Diversified Healthcare Trust (NASDAQ:DHC) Q2 2022 Earnings Conference Call August 4, 2022 10:00 AM ET

Company Participants

Michael Kodesch - Director of Investor Relations

Jennifer Francis - President & Chief Executive Officer

Rick Siedel - Chief Financial Officer & Treasurer

Conference Call Participants

Bryan Maher - B. Riley Securities

Daniel Byun - Bank of America

Aaron Hecht - JMP Securities

Operator

Good morning and welcome to the Diversified Healthcare Trust Second Quarter 2022 Earnings Call. All participants will be in listen-only mode. [Operator Instructions]

I would now like to turn the conference over to Michael Kodesch, Director of Investor Relations. Please, go ahead.

Michael Kodesch

Good morning and welcome to Diversified Healthcare Trust Call covering the second quarter 2022 results. Joining me on today's call are Jennifer Francis, President and Chief Executive Officer; and Rick Seidel, Chief Financial Officer and Treasurer. Today's call includes the presentation by management followed by a question and answer session. I would like to note that the transcription, recording and retransmission of today's conference call are strictly prohibited without the prior written consent of Diversified Healthcare Trust or DHC.

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 present beliefs and expectations as of today, Thursday, August 4, 2022. Company undertakes no obligation to revise or publicly released the results of any revision to the forward-looking statements made in today's conference call other than through filings with the Securities and Exchange Commission or SEC. In addition, this call may contain non-GAAP numbers including normalized funds from operations or normalized FFO, EBITDA, net operating income or NOI, in cash basis net operating income, or cash basis NOI. Reconciliations of net income or loss attributable to common shareholders to these non-GAAP figures and the components to calculate AFFO, CAD, or FAD are available in our supplemental operating and financial data package found on our website at www.dhcreit.com. Actual results may differ materially from those projected in any forward-looking statements. Additional information concerning factors that could cause those differences contained in our filings with the SEC. Investors are cautioned not to place undue reliance upon any forward-looking statements.

Now, I'd like to turn the call over to Jennifer.

Jennifer Francis

Thank you, Michael, and good morning. Thank you for joining us on today's second quarter conference call. DHC had a productive quarter. We delivered operational improvements across all of our segment, reduce debt by redeeming $500 million of 9.75% senior notes and increased our cash position by selling an additional 10% equity interest in our existing joint venture for the property located in Boston Seaport district. We're making progress on all of our strategic objectives as we continue to grow EBITDA and position the company to deliver long term sustainable growth.