Business
Diversified Healthcare Trust Announces Further Management Transition Progress and Initial Sale of Skilled Nursing Bed Licenses
Enters into Management Agreement for 10 Communities with Stellar Senior Living Brings Total New Agreements to Approximately 70% of the Transitioning
About this update from Diversified Healthcare Trust
[{"type":"text","content":"\n Enters into Management Agreement for 10 Communities with Stellar Senior Living\n\nBrings Total New Agreements to Approximately 70% of the Transitioning Communities\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nDiversified Healthcare Trust (Nasdaq: DHC) announced today that it has entered into a new management agreement with Stellar Senior Living for nine skilled nursing communities and one continuing care retirement community totaling 1,152 units in Colorado, Texas, and Wyoming within its Senior Housing Operating Portfolio (“SHOP”). DHC has now entered into new management agreements representing approximately 70% 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 transitions at the 108 transitioning communities by year end.\n\nAs previously announced, DHC is closing 1,500 skilled nursing units in its Five Star managed communities with the plan to repurpose them to enhance the resident experience at the communities. As part of this strategy, DHC also announced the sale of 10 skilled nursing bed licenses retired from use, the first of its plan to sell 542 licenses to operate skilled nursing beds in states where the sale and transfer of bed licenses are permitted.\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 March 31, 2021, DHC’s $8.2 billion portfolio included 396 properties in 36 states and Washington, D.C., occupied by more than 600 tenants, and totaling approximately 11.2 million square feet of life science and medical office properties and more than 29,000 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...