Diversified Healthcare Trust Provides Monthly SHOP Performance Update; September 2023 Occupancy Was 79.4%, 660 Basis Points Below September 2019, And 10 Basis Points Above August 2023

Author: Benzinga Newsdesk | October 23, 2023 04:27pm

Diversified Healthcare Trust (NASDAQ:DHC) today provided an update regarding the recent performance of its Senior Housing Operating Portfolio, or SHOP, segment.

Monthly Unaudited Results in DHC's Total SHOP Comparable Properties:

• September 2023 occupancy was 79.4%, 660 basis points below September 2019, and 10 basis points above August 2023.
• September 2023 Resident Fees and Services revenue was $96.1 million, $4.0 million, or 4.0%, below September 2019, and $1.4 million, or 1.5%, above August 2023.
• September 2023 net operating income, or NOI, was $8.8 million, $5.9 million, or 40.0%, below September 2019, and $3.5 million, or 66.4% above August 2023.
• September 2023 NOI margin was 9.2%, 550 basis points below September 2019, and 360 basis points above August 2023.

Year to Date Unaudited Results in DHC's Total SHOP Comparable Properties:

• Year to date occupancy through September 30, 2023, was 78.3%, 820 basis points below the same period in 2019.
• Year to date Resident Fees and Services revenue through September 30, 2023, was $833.9 million, $86.2 million, or 9.4%, below the same period in 2019.
• Year to date NOI through September 30, 2023, was $59.1 million, $99.4 million, or 62.7%, below the same period in 2019.
• Year to date NOI margin through September 30, 2023, was 7.1%, 1,010 basis points below the same period in 2019.

Posted In: DHC