OPINL - Diversified Healthcare Trust: A Look At The 9% Yielding Baby Bonds
2024-03-05 18:06:45 ET
Summary
- Diversified Healthcare Trust's merger with Office Properties Income Trust was called off and Office Properties has underperformed Diversified Healthcare by 85% since then.
- Diversified Healthcare's Q4 2023 results showed significant improvement in net operating income, but the company is translating very little NOI into funds from operations.
- We update our outlook for the Diversified Healthcare Trust equity and the bonds.
On our previous coverage of Diversified Healthcare Trust ( DHC ), we rejected the idea that the stock was worth anywhere close to $9.00. This was contrary to speculation by Flat Footed LLC , which had established a large position based on that belief....
Diversified Healthcare Trust: A Look At The 9% Yielding Baby Bonds