DHC - Earnings call transcript Q3 2020 | Diversified Healthcare Trust

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Operator

Good day, and welcome to the Diversified Healthcare Trust Third Quarter 2020 Financial Results Conference Call. [Operator Instructions]. I'd now like to turn the conference over to Michael Kodesch, Director of Investor Relations. Please go ahead.

Michael Kodesch

Thank you. Trust the Healthcare results. quarter Diversified to call third covering XXXX Welcome

within company Private Reform revise Commission and recording contains as results to the includes me Jennifer by that laws. expectations Rick Officer; upon or Officer meaning Securities consent are of today's today's to other are of a present the Siedel, Today's SEC. obligation Healthcare than President Financial Joining of would in and DHC's conference call release of Operating of question-and-answer Exchange publicly Francis, retransmission forward-looking the securities Trust today, session. filings conference on the forward-looking based undertakes management statements call presentation or and Litigation forward-looking the call a or by like and The I Act Chief Chief Thursday, revision Treasurer. followed and call XXXX to through and November without written Securities note are beliefs These Today's today's XXXX. prior other call made conference DHC. statements statements the transcription, the any of strictly with prohibited X, Diversified and no

numbers, those our or at projected calculate from including statements. CAD data to loss attributable the normalized to In addition, FAD, call basis available of income or may on figures funds non-GAAP or Reconciliations net may and contain components EBITDA, cash from common forward-looking operations results any income this to or EBITDARM operating differ www.dhcreit.com. supplemental normalized website AFFO, non-GAAP financial in FFO, net cash and basis these are NOI. and shareholders package in found Actual materially our operating

to our those undue that differences place are factors filings reliance not cautioned could in concerning information the any upon statements. SEC. Additional forward-looking Investors with contained is cause

Jennifer. over turn like call to I'd Now, to the

Jennifer Francis

operating the Earnings we In you, morning. Trust the Third Michael, XXXX Healthcare saw Welcome effect continuation COVID-XX on its pandemic good Diversified and of senior Quarter Call. significant Thank portfolio. housing and the quarter, to our

that see representing of the steps and in in ongoing increased United the ensure As has these a States, holdings office that common and share, impact the per normalized our times. steps third the our helped facing us more new to the industry shareholders senior life pleased to earlier unprecedented safety $X.XX an the these to during year decrease we $XX.X cases liquidity results. diversification include pronounced FFO sciences employees In and I'm attributable and large $X.XX our to that have million of and was effects challenges DHC's SHOP XXXX, residents its operator largely from of intentional the withstand the to taken by the of quarter, well-being or to taken segment COVID-XX, medical our we're in share is the communities. enhance of per appreciative second living portfolio driven quarter specifically,

to discussion time moving the manage to as what associated costs. through results, addressing of our decline like sequential doing as portfolio challenging a broader the to this spend we're I'd Before and this environment quarter-over-quarter well morning

of at senior our our the One remains well-being and communities. the highest of residents and living priorities health employees

taking has spread the residents. control steps tirelessly of virus the is worked Our to manager necessary safeguard the and of to all

while pandemic during pandemic since COVID-XX, guidelines. have contracted the of the our since the has resident X% tested XX, of COVID-XX October residents the XX% active of population over our XX% of as not defined have by of recovered, positive had those CDC As cases of and who onset

the of roughly in increases $X million protocols operator's second quarter. COVID-related systemwide medical Our have expenses over to translated supply

health during the care workers effects costs, the and reminder, community-level employee of the not virus. $X.X as recognized Also, the medical second line to $XX quarter FFO frontline million a a COVID-related residents, testing items decrease $X.X CARES total, approximately have we to second segment for to share up immune recognized the the million care over addition drove In quarter from account an In quarter. been benefit third COVID-related in normalized related million Act when the to our in $X.XX compared second quarter. and none approximate X third the SHOP or these per in quarter.

rate to We near to has revenue led In expect as the past, seen wanes. to that the in pandemic expense the long-term dissipate persist deterioration. sacrificing term and for we've pressures the occupancy

support, to Now Five revenue managing Star remains committed with our occupancy. optimizing rather than

