Senior Housing Properties Trust Announces a Name Change to Diversified Healthcare Trust
NEWTON, Mass.--(BUSINESS WIRE)--Dec 30, 2019--
Senior Housing Properties Trust (Nasdaq: SNH), today announced that it will change its name to “Diversified Healthcare Trust” effective January 1, 2020 at 12:02 a.m. SNH’s common shares will continue to be listed for trading on the Nasdaq, but under the new ticker symbol “DHC” beginning as of the opening of trading on January 2, 2020. The company’s new website will be www.dhcreit.com.
“We are excited to change our name to Diversified Healthcare Trust, which we believe more accurately depicts both our portfolio of diverse, high-quality healthcare real estate and our strategy moving forward,” said Jennifer Francis, President & Chief Operating Officer. “Over the past 10 years, we have made considerable progress in diversifying and enhancing what was once a pure-play senior living portfolio by strategically acquiring state-of-the-art life science properties and well-located medical office buildings in order to meet the broader real estate needs of the continually evolving healthcare industry.”
Rebranding to Diversified Healthcare Trust marks a key milestone in the company’s transformation, which includes the anticipated conversion of SNH’s existing triple-net leases with Five Star Senior Living Inc. (Nasdaq: FVE) into management agreements, which is expected to occur on January 1, 2020, pursuant to the transaction agreement that SNH entered into with FVE in April 2019, along with SNH’s continued investment and recycling of capital into high quality healthcare real estate, including, but not limited to, the life science and medical office property types.
Also effective January 2, 2020, SNH’s 5.625% senior notes due 2042 will no longer trade under the ticker “SNHNI” but will trade under “DHCNI”. Similarly, SNH’s 6.25% senior notes due 2046 will no longer trade under the ticker “SNHNL” but will trade under the ticker “DHCNL”.
A REAL ESTATE PLATFORM FOCUSED ON THE DIVERSE SPECTRUM OF HEALTH SERVICES
With an $8.6 billion investment portfolio, Diversified Healthcare Trust is one of the leading owners of real estate focused on healthcare and life sciences located throughout the United States. DHC seeks to acquire and own properties that take strategic advantage of demographic trends, investments in biological breakthroughs and the development and implementation of medical services and technologies.
DIVERSIFIED ACROSS CARE DELIVERY AND PRACTICE TYPES
From elective procedures to life-saving treatments, DHC’s properties provide a platform for healthcare delivery. Nationally renowned health systems as well as individual specialist physicians and health practitioners lease DHC’s properties which house clinics, outpatient centers, surgery centers and doctors’ offices. DHC is also poised to benefit from changing demographic trends, with a portfolio of more than 270 active adult, independent living, assisted living and memory care facilities to serve the anticipated ‘silver tsunami.’
DIVERSIFIED ACROSS RESEARCH SCIENCE DISCIPLINES
DHC’s life sciences properties include laboratory and research space, manufacturing facilities and corporate offices, and are home to forward-thinking companies delivering and supporting the development of tomorrow’s cutting-edge therapies, which cover a wide variety of ailments.
DIVERSIFIED ACROSS GEOGRAPHIES, LOCATIONS AND SETTINGS
With over 12 million square feet of lab and medical office space and more than 32,000 living units, DHC has no “typical” property or location. Properties range from multi-specialty physician offices, to more than 270 senior living communities, to multi-building life science campuses. DHC’s properties are located in both urban and suburban settings across the U.S., in 41 states and Washington, D.C.
DIVERSIFIED FINANCIAL PROFILE
The foundation of DHC’s solid financial profile includes revenue sources lacking concentration in any one property type, a well-laddered lease expiration schedule for over 600 tenants, strong tenant credit profiles and a conservative capital structure with a healthy balance sheet. The diversification of DHC’s revenue streams allows the company to produce cash flows from the entire healthcare continuum, leading to more stable and predictable returns on investments.
WARNING REGARDING FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever DHC uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, DHC is making forward-looking statements. These forward-looking statements are based upon DHC’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by DHC’s forward-looking statements as a result of various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond DHC’s control. For example:
The information contained in DHC’s filings with the SEC, including under “Risk Factors” in DHC’s periodic reports, or incorporated therein, identifies other important factors that could cause DHC’s actual results to differ materially from those stated in or implied by DHC’s forward-looking statements. DHC’s filings with the SEC are available on the SEC’s website at www.sec.gov.
You should not place undue reliance upon forward-looking statements.
Except as required by law, DHC does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191230005299/en/
CONTACT: Michael Kodesch, Director, Investor Relations
KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT
SOURCE: Senior Housing Properties Trust
Copyright Business Wire 2019.
PUB: 12/30/2019 04:15 PM/DISC: 12/30/2019 04:15 PM