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Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Diversified Healthcare TrustGlobal Credit Research - 09 Apr 2021New York, April 09, 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Diversified Healthcare Trust and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 7 April 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Diversified Healthcare Trust's Ba3 corporate family rating reflects its property type diversification and focus on private pay segments of healthcare with a portfolio comprised primarily of medical office buildings, life science properties, and senior housing communities. The REIT's medical office and life science assets enhance the stability of cash flows, offsetting weakness from its senior housing portfolio. Diversified Healthcare Trust's ratings are constrained by significant cash flow declines related to its senior housing operations, as the industry has experienced acute occupancy and expense pressures through the coronavirus pandemic. Additional challenges include high Net Debt/EBITDA and constrained financial flexibility due to the recent bank facility amendment that included contributing first mortgage liens on certain assets in exchange for waivers on certain covenants through 2Q22 and other terms.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was REITs and Other Commercial Real Estate Firms published in September 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Lori Marks VP - Senior Credit Officer Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Philip Kibel Associate Managing Director Corporate Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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