Star with referral without to sources new in pre-pandemic rates. occupancy near-term to commitment communities is that results, on this additional we grow offering residents increase with occupancy. in that to to currently order to rates may in with be third quarter, we the weigh conversion reductions we'll positioned Five material are While believe resulting a attract We've better seen rate. in strategy acknowledge undermining compared future rent a working the grow consistent XX% leads

to quarter second COVID-XX-related XX% increased Third $X.XX though same-property this $XX portfolio share in per that quarter loss in The revenues FFO. of down were from move-ins. approximately or move-ins Same-property million impact normalized the basis move-outs SHOP prior XX.X%, second down SHOP XXX by XX quarter, rate. exceeded resulted over was basis occupancy the offset in approximately average XX points or increase per driven basis points same-property occupancy average Sequentially, down were revenues from by XX.X% a partially decline point week. the year, in a occupancy

to expect ahead, Looking headwinds operational persist. we

from that of for XX% admissions, into are those there the largely currently communities although are moving open deferring communities today of majority seniors decisions. pent-up believe are move-in our our residents we needs-based, their managed While is demand

Portfolio Office segment. our to Turning

medical million term same-property life over feet buildings X feet, average third DHC's XX.X square X weighted quarter office million feet segment X.X contained Office Portfolio of years comprised approximately of million occupancy of square of for science the XX.X%. a square remaining and with of quarter, just lease and properties the As of

second the slowed in quarter. mentioned I last As considerably volumes quarter, leasing

XXX,XXX year. entered third leasing X.X% During average weighted activity X of of a with see leases in quarter, square to rents, renewal leasing $X.XX new and redevelopment pleased square were the Of square a roll-up prior per years and with per the our term at close we from signed first lease foot approximately and Torrey feet feet XX% we XX,XXX roll-up during approximately of increase, at lease rents. costs into for we third to Pines quarter the note,

have pipeline the We for prospects asset, we're this in the a project for completion strong quarter. leasing of of scheduled fourth and

in which to Same-property were the the tenants This other Looking experienced X these was decrease decrease spaces the began in if tenants X we $XXX,XXX in for retail X buildings X increases These tenants. buildings. to. or our COVID-related. feel of Angeles. Office we of compared Washington tenants NOI good tenants Boston, expenses be Portfolio as and was of NOI bad District related the debt, at utilities, million Los medical of $X.X our cash in decreased in quarter. D.C. was $X.X Seaport NOI primarily basis X.X%. million we Approximately strongest second operating markets, results confident decrease were that need in to and was most office and cleaning our to backfill and are returning of able also we'll while to

use were provide in third These to office quarter relative of expenses use systems the Seaport the partially safer were seasonally HVAC decreases by in offset by of greater utilities driven at a Medical utilities of those the garages in $XXX,XXX air over for quarter, increase increased. additional our -- second higher parking as in second increased office as buildings Boston to space District utilization the and of of there Cedars-Sinai property the environments. While and COVID-related were quarter, those filter

During only annualized rent in Office from X.X% to reported of the August quarter we revenue deferrals this our Portfolio that segment. representing DHC had as the call, segment of X, second $X.X granted equal million

X, annual of $X.X or November of have leases form As by renegotiation of under in additional of of for fallen number result $XXX,XXX that just term revenues, were our for of as deferrals deferral. some X.X% renewed million exchange to a

X.X% portfolio, start our had tenant quarter. mentioned, previously third the quarter the second which wellness represent NOI, a one of default of at As center

its and current tenant rent. work it's this to with to planned We on continue on arrearage, become

Our outside financial first new been our X.XXx in aggregate to turn portfolio, total disposition for of announced quarter we NOI results. to properties rent million X.XXx we living the $XXX granted was deferral totaling approximately to under $XXX our represented the triple-net quarter the bringing There million approximately million. our proceeds negotiated rent with These the properties Rick X% now in deferrals partial began. to over to quarter first as that no on to third of of call. during our compared second beginning senior the have tenant asset third which provide Today, quarter. Since since of coverage I'll sell program of one sales, details the rent completed of continues XXXX perform. have had agreement call quarter, the $XX.X of

