Q1 2025 Diversified Healthcare Trust Earnings Call Transcript
Key Points
- DHC reported a 4% increase in total revenues for the first quarter, reaching $386.9 million.
- Adjusted EBITDA rose by 17% year-over-year to $75.1 million, exceeding analyst expectations.
- The SHOP segment showed significant improvement with a 42.1% year-over-year increase in same-property NOI.
- DHC completed $332 million in asset sales, aiding in deleveraging the balance sheet.
- The company successfully addressed upcoming debt maturities with strategic asset sales and refinancing activities.
- Same-property occupancy in the medical office and life science portfolio decreased by 10 basis points from the previous quarter.
- Known vacates in the medical office building and life science portfolio are expected to be modest but still present a challenge.
- The company faces a significant amount of debt maturing in 2026, requiring further asset sales and refinancing.
- Despite strong SHOP performance, the company did not increase its full-year guidance due to uncertainties in disposition timing.
- Operating expenses in the SHOP segment are expected to trend about 3% higher in 2025 compared to 2024.
Good morning, and welcome to the Diversified Healthcare Trust first quarter 2025 earnings conference call (Operator Instructions). Please note, this event is being recorded.
I would now like to turn the call over to Matt Murphy, Manager of Investor Relations. Please go ahead.
Good morning. Joining me on today's call are Chris Bilotto, President and Chief Executive Officer; Matt Brown, Chief Financial Officer and Treasurer; and Anthony Paula, Vice President. Today's call includes a presentation by management, followed by a question-and-answer session with sell-side analysts. Please note that the recording and retransmission of today's conference call is strictly prohibited without the prior written consent of the company.
Today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based upon DHC's beliefs and expectations as of today,
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