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Text: With me on the call are Pam Kessler, Co-President and Chief Financial Officer; and Clint Malin, Co-President and Chief Investment Officer.
Not being able to quantify an impact of the delta variant on current and near future operations, what we have recently heard from our operators gives us some optimism.
We are seeing occupancy gains for the first time in a long while.
Vaccination rates among patients and residents throughout the industry are high, generally in the 80% range with gradual increases expected.
Our buildings are beginning to stabilize with in-person tours and family visits allowed once again, notwithstanding the recent introduction of the delta variant.
The transition of our senior lifestyle portfolio is virtually complete and we are seeing a nice pickup in deal flow and activity.
We are seeing a few encouraging signs throughout the industry.
According to Nick's data, communities and nursing centers are doing much better clinically than they have in some time given the high rate of vaccinations among residents and patients.
On average, especially with respect to SNF, occupancy is trending slowly upward.
Over the last 25 weeks, SNF have seen occupancy rise in each week except one, when census remained flat.
Various government stimulus programs have helped significantly in keeping skilled nursing operators a float over the course of the pandemic.
Additionally, there is about $25 billion remaining for distribution to all healthcare providers in the Provider Relief Fund.
While private pay has not been a beneficiary of adequate government relief to date, we are seeing some signs that more aid may become available soon.
This is not to say unfortunately, that all of the challenges facing our industry are slowly trending downward.
Labor continues to be a major challenge for operators and interest rates and inflation are something we're watching carefully.
Even so, I believe our industry is on more solid footing today than it has been over the last 18 months and I'm hopeful that some of the remaining pressures will begin to ease in the coming months.
That said, however, a serious surge of the COVID delta variant across the country, especially in states with lower vaccination rates among staff could result in the need to stop admissions again temporarily delaying a full recovery but hopefully, any such surge will be addressed locally rather than by a national e-debt.
Second quarter rent and mortgage interest income collections were 93.6% excluding Senior Lifestyle and Senior Care an 86.1% excluding just Senior Lifestyle, whose transition Clint will discuss in detail.
We are no longer seeing new substantial requests for rent deferrals and abatements and if new ones arise, we will review each on a case-by-case basis, keeping in mind an operator's ongoing operations, rent coverage, corporate financial health and liquidity.
We expect to continue providing some amount of relief in the form of deferrals and abatements until occupancy gains become more permanent.
I'm so very pleased to be able to report that the senior lifestyle portfolio transition is nearly complete.
19 of the buildings have been or shortly will be under new leases.
The other four properties in the portfolio have been sold.
Clint will provide more details in his comments.
With respect to Senior Care Centers, bankruptcy proceedings are continuing with the next scheduled court date on August 11.
Building on the uptick, we saw toward the end of the last quarter, deal flow continues to accelerate with several potential transactions in the pipeline that meet our investment criteria.
These opportunities are mostly shorter-term and cash flow strategic with what we believe our reduced risk profiles and strong returns.
Through the first half of the year, we have actively reviewed a host of transactions passing on most either because the properties are not performing well or the asking prices don't reflect what we believe to be market value rates.
We have no problem temporarily remaining on the sidelines for our more traditional long-term investments until we can find the right deal at the right price.
The opportunities we are currently working through include mostly structured finance transactions and span the full spectrum of care.
It bears repeating that LTC has ample access to liquidity to act on these opportunities when the timing is right.
But as a good financial steward we will not enter into a deal that does not produce accretive returns for LTC and our shareholders.
With respect to our dividend, I'd like to repeat what I said last quarter.
It has been LTC's practice to support a dividend payout ratio of approximately 80% of FAD.
As a result, of the financial support we have provided some of our operators and the significant senior lifestyle and senior care defaults our second quarter 2021 dividend payout ratio was 98%.
However, we believe our 2022 FAD will improve as we fully transition the Senior Lifestyle portfolio to more stable operators and the issues related to the Senior Care bankruptcy are resolved.
At this time, we will provide guidance for the third quarter.
We expect similar NAREIT FFO results as we reported for the just completed second quarter.
This guidance does not include recovery of any deferred rent or any rent payment from Senior Care.
With that I'll turn things over to Pam.
Total revenue increased $9.6 million compared with last year's second quarter resulting primarily from a $9.5 million increase in rental revenue, which was due to a $17.7 million write-off in last year's second quarter related to Senior Lifestyle straight-line rent and lease incentive balances.
Completed development projects and higher rent payments from Anthem also contributed to the increase.
The increase in revenue was partially offset by reduced rent from senior lifestyle net of rent received from releasing 11 properties in the portfolio defaulted Senior Care lease obligations, abated and deferred rent and a decrease in property tax revenue.
Interest income increased $113000 from the prior year due to the funding of expansion and renovation projects offset by scheduled principal pay downs.
Interest expense decreased by $686000 due to scheduled principal paydowns on our senior unsecured notes lower interest rates and a lower outstanding balance under our line of credit partially offset by lower capitalized interest in 2021.
