Exhibit 99.2
SENIOR HOUSING PROPERTIES TRUST
Third Quarter 2009
Supplemental Operating and Financial Data
Unless otherwise noted, all amounts in this report are unaudited.
TABLE OF CONTENTS
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CORPORATE INFORMATION |
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| Company Profile | 5 |
| Investor Information | 6 |
| Research Coverage | 7 |
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FINANCIAL INFORMATION |
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| Key Financial Data | 9 |
| Condensed Consolidated Balance Sheet | 10 |
| Condensed Consolidated Statement of Income | 11 |
| Condensed Consolidated Statement of Cash Flows | 12 |
| Calculation of EBITDA | 13 |
| Calculation of Funds from Operations (FFO) | 14 |
| Debt Summary | 15 |
| Debt Maturity Schedule | 16 |
| Leverage Ratios, Coverage Ratios and Public Debt Covenants | 17 |
| 2009 Acquisitions / Dispositions Information | 18 |
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PORTFOLIO INFORMATION |
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| Portfolio Summary by Facility Type and Tenant | 20 |
| Occupancy by Property Type and Tenant | 21 |
| % of Private Pay by Senior Living Property Type and Tenant | 22 |
| Rent Coverage by Tenant (excluding MOBs) | 23 |
| Portfolio Lease Expiration Schedule | 24 |
2
WARNING CONCERNING
FORWARD LOOKING STATEMENTS
THIS SUPPLEMENTAL OPERATING AND FINANCIAL DATA REPORT CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER FEDERAL SECURITIES LAWS. WHENEVER WE USE WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”, “ESTIMATE” OR SIMILAR EXPRESSIONS, WE ARE MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON OUR PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. FORWARD LOOKING STATEMENTS IN THIS REPORT RELATE TO VARIOUS ASPECTS OF OUR BUSINESS, INCLUDING :
· OUR ABILITY TO PURCHASE OR SELL PROPERTIES;
· OUR ABILITY TO RAISE DEBT OR EQUITY CAPITAL;
· OUR ABILITY TO PAY INTEREST AND DEBT PRINCIPAL AND MAKE DISTRIBUTIONS;
· OUR ABILITY TO RETAIN OUR EXISTING TENANTS AND MAINTAIN CURRENT RENTAL RATES; AND
· OTHER MATTERS.
OUR ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY OUR FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FACTORS THAT COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR FORWARD LOOKING STATEMENTS AND UPON OUR BUSINESS, RESULTS OF OPERATIONS, FINANCIAL CONDITION, FUNDS FROM OPERATIONS, CASH FLOWS, LIQUIDITY AND PROSPECTS INCLUDE, BUT ARE NOT LIMITED TO:
· THE IMPACT OF CHANGES IN THE ECONOMY AND THE CAPITAL MARKETS, INCLUDING THE RECENT CHANGES IN THE CAPITAL MARKETS, ON US AND OUR TENANTS;
· ACTUAL AND POTENTIAL CONFLICTS OF INTEREST WITH OUR MANAGING TRUSTEES, REIT MANAGEMENT & RESEARCH LLC, FIVE STAR QUALITY CARE, INC. AND THEIR AFFILIATES;
· CHANGES IN FEDERAL, STATE AND LOCAL LEGISLATION, GOVERNMENTAL REGULATIONS, ACCOUNTING RULES, TAX LAWS AND SIMILAR MATTERS; AND
· COMPETITION WITHIN THE REAL ESTATE INDUSTRY OR THOSE INDUSTRIES IN WHICH OUR TENANTS OPERATE.
FOR EXAMPLE:
· IF THE AVAILABILITY OF DEBT CAPITAL REMAINS RESTRICTED OR BECOMES MORE RESTRICTED, WE MAY BE UNABLE TO REFINANCE OR REPAY OUR DEBT OBLIGATIONS WHEN THEY BECOME DUE OR ON TERMS WHICH ARE AS FAVORABLE AS WE NOW HAVE;
· OUR ABILITY TO MAKE FUTURE DISTRIBUTIONS DEPENDS UPON OUR FUTURE EARNINGS. WE MAY BE UNABLE TO MAINTAIN OUR CURRENT RATE OF DISTRIBUTIONS AND FUTURE DISTRIBUTIONS MAY BE SUSPENDED OR PAID AT A LESSER RATE THAN THE DISTRIBUTIONS WE NOW PAY;
· OUR ABILITY TO GROW OUR BUSINESS AND PAY OUR DISTRIBUTIONS DEPENDS IN LARGE PART UPON OUR ABILITY TO BUY PROPERTIES AND LEASE THEM FOR RENTS WHICH EXCEED OUR CAPITAL COSTS. WE MAY BE UNABLE TO IDENTIFY PROPERTIES THAT WE WANT TO ACQUIRE OR TO NEGOTIATE ACCEPTABLE PURCHASE PRICES, ACQUISITION FINANCING OR LEASE TERMS FOR NEW PROPERTIES;
· SOME OF OUR TENANTS MAY NOT RENEW EXPIRING LEASES, AND WE MAY BE UNABLE TO LOCATE NEW TENANTS TO MAINTAIN THE HISTORICAL OCCUPANCY RATES OF OUR PROPERTIES;
· RENTS THAT WE CAN CHARGE AT OUR PROPERTIES MAY DECLINE; AND
· OUR TENANTS MAY EXPERIENCE LOSSES AND BECOME UNABLE TO PAY OUR RENTS.
THESE RESULTS COULD OCCUR DUE TO MANY DIFFERENT REASONS, SOME OF WHICH, SUCH AS NATURAL DISASTERS OR CHANGES IN OUR TENANTS’ REVENUES OR COSTS, OR CHANGES IN CAPITAL MARKETS OR THE ECONOMY GENERALLY, ARE BEYOND OUR CONTROL.
OTHER IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN OUR FORWARD LOOKING STATEMENTS ARE DESCRIBED MORE FULLY UNDER “ITEM 1A. RISK FACTORS” IN OUR ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2008.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
EXCEPT AS REQUIRED BY LAW, WE DO NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
CORPORATE INFORMATION
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
COMPANY PROFILE
The Company: |
| Strategy: | ||||
Senior Housing Properties Trust, or SNH, we, or us, is a real estate investment trust, or REIT, which owns independent and assisted living properties, continuing care retirement communities, nursing homes, hospitals, wellness centers and medical office, clinic and biotech laboratory buildings located throughout the United States. We are included in a number of stock indices, including the Russell 1000®, the MSCI US REIT Index, FTSE EPRA/NAREIT United States Index and the S&P REIT Composite Index.
