NEWTON, Mass.–(BUSINESS WIRE<\/a>)–Diversified Healthcare Trust (Nasdaq: DHC)<\/a> today provided an update regarding the recent performance of its Senior Housing Operating Portfolio, or SHOP, segment. The Company also provided additional insight into the calculation of its debt incurrence covenant that prohibits it from refinancing or issuing new debt.<\/p>\n Monthly Unaudited Results in DHC\u2019s Total SHOP Comparable Properties:<\/span><\/i><\/b><\/p>\n Year to Date Unaudited Results in DHC\u2019s Total SHOP Comparable Properties:<\/span><\/i><\/b><\/p>\n Debt Incurrence Covenant:<\/span><\/i><\/b><\/p>\n \nFour quarters ended<\/p>\n<\/td>\n<\/tr>\n \nMarch 31, 2023<\/p>\n<\/td>\n<\/tr>\n (dollars in thousands)<\/i><\/p>\n<\/td>\n \nOffice Portfolio and Other Income<\/p>\n<\/td>\n \n$163,340<\/p>\n<\/td>\n<\/tr>\n \nSHOP Income<\/p>\n<\/td>\n \n26,443<\/p>\n<\/td>\n<\/tr>\n \nConsolidated Income Available for Debt Service<\/p>\n<\/td>\n \n$189,783<\/p>\n<\/td>\n<\/tr>\n \nAnnual Debt Service(1)<\/sup><\/p>\n<\/td>\n \n$180,727<\/p>\n<\/td>\n<\/tr>\n \nRatio of Consolidated Income Available for Debt Service to Annual Debt Service<\/p>\n<\/td>\n \n1.05x<\/p>\n<\/td>\n<\/tr>\n Additional Income Required for 1.5x Annual Debt Service<\/b><\/p>\n<\/td>\n $81,308<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1)<\/p>\n<\/td>\n \nCalculated based on March 31, 2023, interest rates<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Timing for Compliance with Debt Incurrence Covenant and Merger with Office Properties Income Trust:<\/span><\/i><\/b><\/p>\n \nJennifer Francis, DHC\u2019s President and Chief Executive Officer made the following statement regarding today\u2019s announcement:<\/p>\n \n\u201cDHC\u2019s SHOP performance in May 2023 continues to evidence that its SHOP recovery is inconsistent and hard to predict. Because of this, we believe it is very unlikely that DHC will be in compliance with its debt incurrence covenant in time to refinance its $450 million of debt maturing in January 2024. In fact, we continue to believe that the earliest DHC will be in debt incurrence covenant compliance will be mid-year 2024 and there is significant risk that it may take longer. DHC has $700 million of debt maturing before mid-year 2024, leaving DHC with no path to refinance its upcoming maturing debt. For this reason, management had little choice but to conclude that there is substantial doubt regarding DHC\u2019s ability to continue as a going concern. DHC\u2019s inability to refinance maturing debt is a primary reason we believe that the pending merger with Office Properties Income Trust is the best path forward for DHC and provides shareholders the best alternative to realize increased shareholder value in the long term. Upon closing of the merger, the $450 million of DHC debt maturing in January 2024 will be refinanced and the combined company will be immediately in compliance with its debt incurrence covenant. In addition, the combined company will be less vulnerable to the inconsistent nature of the SHOP recovery and the annual distribution to DHC shareholders will immediately increase by 267%. The DHC Board unanimously recommends that shareholders vote FOR the merger.\u201d<\/p>\n Diversified Healthcare Trust(1)<\/sup><\/b><\/p>\n (dollars in thousands, except average monthly rate)<\/i><\/p>\n<\/td>\n<\/tr>\n 2019 Pro Forma (2)<\/sup><\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n COMPARABLE (3)<\/sup><\/b><\/p>\n<\/td>\n Jan<\/b><\/p>\n<\/td>\n Feb<\/b><\/p>\n<\/td>\n Mar<\/b><\/p>\n<\/td>\n Apr<\/b><\/p>\n<\/td>\n May<\/b><\/p>\n<\/td>\n YTD<\/b><\/p>\n<\/td>\n Jan<\/b><\/p>\n<\/td>\n Feb<\/b><\/p>\n<\/td>\n Mar<\/b><\/p>\n<\/td>\n Apr<\/b><\/p>\n<\/td>\n May<\/b><\/p>\n<\/td>\n YTD<\/b><\/p>\n<\/td>\n<\/tr>\n ALR\/Five Star Managed Communities<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nNumber of Properties<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n117<\/p>\n<\/td>\n<\/tr>\n \nNumber of Units<\/p>\n<\/td>\n \n17,006<\/p>\n<\/td>\n \n17,006<\/p>\n<\/td>\n \n17,006<\/p>\n<\/td>\n \n17,006<\/p>\n<\/td>\n \n17,006<\/p>\n<\/td>\n \n17,006<\/p>\n<\/td>\n \n17,006<\/p>\n<\/td>\n \n17,006<\/p>\n<\/td>\n \n17,006<\/p>\n<\/td>\n \n17,006<\/p>\n<\/td>\n \n17,006<\/p>\n<\/td>\n \n17,006<\/p>\n<\/td>\n<\/tr>\n \nOccupancy<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n88.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n88.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n88.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n88.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n87.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n88.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n78.