Business
Diversified Healthcare Trust Announces Further Management Transition Progress and Business Updates
Enters into Management Agreement for Seven Communities with Northstar Senior Living New Agreements for Approximately 84% of the Transitioning Communities
About this update from Diversified Healthcare Trust
[{"type":"text","content":"\nEnters into Management Agreement for Seven Communities with Northstar Senior Living \n\nNew Agreements for Approximately 84% of the Transitioning Communities Have Been Executed\n\nAugust Month End Occupancy in the 120 DHC Communities that Five Star Will Continue to Manage was 74.7%, a 100 Basis Point Increase Compared to July Month End\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nDiversified Healthcare Trust (Nasdaq: DHC) announced today that it has entered into a new management agreement with Northstar Senior Living for five memory care communities and one assisted living community in California, and one assisted living community in Arizona, totaling 422 units within its Senior Housing Operating Portfolio, or SHOP. DHC has now entered into new management agreements representing approximately 84% 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 the management transitions at the 108 transitioning communities by year end.\n\nIn addition, DHC also provided intra-quarter occupancy data at the 120 SHOP communities (excluding skilled nursing units at such communities) that Five Star will continue to manage. August month end occupancy in this portfolio was 74.7%, an increase of approximately 100 basis points compared to July month end occupancy, while August average occupancy in this portfolio was 73.4%, an increase of 50 basis points compared to July average occupancy.\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...