Management: SNH is managed by Reit Management & Research LLC, or RMR. RMR is a real estate management company which was founded in 1986 to manage public investments in real estate. As of September 30, 2009, RMR manages one of the largest portfolios of publicly owned real estate in North America, including nearly 1,350 properties located in 45 states, Washington, D.C., Puerto Rico and Ontario, Canada. RMR has approximately 580 employees in its headquarters and regional offices located throughout the United States. In addition to managing SNH, RMR manages HRPT Properties Trust, a publicly traded REIT that primarily owns office buildings and industrial properties, Hospitality Properties Trust, or HPT, a publicly traded REIT that owns hotels and travel centers, and Government Properties Income Trust, a publicly traded REIT that owns buildings with government tenants. RMR also provides management services to Five Star Quality Care, Inc., or Five Star, a healthcare services company which is our largest tenant, and to TravelCenters of America LLC, a tenant of HPT. An affiliate of RMR, RMR Advisors, Inc., is the investment manager of mutual funds, which principally invest in securities of unaffiliated real estate companies. The public companies managed by RMR and its affiliates had combined total gross assets of nearly $17 billion as of September 30, 2009. We believe that being managed by RMR is a competitive advantage for SNH because RMR provides us with a depth and quality of management and experience which may be unequaled in the real estate industry. We also believe RMR provides management services to us at costs that are lower than we would have to pay for similar quality services. |
| Our present business plan is to maintain our investment portfolio of independent and assisted living properties, continuing care retirement communities, nursing homes, hospitals and medical office, clinic and biotech laboratory buildings and to acquire additional healthcare related properties primarily for income and secondarily for appreciation potential. Our current growth strategy is focused on making acquisitions of geographically diverse, primarily independent and assisted senior living properties where the majority of the residents pay for occupancy and services with their private resources rather than through government programs and to acquire medical office, clinic and biotech laboratories buildings. We also may sometimes invest in other properties, such as the wellness centers, which offer special services intended to promote healthy living. We base our acquisition decisions on the historical and projected operating results of the target properties and the financial strength of the proposed tenants and their guarantors, among other considerations. We currently do not have any investments in off balance sheet entities. | ||||
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Stock Exchange Listing: |
| Corporate Headquarters: | ||||
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New York Stock Exchange |
| 400 Centre Street | ||||
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| Newton, MA 02458 | ||||
Trading Symbol: |
| (t) (617) 796-8350 | ||||
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| (f) (617) 796-8349 | ||||
Common Shares – SNH |
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Senior Unsecured Debt Ratings: |
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Moody’s – Ba1 |
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Standard & Poor’s – BBB- |
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Portfolio Concentration by Facility Type (as of 9/30/09) ($ in 000):
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| Number of |
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| Number of |
| Units/Beds or |
| Carrying Value of |
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| Annualized |
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| Properties |
| Square Feet |
| Investment (1) |
| Percent |
| Current Rent |
| Percent |
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Independent living (2) |
| 43 |
| 11,524 |
| $ | 1,119,530 |
| 35.1% |
| $ | 109,878 |
| 34.2% |
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Assisted living (2) |
| 120 |
| 8,472 |
| 910,129 |
| 28.4% |
| 84,822 |
| 26.4% |
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Nursing homes (2) |
| 58 |
| 5,844 |
| 228,536 |
| 7.1% |
| 20,413 |
| 6.4% |
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Rehabilitation hospitals |
| 2 |
| 364 |
| 61,025 |
| 1.9% |
| 9,648 |
| 3.0% |
| ||
Wellness centers |
| 10 |
| 812,000 | sq. ft. | 180,017 |
| 5.6% |
| 17,069 |
| 5.3% |
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Medical office buildings (MOBs) |
| 56 |
| 2,867,862 | sq. ft. | 702,307 |
| 21.9% |
| 79,124 |
| 24.7% |
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Total |
| 289 |
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| $ | 3,201,544 |
| 100.0% |
| $ | 320,954 |
| 100.0% |
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Operating Statistics by Tenant ($ in 000):
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| Q2 2009 |
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| Number of |
| Number of |
| Annualized |
| Rent |
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| Percent |
| |
Tenant |
| Properties |
| Units/Beds |
| Current Rent |
| Coverage (3) |
| Occupancy (3) |
| Private Pay (3) (4) |
| |
Five Star (Lease No. 1) (5) |
| 80 |
| 5,919 |
| $ | 45,273 |
| 1.37x |
| 87% |
| 60% |
|
Five Star (Lease No. 2) (5) |
| 50 |
| 6,106 |
| 49,294 |
| 1.37x |
| 82% |
| 52% |
| |
Five Star (Lease No. 3) (5) |
| 28 |
| 5,618 |
| 61,564 |
| 1.52x |
| 89% |
| 87% |
| |
Five Star (Lease No. 4) (5) |
| 25 |
| 2,461 |
| 21,144 |
| 1.06x |
| 85% |
| 67% |
| |
Sunrise / Marriott (6) |
| 14 |
| 4,091 |
| 32,416 |
| 1.44x |
| 89% |
| 69% |
| |
Brookdale Senior Living, Inc. |
| 18 |
| 894 |
| 8,173 |
| 2.14x |
| 90% |
| 100% |
| |
6 private companies (combined) |
| 8 |
| 1,115 |
| 6,897 |
| 1.96x |
| 81% |
| 24% |
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Wellness centers |
| 10 |
| 812,000 | sq. ft. | 17,069 |
| 2.36x |
| 100% |
| NA |
| |
Multi-tenant MOBs |
| 56 |
| 2,867,862 | sq. ft. | 79,124 |
| NA |
| 98% |
| NA |
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Total |
| 289 |
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| $ | 320,954 |
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(1) Amounts are before depreciation, but after impairment write downs, if any.
(2) Properties are categorized by the type of living units/beds which constitute a majority of the total living units/beds at the property.
(3) All tenant operating data presented is based upon the operating results provided by our tenants for the indicated periods. Rent coverage is calculated as operating cash flow from our tenants’ facility operations, before subordinated charges, divided by minimum rents payable to us. We have not independently verified our tenants’ operating data.
(4) Represents the percentage of SNH’s rental income that is derived from senior living properties where the operating revenues are greater than 80% from sources other than Medicare and Medicaid.
(5) On August 4, 2009, we realigned our four leases with Five Star. The data presented reflects this realignment.
(6) Marriott International, Inc., or Marriott, guarantees this lease.
5
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
INVESTOR INFORMATION | ||
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Board of Trustees | ||
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Barry M. Portnoy |
| Adam D. Portnoy |
Managing Trustee |
| Managing Trustee |
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John L. Harrington |
| Jeffrey P. Somers |
Independent Trustee |
| Independent Trustee |
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Frederick N. Zeytoonjian |
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Independent Trustee |
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Senior Management | ||
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David J. Hegarty |
| Richard A. Doyle |
President & Chief Operating Officer |
| Treasurer & Chief Financial Officer |
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Contact Information | ||
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Investor Relations |
| Inquiries |
Senior Housing Properties Trust |
| Financial inquiries should be directed to Richard A. Doyle, |
400 Centre Street |
| Treasurer and Chief Financial Officer, at (617) 219-1405 |
Newton, MA 02458 |
| or rdoyle@snhreit.com. |
(t) (617) 796-8350 |
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(f) (617) 796-8349 |
| Investor and media inquiries should be directed to |
(email) info@snhreit.com |
| Timothy A. Bonang, Vice President, Investor Relations, or |
(website) www.snhreit.com |
| Katherine L. Johnston, Manager, Investor Relations, at |
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| (617) 796-8234, tbonang@snhreit.com or kjohnston@snhreit.com. |
6
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
RESEARCH COVERAGE | ||||
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Equity Research Coverage | ||||
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Bank of America / Merrill Lynch |
| R.W. Baird | ||
Jeffrey Spector |
| David AuBuchon | ||
(646) 855-1363 |
| (314) 863-4235 | ||
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JMP Securities |
| Stifel Nicolaus | ||
Peter Martin |
| Jerry Doctrow | ||
(415) 835-8904 |
| (443) 224-1309 | ||
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Oppenheimer |
| UBS | ||
Mark Biffert |
| Dustin Pizzo | ||
(212) 667-7062 |
| (212) 713-4847 | ||
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Raymond James |
| Wells Fargo Securities | ||
Paul Puryear |
| Todd Stender | ||
(727) 567-2253 |
| (212) 214-8067 | ||
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RBC |
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Kevin Ellich |
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(612) 313-1247 |
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Debt Research Coverage | ||||
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UBS |
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Steven Valiquette |
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(203) 719-2347 |
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Rating Agencies | ||||
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Moody’s Investors Service |
| Standard and Poor’s | ||
Lori Marks |
| James Fielding | ||
(212) 553-1098 |
| (212) 438-2452 | ||
SNH is followed by the analysts and its publicly held debt is rated by the rating agencies listed above. Please note that any opinions, estimates or forecasts regarding SNH's performance made by these analysts or agencies do not represent opinions, forecasts or predictions of SNH or its management. SNH does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts or agencies.
