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Office Properties Income Trust Announces Filing of Definitive Proxy Materials and Recommends Shareholders to Vote “FOR” Merger with Diversified Healthcare Trust
Sets Special Meeting Date of August 30, 2023 OPI Board of Trustees Unanimously Recommends Stockholders Vote “FOR” All Transaction-Related Proposals NEWTON,
About this update from Diversified Healthcare Trust
[{"type":"text","content":"\nSets Special Meeting Date of August 30, 2023\n\n\nOPI Board of Trustees Unanimously Recommends Stockholders Vote “FOR” All Transaction-Related Proposals\n\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nOffice Properties Income Trust (Nasdaq: OPI) (“OPI” or the “Company”) today filed its definitive proxy statement with the Securities and Exchange Commission (“SEC”) in connection with its pending merger with Diversified Healthcare Trust (Nasdaq: DHC) (“DHC”). The Company also today announced that the OPI Board of Trustees (the “Board”) has scheduled a Special Meeting of Shareholders (the “Special Meeting”) to be held on Wednesday, August 30, 2023, at 10:00 a.m. Eastern Time for OPI in connection with OPI’s pending merger with DHC. OPI shareholders of record at close on June 16, 2023, will be eligible to vote at the Special Meeting. \n\n\nThe Board is unanimous in its view that the pending transaction with DHC is in the best interests of the Company and its shareholders, and unanimously recommends that OPI shareholders vote “FOR” all transaction-related proposals at the Special Meeting.\n\n\nAs previously announced, under the terms of the merger agreement, OPI will acquire all of the outstanding common shares of DHC in an all-stock transaction. Following the close of the transaction, OPI shareholders will own approximately 58% of the combined company, and DHC shareholders will own approximately 42%.\n\n\nHighlights of the transaction include:\n\n\n\nIncreased diversification: The merger will create a stronger and more resilient combined company with more diversified revenue sources. Specifically, OPI will complement its high quality office and mixed-use portfolio with DHC’s attractive, unencumbered portfolio of Medical Office Buildings (MOBs) and Life Science (LS) properties, while also standing to benefit from the expected recovery in DHC’s Senior Housing Operating Portfolio (SHOP).\n\n\n\n\nIncreased access to capital sources: As a combined entity, OPI expects to benefit from access to additional capital sources, including from low-cost government-sponsored sources, such as Fannie Mae and Freddie Mac.\n\n\n\n\nStrengthened financial profile with enhanced opportunities for investment: This transaction will provide OPI with access to stabilized cash flows from DHC’s MOBs and LS portfolio and NOI growth potential from its senior housing po...