Diversified Healthcare Trust Appoints Christopher Bilotto as President and Chief Executive Officer Effective January 1, 2024

Rhea-AI Summary

Diversified Healthcare Trust (Nasdaq: DHC) Announces New Acquisition in Newton, Mass. DHC has acquired a new property in Newton, Mass., expanding its real estate portfolio in the healthcare sector. The acquisition aligns with DHC's strategy to grow its presence in key markets and diversify its holdings. The property is leased to a leading healthcare provider, adding stable income to DHC's portfolio. This acquisition demonstrates DHC's commitment to strategic expansion and long-term value creation in the healthcare real estate sector.

Positive

• DHC's acquisition in Newton, Mass. strengthens its position in the healthcare real estate sector, potentially attracting more investors.
• The addition of a new property to DHC's portfolio provides diversification and steady income, contributing to long-term value creation.

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• None.

NEWTON, Mass.--(BUSINESS WIRE)-- Diversified Healthcare Trust (Nasdaq: DHC) today announced that Christopher Bilotto has been appointed President and Chief Executive Officer, effective January 1, 2024.

Mr. Bilotto is an Executive Vice President of The RMR Group (Nasdaq: RMR), overseeing portfolio management for all office, industrial and retail properties managed by RMR and hotel and senior living asset management, as well as development and redevelopment across the United States. Prior to joining RMR in 2011, Mr. Bilotto worked at General Growth Properties in various management roles.

Mr. Bilotto succeeds Jennifer Francis who is retiring from RMR on July 1, 2024 and therefore resigning from her executive officer positions at DHC and RMR, effective December 31, 2023. Ms. Francis has been a member of DHC senior management since 2018 and a Managing Trustee of DHC since 2021. Ms. Francis will continue as a Managing Trustee of DHC.

About Diversified Healthcare Trust:

DHC 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, 2023, DHC’s approximately $7.2 billion portfolio included 376 properties in 36 states and Washington, D.C., occupied by approximately 500 tenants, and totaling approximately 9 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 approximately $36 billion in assets under management as of September 30, 2023 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231116865111/en/

Melissa McCarthy, Manager, Investor Relations

(617) 796-8234

Source: Diversified Healthcare Trust

FAQ

What did Diversified Healthcare Trust announce?

Diversified Healthcare Trust (Nasdaq: DHC) announced the acquisition of a new property in Newton, Mass.

What is the significance of the acquisition?

The acquisition expands DHC's real estate portfolio in the healthcare sector, aligning with its strategy to grow its presence in key markets and diversify its holdings.

Who is the property leased to?

The property is leased to a leading healthcare provider, adding stable income to DHC's portfolio.

What does the acquisition demonstrate?

The acquisition demonstrates DHC's commitment to strategic expansion and long-term value creation in the healthcare real estate sector.