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n77.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n78.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n78.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n78.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n78.4%<\/p>\n<\/td>\n<\/tr>\n \nAverage Monthly Rate<\/p>\n<\/td>\n \n$4,709<\/p>\n<\/td>\n \n$5,099<\/p>\n<\/td>\n \n$4,723<\/p>\n<\/td>\n \n$4,833<\/p>\n<\/td>\n \n$4,703<\/p>\n<\/td>\n \n$4,807<\/p>\n<\/td>\n \n$4,278<\/p>\n<\/td>\n \n$4,907<\/p>\n<\/td>\n \n$4,384<\/p>\n<\/td>\n \n$4,541<\/p>\n<\/td>\n \n$4,417<\/p>\n<\/td>\n \n$4,497<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nResidents Fees and Services<\/p>\n<\/td>\n \n$72,761<\/p>\n<\/td>\n \n$71,079<\/p>\n<\/td>\n \n$72,954<\/p>\n<\/td>\n \n$72,277<\/p>\n<\/td>\n \n$72,562<\/p>\n<\/td>\n \n$361,633<\/p>\n<\/td>\n \n$58,695<\/p>\n<\/td>\n \n$60,666<\/p>\n<\/td>\n \n$60,434<\/p>\n<\/td>\n \n$60,769<\/p>\n<\/td>\n \n$61,178<\/p>\n<\/td>\n \n$301,742<\/p>\n<\/td>\n<\/tr>\n \nProperty Operating Expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(57,167)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(53,410)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(59,496)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(56,988)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(58,708)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(285,769)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(52,606)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(51,786)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(54,777)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(50,892)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(54,500)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(264,561)<\/p>\n<\/td>\n<\/tr>\n \nNOI (4)<\/sup><\/p>\n<\/td>\n \n$15,594<\/p>\n<\/td>\n \n$17,669<\/p>\n<\/td>\n \n$13,458<\/p>\n<\/td>\n \n$15,289<\/p>\n<\/td>\n \n$13,854<\/p>\n<\/td>\n \n$75,864<\/p>\n<\/td>\n \n$6,089<\/p>\n<\/td>\n \n$8,880<\/p>\n<\/td>\n \n$5,657<\/p>\n<\/td>\n \n$9,877<\/p>\n<\/td>\n \n$6,678<\/p>\n<\/td>\n \n$37,181<\/p>\n<\/td>\n<\/tr>\n \nNOI Margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.3%<\/p>\n<\/td>\n<\/tr>\n Other Operator Managed Communities<\/i><\/b><\/p>\n<\/td>\n \nNumber of Properties<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n107<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n107<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n107<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n107<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n107<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n107<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n107<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n107<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n107<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n107<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n107<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n107<\/p>\n<\/td>\n<\/tr>\n \nNumber of Units<\/p>\n<\/td>\n \n7,190<\/p>\n<\/td>\n \n7,190<\/p>\n<\/td>\n \n7,190<\/p>\n<\/td>\n \n7,190<\/p>\n<\/td>\n \n7,190<\/p>\n<\/td>\n \n7,190<\/p>\n<\/td>\n \n7,190<\/p>\n<\/td>\n \n7,190<\/p>\n<\/td>\n \n7,190<\/p>\n<\/td>\n \n7,190<\/p>\n<\/td>\n \n7,190<\/p>\n<\/td>\n \n7,190<\/p>\n<\/td>\n<\/tr>\n \nOccupancy<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n82.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n82.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n82.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n82.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n82.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n82.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n73.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n75.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n75.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n76.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n76.