 PM| 1 Comment
Jul. 2, 2014, 7:22 AM
- Citing a preference for more economically-sensitive REIT sectors, Goldman downgrades the Healthcare REIT sector to Neutral from Attractive. Alongside the sector cut, the team downgrades Omega Healthcare Investors (OHI) to Neutral. It's off 1% premarket.
- Among the other names in the sector: HCN, HCP, MPW, HTA, SNH, VTR, LTC, AVIV.
May 30, 2014, 4:05 PM
May 2, 2014, 8:13 AM
- Normalized FFO of $80.1M or $0.43 per share vs. $79M and $0.43 a year ago. Dividend is $0.39 per share.
- SNH acquired one property in April for $32.7M, and has another under agreement for purchase price of about $1.125B. Continuing to move away from reliance on government programs, company has nine properties on the market - the majority of their revenues come from Medicare, Medicaid, and related.
- CC at 1 ET
- Source: Press Release
- Previously: Senior Housing Properties Trust FFO in-line, misses on revenue
May 2, 2014, 8:03 AM| Comment!
May 1, 2014, 5:30 PM
Apr. 16, 2014, 5:37 PM
Apr. 16, 2014, 4:30 PM| 1 Comment
Apr. 2, 2014, 8:46 AM| 2 Comments
Mar. 19, 2014, 12:35 PM
- A check of other REITs externally managed by the Portnoys' Reit Management & Research - and thus possibly activist targets - finds no noticeable reaction to the dissident shareholder victory which likely means the removal of the entire CommonWealth board.
- Hospitality Properties Trust (HPT -1.7%), Senior Housing Properties (SNH), Government Properties Income Trust (GOV -0.4%), Select Income REIT (SIR -0.8%), RMR Real Estate Income Fund (RIF +0.1%). Other companies (not REITs managed by RMR): Five Star Quality Care (FVE -0.3%), TravelCenters of America (TA -1.2%).
Feb. 26, 2014, 8:57 AM
- "For a long time nobody thought a REIT could be successfully attacked, so nobody bothered," says Darren Novak, whose firm advises companies and activist investors. "If CommonWealth (CWH) falls, that perception will change."
- Activist battles and hostile takeovers in REITs are rare, write the WSJ's Robbie Whelan and Liz Hoffman, partly because of tax rules and corporate charters preventing any one investor from owning more than roughly 10% of a company's shares. Plus, REITs typically have hefty dividends, robbing activists of a typical complaint of not enough cash being returned to shareholders. Add to that the fact that REITs usually trade near book value, making it hard to argue about unlocking hidden value.
- If Corvex and Related are successful in tossing out CommonWealth REITs board and management, who might be the next target? Quickly coming to mind are Senior Housing Properties Trust (SNH), Government Property Trust (GOV), Select Income REIT (SIR), and Hospitality Properties Trust (HPT) - all also managed by the Portnoy's RMR.
- See also: Phil Goldstein's Bulldog Investors successfully pushes for faster buybacks at Javelin Mortgage.
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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