7
FINANCIAL INFORMATION
Senior Housing Properties Trust
Supplemental Operating and Financial Data
KEY FINANCIAL DATA
(share amounts and dollars in thousands, except per share data)
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| As of and For the Three Months Ended |
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| 9/30/2009 |
| 6/30/2009 |
| 3/31/2009 |
| 12/31/2008 |
| 9/30/2008 |
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Shares Outstanding: |
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Common shares outstanding (at end of period) |
| 127,378 |
| 120,464 |
| 120,398 |
| 114,543 |
| 114,531 |
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Weighted average common shares outstanding (1) |
| 121,665 |
| 120,455 |
| 117,853 |
| 114,533 |
| 114,493 |
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Common Share Data: |
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Price at end of period |
| $ | 19.11 |
| $ | 16.32 |
| $ | 14.02 |
| $ | 17.92 |
| $ | 23.83 |
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High during period |
| $ | 22.13 |
| $ | 18.37 |
| $ | 18.45 |
| $ | 23.66 |
| $ | 24.98 |
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Low during period |
| $ | 15.01 |
| $ | 13.34 |
| $ | 10.68 |
| $ | 9.82 |
| $ | 18.82 |
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Annualized dividends paid per share |
| $ | 1.44 |
| $ | 1.44 |
| $ | 1.40 |
| $ | 1.40 |
| $ | 1.40 |
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Annualized dividend yield (at end of period) |
| 7.5% |
| 8.8% |
| 10.0% |
| 7.8% |
| 5.9% |
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Market Capitalization: |
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Total debt (book value) |
| $ | 984,240 |
| $ | 707,020 |
| $ | 653,718 |
| $ | 730,433 |
| $ | 567,093 |
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Plus: market value of common shares (at end of period) |
| 2,434,194 |
| 1,965,972 |
| 1,687,980 |
| 2,052,611 |
| 2,729,226 |
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Total market capitalization |
| $ | 3,418,434 |
| $ | 2,672,992 |
| $ | 2,341,698 |
| $ | 2,783,044 |
| $ | 3,296,319 |
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Total debt / total market capitalization |
| 28.8% |
| 26.5% |
| 27.9% |
| 26.2% |
| 17.2% |
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Book Capitalization: |
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Total debt |
| $ | 984,240 |
| $ | 707,020 |
| $ | 653,718 |
| $ | 730,433 |
| $ | 567,093 |
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Plus: total shareholders’ equity |
| 1,916,065 |
| 1,809,573 |
| 1,819,399 |
| 1,731,358 |
| 1,742,620 |
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Total book capitalization |
| $ | 2,900,305 |
| $ | 2,516,593 |
| $ | 2,473,117 |
| $ | 2,461,791 |
| $ | 2,309,713 |
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Total debt / total book capitalization |
| 33.9% |
| 28.1% |
| 26.4% |
| 29.7% |
| 24.6% |
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Selected Balance Sheet Data: |
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Total assets |
| $ | 2,955,036 |
| $ | 2,560,198 |
| $ | 2,508,542 |
| $ | 2,496,874 |
| $ | 2,349,042 |
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Total liabilities |
| $ | 1,038,971 |
| $ | 750,625 |
| $ | 689,143 |
| $ | 765,516 |
| $ | 606,422 |
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Gross book value of real estate assets (2) |
| $ | 3,201,544 |
| $ | 2,896,734 |
| $ | 2,838,751 |
| $ | 2,807,256 |
| $ | 2,645,268 |
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Total debt / gross book value of real estate assets (2) |
| 30.7% |
| 24.4% |
| 23.0% |
| 26.0% |
| 21.4% |
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Selected Income Statement Data: |
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Total revenues (3) |
| $ | 72,365 |
| $ | 69,585 |
| $ | 68,585 |
| $ | 72,921 |
| $ | 59,673 |
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EBITDA (4) |
| $ | 64,852 |
| $ | 62,253 |
| $ | 62,798 |
| $ | 60,072 |
| $ | 56,646 |
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Income before gain on sale of properties |
| $ | 15,565 |
| $ | 30,511 |
| $ | 31,533 |
| $ | 32,368 |
| $ | 28,881 |
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Net income |
| $ | 15,565 |
| $ | 30,511 |
| $ | 31,533 |
| $ | 32,368 |
| $ | 29,147 |
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Funds from operations (FFO) (5) |
| $ | 49,420 |
| $ | 52,828 |
| $ | 52,134 |
| $ | 48,853 |
| $ | 47,040 |
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Common distributions paid |
| $ | 44,582 |
| $ | 42,162 |
| $ | 42,139 |
| $ | 40,090 |
| $ | 40,085 |
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Per Share Data: |
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Income before gain on sale of properties |
| $ | 0.13 |
| $ | 0.25 |
| $ | 0.27 |
| $ | 0.28 |
| $ | 0.25 |
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Net income |
| $ | 0.13 |
| $ | 0.25 |
| $ | 0.27 |
| $ | 0.28 |
| $ | 0.25 |
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FFO (5) |
| $ | 0.41 |
| $ | 0.44 |
| $ | 0.44 |
| $ | 0.43 |
| $ | 0.41 |
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Common distributions declared |
| $ | 0.36 |
| $ | 0.36 |
| $ | 0.35 |
| $ | 0.35 |
| $ | 0.35 |
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FFO payout ratio (5) |
| 87.8% |
| 81.8% |
| 79.5% |
| 81.4% |
| 85.4% |
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Coverage Ratios: |
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EBITDA (3) / interest expense |
| 4.1x |
| 5.8x |
| 5.8x |
| 5.4x |
| 5.9x |
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(1) SNH has no outstanding common share equivalents, such as units, convertible debt or stock options.
(2) Gross book value of real estate assets is real estate properties, at cost, after impairment write downs, if any.
(3) During the fourth quarter of 2008, we recognized $8.4 million of percentage rent for the year ended December 31, 2008.
(4) See page 13 for calculation of EBITDA.
(5) See page 14 for calculation of FFO.
9
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
CONDENSED CONSOLIDATED BALANCE SHEET
(amounts in thousands, except share data)
(unaudited)
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| As of |
| As of |
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ASSETS |
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Real estate properties: |
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Land |
| $ | 357,508 |
| $ | 319,591 |
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Buildings and improvements |
| 2,844,036 |
| 2,487,665 |
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| 3,201,544 |
| 2,807,256 |
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Less accumulated depreciation |
| 435,310 |
| 381,339 |
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| 2,766,234 |
| 2,425,917 |
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Cash and cash equivalents |
| 72,487 |
| 5,990 |
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Restricted cash |
| 4,728 |
| 4,344 |
| |||
Deferred financing fees, net |
| 14,703 |
| 5,068 |
| |||
Acquired real estate leases, net |
| 44,554 |
| 30,546 |
| |||
Other assets |
| 52,330 |
| 25,009 |
| |||
Total assets |
| $ | 2,955,036 |
| $ | 2,496,874 |
| |
|
|
|
|
|
| |||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
| |||
Unsecured revolving credit facility |
| $ | — |
| $ | 257,000 |
| |
Senior unsecured notes due 2012 and 2015, net of discount |
| 322,124 |
| 322,017 |
| |||
Secured debt and capital leases |
| 662,116 |
| 151,416 |
| |||
Accrued interest |
| 10,894 |
| 11,121 |
| |||
Acquired real estate lease obligations, net |
| 10,071 |
| 7,974 |
| |||
Other liabilities |
| 33,766 |
| 15,988 |
| |||
Total liabilities |
| 1,038,971 |
| 765,516 |
| |||
|
|
|
|
|
| |||
Commitments and contingencies |
|
|
|
|
| |||
|
|
|
|
|
| |||
Shareholders’ equity: |
|
|
|
|
| |||
Common shares of beneficial interest, $0.01 par value: |
|
|
|
|
| |||
149,700,000 shares authorized, 127,377,665 and 114,542,584 shares issued and outstanding at September 30, 2009 and December 31, 2008, respectively |
| 1,274 |
| 1,145 |
| |||
Additional paid in capital |
| 2,226,473 |
| 2,000,865 |
| |||
Cumulative net income |
| 607,927 |
| 530,318 |
| |||
Cumulative distributions |
| (923,255) |
| (797,639) |
| |||
Unrealized gain on investments |
| 3,646 |
| (3,331) |
| |||
Total shareholders’ equity |
| 1,916,065 |
| 1,731,358 |
| |||
Total liabilities and shareholders’ equity |
| $ | 2,955,036 |
| $ | 2,496,874 |
| |
10
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(amounts in thousands, except per share data)
|
| For the Three Months Ended |
| For the Nine Months Ended |
| ||||||||||
|
| 9/30/2009 |
| 9/30/2008 |
| 9/30/2009 |
| 9/30/2008 |
| ||||||
Revenues: |
|
|
|
|
|
|
|
|
| ||||||
Rental income (1) |
| $ | 72,010 |
| $ | 58,844 |
| $ | 209,785 |
| $ | 160,591 |
| ||
Interest and other income |
| 355 |
| 829 |
| 750 |
| 2,025 |
| ||||||
Total revenues |
| 72,365 |
| 59,673 |
| 210,535 |
| 162,616 |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||
Expenses: |
|
|
|
|
|
|
|
|
| ||||||
Property operating expenses |
| 4,112 |
| 1,024 |
| 10,286 |
| 1,124 |
| ||||||
Interest |
| 15,949 |
| 9,606 |
| 37,432 |
| 28,934 |
| ||||||
Depreciation |
| 19,689 |
| 15,859 |
| 56,713 |
| 43,235 |
| ||||||
Acquisition costs (2) |
| 517 |
| — |
| 1,911 |
| — |
| ||||||
General and administrative |
| 5,284 |
| 4,303 |
| 15,335 |
| 12,506 |
| ||||||
Impairment of assets (3) |
| 11,249 |
| — |
| 11,249 |
| 2,940 |
| ||||||
Total expenses |
| 56,800 |
| 30,792 |
| 132,926 |
| 88,739 |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||
Income before gain on sale of properties |
| 15,565 |
| 28,881 |
| 77,609 |
| 73,877 |
| ||||||