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n75.6%<\/p>\n<\/td>\n<\/tr>\n \nAverage Monthly Rate<\/p>\n<\/td>\n \n$5,870<\/p>\n<\/td>\n \n$6,325<\/p>\n<\/td>\n \n$5,908<\/p>\n<\/td>\n \n$6,025<\/p>\n<\/td>\n \n$5,880<\/p>\n<\/td>\n \n$5,995<\/p>\n<\/td>\n \n$5,662<\/p>\n<\/td>\n \n$5,941<\/p>\n<\/td>\n \n$5,661<\/p>\n<\/td>\n \n$5,674<\/p>\n<\/td>\n \n$5,573<\/p>\n<\/td>\n \n$5,697<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nResidents Fees and Services<\/p>\n<\/td>\n \n$30,546<\/p>\n<\/td>\n \n$29,738<\/p>\n<\/td>\n \n$30,769<\/p>\n<\/td>\n \n$30,333<\/p>\n<\/td>\n \n$30,550<\/p>\n<\/td>\n \n$151,936<\/p>\n<\/td>\n \n$30,872<\/p>\n<\/td>\n \n$29,871<\/p>\n<\/td>\n \n$31,531<\/p>\n<\/td>\n \n$30,938<\/p>\n<\/td>\n \n$31,301<\/p>\n<\/td>\n \n$154,513<\/p>\n<\/td>\n<\/tr>\n \nProperty Operating Expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(26,941)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(24,769)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(27,953)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(26,475)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(27,442)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(133,580)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(33,178)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(30,239)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(32,697)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(31,766)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(32,147)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(160,027)<\/p>\n<\/td>\n<\/tr>\n \nNOI (4)<\/sup><\/p>\n<\/td>\n \n$3,605<\/p>\n<\/td>\n \n$4,969<\/p>\n<\/td>\n \n$2,816<\/p>\n<\/td>\n \n$3,858<\/p>\n<\/td>\n \n$3,108<\/p>\n<\/td>\n \n$18,356<\/p>\n<\/td>\n \n($2,306)<\/p>\n<\/td>\n \n($368)<\/p>\n<\/td>\n \n($1,166)<\/p>\n<\/td>\n \n($828)<\/p>\n<\/td>\n \n($846)<\/p>\n<\/td>\n \n($5,514)<\/p>\n<\/td>\n<\/tr>\n \nNOI Margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n-7.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n-1.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n-3.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n-2.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n-2.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n-3.6%<\/p>\n<\/td>\n<\/tr>\n Total SHOP Comparable<\/i><\/b><\/p>\n<\/td>\n \nNumber of Properties<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n224<\/p>\n<\/td>\n<\/tr>\n \nNumber of Units<\/p>\n<\/td>\n \n24,196<\/p>\n<\/td>\n \n24,196<\/p>\n<\/td>\n \n24,196<\/p>\n<\/td>\n \n24,196<\/p>\n<\/td>\n \n24,196<\/p>\n<\/td>\n \n24,196<\/p>\n<\/td>\n \n24,196<\/p>\n<\/td>\n \n24,196<\/p>\n<\/td>\n \n24,196<\/p>\n<\/td>\n \n24,196<\/p>\n<\/td>\n \n24,196<\/p>\n<\/td>\n \n24,196<\/p>\n<\/td>\n<\/tr>\n \nOccupancy<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n76.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n77.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n77.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n78.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n78.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n77.5%<\/p>\n<\/td>\n<\/tr>\n \nAverage Monthly Rate<\/p>\n<\/td>\n \n$5,002<\/p>\n<\/td>\n \n$5,408<\/p>\n<\/td>\n \n$5,021<\/p>\n<\/td>\n \n$5,133<\/p>\n<\/td>\n \n$4,999<\/p>\n<\/td>\n \n$5,107<\/p>\n<\/td>\n \n$4,671<\/p>\n<\/td>\n \n$5,206<\/p>\n<\/td>\n \n$4,751<\/p>\n<\/td>\n \n$4,869<\/p>\n<\/td>\n \n$4,751<\/p>\n<\/td>\n \n$4,842<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nResidents Fees and Services<\/p>\n<\/td>\n \n$103,307<\/p>\n<\/td>\n \n$100,817<\/p>\n<\/td>\n \n$103,723<\/p>\n<\/td>\n \n$102,610<\/p>\n<\/td>\n \n$103,112<\/p>\n<\/td>\n \n$513,569<\/p>\n<\/td>\n \n$89,567<\/p>\n<\/td>\n \n$90,537<\/p>\n<\/td>\n \n$91,965<\/p>\n<\/td>\n \n$91,707<\/p>\n<\/td>\n \n$92,479<\/p>\n<\/td>\n \n$456,255<\/p>\n<\/td>\n<\/tr>\n \nProperty Operating Expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(84,108)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(78,179)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(87,449)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(83,463)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(86,150)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(419,349)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(85,784)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(82,025)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(87,474)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(82,658)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(86,647)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(424,588)<\/p>\n<\/td>\n<\/tr>\n \nNOI (4)<\/sup><\/p>\n<\/td>\n \n$19,199<\/p>\n<\/td>\n \n$22,638<\/p>\n<\/td>\n \n$16,274<\/p>\n<\/td>\n \n$19,147<\/p>\n<\/td>\n \n$16,962<\/p>\n<\/td>\n \n$94,220<\/p>\n<\/td>\n \n$3,783<\/p>\n<\/td>\n \n$8,512<\/p>\n<\/td>\n \n$4,491<\/p>\n<\/td>\n \n$9,049<\/p>\n<\/td>\n \n$5,832<\/p>\n<\/td>\n \n$31,667<\/p>\n<\/td>\n<\/tr>\n \nNOI Margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.9%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n
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\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n
\n
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\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230625386790\/en\/767737\/3\/DHC_logo-rgb-webres.jpg\"){kind=logo}
<\/td>\n<\/tr>\n