Business
Diversified Healthcare Trust Announces Further Management Transition Progress
Enters into Management Agreement for Five Communities with Navion Senior Solutions Enters into Management Agreement for One Community with Omega Senior
About this update from Diversified Healthcare Trust
[{"type":"text","content":"\nEnters into Management Agreement for Five Communities with Navion Senior Solutions\n\nEnters into Management Agreement for One Community with Omega Senior Living\n\nNew Agreements for Approximately 96% of the Transitioning Communities Have Been Executed\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nDiversified Healthcare Trust (Nasdaq: DHC) today announced that it has entered into a new management agreement with Navion Senior Solutions for five assisted living communities in South Carolina totaling 259 units within its Senior Housing Operating Portfolio, or SHOP. Additionally, DHC has entered into a new management agreement with Omega Senior Living for a 69-unit assisted living community in Nebraska within its SHOP. DHC has now entered into new management agreements representing approximately 96% of its SHOP communities to be transitioned from Five Star Senior Living Inc. (Nasdaq: FVE), or Five Star, to other third-party operators as previously announced. DHC continues to expect to complete all of the management community transitions by year end.\n\nDiversified 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 June 30, 2021, DHC’s $8.2 billion portfolio included 392 properties in 36 states and Washington, D.C., occupied by almost 600 tenants, and totaling approximately 10.9 million square feet of life science and medical office properties and approximately 28,000 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.\n\nWARNING REGARDING FORWARD-LOOKING STATEMENTS\n\nThis press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever DHC uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, DHC is making forward-looking statements. These forward-looki...