NEWTON, Mass. — Diversified Healthcare Trust (NASDAQ: DHC) has entered into a new management agreement with Northstar Senior Living for five memory care communities and one assisted living community in California, and one assisted living community in Arizona, totaling 422 units.
DHC has now entered into new management agreements representing approximately 84 percent of its seniors housing operating portfolio (SHOP) communities to be transitioned from Five Star Senior Living Inc. to other third-party operators, as previously announced. DHC expects to complete all the management transitions at the 108 communities by year end.
In addition, DHC also provided intra-quarter occupancy data at the 120 SHOP communities (excluding skilled nursing units at such communities) that Five Star will continue to manage. August month-end occupancy in this portfolio was 74.7 percent, an increase of approximately 100 basis points compared to July month-end occupancy.
Diversified Healthcare Trust is a real estate investment trust (REIT) focused on owning high-quality healthcare properties located throughout the United States. DHC is managed by the operating subsidiary of The RMR Group Inc. (NASDAQ: RMR), an alternative asset management company that is headquartered in Newton.