Senior Housing News November 5, 2024
Diversified Healthcare Trust (Nasdaq: DHC) is in the process of selling 32 communities in its senior housing operation portfolio (SHOP), the company’s leaders said during a third-quarter 2024 earnings call Tuesday.
The communities total 2,422 units, and three are under agreement or letter of intent to change hands, according to President and CEO Chris Bilotto. Another 29 communities are “in various stages of marketing,” he said during Tuesday’s call.
An uptick in labor expenses, along with “muted” occupancy growth for the portfolio, resulted in net operating income (NOI) of $27.4 million for the quarter. Though that represented a 32.6% increase over the portfolio’s NOI in the third quarter of 2023, it fell short of the company’s 2Q24 NOI, according to...
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