Richard Siedel

good quarter, and $XX everyone. I in our recognized Jennifer, explained impacted in statement. causes the wanted Jennifer touch of Thanks, morning, NOI other sale. of we upon has activity XXXX, the of our communities. continuing senior charges, operate to incurred closure FFO, of normalized these third would million $X for that income our operating change the concluded some In These Since third portfolio without quarter largely communities our XX communities stronger of we approximately and be and to during related million and/or identified losses living the operator to we impairment

our recognized reduction Five NOI in for of discovered notes as the and approximately quarter revolver facility. matter. unit was $XX other by to billing enhance up in and XXXX, full billion decrease Star's the in liquidity June million related our second done year-over-year available interest. on of million a were recognized quarter the due senior $X expected $XX.X program resident compliance loan quarter skilled and $X.X a issuance increases related primarily third revolving million million costs the and penalties term Medicare property to matter one June nursing a third revenue quarter. was ended reduction to billion was of also offset we the We million issued in expenses a the communities. that from to of of operating on fees our services These during million expense a $X sequentially lower capacity to This $X.X Interest $X XXXX, notes hand totaling The million cash $XX.X credit $XX.X third of at and living increase this senior and the for and related with

life million included building in Portfolio. and projects. and costs second recurring both leasing of liquidity, Our was Office third visitor and science SHOP redevelopment of in as next to $X.X XXXX. December our on segment not inside our our Office quarter. capital This increase we in Office and an Despite spent portfolio. SHOP capital of our only the expenditures, considered debt in the redevelopment ample invest capital over our capital to $XX.X our portion of of $X of we included of million improvements in capital campus pandemic, expenditures Approximately in million The redevelopment quarter, continue invested primarily until our our spend limit redevelopment ability Pines. to $XX.X Portfolio $XX.X million the spent communities. tenant million many to the quarter We continue Torrey capital in related capital Portfolio, of is COVID-XX-related on existing spend was With maturity segment remaining restrictions third improvements our our

our Office Portfolio, That line questions. collections, prepared please open our wanted continue during strong. concludes rents over Operator, on due and our contractual touch which were in for quarter rent I October. to to Lastly, of collected remarks. the In XX% the up be

Operator

[Operator Instructions].

from Morgan Malhotra question with comes Vikram Stanley. first Our

Vikram Malhotra

on views But and quarter, about on sort going your get think of of thoughts on Maybe is especially continue just in puts increase and flu -- mentioned be Is into quarter the going the sort sort just -- your occupancy metrics. do and the the fourth how view, the of of you SHOP the takes if to intersection kind RevPAR. your in you cases us? season on metrics would fourth nice to between the RevPAR occupancy, COVID the

Jennifer Francis

safe. a Vikram, that said had slow in the will are residents we're points hard. I per points your Thanks, their combination confidence control we and that And feel be week, the protocols continue hard declines occupancy bit. to decline. We're basis occupancy prospective to and to residents for think of question. think in But occupancy. acceptance will drives of distribution we're Star vaccine, in to what and expecting infection and expecting senior of do -- working we be -- this stop has still combined ensure to XX communities, a still be effective the public hard and to of basis with it residents is That it's they'll working middle that to really Star of to decrease change in and we Five XX How with approval, living safe worked a very I week. pandemic, per availability, attract that Five an the XX, communities.

Vikram Malhotra

you broader goal, As just to about potentially those its the I of topic about And give color that? how makes well a get kind sense. more And a on guess you how doing penalty, you are around operator forward something, maybe and talked guess, can think That then what maybe diversification, of Okay. discovered. maybe of just issues? just of more kind kind a that bit bit the was remedy in little a two I past, as just kind going you've but

Richard Siedel

stab Vikram, this piece. the I'll at a is first take Rick. Maybe

think process highly providers can providers programs. regulated care therefore, important and we've know Medicare really And what refund to here. program living the have compliance what's compliance penalty, On it's and And is voluntarily Star's Five I here. issues senior strong have and any is We health internal a address believe for we that's identify happened effective potential The overpayments. and, seen and that that's really OIG CMS disclose timely. all

an we've dealt the So compliance issue. detected Five and issue, program Star's with

of that I this, had care first and to anything mean, this. in avoid correct a that, And before our confident somewhat health to problem. place continue we're So place. believe, the is, this in but controls will SHOP in common a there the are it's lot I space, portfolios it's time procedures

Jennifer Francis

a to diversification, when Five in was people we the containment of But in of been corporate And avoidance. on team still turnaround operator important faith on think Star office I COVID-XX, turnaround. hit. the deal in turning Star focused around. midst Vikram, have they pandemic that have focused core great the management on folks they a Five are Star have focused of out that on in They've a while very are it's who the and Five group and extremely senior point COVID the

to away we point. from I'd to medical Star. So into say will is how continuing What life diversify at we're not some move likely office Five diversify sciences be and would

So we that's how diversify our portfolio.