Gain on sale of properties (4) |
| — |
| 266 |
| — |
| 266 |
| ||||||
Net income |
| $ | 15,565 |
| $ | 29,147 |
| $ | 77,609 |
| $ | 74,143 |
| ||
|
|
|
|
|
|
|
|
|
| ||||||
Weighted average common shares outstanding |
| 121,665 |
| 114,493 |
| 120,005 |
| 102,004 |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||
Earnings per share: |
|
|
|
|
|
|
|
|
| ||||||
Income before gain on sale of properties |
| $ | 0.13 |
| $ | 0.25 |
| $ | 0.65 |
| $ | 0.72 |
| ||
Net income |
| $ | 0.13 |
| $ | 0.25 |
| $ | 0.65 |
| $ | 0.73 |
| ||
|
|
|
|
|
|
|
|
|
| ||||||
Additional Data: |
|
|
|
|
|
|
|
|
| ||||||
General and administrative expenses / rental income |
| 7.34% |
| 7.31% |
| 7.31% |
| 7.79% |
| ||||||
General and administrative expenses / total assets (at end of period) |
| 0.18% |
| 0.18% |
| 0.52% |
| 0.53% |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||
Straight-line rent included in rental income (1) |
| $ | 1,020 |
| $ | 82 |
| $ | 2,915 |
| $ | (112) |
| ||
Lease Value Amortization included in rental income (1) |
| $ | (305) |
| $ | (53) |
| $ | (713) |
| $ | 31 |
| ||
Deferred percentage rent (5) |
| $ | 2,400 |
| $ | 2,300 |
| $ | 6,900 |
| $ | 6,550 |
| ||
Amortization of deferred financing fees and debt discounts |
| $ | 729 |
| $ | 523 |
| $ | 1,809 |
| $ | 1,570 |
| ||
Non-cash stock based compensation |
| $ | 502 |
| $ | 230 |
| $ | 794 |
| $ | 788 |
| ||
Lease termination fees included in rental income |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| ||
Capitalized interest expense |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| ||
(1) | We report rental income on a straight line basis over the terms of the respective leases. Rental income includes non-cash straight line rent adjustments. Rental income also includes non-cash amortization of intangible lease assets and liabilities. |
(2) | Commencing January 1, 2009, acquisition costs are expensed under the Business Combinations Topic of The FASB Accounting Standards Codification, or the Codification. |
(3) | During the three and nine months ended September 30, 2009, we recognized an impairment of assets charge of $11.2 million related to eight properties. During the nine months ended September 30, 2008, we recognized an impairment of assets charge of $2.9 million related to one property. |
(4) | On July 1, 2008, we sold three assisted living facilities for net proceeds of $21.4 million. The carrying value of these properties at the time of sale was $21.1 million, resulting in a gain on sale of $266,000. |
(5) | Our percentage rents are generally calculated on an annual basis. We recognize percentage rental income received during the first, second and third quarters in the fourth quarter when all contingencies related to percentage rents are satisfied. Although recognition of revenue is deferred until the fourth quarter, for purposes of providing additional data to investors, we provide estimated amounts of deferred percentage rents with respect to those periods; the fourth quarter calculations exclude the amounts recognized during the first three quarters. |
11
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(amounts in thousands)
|
| For the Nine Months Ended |
| ||||
|
| 9/30/2009 |
| 9/30/2008 |
| ||
Cash flows from operating activities: |
|
|
|
|
| ||
Net income |
| $ | 77,609 |
| $ | 74,143 |
|
Adjustments to reconcile net income to cash provided by operating activities: |
|
|
|
|
| ||
Depreciation |
| 56,713 |
| 43,235 |
| ||
Amortization |
| 2,521 |
| 953 |
| ||
Impairment of assets |
| 11,249 |
| 2,940 |
| ||
Gain on sale of properties |
| — |
| (266) |
| ||
Equity in losses of Affiliates Insurance Company |
| 133 |
| — |
| ||
Change in assets and liabilities: |
|
|
|
|
| ||
Restricted cash |
| (384) |
| (801) |
| ||
Other assets |
| (6,580) |
| 1,181 |
| ||
Accrued interest |
| (227) |
| (2,751) |
| ||
Other liabilities |
| 19,505 |
| 15,091 |
| ||
Cash provided by operating activities |
| 160,539 |
| 133,725 |
| ||
|
|
|
|
|
| ||
Cash flows used for investing activities: |
|
|
|
|
| ||
Acquisitions |
| (423,866) |
| (688,821) |
| ||
Investment in Five Star Quality Care, Inc. |
| (8,960) |
| — |
| ||
Investment in Affiliates Insurance Company |
| (5,110) |
| — |
| ||
Proceeds from sale of real estate |
| 3,171 |
| 21,336 |
| ||
Cash used for investing activities |
| (434,765) |
| (667,485) |
| ||
|
|
|
|
|
| ||
Cash flows from financing activities: |
|
|
|
|
| ||
Proceeds from issuance of common shares, net |
| 223,974 |
| 522,907 |
| ||
Proceeds from borrowings on revolving credit facility |
| 134,000 |
| 314,000 |
| ||
Repayments of borrowings on revolving credit facility |
| (391,000) |
| (221,000) |
| ||
Proceeds from issuance of mortgage debt |
| 512,934 |
| — |
| ||
Repayment of other debt |
| (2,234) |
| (14,149) |
| ||
Deferred financing fees |
| (11,335) |
| — |
| ||
Distributions to shareholders |
| (125,616) |
| (104,328) |
| ||
Cash provided by financing activities |
| 340,723 |
| 497,430 |
| ||
|
|
|
|
|
| ||
Increase (decrease) in cash and cash equivalents |
| 66,497 |
| (36,330) |
| ||
Cash and cash equivalents at beginning of period |
| 5,990 |
| 43,521 |
| ||
Cash and cash equivalents at end of period |
| $ | 72,487 |
| $ | 7,191 |
|
|
|
|
|
|
| ||
Supplemental cash flow information: |
|
|
|
|
| ||
Interest paid |
| $ | 35,850 |
| $ | 30,737 |
|
Non-cash investing activities: |
|
|
|
|
| ||
Acquisitions funded by assumed debt |
| — |
| (61,282) |
| ||
|
|
|
|
|
| ||
Non-cash financing activities: |
|
|
|
|
| ||
Assumption of mortgage notes payable |
| — |
| 61,282 |
| ||
Issuance of common shares pursuant to our incentive share award plan |
| 1,763 |
| 1,487 |
| ||
12
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
CALCULATION OF EBITDA
(dollars in thousands)
|
| For the Three Months Ended |
| For the Nine Months Ended |
| ||||||||
|
| 9/30/2009 |
| 9/30/2008 |
| 9/30/2009 |
| 9/30/2008 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Income before gain on sale of properties |
| $ | 15,565 |
| $ | 28,881 |
| $ | 77,609 |
| $ | 73,877 |
|
Plus: interest expense |
| 15,949 |
| 9,606 |
| 37,432 |
| 28,934 |
| ||||
depreciation expense |
| 19,689 |
| 15,859 |
| 56,713 |
| 43,235 |
| ||||
impairment of assets (1) |
| 11,249 |
| — |
| 11,249 |
| 2,940 |
| ||||
deferred percentage rent adjustment (2) |
| 2,400 |
| 2,300 |
| 6,900 |
| 6,550 |
| ||||
EBITDA |
| $ | 64,852 |
| $ | 56,646 |
| $ | 189,903 |
| $ | 155,536 |
|
(1) | During the three and nine months ended September 30, 2009, we recognized an impairment of assets charge of $11.2 million related to eight properties. During the nine months ended September 30, 2008, we recognized an impairment of assets charge of $2.9 million related to one property. |
(2) | Our percentage rents are generally calculated on an annual basis. We recognize percentage rental income received during the first, second and third quarters in the fourth quarter when all contingencies related to percentage rents are satisfied. Although recognition of revenue is deferred until the fourth quarter, our EBITDA calculation for the first three quarters include estimated amounts of deferred percentage rents with respect to those periods; the fourth quarter calculation of EBITDA excludes the amounts recognized during the first three quarters. |
|
|
| We consider EBITDA to be an important measure of our performance along with net income and cash flow from operating, investing and financing activities. We believe that EBITDA provides useful information to investors because by excluding the effects of certain historical amounts, such as interest, depreciation and amortization expense, EBITDA can facilitate a comparison of performance during different periods and of operating performance among REITs. EBITDA does not represent cash generated by operating activities in accordance with U.S. generally accepted accounting principles, or GAAP,and should not be considered an alternative to net income or cash flow from operating activities as a measure of financial performance or liquidity. In particular, because EBITDA excludes depreciation and amortization, it does not measure the capital we require to maintain or preserve our fixed assets. In addition, because EBITDA does not include interest expense, it does not take into account the total amount of interest we pay on outstanding debt nor does it show trends in interest costs due to changes in borrowings or changes in interest rates. We define EBITDA as income before gain or loss on sale of properties or, if this amount is the same as net income, as net income, plus interest expense, taxes, depreciation and amortization, if any. We also add back impairment of assets and adjust for estimated amounts of deferred percentage rent. Other companies may calculate EBITDA differently than we do. |
13
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
CALCULATION OF FUNDS FROM OPERATIONS (FFO) |
(amounts in thousands, except per share data) |
|
| For the Three Months Ended |
| For the Nine Months Ended |
| |||||||||
|
| 9/30/2009 |
| 9/30/2008 |
| 9/30/2009 |
| 9/30/2008 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
Income before gain on sale of properties |
| $ | 15,565 |
| $ | 28,881 |
| $ | 77,609 |
| $ | 73,877 |
| |
Plus: | depreciation expense |
| 19,689 |
| 15,859 |
| 56,713 |
| 43,235 |
| ||||
| acquisition costs (1) |
| 517 |
| — |
| 1,911 |
| — |
| ||||
| impairment of assets (2) |
| 11,249 |
| — |
| 11,249 |
| 2,940 |
| ||||
| deferred percentage rent adjustment (3) |
| 2,400 |
| 2,300 |
| 6,900 |
| 6,550 |
| ||||
FFO |
|
| $ | 49,420 |
| $ | 47,040 |
| $ | 154,382 |
| $ | 126,602 |
|
|
|
|
|
|
|
|
|
|
| |||||
Weighted average shares outstanding |
| 121,665 |
| 114,493 |
| 120,005 |
| 102,004 |
| |||||
|
|
|
|
|
|
|
|
|
| |||||
FFO per share |
| $ | 0.41 |
| $ | 0.41 |
| $ | 1.29 |
| $ | 1.24 |
| |
(1) Commencing January 1, 2009, acquisition costs are expensed under the Business Combinations Topic of the Codification.
