exciting Office Properties Income Trust (OPI) has announced a merger with Diversified Healthcare Trust (DHC). The all-share transaction will see OPI acquire all outstanding common shares of DHC, and the surviving entity will change its name to Diversified Properties Trust. This is expected to close in the third quarter of 2023.
Christopher Bilotto, OPI’s president, and COO expressed his confidence that this merger would create a stronger company with more diversified revenue sources and decreased exposure to an office market environment that is weakening.
The deal grants OPI access to cash flows from DHC’s medical office and life science portfolio as well as potential NOI growth from its senior housing portfolio. To help finance the closing of this transaction, JPMorgan Chase Bank has provided a $368 million bridge loan facility for use by OPI.
