<SEC-DOCUMENT>0001104659-21-011652.txt : 20210203
<SEC-HEADER>0001104659-21-011652.hdr.sgml : 20210203
<ACCEPTANCE-DATETIME>20210203172725
ACCESSION NUMBER:		0001104659-21-011652
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210203
DATE AS OF CHANGE:		20210203

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIVERSIFIED HEALTHCARE TRUST
		CENTRAL INDEX KEY:			0001075415
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				043445278
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-225831
		FILM NUMBER:		21587438

	BUSINESS ADDRESS:	
		STREET 1:		C/O THE RMR GROUP
		STREET 2:		TWO NEWTON PL., 255 WASH. ST., STE. 300
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458
		BUSINESS PHONE:		(617) 796-8350

	MAIL ADDRESS:	
		STREET 1:		C/O THE RMR GROUP
		STREET 2:		TWO NEWTON PL., 255 WASH. ST., STE. 300
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SENIOR HOUSING PROPERTIES TRUST
		DATE OF NAME CHANGE:	19981217

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIVERSIFIED HEALTHCARE TRUST
		CENTRAL INDEX KEY:			0001075415
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				043445278
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		C/O THE RMR GROUP
		STREET 2:		TWO NEWTON PL., 255 WASH. ST., STE. 300
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458
		BUSINESS PHONE:		(617) 796-8350

	MAIL ADDRESS:	
		STREET 1:		C/O THE RMR GROUP
		STREET 2:		TWO NEWTON PL., 255 WASH. ST., STE. 300
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SENIOR HOUSING PROPERTIES TRUST
		DATE OF NAME CHANGE:	19981217
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm215006d3_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule&nbsp;433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 283.5pt">Issuer Free Writing
Prospectus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 321pt">dated February&nbsp;3,
2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 291.75pt">Registration No.&nbsp;333-225831</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 282pt">Supplementing the Preliminary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 205.5pt">Prospectus Supplement
dated February&nbsp;3, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 261pt">and Prospectus dated
May&nbsp;28, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DIVERSIFIED HEALTHCARE TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRICING TERM SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 36%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Issuer:</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Guarantors:</B></P></TD>
    <TD STYLE="vertical-align: top; width: 64%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Diversified Healthcare Trust (the &ldquo;<B>Issuer</B>&rdquo;)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain of the Issuer&rsquo;s direct and indirect subsidiaries
        as described in the Preliminary Prospectus Supplement referred to above (the &ldquo;<B>Preliminary Prospectus Supplement</B>&rdquo;)
        (the &ldquo;<B>Guarantors</B>&rdquo;)</P></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Security:</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.375% Senior Notes due 2031 (the &ldquo;<B>Notes</B>&rdquo;)</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Ranking:</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Senior Unsecured</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">February&nbsp;3, 2021</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Expected Ratings<SUP>*</SUP>:</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Ba3 / BB (Moody&rsquo;s / S&amp;P)</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Settlement Date:</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">February&nbsp;8, 2021 (T+3) <BR>
<BR>
It is expected that delivery of the Notes will be made against payment thereof on or about February&nbsp;8, 2021, which will be the third business day following the trade date referred to above (the &ldquo;trade date&rdquo;) (such settlement cycle being herein referred to as &ldquo;T+3&rdquo;). Pursuant to Rule&nbsp;15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on the trade date will be required, by virtue of the fact that the Notes initially will settle T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes on the trade date should consult their own advisor.</FONT></TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><SUP>*</SUP> <FONT STYLE="font-size: 10pt">Note:
A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time.</FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-size: 10pt"><B>Use of Proceeds:</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 64%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Issuer expects to use the net proceeds from this
        offering for general business purposes, including to redeem the $300.0 million principal amount outstanding of its 6.75%
        Senior Notes due 2021 in June&nbsp;2021 (when such notes become redeemable without the payment of a premium) and to prepay in
        full its $200.0 million term loan. Pending such application, the Issuer may invest the net proceeds in short term
        investments, some or all of which may not be investment grade rated.</P></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Principal Amount:</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">$500,000,000</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Gross Proceeds to Issuer:</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">$500,000,000</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">March&nbsp;1 and September&nbsp;1, commencing September&nbsp;1, 2021</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">March&nbsp;1, 2031</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Record Dates:</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">February&nbsp;15 and August&nbsp;15</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Yield to Maturity:</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.375%</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Coupon (Interest Rate):</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.375% per annum</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Price to Public:</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">100.000% of principal amount of the Notes, plus accrued interest, if any, from February&nbsp;8, 2021</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Make-whole call at any time based on U.S. Treasury plus 50 basis points. If the Notes are redeemed on or after September&nbsp;1, 2030 (six months prior to the maturity date of the Notes), the make-whole amount will be zero.</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Change of Control:</B></P></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><BR>
Puttable at 101% of the principal amount of the Notes, plus accrued and unpaid interest to, but not including, the applicable purchase date, upon the occurrence of certain change of control events described in the Preliminary Prospectus Supplement.</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>CUSIP / ISIN:</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">25525P AB3 / US25525PAB31</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Denominations/Multiple:</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">$2,000 / $1,000</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PNC Capital Markets LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RBC Capital Markets, LLC</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Joint Lead Managers:</B></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BMO Capital Markets Corp.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regions Securities LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SMBC Nikko Securities America,&nbsp;Inc.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%"><FONT STYLE="font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD STYLE="width: 64%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Samuel A. Ramirez&nbsp;&amp; Company,&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FHN Financial Securities Corp.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley&nbsp;&amp; Co. LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments,&nbsp;Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UBS Securities LLC</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The Issuer and the Guarantors have filed
a registration statement (including a prospectus dated May&nbsp;28, 2020 and a preliminary prospectus supplement dated February&nbsp;3,
2021) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that
registration statement, the related preliminary prospectus supplement and other documents the issuer has filed with the SEC for
more complete information about the Issuer, the Guarantors and this offering. You may obtain these documents for free by visiting
EDGAR on the SEC web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering
will arrange to send you the prospectus and preliminary prospectus supplement if you request it by calling Wells Fargo Securities,
LLC toll-free at 1-800-645-3751, Citigroup Global Markets Inc. toll-free at 1-800-831-9146, or Mizuho Securities USA LLC toll-free
at 1-866-271-7403.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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