(2) During the three and nine months ended September 30, 2009, we recognized an impairment of assets charge of $11.2 million related to eight properties. During the nine months ended September 30, 2008, we recognized an impairment of assets charge of $2.9 million related to one property.
(3) Our percentage rents are generally calculated on an annual basis. We recognize percentage rental income received during the first, second and third quarters in the fourth quarter when all contingencies related to percentage rents are satisfied. Although recognition of revenue is deferred until the fourth quarter, our FFO calculation for the first three quarters include estimated amounts of deferred percentage rents with respect to those periods; the fourth quarter calculation of FFO excludes the amounts recognized during the first three quarters.
We compute FFO as shown above. FFO as defined by the National Association of Real Estate Investment Trusts, or NAREIT, represents net income (computed in accordance with GAAP), plus real estate depreciation and amortization (excluding amortization of deferred financing fees). Our calculation of FFO begins with income before gain or loss on sale of properties or, if this amount is the same as net income, with net income, and differs from NAREIT’s definition of FFO because we include deferred percentage rent, if any, exclude impairment of assets, if any, and exclude acquisition costs, if any, in FFO. We consider FFO to be an appropriate measure of performance for a REIT, along with net income and cash flow from operating, investing and financing activities. We believe that FFO provides useful information to investors because by excluding the effects of certain historical amounts, such as depreciation expense, acquisition costs and gain or loss on sale of properties, FFO can facilitate a comparison of operating performances during different periods and among REITs. FFO does not represent cash generated by operating activities in accordance with GAAP, and should not be considered an alternative to net income or cash flow from operating activities as a measure of financial performance or liquidity. Also, other REITs may not calculate FFO the same way as we do.
14
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
DEBT SUMMARY |
(dollars in thousands) |
|
| Coupon |
| Interest |
| Principal |
| Maturity |
| Due at |
| Years to |
| ||
|
| Rate |
| Rate (1) |
| Balance |
| Date |
| Maturity |
| Maturity |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Secured Fixed Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Tax exempt bonds - secured by 1 property |
| 5.875% |
| 5.875% |
| $ | 14,700 |
| 12/1/2027 |
| $ | 14,700 |
| 18.2 |
|
Mortgage - secured by 16 properties |
| 6.330% |
| 6.970% |
| 33,181 |
| 6/2/2012 |
| 30,069 |
| 2.7 |
| ||
Mortgage - secured by 4 properties |
| 6.420% |
| 6.110% |
| 11,527 |
| 11/30/2013 |
| 10,218 |
| 4.2 |
| ||
Mortgage - secured by 2 properties |
| 6.310% |
| 6.910% |
| 14,830 |
| 12/1/2013 |
| 13,404 |
| 4.2 |
| ||
Mortgage - secured by 1 property (2) |
| 6.500% |
| 6.500% |
| 4,403 |
| 1/11/2013 |
| 4,137 |
| 3.3 |
| ||
Mortgage - secured by 8 properties (3) |
| 6.540% |
| 6.540% |
| 49,584 |
| 4/30/2017 |
| 43,787 |
| 7.6 |
| ||
Mortgage - secured by 28 properties (4) |
| 6.710% |
| 6.710% |
| 307,760 |
| 9/1/2019 |
| 261,745 |
| 9.9 |
| ||
Mortgage - secured by 1 property (2) |
| 7.310% |
| 7.310% |
| 4,005 |
| 1/1/2022 |
| 41 |
| 12.3 |
| ||
Mortgage - secured by 1 property (2) |
| 7.850% |
| 7.850% |
| 1,957 |
| 1/1/2022 |
| 21 |
| 12.3 |
| ||
Capital leases - 2 properties |
| 7.700% |
| 7.700% |
| 14,995 |
| 4/30/2026 |
| — |
| 16.6 |
| ||
Weighted average rate / total secured fixed rate debt |
| 6.657% |
| 6.716% |
| $ | 456,942 |
|
|
| $ | 378,122 |
| 9.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Secured Floating Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Mortgage - secured by 28 properties (4) |
| 6.415% |
| 6.415% |
| $ | 205,174 |
| 9/1/2019 |
| $ | 173,209 |
| 9.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Unsecured Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Unsecured Floating Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Revolving credit facility (LIBOR + 80 b.p.) (5) |
| 1.120% |
| 1.120% |
| $ | — |
| 12/31/2010 |
| $ | — |
| 1.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Unsecured Fixed Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Senior notes due 2012 |
| 8.625% |
| 8.625% |
| $ | 225,000 |
| 1/15/2012 |
| $ | 225,000 |
| 2.3 |
|
Senior notes due 2015 |
| 7.875% |
| 7.875% |
| 97,500 |
| 4/15/2015 |
| 97,500 |
| 5.5 |
| ||
Weighted average rate / total unsecured fixed rate debt |
| 8.398% |
| 8.398% |
| $ | 322,500 |
|
|
| $ | 322,500 |
| 3.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Weighted average rate / total unsecured debt |
| 8.398% |
| 8.398% |
| $ | 322,500 |
|
|
| $ | 322,500 |
| 3.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Summary Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Weighted average rate / total secured fixed rate debt |
| 6.657% |
| 6.716% |
| $ | 456,942 |
|
|
| $ | 378,122 |
| 9.3 |
|
Weighted average rate / total secured variable rate debt |
| 6.415% |
| 6.415% |
| 205,174 |
|
|
| 173,209 |
| 9.9 |
| ||
Weighted average rate / total unsecured floating rate debt |
| 1.120% |
| 1.120% |
| — |
|
|
| — |
| 1.3 |
| ||
Weighted average rate / total unsecured fixed rate debt |
| 8.398% |
| 8.398% |
| 322,500 |
|
|
| 322,500 |
| 3.3 |
| ||
Weighted average rate / total debt |
| 7.177% |
| 7.204% |
| $ | 984,616 |
|
|
| $ | 873,831 |
| 7.4 |
|
(1) Includes the effect of interest rate protection, mark-to-market accounting for certain assumed mortgages, and premiums and discounts on certain mortgages and unsecured notes. Excludes effects of offering and transaction costs.
(2) These three mortgages are secured by two properties that were acquired in 2008.
(3) Includes eight first mortgages at an interest rate of 6.555% and seven second mortgages at an interest rate of 6.5%. The weighted average interest rate on these mortgages is 6.54%.
(4) On August 4, 2009, we closed on a $512.9 million mortgage financing secured by 28 properties. A portion of the loan requires interest at a fixed rate and a portion of the loan requires interest at a floating rate.
(5) Represents amounts outstanding on SNH’s $550,000 revolving credit facility at September 30, 2009. Subject to certain conditions, at SNH’s option, this facility’s maturity date can be extended to December 31, 2011 upon payment of a fee.
