NEWTON, Ma– Senior Housing Properties Trust (Nasdaq: SNH), 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”.
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.