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Diversified Healthcare Trust (DHC) is a prominent real estate investment trust (REIT) that specializes in healthcare-related properties across the United States. The company focuses on acquiring, owning, and managing a diverse portfolio of life science estates, medical offices, and senior living communities. By investing in properties that facilitate medical services and technologies, DHC has established itself as a key player in the healthcare real estate sector.
The company operates through two main segments: the Office Portfolio and SHOP. The Office Portfolio comprises medical office properties leased to medical-related businesses and life sciences properties. These facilities play a crucial role in advancing healthcare and medical research, making DHC's investments vital to the sector's growth. The SHOP segment, on the other hand, manages communities that offer a range of residential care options, including independent living, assisted living, and nursing services. This segment is essential for providing quality care to seniors, enhancing their quality of life through well-maintained living environments and comprehensive healthcare services.
Diversified Healthcare Trust has a strong presence across the United States, generating the majority of its revenue from rents and medical programs. The company continually seeks to expand its portfolio through strategic acquisitions and developments, ensuring that its properties meet the evolving needs of the healthcare industry.
Recent achievements and ongoing projects highlight DHC's commitment to innovation and excellence in healthcare real estate. By partnering with leading medical institutions and technology providers, the company is at the forefront of delivering state-of-the-art facilities that support advanced medical care and research.
Diversified Healthcare Trust (Nasdaq: DHC) announced a quarterly cash dividend of $0.01 per share, translating to $0.04 annually. This dividend will be payable on or about November 18, 2021 to shareholders on record as of October 25, 2021. As of June 30, 2021, DHC's portfolio consists of $8.2 billion in assets across 392 properties nationwide, including 28,000 senior living units. The dividend rate may change based on various financial factors, as determined by the Board of Trustees.
Diversified Healthcare Trust (Nasdaq: DHC) will release its third quarter 2021 financial results after market close on November 3, 2021. A conference call hosted by CEO Jennifer Francis and CFO Richard Siedel will take place on November 4, 2021, at 10:00 a.m. Eastern Time. The call can be accessed via a dedicated phone line or online audio webcast available on the company’s website. As of June 30, 2021, DHC's portfolio was valued at $8.2 billion, comprising 392 properties across 36 states and Washington, D.C., housing nearly 600 tenants and totaling approximately 28,000 senior living units.
Diversified Healthcare Trust (Nasdaq: DHC) announced an amendment to its management agreement with The RMR Group LLC (RMR) to replace the SNL U.S. REIT Healthcare Index with the MSCI U.S. REIT/Health Care REIT Index for calculating incentive management fees. This change will take effect from August 1, 2021. Historical returns will continue to be calculated using the SNL index until then. As of June 30, 2021, DHC's portfolio was valued at $8.2 billion, comprising 392 properties across 36 states.
Diversified Healthcare Trust (Nasdaq: DHC) recently announced new management agreements with Navion Senior Solutions for five assisted living communities in South Carolina and Omega Senior Living for one community in Nebraska. This brings the total to approximately 96% of communities transitioning from Five Star Senior Living to new operators. DHC is expected to finalize all management transitions by year-end 2021. The company's portfolio includes 392 properties and 28,000 senior living units, valued at $8.2 billion as of June 30, 2021.
Diversified Healthcare Trust (Nasdaq: DHC) announced the addition of five assisted living communities in Wisconsin, comprising 300 units, to its management agreement with Cedarhurst Senior Living. Additionally, a new management agreement was established with IntegraCare for two communities in Pennsylvania totaling 182 units. This brings the total to approximately 91% of the 108 senior living communities being transitioned from Five Star Senior Living (Nasdaq: FVE). DHC expects to complete all transitions by the end of the year.
Diversified Healthcare Trust (Nasdaq: DHC) has entered into a management agreement with Northstar Senior Living for seven communities, representing 422 units in California and Arizona. This marks a significant transition, with around 84% of the 108 communities moving from Five Star Senior Living to new operators. DHC reported a 74.7% occupancy rate in August for the 120 communities managed by Five Star, up 100 basis points from July. The company aims to complete all transitions by year-end 2021, although challenges remain in securing operators for the remaining communities.
Five Star Senior Living (FVE) reported a significant increase in occupancy rates across its owned and managed communities for August, with owned communities reaching 73.7%, a 320 basis point rise from July. The transition of smaller communities to new operators is underway, with 62 of 108 transitions completed. All employees are now compliant with COVID-19 vaccination requirements. This progress aligns with their strategic plan focusing on larger, higher-performing communities, enhancing their rehabilitation and wellness services.
Diversified Healthcare Trust (Nasdaq: DHC) has entered a management agreement with Cedarhurst Senior Living for eight healthcare communities in Illinois, comprising 486 units. This agreement represents approximately 78% of the total transitioning communities, as DHC shifts management from Five Star Senior Living (Nasdaq: FVE). The company anticipates completing the transition of all 108 communities by the end of the year. DHC's portfolio, valued at $8.2 billion, consists of 392 properties across 36 states.
Diversified Healthcare Trust (DHC) reported its financial results for Q2 2021, revealing a normalized FFO per share of $0.05 and an adjusted EBITDAre of $87.8 million, marking improvements from Q1 2021. The company continued transitioning 108 senior living communities from Five Star Senior Living to new management, with 70% of the transitions already executed. DHC's Office Portfolio segment saw record leasing activity, completing 632,000 square feet of leases at 5.9% higher GAAP rents. However, the company reported a net loss of $34.2 million for the quarter, primarily impacted by COVID-19.
Diversified Healthcare Trust (Nasdaq: DHC) has entered a management agreement with Stellar Senior Living for nine skilled nursing and one continuing care retirement community across Colorado, Texas, and Wyoming, totaling 1,152 units. This marks a significant shift as DHC transitions approximately 70% of its Senior Housing Operating Portfolio from Five Star Senior Living. Additionally, DHC plans to close 1,500 skilled nursing units to enhance resident experiences and has begun selling 10 skilled nursing bed licenses, part of a broader plan to divest 542 licenses in compliant states.
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