FVE - Senior Housing Properties: The Deterioration Continues
When we last looked at Senior Housing Properties Trust (SNH) we concluded that the dividend as measured by true owner's earnings, was not being properly covered. We also noted that serious issues with its key tenants could force SNH's hand sooner or later with regards to a cut. With Q4-2018 results out we saw that our thoughts were being borne out further. We report our findings below.
Q4-2018
Net operating income, NOI fell year on year by 3.4% driven by the decline in senior living communities.
Source: Q4-2018 supplemental
Medical office buildings had