15
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
DEBT MATURITY SCHEDULE |
(dollars in thousands) |
|
| Scheduled Principal Payments During Period |
| |||||||||||||
|
| Secured |
|
|
|
|
|
|
|
|
| |||||
|
| Fixed Rate |
| Secured |
| Unsecured |
| Unsecured |
|
|
| |||||
|
| Debt and |
| Floating |
| Floating |
| Fixed |
|
|
| |||||
Year |
| Capital Leases |
| Rate Debt |
| Rate Debt (1) |
| Rate Debt |
| Total |
| |||||
2009 |
| $ | 1,421 |
| 569 |
| $ | — |
| $ | — |
| $ | 1,990 |
| |
2010 |
| 6,405 |
| 2,368 |
| — |
| — |
| 8,773 |
| |||||
2011 |
| 6,845 |
| 2,525 |
| — |
| — |
| 9,370 |
| |||||
2012 |
| 36,772 |
| 2,691 |
| — |
| 225,000 |
| 264,463 |
| |||||
2013 |
| 34,198 |
| 2,869 |
| — |
| — |
| 37,067 |
| |||||
2014 |
| 6,181 |
| 3,059 |
| — |
| — |
| 9,240 |
| |||||
2015 |
| 6,644 |
| 3,261 |
| — |
| 97,500 |
| 107,405 |
| |||||
2016 |
| 7,140 |
| 3,476 |
| — |
| — |
| 10,616 |
| |||||
2017 and thereafter |
| 351,336 |
| 184,356 |
| — |
| — |
| 535,692 |
| |||||
|
| $ | 456,942 |
| $ | 205,174 |
| $ | — |
| $ | 322,500 |
| $ | 984,616 |
|
(1) Represents amounts outstanding on SNH’s $550,000 revolving credit facility at September 30, 2009. Subject to certain conditions, at SNH’s option, this facility’s maturity date can be extended to December 31, 2011 upon payment of a fee.
16
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS
|
| As of and For the Three Months Ended |
| ||||||||
|
| 9/30/2009 |
| 6/30/2009 |
| 3/31/2009 |
| 12/31/2008 |
| 9/30/2008 |
|
Leverage Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt / total assets |
| 33.3% |
| 27.6% |
| 26.1% |
| 29.3% |
| 24.1% |
|
Total debt / gross book value of real estate assets (1) |
| 30.7% |
| 24.4% |
| 23.0% |
| 26.0% |
| 21.4% |
|
Total debt / total market capitalization |
| 28.8% |
| 26.5% |
| 27.9% |
| 25.3% |
| 17.2% |
|
Total debt / total book capitalization |
| 33.9% |
| 28.1% |
| 26.4% |
| 29.7% |
| 24.6% |
|
Secured debt / total assets |
| 22.4% |
| 5.9% |
| 6.0% |
| 6.1% |
| 6.5% |
|
Variable rate debt / total debt |
| 20.8% |
| 33.2% |
| 27.7% |
| 35.2% |
| 16.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Coverage Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA (2) / interest expense |
| 4.1x |
| 5.8x |
| 5.8x |
| 5.35 |
| 5.9x |
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Debt Covenants (3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt / adjusted total assets - allowable maximum 60.0% |
| 29.2% |
| 23.9% |
| 22.4% |
| 25.2% |
| 20.8% |
|
Secured debt / adjusted total assets - allowable maximum 40.0% |
| 19.7% |
| 5.1% |
| 5.2% |
| 5.2% |
| 5.6% |
|
Consolidated income available for debt service / debt service - required minimum 2.00x |
| 4.26x |
| 6.12x |
| 6.14x |
| 5.63x |
| 6.20x |
|
Total unencumbered assets to unsecured debt - required minimum 1.50x |
| 8.13x |
| 4.89x |
| 5.27x |
| 4.52x |
| 5.91x |
|
(1) Gross book value of real estate assets is real estate properties, at cost, less impairment write downs, if any.
(2) See page 13 for the calculation of EBITDA.
(3) Adjusted total assets and unencumbered assets include original cost of real estate assets less impairment write downs and exclude depreciation and amortization, accounts receivable and intangible assets. Consolidated income available for debt service is earnings from operations excluding interest expense, depreciation and amortization, taxes, gains and losses on sales of property and amortization of deferred charges.
17
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
2009 ACQUISITIONS / DISPOSITIONS INFORMATION
(dollars and sq. ft. in thousands, except per sq. ft. amounts)
Senior Living Acquisitions: (1)
|
|
|
|
|
|
|
|
|
|
|
| Purchase |
| Initial |
|
|
|
|
|
|
Date |
|
|
|
|
| Number of |
|
|
| Purchase |
| Price |
| Lease |
|
|
|
|
|
|
Acquired |
| Tenant |
| Type of Property |
| Properties |
| Units |
| Price (2) |
| Per Unit |
| Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no senior living acquisitions during the nine months ended September 30, 2009. |
|
|
|
|
| |||||||||||||||
MOB Acquisitions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted |
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
| Purchase |
|
|
| Average |
|
|
|
| ||
Date |
|
|
|
|
| Number of |
|
|
| Purchase |
| Price |
| Cap |
| Remaining |
| Percent |
|
| ||
Acquired |
| Location |
| Type of Property |
| Properties |
| Sq. Ft. |
| Price (2) |
| per Sq. Ft. |
| Rate (3) |
| Lease Term (4) |
| Leased (5) |
| Major Tenant | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
1/26/2009 |
| White Plains, NY |
| Clinic |
| 1 |
| 50 |
| $ | 19,250 |
| $ | 385 |
| 7.4% |
| 3.7 |
| 100.0% |
| Health Insurance Plan of New York |
5/20/2009 |
| Washington, DC |
| Medical Office |
| 1 |
| 128 |
| 40,115 |
| 313 |
| 7.9% |
| 5.0 |
| 89.5% |
| Center for Ambulatory Surgery | ||
5/20/2009 |
| Norfolk, VA |
| Medical Office |
| 1 |
| 64 |
| 10,656 |
| 167 |
| 7.5% |
| 4.2 |
| 87.0% |
| Gastrointestinal & Liver Specialists | ||
8/6/2009 |
| San Diego, CA |
| Biotech Laboratory |
| 3 |
| 164 |
| 115,654 |
| 705 |
| 7.6% |
| 9.8 |
| 100.0% |
| The Scripps Research Institute | ||
9/1/2009 |
| Oklahoma City, OK |
| Clinic |
| 4 |
| 210 |
| 28,911 |
| 138 |
| 9.4% |
| 7.3 |
| 100.0% |
| Oklahoma Clinics | ||
9/30/2009 |
| Various, WI |
| Medical Office / Clinic |
| 10 |
| 643 |
| 169,000 |
| 263 |
| 9.7% |
| 15.0 |
| 100.0% |
| Aurora Health Care Inc. | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Total YTD MOB Acquisitions |
| 20 |
| 1,259 |
| $ | 383,586 |
| $ | 305 |
| 8.3% |
| 7.5 |
| 96.1% |
|
| ||
Dispositions:
Date |
|
|
|
|
| Number of |
|
|
|
|
| Book Gain / Loss |
|
|
|
|
|
|
|
| |||
Sold |
| Location |
| Type of Property |
| Properties |
| Sale Price |
| NBV |
| on Sale |
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
5/15/2009 |
| Worcester, MA |
| Clinic |
| 1 |
| $ | 3,090 |
| $ | 3,090 |
| $ | — |
|
|
|
|
|
|
|
|
9/30/2009 |
| Northbridge, MA |
| Clinic |
| 1 |
| 100 |
| 100 |
| — |
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Total YTD Dispositions |
|
|
| 2 |
| $ | 3,190 |
| $ | 3,190 |
| $ | — |
|
|
|
|
|
|
|
|
(1) |
| During the three and nine months ended September 30, 2009, pursuant to the terms of our leases with Five Star, we purchased from Five Star, at cost, $6.1 million and $30.4 million, respectively, of improvements made to our properties leased by Five Star, and, as a result, Five Star’s annual rent payable to us increased approximately $493,000 and $2.4 million, respectively. On August 4, 2009, we acquired $8.5 million of equipment from Five Star in connection with the FNM mortgage financing for $512.9 million. |
(2) |
| Purchase price includes real estate and related intangible assets and liabilities and excludes closing costs. |
(3) |
| Represents the ratio of the estimated current GAAP based annual rental income less property operating expenses, if any, to the purchase price on the date of acquisition. |
(4) |
| Weighted average remaining lease term based on rental income. |
(5) |
| Percent leased as of acquisition date. |
18
PORTFOLIO INFORMATION
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
PORTFOLIO SUMMARY BY FACILITY TYPE AND TENANT
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Annualized |
