The company said the NOI increase in its SHOP segment for the 3 months ended June 30, 2024 compared with the prior-year period was driven by trends in occupancy and revenue per occupied room, the addition of acquired communities and conversions from triple-net leased properties to SHOP. It said higher operating expenses partially offset the revenue increase.

1. 01

   The company said the NOI increase in its SHOP segment for the 3 months ended June 30, 2024 compared with the prior-year period was driven by trends in occupancy and revenue per occupied room, the addition of acquired communities and conversions from triple-net leased properties to SHOP. It said higher operating expenses partially offset the revenue increase.

2. 02

   Depreciation and amortization for the 3 months ended June 30, 2024 rose $35.2 million from the prior-year period, the company said, and $32.3 million of that increase reflected higher impairments. It also said a $41.1 million gain recognized in the equitization of a mezzanine loan in Q2 2023 did not recur in 2024.

3. 03

   The company said it repaid $400.0 million 3.50% Senior Notes due 2024 and $400.0 million 3.75% Senior Notes due 2024 during the 6 months ended June 30, 2024. In the same period, it said it issued $500.0 million 5.625% Senior Notes due 2034 and $475.3 million (C$650.0 million) 5.10% Senior Notes, Series J due 2029.

4. 04

   The company said operating cash flow for the 6 months ended June 30, 2024 increased $47.7 million from the prior-year period, and net cash used in investing activities increased $283.8 million. As of June 30, 2024, it said it had $2.75 billion in its unsecured revolving credit facility with $2.7 billion of undrawn capacity, and no commercial paper borrowings outstanding.

Key figures

Quarter ended June 30, 2024

Revenue

$1.2B

Net income

$21M

EPS

$0.05

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.