Vikram Malhotra

months -- to vaccine announcement you've and back if just eventual rebuild today but and sort it rents. we're fill year, the this versus stabilizes months. months. And I the may. But do to the Whether you versus the Okay. away, And XX just of alluded as how we you think distribution, do Fair one, occupancy next hopefully, your the I'm to enough. is last seeing Eventually, you the what in occupancy of comments, of the fundamentally, wondering about vaccine your look in -- that how kind maybe lost? somewhere occupancy X you next X or sort X look get in X to

Jennifer Francis

with will Five I hired into to Marketing, residents to the those that think converting help potential communities. It's a endeavor. Star referral who of Director leads that continues attract They've to move-ins. sources with work

very the And resident they've residents of so will that very I their exceptional -- help focused fact I think them. on focused Also, providing sorry, the mean, on again, revenue that they're experience. that, been safety

see don't rents and then but profits that, think or And And will -- also so just we deteriorates concessions be concessions, there'll that because reduced being profitability. help. I that as so

think rent there'll residents. offered, to as to upfront be I concessions are So that such try that attract free

Operator

B. comes question Bryan Securities. Riley from with Our next Maher

Bryan Maher

out that give for an of us building And not vaccine. you're can kind made here, to quickly yet, there. idea but ramp how comment up seeing on get back that's it's occupancy But that information once you think you that. a occupancy demand question, up that given showing lot of Can of we unpack thanks certainly, a but the you've there building

So think? pace what of the would occupancy recovery you do be

Jennifer Francis

will exceeded exactly in an be, know is have just to would increase But the move-ins. It's I pace that move-ins already. seeing what we're what hard It's say Bryan. move-outs

think the exactly that to good that increase I has reoccupy, with So on we'll a sources, working hard Five with they'll I think focus it's clip. and quickly leads but referral that how say Star at

Bryan Maher

you XX%, idea How cutting much it are rate? us can they Is those And Okay. give are XX%? cutting in? that on competitors some X%,

Jennifer Francis

the all it's think I over board.

that think I there but folks are very are being grow slope. we dangerous that that's a slippery aggressive just occupancy, think to it's very -- a

head to going road. not we're So down that

Bryan Maher

congratulations Pines for up gears to here. Torrey shifting that And and wrapping Okay.

rent. You a bit the talked in little initial and the about lease roll-up

it expectations XX%. how property? I was to But pre-redevelopment think what does said that equate you for wrong. Maybe that down I that read might have were your

Jennifer Francis

write to I X% -- roll-ups You looking lot were this the when is first sciences rent. just X% tightening market numbers vacancy life a there occupancy not hear think running XX% strengthened on tenants up. a -- has redevelopment, there's close for it We growing, market for of potential down we in wrong. did to working -- in the were in It started rent. And roll-up we are we every about And the talking quarter, space. that

And we these strong to pipeline hope strong to roll-ups. so is our continue and see

Bryan Maher

have maybe big any, higher you the And you COVID as next just And think for it Do to need is $X.X of if do you that me, the comfort have until I with Okay. I wanes? Or that is billion nugget plans till debt Or for for you do all Rick. rate? but X almost took you XXXX, you much this are that this now prepay read there And I summer. that? X just can't down to can too like something in I cut liquidity. don't you middle liquidity? know But guys for you the took down think quarters opportunities that of last know, it? into what, footnote and the a at

Richard Siedel

Thanks, Bryan.

that were issued June X-year noncall tools. of billion the So $X in senior we notes

time, we would So we'd for forward go. it maturity expensive, thankful If after take X flexibility. know out do the pandemic we're at them this have the rates. a refinancing But for how X did didn't drag lower We we ability X-year that didn't fairly the that. that same the and at looking were have to be on years. And to we years, to really on long it's

this think and stage right So to will at having now. rebound, for back be living knowing safe I position the will that liquidity communities when the additional really confidence seniors available, go a is if vaccine and not when in our game, I in we better sorry. like And think senior

We properties. the of again, communities, a taking senior much into we are in It but of some get still care as bit is, the to are of of investing our a challenge living XXXX, historically deferred debt think have capital as maturity ability we but our June. possible. Again, next -- until it do isn't of out at par I the December to in take we

we'll that available have circumstances, of good the bit. something to again, given lot a a liquidity to do expense to that's it look us. But to interest So reduce feels