| ||||
|
|
|
| Number of |
|
|
|
|
| Investment |
|
|
|
|
| Rental Income per |
| ||||
|
| Number of |
| Units/Beds or |
| Carrying Value of |
|
|
| per Unit/Bed or |
| Annualized |
|
|
| Living Unit, Bed or |
| ||||
|
| Properties |
| Square Feet |
| Investment (1) |
| Percent |
| Square Foot |
| Current Rent |
| Percent |
| Square Foot (2) |
| ||||
Facility Type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Independent living (3) |
| 43 |
| 11,524 |
| $ | 1,119,530 |
| 35.1% |
| $ | 97.1 |
| $ | 109,878 |
| 34.2% |
| $ | 9,535 |
|
Assisted living (3) |
| 120 |
| 8,472 |
| 910,129 |
| 28.4% |
| $ | 107.4 |
| 84,822 |
| 26.4% |
| $ | 10,012 |
| ||
Nursing homes (3) |
| 58 |
| 5,844 |
| 228,536 |
| 7.1% |
| $ | 39.1 |
| 20,413 |
| 6.4% |
| $ | 3,493 |
| ||
Rehabilitation hospitals (4) |
| 2 |
| 364 |
| 61,025 |
| 1.9% |
| $ | 167.7 |
| 9,648 |
| 3.0% |
| NA |
| |||
Wellness centers (5) |
| 10 |
| 812,000 | sq. ft. | 180,017 |
| 5.6% |
| $ | 221.7 |
| 17,069 |
| 5.3% |
| NA |
| |||
Medical office buildings (MOBs) (6) |
| 56 |
| 2,867,862 | sq. ft. | 702,307 |
| 21.9% |
| $ | 244.9 |
| 79,124 |
| 24.7% |
| $ | 28 |
| ||
Total |
| 289 |
|
|
| $ | 3,201,544 |
| 100.0% |
|
|
| $ | 320,954 |
| 100.0% |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Tenant: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Five Star (Lease No. 1) (7) |
| 80 |
| 5,919 |
| $ | 533,304 |
| 16.7% |
| $ | 90.1 |
| $ | 45,273 |
| 14.1% |
| $ | 7,649 |
|
Five Star (Lease No. 2) (4) (7) |
| 50 |
| 6,106 |
| 502,738 |
| 15.7% |
| $ | 82.3 |
| 49,294 |
| 15.4% |
| $ | 6,905 |
| ||
Five Star (Lease No. 3) (7) |
| 28 |
| 5,618 |
| 617,161 |
| 19.3% |
| $ | 109.9 |
| 61,564 |
| 19.2% |
| $ | 10,958 |
| ||
Five Star (Lease No. 4) (7) |
| 25 |
| 2,461 |
| 230,636 |
| 7.2% |
| $ | 93.7 |
| 21,144 |
| 6.6% |
| $ | 8,592 |
| ||
Sunrise / Marriott (8) |
| 14 |
| 4,091 |
| 325,165 |
| 10.2% |
| $ | 79.5 |
| 32,416 |
| 10.1% |
| $ | 7,924 |
| ||
Brookdale Senior Living, Inc. |
| 18 |
| 894 |
| 61,122 |
| 1.9% |
| $ | 68.4 |
| 8,173 |
| 2.5% |
| $ | 9,142 |
| ||
6 private companies (combined) |
| 8 |
| 1,115 |
| 49,094 |
| 1.5% |
| $ | 44.0 |
| 6,897 |
| 2.1% |
| $ | 6,186 |
| ||
Wellness centers (5) |
| 10 |
| 812,000 | sq. ft. | 180,017 |
| 5.6% |
| $ | 221.7 |
| 17,069 |
| 5.3% |
| NA |
| |||
Multi-tenant MOBs (6) |
| 56 |
| 2,867,862 | sq. ft. | 702,307 |
| 21.9% |
| $ | 244.9 |
| 79,124 |
| 24.7% |
| $ | 28 |
| ||
Total |
| 289 |
|
|
| $ | 3,201,544 |
| 100.0% |
|
|
| $ | 320,954 |
| 100.0% |
|
|
| ||
(1) |
| Amounts are before depreciation, but after impairment write downs, if any. |
(2) |
| Represents annualized rent divided by the number of living units, beds or square feet leased at September 30, 2009. |
(3) |
| Properties are categorized by the type of living units/beds which constitute a majority of the total living units/beds at the property. |
(4) |
| Annualized rental income per living unit, bed or square foot excludes the two rehabilitation hospitals because these properties have extensive clinic space for services to both overnight patients and patients who receive treatment and do not stay overnight, and these properties are not comparable to residential senior living properties. |
(5) |
| Annualized rental income per living unit, bed or square foot excludes the wellness centers because these properties have extensive indoor and outdoor recreation space which is not comparable to properties where rent is based on interior space only. |
(6) |
| Our MOB leases include both triple net leases where, in addition to paying fixed rents, the tenants assume the obligation to operate and maintain the properties at their expense and net and modified leases where we are responsible to operate and maintain the properties and we charge tenants for some or all of the property operating costs. A minority of our MOB leases are so-called “full-service” leases where we receive fixed rent from our tenants and no reimbursement for our property operating costs. |
(7) |
| On August 4, 2009, we realigned our four leases with Five Star. The data presented reflects this realignment. |
(8) |
| Marriott guarantees this lease. |
20
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
OCCUPANCY BY PROPERTY TYPE AND TENANT
|
| For the Three Months Ended |
| ||||||||
|
| 6/30/2009 |
| 3/31/2009 |
| 12/31/2008 |
| 9/30/2008 |
| 6/30/2008 |
|
Property Type: |
|
|
|
|
|
|
|
|
|
|
|
Independent living |
| 87% |
| 89% |
| 89% |
| 90% |
| 89% |
|
Assisted living |
| 88% |
| 88% |
| 89% |
| 90% |
| 90% |
|
Nursing homes |
| 83% |
| 84% |
| 85% |
| 86% |
| 85% |
|
Rehabilitation hospitals |
| 61% |
| 62% |
| 62% |
| 66% |
| 61% |
|
Wellness centers |
| 100% |
| 100% |
| 100% |
| 100% |
| 100% |
|
MOBs |
| 98% |
| 99% |
| 99% |
| 99% |
| 99% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tenant: |
|
|
|
|
|
|
|
|
|
|
|
Five Star (Lease No. 1) (1) |
| 87% |
| 87% |
| 87% |
| 89% |
| 88% |
|
Five Star (Lease No. 2) (1) |
| 82% |
| 83% |
| 84% |
| 84% |
| 84% |
|
Five Star (Lease No. 3) (1) |
| 89% |
| 90% |
| 91% |
| 92% |
| 91% |
|
Five Star (Lease No. 4) (1) |
| 85% |
| 86% |
| 87% |
| 90% |
| 90% |
|
Sunrise / Marriott |
| 89% |
| 91% |
| 91% |
| 91% |
| 90% |
|
Brookdale Senior Living, Inc. |
| 90% |
| 92% |
| 95% |
| 93% |
| 91% |
|
6 private senior living companies (combined) |
| 81% |
| 82% |
| 83% |
| 82% |
| 83% |
|
Wellness centers |
| 100% |
| 100% |
| 100% |
| 100% |
| 100% |
|
Multi-tenant MOBs |
| 98% |
| 99% |
| 99% |
| 99% |
| 99% |
|
(1) On August 4, 2009, we realigned our four leases with Five Star. The data presented reflects this realignment.
All tenant operating data presented are based upon the operating results provided by our tenants for the indicated quarterly periods. We report our operating data one quarter in arrears as this is the most recent prior period for which tenant operating results are available to us from our tenants. We have not independently verified our tenants’ operating data. Excludes historical data for periods prior to our ownership of certain properties.
21
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
% PRIVATE PAY BY SENIOR LIVING PROPERTY TYPE AND TENANT (1)
|
| For the Three Months Ended |
| ||||||||
|
| 6/30/2009 |
| 3/31/2009 |
| 12/31/2008 |
| 9/30/2008 |
| 6/30/2008 |
|
Property Type: |
|
|
|
|
|
|
|
|
|
|
|
Independent living |
| 78% |
| 78% |
| 81% |
| 82% |
| 83% |
|
Assisted living |
| 92% |
| 92% |
| 93% |
| 94% |
| 94% |
|
Nursing homes |
| 26% |
| 27% |
| 27% |
| 28% |
| 28% |
|
Rehabilitation hospitals |
| 36% |
| 33% |
| 34% |
| 36% |
| 34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tenant: |
|
|
|
|
|
|
|
|
|
|
|
Five Star (Lease No. 1) (2) |
| 60% |
| 60% |
| 61% |
| 61% |
| 60% |
|
Five Star (Lease No. 2) (2) |
| 52% |
| 52% |
| 53% |
| 53% |
| 51% |
|
Five Star (Lease No. 3) (2) |
| 87% |
| 86% |
| 87% |
| 88% |
| 88% |
|
Five Star (Lease No. 4) (2) |
| 67% |
| 67% |
| 68% |
| 68% |
| 69% |
|
Sunrise / Marriott |
| 69% |
| 65% |
| 77% |
| 80% |
| 81% |
|
Brookdale Senior Living, Inc. |
| 100% |
| 100% |
| 99% |
| 99% |
| 99% |
|
6 private senior living companies (combined) |
| 24% |
| 24% |
| 23% |
| 25% |
| 26% |
|
(1) Private pay excludes revenues from the Medicare and Medicaid programs.
