Diversified Healthcare Completes Senior Living Management Transitions
November 19, 2021
Diversified Healthcare Trust (Nasdaq: DHC) has completed the management transitions for 107 communities within its Senior Housing Operating Portfolio, or SHOP. Management of the 107 communities was transitioned to 10 regionally focused operators.
“We completed the management transitions in our SHOP portfolio to 10 new operators well ahead of the year-end timeline that we announced in April,” stated Jennifer Francis, President and Chief Executive Officer of DHC. “This diversified group of new operators was carefully selected to drive performance and maximize value on a community-by-community basis. We also expect that the results for the 120 communities that Five Star continues to manage for DHC will improve as Five Star continues to refocus its business and align its structure to optimize operations.”
These management transitions were completed as part of the agreement between DHC and Five Star Senior Living Inc. (Nasdaq: FVE), or Five Star, to transition 108 communities from Five Star to other third-party operators as previously announced. DHC plans to close and is assessing opportunities to redevelop the one remaining community located in Delaware.
Diversified Healthcare Trust (Nasdaq: DHC) is a real estate investment trust (REIT) focused on owning high-quality healthcare properties located throughout the United States. DHC seeks diversification across the health services spectrum: by care delivery and practice type, by scientific research disciplines, and by property type and location. As of September 30, 2021, DHC’s $8.2 billion portfolio included 392 properties in 36 states and Washington, D.C., occupied by approximately 600 tenants, and totaling approximately 10.9 million square feet of life science and medical office properties and more than 27,000 senior living units. DHC is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, MA. To learn more about DHC, visit www.dhcreit.com.