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    Justin Haasbeek • RBC Capital Markets

    Justin Haasbeek's questions to Diversified Healthcare Trust (DHC) leadership

    Justin Haasbeek's questions to Diversified Healthcare Trust (DHC) leadership • Q1 2025

    Question

    Justin Haasbeek inquired about the drivers for the strong sequential occupancy gains in the SHOP portfolio during a typically weak quarter, whether the AlerisLife dividend was a one-time event, and the rationale for not increasing the full-year SHOP NOI guidance after a robust Q1 performance.

    Answer

    President and CEO Christopher Bilotto attributed the occupancy improvement to capital investments, focused operational initiatives, and strong market positioning. CFO and Treasurer Matthew Brown clarified that the AlerisLife dividend should be modeled as a one-time payment for now. Brown also explained that while Q1 results were strong, they were favorably impacted by a $2.7 million one-time business interruption payment, and the company is awaiting more clarity on the timing of dispositions before potentially raising guidance.

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    Justin Haasbeek's questions to Diversified Healthcare Trust (DHC) leadership • Q4 2024

    Question

    Justin Haasbeek of BofA Securities asked about the drivers for the Q4 SHOP segment outperformance, confidence in operators for the 2025 recovery, the repayment strategy for the zero-coupon bond, and the interest rate on new secured financing.

    Answer

    Matthew Brown, CFO and Treasurer, explained that the SHOP segment beat guidance due to strong occupancy growth reaching 80%, while the estimated $4.4 million in insurance costs were already factored in. Brown expressed high confidence in their operators, supported by a dedicated asset management team. He affirmed the plan is to repay the zero-coupon bond before its January 2026 maturity using asset sales and new financing, not to extend it. The new financing is expected to have a weighted average rate of approximately 6.5%, which is accretive compared to the 9.75% debt being retired.

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    Justin Haasbeek's questions to Diversified Healthcare Trust (DHC) leadership • Q3 2024

    Question

    Justin Haasbeek of RBC Capital Markets asked for clarification on the implied Q4 SHOP NOI guidance, which suggests a sequential decline. He also sought reasons for the Q3 occupancy miss, details on the valuation and timing of the 29 communities marked for disposition, the cause of an increase in wellness center NOI, and an update on the marketing and occupancy status of the Muse property.

    Answer

    President and CEO Christopher Bilotto confirmed the Q4 SHOP NOI guidance range, attributing the expected decline to approximately $4 million in costs from recent hurricanes, and projected year-end occupancy just below 80%. He valued the disposition portfolio at $55k-$65k per unit with closings expected in early 2025. CFO and Treasurer Matthew Brown explained the wellness center NOI increase was due to a new lease commencement with Lifetime.

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    Justin Haasbeek's questions to Omega Healthcare Investors Inc (OHI) leadership

    Justin Haasbeek's questions to Omega Healthcare Investors Inc (OHI) leadership • Q3 2024

    Question

    Justin Haasbeek of RBC Capital Markets asked where Omega sees the best investment opportunities, specifically between the U.K. and the U.S., and requested details on the current pipeline's size, asset mix, and location.

    Answer

    COO Daniel J. Booth indicated that the near-term pipeline is heavily weighted towards the U.K. but expects U.S. activity, primarily in SNFs with some ALFs, to pick up in 2025. He confirmed Omega is evaluating all deals, including large portfolios, but did not comment on the specific size of the pipeline.

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