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Diversified Healthcare Trust Completes $159.0 Million Sale of MUSE Life Science Asset in San Diego, California
DHC to Use Proceeds to Pay Down its Senior Secured Notes Due January 2026 Provides Update on Timing of Brookdale Closing NEWTON, Mass.--(BUSINESS WIRE)--
About this update from Diversified Healthcare Trust
[{"type":"text","content":"\nDHC to Use Proceeds to Pay Down its Senior Secured Notes Due January 2026\n\n\nProvides Update on Timing of Brookdale Closing\n\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nDiversified Healthcare Trust (Nasdaq: DHC) today announced it has completed the $159.0 million sale of MUSE, a 186,000 square foot, three building life science property located in Torrey Pines, San Diego. At the time of sale, the property was 49% leased, with a weighted average lease term of over eight years. DHC plans to use the proceeds from the sale to pay down its senior secured notes due in January 2026.\n\n\nChris Bilotto, President and Chief Executive Officer of DHC, commented:\n\n\n“The sale of MUSE, located in one of the nation’s leading life science markets, monetizes this high-quality asset at an attractive valuation and provides DHC with accretive debt reduction that strengthens its overall financial position.”\n\n\nDHC also provided an update on its previously announced sale of 18 triple net leased senior living communities to Brookdale Senior Living for $135 million. DHC expects that transaction will close in the first quarter of 2025.\n\n\nAbout Diversified Healthcare Trust\n\n\nDHC is a real estate investment trust 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, 2024, DHC’s approximately $7.2 billion portfolio included 368 properties in 36 states and Washington, D.C., occupied by approximately 500 tenants, and totaling approximately 8.2 million square feet of life science and medical office properties and more than 27,000 senior living units. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with nearly $41 billion in assets under management as of September 30, 2024 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. DHC is headquartered in Newton, MA. For more information, visit www.dhcreit.com.\n\n\nWARNING CONCERNING FORWARD LOOKING STATEMENTS\n\n\nThis press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 an...