Property tax expense decreased $311000 compared with last year's second quarter as a result of the timing of certain operators property tax escrow receipts and the payment of related taxes partially offset by completed development projects.
G&A was $757,000 greater than last year due to the timing of accrual for incentive compensation salary increases and restricted stock vesting.
Income from unconsolidated joint ventures increased $376000 due to mezzanine loan fundings.
During last year's second quarter, we recognized a loss on liquidation of unconsolidated joint ventures of $620000 related to the sale of the four properties comprising our unconsolidated real estate joint venture with an affiliate of senior lifestyle.
During the second quarter of 2021, we recognized a net gain on sale of real estate of $5.5 million related to the sale of three properties in Wisconsin and a closed property in Nebraska all previously leased to Senior Lifestyle.
We also transitioned a memory care property in Colorado, previously operated by Senior Lifestyle to an operator new to LTC.
The lease has a five-year term and provides a purchase option for $5.5 million, which is exercisable after the first year of the lease.
Cash rents starting in the second year of the lease is $150,000 increasing to $300,000 in the third year and escalating 2% annually thereafter.
Net income available to common shareholders for the second quarter of 2021, increased by $16.4 million primarily due to the senior lifestyle write-off in the prior year and the gain on sale of the three Wisconsin properties this year.
This is partially offset by the revenue declines previously detailed.
NAREIT FFO per fully diluted share increased to $0.57 from $0.31 last year's excluding nonrecurring items related to last year's second quarter.
FFO portfolio diluted share was $0.57 this quarter and $0.76 in the second quarter of 2020.
The decrease is specifically due to the non- payment of rent by Senior Lifestyle and Senior Care.
During the 2021, second quarter we paid $41 million under our unsecured revolving line of credit.
Additionally, we maintained our $0.19 per share monthly dividend by paying our shareholders $22.4 million in common dividends during the quarter.
Subsequent to the end of the second quarter we entered into lease agreements covering the remaining properties in the Senior Lifestyle portfolio which Clint, will discuss shortly and sold a skilled nursing center in Washington for $7.7 million.
We received proceeds totaling $7.2 million and expect to recognize a gain on sale of $2.6 million.
Additionally, we paid $25.2 million in regular scheduled principal payments under our senior unsecured notes and borrowed $19 million under our unsecured revolving line of credit at 1.2%.
It is important to note that we have no significant long-term debt maturities over the next five years.
At the end of the 2021 second quarter, our credit metrics remained strong with a debt-to-annualized adjusted EBITDA for real estate of 5.3 times.
In annualized adjusted fixed charge coverage ratio of 4.3 times and a debt to enterprise value of 29%.
We expect to see this 5.3 ratio come down as we receive more rent from assets formerly operated by Senior Lifestyle and eventually we expect to be able to collect rent from assets involved in the most recent senior care bankruptcy.
Next, I'll discuss rent deferrals and abatements.
As Wendy mentioned excluding Senior Care and Senior Lifestyle, we collected 93.6% of second quarter rent and mortgage interest income.
We provided $1.1 million in rent deferrals and $1.1 million in rent abatements.
As a reminder, Senior Lifestyle did not pay us rent in 2021.
With the portfolio virtually fully transitioned, we are receiving contractual rent from the operators who now lease these properties.
Additionally, during the second quarter Senior Care did not pay rent.
We applied the remaining $889,000 of the $2.1 million letter of credit to satisfy certain obligations owed under the master lease in the second quarter.
As of June 30, Senior Care's unaccrued outstanding rent balance was $3.1 million.
In July we provided rent deferrals totaling $366,000 and rent abatements of $323,000.
We have agreed to provide rent deferrals of up to $493,000 and abatements of up to $319,000 for each of August and September 2021.
As Wendy discussed, our Senior Lifestyle portfolio is now nearly fully transitioned and I'm excited to provide our final update on the transition.
I'll speak in some detail about the newest transactions, but I will start with a brief recap of the transactions completed earlier this year.
In total the Senior Lifestyle portfolio included 23 properties, 12 of which were transitioned through April of this year.
Six of those communities were transferred to Randall Residence, a current LTC operator, five to Encore Senior Living an operator new to us and one to Graceful Senior Living also new to us.
Of the remaining 11 properties, four were sold in the second quarter, three assisted living communities located in Wisconsin were sold for $35 million, which roughly approximates their combined gross book value.
We used the net proceeds of approximately $33.9 million to pay down our unsecured revolving line of credit.
In total, these properties included 263 units.
The fourth was a previously closed property sold for $900,000 for an alternative use.
The gross book value when we acquired it in 1997 was $2.5 million and the net book value was $1.1 million.
Of the remaining seven buildings in the portfolio, three have been transferred and four are awaiting licensure.
Two properties are being operated by Juniper in Pennsylvania.
One property in New Jersey also to be operated by Juniper should be receiving licensure any day.
