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Flat Footed LLC Comments on Termination of Diversified Healthcare Trust’s Merger with Office Properties Income Trust

Published: 2023-09-05 12:00:00 ET

Pleased DHC Has Abandoned Merger with OPI Following Widespread Opposition From Shareholders and Independent Proxy Advisory Firms

Appreciates Thoughtful Engagement with Fellow Shareholders in Recent Months

Reiterates Interest in Working with DHC Leadership to Explore Value-Maximizing Alternatives for All Stakeholders

WILSON, Wyo.--(BUSINESS WIRE)-- Flat Footed LLC (together with its affiliates, “FFL” or “we”), a top shareholder of Diversified Healthcare Trust (Nasdaq: DHC) (“DHC” or the “Company”) and the owner of approximately 9.8% of the Company’s outstanding common shares, today commented on DHC’s termination of its merger agreement with Office Properties Income Trust (Nasdaq: OPI) (“OPI”).

Marc Andersen, Managing Member of FFL, commented:

“We are pleased that management and the Board of Trustees concluded that the transaction with OPI is not in the best interests of DHC and its shareholders. In recent months, a critical mass of shareholders and independent proxy advisory firms voiced their dissatisfaction with the consideration and strategic rationale for the proposed deal.

FFL looks forward to putting this campaign behind us and working with DHC leadership to expeditiously pursue superior paths. We continue to believe that a standalone DHC can address its near-term debt maturities and realize the full potential of the Company’s senior housing portfolio to ultimately maximize shareholder value.”

About Flat Footed

Flat Footed LLC is a special situation, value-oriented investment management firm focused on leveraged, asset-heavy companies with complex capital structures. The Flat Footed LLC team has cumulatively managed $2.8 billion since founding their first fund together in 1999. For more information, visit www.flatfootedllc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230905708432/en/

Flat Footed LLCir@flatfootedllc.com

Okapi Partners LLCMark Harnett, 212-297-0720 mharnett@okapipartners.com

Longacre Square PartnersGreg Marose / Charlotte Kiaie, 646-386-0091 FFL@longacresquare.com

Source: Flat Footed LLC

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.