Operator

question comes Carroll Michael from Our next Markets. with RBC Capital

Michael Carroll

to to Yes. who you're those now? I Can why them using And ago? services? the using right within Why them the bit now? cost use I you what's X guess, are months guess, that your services SHOP a using talk you X weren't about little those? start And incremental referral portfolio

Jennifer Francis

using been ago. we've something -- months X them that were It's they

over are few Leads were I sure the think in. was second months anybody Six people in quarter. moving I'm The have XX% moving not that very up ago, they're referrals or getting that more. increased.

X for at like Place companies point. fees referral we need and sources Our the felt move-ins were And they needs-based, month's rent-or-so. It's Mom. the are that A like didn't

Michael Carroll

Okay.

you're now leaning relationships. So early relationships is that of these of are as part new just compared on the to the pandemic, correct? that aren't more These

Jennifer Francis

have A or early other just to when sources. some are they're help these were I have needs Well, of trouble a They more or I that or use -- sources, really shorter those residents you Five length gotten the sources stay. the tend referral -- typical of Place of to sources, we People who referral would part really of looking it. and getting tend say sources. really these prospective in quick historically, through been for wasn't getting using for think, pandemic for occupancy in someone the leads Mom Star referral

bit changed think a the I that's throughout pandemic.

that are get these And sources. to finding leads they referral used they're better getting so they're leads that the from than

Michael Carroll

in mean that now? memory concessions residents And your are don't assisted it's lower IL you adult guess, IL then offering active right and differ necessarily your because And to Okay. in does product? type concessions your of just move I acuity, and within portfolio now? you what I the more are that maybe product care and between how right offering those need living,

Jennifer Francis

People assisted That's are memory living right. needs-based. right. That's really and exactly moving into care

concessions so rent in X it's And living Certainly, there functions. less active and independent upfront. are adult, free necessary those

Michael Carroll

they willing mean, how to free So too? lower offering much I in free are And I face guess, offer? competition run against some the Or you market? are rates? compare that offering the are of other how does actually rent, competitors

Jennifer Francis

across portfolio, X to We're not it's But it varies combination. face varies free but our the per or working market. rate, really It rent. a lower X months offer to and

offering free I a think some competitors maybe rent period. and rates are shorter that lower

same, we think -- average and or but our length it's might I So about net XX it's the months increased has find -- that stay be so. effective actually, now of

upfront And then We'd that rent rate. higher move just reduced of a doesn't see stay, face rent, so having and to rather base longer get on free with length work. face to rate a

Michael Carroll

an that can then the that in continue expectation moderate to bit trend trend? quarter? fourth about bit. in occupancy will continue is us Can occupancy Obviously, this declines? give October you moderating October? And what's And Okay. a little the it's a Did there you your talk

Jennifer Francis

move-ins. up. really moderate. are give basis been that maybe talking XX There a to expectation an guidance, think We Move-ins is unfortunately, I that are but But week. those drop it continue about negating point we've will move-outs don't per

Michael Carroll

Okay.

in October, do actual that? you occupancy decline So can us you give the have

Jennifer Francis

have me. in front that I number of don't

Michael Carroll

guess base, question. trend? about because last health just lower talk Okay. Can I I mean, expense the you quarter a bit care little in I the think it And was second then lower of in with expenses what's quarter? but quarter. be normalize the in how the rate there? guess, good higher should Or run your employee third trending? I that Or costs fourth should the

Richard Siedel

continue during expense see pressure Mike, the to pandemic. we'll I think

mean, the health COVID cost, care within related I so of testing. was much Just it to

I months. think Five Star over for employees unless last has testing done is the someone few which tests seems us XXX,XXX the else's by they're Obviously, COVID covered insurance, on the generally, unlikely.

QX. we We also shut the I We're penalty had number a through that. was moderate care we also, from everything There was number doctors' of had I team QX expenses in the expect will members relatively think down, you aside that got to deferred to of bit imagine, the and appointments certainly it and it's had virus the added. as as rescheduled like some that hopeful that from can the fourth that pandemic that -- of when at Medicare stay that needed continue, safest contracted wanes. quarter. and and a that booked been But consistent to believe a least expect things probably that

Operator

Collier from comes question next Our Bauser Kyle with Securities.