(2) On August 4, 2009, we realigned our four leases with Five Star. The data presented reflects this realignment.
All tenant operating data presented are based upon the operating results provided by our tenants for the indicated quarterly periods. We report our operating data one quarter in arrears as this is the most recent prior period for which tenant operating results are available to us from our tenants. We have not independently verified our tenants’ operating data. Excludes historical data for periods prior to our ownership of certain properties.
22
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
RENT COVERAGE BY TENANT (EXCLUDING MOBs)
|
| For the Three Months Ended |
| ||||||||
Tenant |
| 6/30/2009 |
| 3/31/2009 |
| 12/31/2008 |
| 9/30/2008 |
| 6/30/2008 |
|
Five Star (Lease No. 1) (1) |
| 1.37x |
| 1.23x |
| 1.15x |
| 1.25x |
| 1.23x |
|
Five Star (Lease No. 2) (1) |
| 1.37x |
| 1.24x |
| 1.16x |
| 1.26x |
| 1.44x |
|
Five Star (Lease No. 3) (1) |
| 1.52x |
| 1.63x |
| 1.59x |
| 1.56x |
| 1.56x |
|
Five Star (Lease No. 4) (1) |
| 1.06x |
| 1.12x |
| 1.15x |
| 1.20x |
| 1.38x |
|
Sunrise / Marriott |
| 1.44x |
| 1.45x |
| 1.31x |
| 1.52x |
| 1.43x |
|
Brookdale Senior Living, Inc. |
| 2.14x |
| 2.22x |
| 2.01x |
| 2.01x |
| 2.19x |
|
6 private senior living companies (combined) |
| 1.96x |
| 1.83x |
| 1.98x |
| 1.69x |
| 1.92x |
|
Wellness centers |
| 2.36x |
| 2.27x |
| 2.30x |
| 2.49x |
| 2.37x |
|
(1) On August 4, 2009, we realigned our four leases with Five Star. The data presented reflects this realignment.
All tenant operating data presented are based upon the operating results provided by our tenants for the indicated quarterly periods. We report our operating data one quarter in arrears as this is the most recent prior period for which tenant operating results are available to us from our tenants. We have not independently verified our tenants’ operating data. Excludes data for periods prior to our ownership of certain properties. Rent coverage is calculated as operating cash flow from our tenants’ facility operations, before subordinated charges and capital expenditure reserves, if any, divided by rent payable to us.
23
Senior Housing Properties Trust
Supplemental Operating and Financial Data
September 30, 2009
PORTFOLIO LEASE EXPIRATION SCHEDULE
(dollars in thousands)
|
| Annualized Rent |
| Percent of |
| Cumulative |
|
|
|
|
| ||||||||||
Year |
| Short and Long |
| MOBs |
| Wellness |
| Total |
| Current |
| Annualized |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
2009 |
| $ | — |
| $ | 997 |
| $ | — |
| $ | 997 |
| 0.3% |
| 0.3% |
|
|
|
|
|
2010 |
| 1,333 |
| 2,392 |
| — |
| 3,725 |
| 1.2% |
| 1.5% |
|
|
|
|
| ||||
2011 |
| — |
| 2,047 |
| — |
| 2,047 |
| 0.6% |
| 2.1% |
|
|
|
|
| ||||
2012 |
| — |
| 5,951 |
| — |
| 5,951 |
| 1.9% |
| 4.0% |
|
|
|
|
| ||||
2013 |
| 32,416 |
| 3,658 |
| — |
| 36,074 |
| 11.2% |
| 15.2% |
|
|
|
|
| ||||
2014 |
| — |
| 6,167 |
| — |
| 6,167 |
| 1.9% |
| 17.1% |
|
|
|
|
| ||||
2015 |
| 2,072 |
| 5,324 |
| — |
| 7,396 |
| 2.3% |
| 19.4% |
|
|
|
|
| ||||
2016 |
| 2,888 |
| 6,760 |
| — |
| 9,648 |
| 3.0% |
| 22.4% |
|
|
|
|
| ||||
2017 |
| 29,317 |
| 1,308 |
| — |
| 30,625 |
| 9.5% |
| 31.9% |
|
|
|
|
| ||||
2018 |
| — |
| 1,896 |
| — |
| 1,896 |
| 0.6% |
| 32.5% |
|
|
|
|
| ||||
2019 and after |
| 156,735 |
| 42,624 |
| 17,069 |
| 216,428 |
| 67.5% |
| 100.0% |
|
|
|
|
| ||||
Total |
| $ | 224,761 |
| $ | 79,124 |
| $ | 17,069 |
| $ | 320,954 |
| 100.0% |
|
|
|
|
|
|
|
Average remaining lease term for all properties (weighted by rent) 12.8 years
|
| Number of Tenants |
| Percent of |
| Cumulative |
|
|
|
|
| ||||||
Year |
| Short and Long |
| MOBs |
| Wellness |
| Total |
| Number of |
| Number of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
| — |
| 15 |
| — |
| 15 |
| 6.8% |
| 6.8% |
|
|
|
|
|
2010 |
| 1 |
| 23 |
| — |
| 24 |
| 10.9% |
| 17.7% |
|
|
|
|
|
2011 |
| — |
| 22 |
| — |
| 22 |
| 10.0% |
| 27.7% |
|
|
|
|
|
2012 |
| — |
| 38 |
| — |
| 38 |
| 17.2% |
| 44.9% |
|
|
|
|
|
2013 |
| 1 |
| 21 |
| — |
| 22 |
| 10.0% |
| 54.9% |
|
|
|
|
|
2014 |
| — |
| 22 |
| — |
| 22 |
| 10.0% |
| 64.9% |
|
|
|
|
|
2015 |
| 2 |
| 18 |
| — |
| 20 |
| 9.0% |
| 73.9% |
|
|
|
|
|
2016 |
| 2 |
| 18 |
| — |
| 20 |
| 9.0% |
| 82.9% |
|
|
|
|
|
2017 |
| 2 |
| 12 |
| — |
| 14 |
| 6.3% |
| 89.2% |
|
|
|
|
|
2018 |
| — |
| 6 |
| — |
| 6 |
| 2.7% |
| 91.9% |
|
|
|
|
|
2019 and after |
| 4 |
| 12 |
| 2 |
| 18 |
| 8.1% |
| 100.0% |
|
|
|
|
|
Total |
| 12 |
| 207 |
| 2 |
| 221 |
| 100.0% |
|
|
|
|
|
|
|
Number of Living Units or Beds or Square Feet with Leases Expiring |
| ||||||||||||||||
Year |
| Short and Long |
| Percent of |
| Cumulative |
| MOBs |
| Wellness |
| Total Square |
| Percent |
| Cumulative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
| — |
| 0.0% |
| 0.0% |
| 26,716 |
| — |
| 26,716 |
| 0.7% |
| 0.7% |
|
2010 |
| 140 |
| 0.5% |
| 0.5% |
| 73,408 |
| — |
| 73,408 |
| 2.0% |
| 2.7% |
|
2011 |
| — |
| 0.0% |
| 0.5% |
| 63,458 |
| — |
| 63,458 |
| 1.7% |
| 4.4% |
|
2012 |
| — |
| 0.0% |
| 0.5% |
| 296,708 |
| — |
| 296,708 |
| 8.2% |
| 12.6% |
|
2013 |
| 4,091 |
| 15.6% |
| 16.1% |
| 143,974 |
| — |
| 143,974 |
| 4.0% |
| 16.6% |
|
2014 |
| — |
| 0.0% |
| 16.1% |
| 157,987 |
| — |
| 157,987 |
| 4.4% |
| 21.0% |
|
2015 |
| 283 |
| 1.1% |
| 17.2% |
| 232,520 |
| — |
| 232,520 |
| 6.4% |
| 27.4% |
|
2016 |
| 517 |
| 2.0% |
| 19.2% |
| 328,525 |
| — |
| 328,525 |
| 9.1% |
| 36.5% |
|
2017 |
| 3,355 |
| 12.8% |
| 32.0% |
| 32,895 |
| — |
| 32,895 |
| 0.9% |
| 37.4% |
|
2018 |
| — |
| 0.0% |
| 32.0% |
| 48,174 |
| — |
| 48,174 |
| 1.3% |
| 38.7% |
|
2019 and after |
| 17,818 |
| 68.0% |
| 100.0% |
| 1,413,562 |
| 812,000 |
| 2,225,562 |
| 61.3% |
| 100.0% |
|
Total |
| 26,204 |
| 100.0% |
|
|
| 2,817,927 |
| 812,000 |
| 3,629,927 |
| 100.0% |
|
|
|
24