Part of Diversified Healthcare Trust's portfolio includes Vertex Pharmaceutical's headquarters in Boston.
NEWTON, MA—Amidst a major restructuring effort, locally-based Senior Housing Properties Trust officially changed its name on Jan. 1 to Diversified Healthcare Trust.
The rebranding to Diversified Healthcare Trust marks a milestone in the company's transformation, which includes the anticipated conversion of SNH's existing triple-net leases with Five Star Senior Living Inc. into management agreements that was expected to occur on Jan. 1 pursuant to the transaction agreement SNH entered into with FVE in April 2019.
Jennifer Francis, president and COO of the newly branded Diversified Healthcare Trust says the name change more accurately depicts the company's portfolio of diverse, high-quality healthcare real estate and its strategy moving forward. "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," she adds.
Effective today, 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 now trade under the ticker "DHCNL."
DHC's life sciences properties include laboratory and research space, manufacturing facilities and corporate offices. The firm boasts a portfolio of more than 12 million square feet of lab and medical office space and more than 32,000 living units, 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 in 41 states and Washington, DC.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
