Business
Diversified Healthcare Trust Provides Business Updates and Announces Amendments to Credit Facilities
As of January 29, 2021, Over 65% of Residents in DHC’s SHOP Segment Have Received Vaccinations Expects to Substantially Complete Vaccinations at DHC’s SHOP
About this update from Diversified Healthcare Trust
[{"type":"text","content":"\nAs of January 29, 2021, Over 65% of Residents in DHC’s SHOP Segment Have Received Vaccinations\n\nExpects to Substantially Complete Vaccinations at DHC’s SHOP Communities by End of First Quarter 2021\n\nRolling Four-Week Sales Leads as of January 24, 2021 up 83% Since Start of Fourth Quarter 2020\n\nObtains Waivers of Financial Covenants through June 30, 2022\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nDiversified Healthcare Trust (Nasdaq: DHC) today provided certain business updates regarding the ongoing impacts of the COVID-19 pandemic on DHC’s business and operating results. Five Star Senior Living Inc. (Nasdaq: FVE), DHC’s senior housing operating portfolio, or SHOP, segment operator has partnered with CVS to administer vaccines to SHOP community residents and staff, which commenced in December 2020. DHC expects vaccination clinics for SHOP community residents and staff to be substantially complete by the end of the first quarter of 2021. As it pertains to DHC’s SHOP segment, as of January 29, 2021:\n\n\nApproximately 18,000 total residents and staff, or more than 65% of residents and more than 30% of staff at DHC’s SHOP communities, have received vaccinations. This includes over 2,000 residents and staff who have received both doses of the vaccine;\n\n\nApproximately 93% of DHC’s SHOP communities are currently open to new admissions; and;\n\n\nApproximately 3.5% of DHC’s total SHOP community residents have or have had active cases of COVID-19, and approximately 67% of those who have tested positive for COVID-19 during the pandemic have since recovered, as defined by CDC guidelines.\n\n\nFor the months ended September 30, October 31, November 30 and December 31, 2020, average occupancies in DHC’s SHOP segment were 74.5%, 73.8%, 72.5%, and 70.7%, respectively. Although occupancy has declined because of reduced move-ins by residents, sales leads have increased substantially since the end of 2020. The rolling four-week average sales leads as of January 24, 2021 were 83% higher than the rolling four-week average sales leads at the beginning of the fourth quarter of 2020.\n\n“The progress made to vaccinate residents and staff within our communities is a significant step toward recovery from the COVID-19 pandemic,” stated Jennifer Francis, President and Chief Operating Officer of Diversified Healthcare Trust. “We expect to complete va...