Office Properties Income Trust (OPI) announced that it will merge with Diversified Healthcare Trust (DHC) in a deal that will see OPI acquire all outstanding common shares of DHC in an all-share transaction. Following the merger, OPI will become the surviving entity and change its name to Diversified Properties Trust. The deal is expected to close in the third quarter of 2023.  

“I am confident that the merger will create a stronger and more resilient combined company with more diversified revenue sources and decreased exposure to a weakening office market environment,” said Christopher Bilotto, OPI’s president and COO. 

The marriage between the two companies grants OPI entry to cash flows from DHC’s medical office and life science portfolio, as well as the potential for NOI growth from its senior housing portfolio. OPI has secured a $368 million bridge loan facility from JPMorgan Chase Bank to help finance the closing of the transaction.