---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-074778"
form_type: "8-K"
ticker: "DHC"
cik: "0001075415"
company_name: "DIVERSIFIED HEALTHCARE TRUST"
filed_at: "2023-06-26T23:59:59+00:00"
generated_at: "2026-06-13T16:50:04.460555+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-074778
- form_type: 8-K
- ticker: DHC
- cik: 0001075415
- company_name: DIVERSIFIED HEALTHCARE TRUST
- filed_at: 2023-06-26T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1075415/000110465923074778/0001104659-23-074778-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1075415/000110465923074778/tm2319674d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-074778
- JSON: https://secwatch.observer/filing/0001104659-23-074778.json
- Plain text: https://secwatch.observer/filing/0001104659-23-074778.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.