Kyle Bauser

Great.

properties updates provide color these $XX that agreement are a properties for what million expectations timing X sell? and for are regarding $XXX for under the the over little Can the that additional So some agreement the dispositions XX you are and to little a of to the makeup maybe million. on sell over under on the

Jennifer Francis

senior of Sure. our and segment properties It's living. Office of Portfolio out a mix

are those spread really segments. our for across it's by X year-end. And all closing expectations So

into part, some Now might first we're close. the those quarter, of the but thinking most for slip year-end

Kyle Bauser

if percent of of you goal about how think a the maybe trying quarters? a Okay. current or we targeting to goal? the but cadence get value missed Got total term it. over And coming maybe dispositions? about Can for the this, just sorry longer sense the I you're should I'm talk portfolio dollar --

Jennifer Francis

disposition goal of $XXX have Sure. million We in still total. a

in accepted just country And for before distributed vaccine so we're start the folks actively and by for that's the and really we waiting a marketing. available we're pandemic --

kind hired in We always that these with who right are conversations about of brokers hold we've properties, are brokers now. on the

time market we it's As the is, right think to right hit when the now. to not

-- to I'm year, next of likely it's quarter. second probably going be early hoping So second maybe quarter

Kyle Bauser

that tenants any sounds portfolio it. about that the makes received science science the Torrey you sense. you're development, interest which seeing? additional demand you've great. is like Can life for among Got maybe And tailwind, lastly, to continued the it continues in And be And Pines a life talk particular?

Jennifer Francis

-- life continues Sure. The about very it's be same-store Yes. or does sciences It's portfolio as occupied. to strong, medical XX% life the portfolio. office same-property, our portfolio sciences

Torrey in portfolio. in Boston, And robust sciences in an incredibly obviously, we Pines We country, very success pipeline have continues markets. Diego for San that property. strong the Francisco, Cambridge, life most strength But ongoing the we market the across be to San pronounced the -- just just see

Operator

Instructions]. [Operator

of Bank question next Joshua from Dennerlein comes America. with Our

Joshua Dennerlein

mentioned elevated. driver seeing as what kind primary senior housing of was that of within the Curious guess, portfolio. from move-outs I you you're your

Jennifer Francis

of the for during are generally away. passing move-outs because care people need -- level a especially Move-outs generally unfortunately, the Well, are of pandemic. from or higher

Joshua Dennerlein

Okay.

other saw going then into operators think about move-out leverage your how comes forward? And of was No, those kind And some you Should the Or down? thought drift to do because elevated, continue Yes. is that that kind decline. did of of comment kind expect up Okay. do play I sales leverage interesting kind it guys an of think you leverage? we sales? to it how

Richard Siedel

No.

in at debt. asset sales we're at certainly pressure piece paying will our think income we're be levels leverage this I down we going clearly of EBITDA that, the a depressed point, but is come down naturally to mean, given about when leverage, comes So as just SHOP The segment. back up.

value with maximize comes in some our programs back, of maximized think as down leverage sell help same getting have all and that. industry to value, as as I when we've living assets far will looking anymore, of then naturally out and time, tick confidence assets with our will don't we're the some So again, we the senior certain that

back come think are I like, over it again, many, will down temporarily So we, and time. elevated,

Joshua Dennerlein

cap And any go-forward kind then rate? can rates completed you've compared for the color on of the a X, to how any curious July you color that And sales on provide would since cap pre-pandemic amazing. have if be cap maybe rates like would

Jennifer Francis

Sure. cap We've a portfolio. for And trending at in whole most recent about expect around that portfolio disposition, the that, less we been the been saying we've maybe sales. a that little X

be all of cap are about to sense tend sales it the some talk around opposed to these hovering still seven of rates combine them. based of of on does sale cap. unit per we're But for -- dispositions, make we a Some as right kind you the more when to

Operator

our turn I session. conference over to the concludes This back for would closing Jennifer Francis any remarks. like to question-and-answer

Jennifer Francis

Thank seeing you We to of in today. Operator, for conference X thank that forward call. you, and you virtual the NAREIT concludes at our weeks. many the call upcoming look joining

Operator

you now concluded. has conference The Thank attending for today's presentation.

disconnect. You now may

Diversified Healthcare Trust (DHC) 6 Nov 202020 Q3 Earnings call transcript