DHC: May SHOP NOI $5.8M, down 36% from Apr; debt covenant compliance unlikely before mid-2024

DIVERSIFIED HEALTHCARE TRUST

May 2023 SHOP occupancy 78.1%, NOI $5.8M ($11.1M below May 2019), NOI margin 6.3%.
Debt incurrence covenant: needs $81.3M additional income to reach 1.5x coverage; not complied for over 2 years.
SHOP NOI Jan-May 2023 averaged $6.5M/month vs. $16.4M/month needed by Sept 2023 to refinance $450M Jan 2024 debt.
Company believes earliest covenant compliance mid-2024 after $700M debt matures; significant risk it may never comply.
DHC reiterates merger with Office Properties Income Trust as best path; combined company will be covenant-compliant immediately.

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