Newton, MA – Senior Housing Properties Trust (Nasdaq: SNH), announced that it has changed its name to Diversified Healthcare Trust effective Jan. 1 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 Jan. 2, 2020. The company’s new website will be www.dhcreit.com.
Also effective Jan. 2, 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.”
The company also announced that it remains on schedule to complete the restructuring of its business arrangements with its largest tenant, Five Star Senior Living Inc. (Nasdaq: FVE), or Five Star, as of Jan. 1.
In addition, SNH announced the completion of $207.8 million in property sales during the fourth quarter of 2019 as part of its previously announced plan to sell up to $900 million of properties in connection with the restructuring.
SNH also recently completed the acquisition of a 169-unit Active Adult rental property in Plano, Texas for approximately $50.3 million and obtained a new, short-term $250 million senior unsecured term loan.
Since the conference call regarding SNH’s third quarter 2019 financial results, SNH has completed the sale of approximately $149.8 million of senior living and medical office properties.
As part of this disposition plan, SNH has sold, or currently has under agreement to sell, approximately $678 million of properties. SNH also currently has an additional $231 million of properties with offers from prospective buyers. SNH expects to use the proceeds from these sales to repay debt and for general business purposes, including potential acquisitions.