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Thesis
Following a major tenant restructuring and dividend cut (details here), DHC (formerly SNH) (DHC) stock has been punished, trading at a 20-year low and a 50% discount to NAV, providing a compelling risk-reward proposition for risk-tolerant value investors. Investor sentiment towards the name is incredibly negative due to an external management structure and negative fundamentals in the senior housing industry. However, due to share price decline, the fee structure is much more favorable and it appears