Investor Presentaiton
RESIDENTIAL PORTFOLIO - COMPARABLE(3)
(in thousands) (unaudited)
Revenues
Owned (1)
Managed (2)
Total
Operating costs
Q4 2020 (3)
Q1 2021 (3)
Q2 2021 (3)
Q3 2021 (3)
Q4 2021 (3)
$ 16,068 $ 15,243
14,846
14,829
14,797
192,654
208,722
185,317
200,560
168,655
158,508
155,798
183,501
173,337
170,595
Residential wages and benefits
Owned (1)
11,020
10,905
9,026
7,768 $
8,529
Managed (2)
102,242
99,674
90,358
80,289
83,662
Subtotal
113,262
110,579
99,384
88,057
92,191
Other residential operating expenses
Owned (1)
5,564
4,676
6,090
5,460
7,598
Managed (2)
62,240
61,950
53,533
58,579
59,175
Subtotal
67,804
66,626
59,623
64,039
66,773
General and administrative expenses
Owned (1)
333
333
332
303
$
230
Managed (2)
4,071
4,072
4,055
3,946
2,164
Subtotal
4,404
4,405
4,387
4,249
2,394
Other expenses
Owned (1)
1,968
1,987
2,024
2,053
2,166
2,622
3,256
3,678
4,408
5,276
4,590
5,243
5,702
6,461
7,442
Managed (2)
Subtotal
Total operating costs
Owned (1)
18,885
17,901
17,472
15,584
18,523
Managed (2)
171,175
168,952
151,624
147,222
150,277
Subtotal
190,060
186,853
169,096
162,806
168,800
Operating income
Owned (1)
Managed (2)
Subtotal
Operating margin
Owned (1)
(2,817)
(2,658)
(2,626)
(755)
(3,726)
21,479
16,365
17,031
11,286
5,521
18,662
13,707 $
14,405
10,531
1,795
Managed (2)
Subtotal
(17.5)%
11.1 %
8.9 %
(17.4)%
8.8%
6.8 %
(17.7)%
10.1 %
7.9 %
(5.1)%
7.1 %
6.1%
(25.2)%
3.5%
1.1 %
(1) Financial results for senior living communities that we have continuously owned since October 1, 2020, and excludes four communities leased from PEAK with approximately 200 living units where the leases were
terminated on September 30, 2021.
(2) Financial results are community level and are not included in ALR's consolidated results of operations. ALR earns 5% management fee on revenues recognized by community based on U.S. GAAP. Financial
results for senior living communities continuously managed since October 1, 2020, and excludes (i) 107 senior living communities previously managed for DHC that were transitioned to new operators in 2021 and
one senior living community managed for DHC that was closed in February 2022 and (ii) 1,532 SNF units in 27 CCRCs that were closed during the year ended December 31, 2021 and are in the process of being
repositioned that we will continue to manage for DHC.
(3) Exclusive of the Provider Relief Funds under the CARES Act, and other government grants recognized as other income. In addition, exclusive of restructuring expenses of $10.2 million, $0.2 million and $0.3 million
for Q2, Q3 and Q4 of 2021, respectively, for the retained managed portfolio.
Appendix
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