Combined these communities include 168 units.
Juniper has been a close partner of LTCs since 2012.
The new lease has a two year term with zero cash rent for the first three months.
After that time, cash will be reset based on mutually agreed upon fair market rent.
Cash rent will be reset every three months for the first year and twice a year for the second year as cash flow in the buildings improves until we set permanent rates for the longer term.
three properties in Nebraska with a combined 119 units will be operated by Oxford Senior Living, an existing LTC partner since 2012 as soon as licensure is received which we also expect in short order.
The new lease follows the same pattern as I described for Juniper.
One property in Wisconsin is now being operated by a regional partner new to LTC.
This community includes 101 unit and will be operated under a 10-year lease with three five year renewal terms.
Cash rent under the new lease is $920,000 in the first year $1.2 million in the second year $1.3 million in the third year then escalating 2% annually thereafter.
I'll complete my remarks about the Senior Lifestyle portfolio by saying that among the properties that were transitioned in the January and February timeframe, especially in markets that did not have stringent lockdowns during that time occupancy increased under new management sometimes meaningfully.
Next, I'll provide some detail on our most recent development projects that are now operational.
Weatherly Court operated by field Senior Living in Oregon began accepting residents last September.
At June 30 occupancy was 36% up from 24% on March 31.
Ignite Medical Resort and Blue Springs located in Missouri began welcoming patients last October.
At June 30, occupancy rose nicely to 83% up from 64% on March 31.
Moving next to our portfolio numbers, please remember that with the pandemic and the challenging environment it created we don't believe coverage is a good indicator of future performance at this time and we are focused mainly on occupancy trends which I'll discuss shortly.
Q1 trailing 12 month EBITDARM and EBITDAR coverage as reported using a 5% management fee was 0.99 times and 0.8 times respectively for our assisted living portfolio.
Excluding stimulus funds received by our operators, coverage was 0.85 times and 0.67 times respectively.
Excluding Senior Lifestyle from our Assisted Living portfolio, as reported EBITDARM and EBITDAR coverages would increase to 1.03 times and 0.84 times respectively.
Excluding both senior lifestyle and stimulus funds EBITDARM and EBITDAR coverages would be 0.9 times and 0.71 times respectively.
For our skilled nursing portfolio, as reported EBITDARM and EBITDAR coverage was 1.94 times and 1.49 times respectively.
Excluding stimulus funds coverage was 1.44 times and 1.02 times respectively.
Excluding Senior care from our skilled portfolio, as reported EBITDARM and EBITDAR coverages would increase to 1.98 times and 1.5 times respectively.
Excluding both Senior Care and Stimulus Funds EBITDARM and EBITDAR coverages would be 1.52 times and 1.06 times respectively.
Now, for some occupancy trends which are as of July 15.
As a reminder, for our private pay portfolio, occupancy is as of that date specifically and for our skilled portfolio, occupancy is the average for the month.
Because our partners have given this data to us on a voluntary and expedited basis, the information we are providing includes approximately 70% of our total private pay units and approximately 73% of our skilled nursing beds.
Private pay occupancy was 74% at July 15 and June 30 and 72% at March 31.
For our skilled portfolio, which excludes Senior Care, average monthly occupancy through July 15 was 69% versus 68% in both June and March.
As Wendy mentioned, our pipeline continues to expand and is more active than it has been in some time with a diverse set of opportunities including a mix of existing operating partners and those new to LTC as well as a mix of private pay and SNFs.
In total, our near-term pipeline is valued at about $130 million with additional medium to long-term opportunities totaling about another $90 million.
Our bid activity remains healthy and we are excited to see this important part of our current investment strategy gaining steam.
While sales cycles remain elongated and pricing for some properties does not accurately reflect what we believe is their true value, we are more optimistic than we have been in some time about our ability to again begin making long-term strategic investments that will position LTC for future growth.
We have nurtured our balance sheet to provide us with adequate liquidity and flexibility and believe we can use this to our advantage as we seek to provide strong regional operators with creative financing solutions.
We are open to any transaction that meets our underwriting criteria, but also believe that in the current environment, structured finance deals including mezzanine loans and preferred equity financing still represent the best risk/reward profile at this time.
Now, I'll turn things back to Wendy for her closing remarks.
We have come a long way since the start of the pandemic.
It has not been an easy road, but I believe we are now coming up on an easier road.
This business has never been a newly paced smooth super highway with an express lane.
But with great pride, I can say our industry has learned many lessons through many cycles of significant challenge and we continue to provide what I believe is the world's most caring service to the nation's most vulnerable people.
Each day I become more and more confident in our ability to continue to proactively participate in this vital industry.
We are positioned to play offense and are seeking out opportunities to strengthen LTC now and for the future.
We will accomplish this by identifying accretive ways to enhance our portfolio, diversify our investments, serve as a growth capital partner of choice and return to a well-covered dividend for our shareholders.

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q2 ffo per share $0.57.

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