DHC, Five Star Agree To Transition Management Of 108 Senior Living Communities To Other Operators

Diversified Healthcare Trust (DHC) has agreed to amend its management arrangements with Five Star Senior Living Inc. (FVE) for DHC's senior housing operating portfolio. As per the amendment, Five Star will cooperate with DHC in transitioning 108 senior living communities to other operators without payment of any termination fee by DHC. The transition of management to other operators is estimated to be completed before year end 2021.

DHC will no longer have the right to sell up to $682 million worth of senior living communities and terminate Five Star's management of those communities without the payment of a fee. Five Star will continue to manage 120 senior living communities for DHC.

The companies also announced that the term of the management agreements will be
extended by two years to December 31, 2036.

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