<SEC-DOCUMENT>0000921895-23-001489.txt : 20230613
<SEC-HEADER>0000921895-23-001489.hdr.sgml : 20230613
<ACCEPTANCE-DATETIME>20230613170304
ACCESSION NUMBER:		0000921895-23-001489
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230613
DATE AS OF CHANGE:		20230613

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:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15319
		FILM NUMBER:		231012041

	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:			Flat Footed LLC
		CENTRAL INDEX KEY:			0001799456
		IRS NUMBER:				813307959
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		3465 N PINES WAY
		STREET 2:		SUITE 104 BOX 206
		CITY:			WILSON
		STATE:			WY
		ZIP:			83014
		BUSINESS PHONE:		9174397926

	MAIL ADDRESS:	
		STREET 1:		3465 N PINES WAY
		STREET 2:		SUITE 104 BOX 206
		CITY:			WILSON
		STATE:			WY
		ZIP:			83014
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<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a13837002_06132023.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Rule
14a-101)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">INFORMATION REQUIRED IN PROXY STATEMENT</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SCHEDULE 14A INFORMATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. )</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant &#9746;</P>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Proxy Statement</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Soliciting Material Under &sect; 240.14a-12</TD></TR></TABLE>



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    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">DIVERSIFIED HEALTHCARE TRUST</P>
</TD></TR>
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    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified In Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FLAT FOOTED, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">MARC ANDERSEN</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if other than the Registrant)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check all boxes that apply):</P>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>No fee required</TD></TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Flat Footed LLC, a Delaware
limited liability company (&ldquo;Flat Footed&rdquo;), together with the other participants named herein, has filed a preliminary proxy
statement and accompanying <B>GOLD</B> proxy card with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) to be used to solicit
votes in connection with its opposition to proposals to be presented at the special meeting of shareholders of Diversified Healthcare
Trust, a Maryland corporation (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On June 13, 2023, Flat
Footed issued the following press release:</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">Flat Footed LLC Questions the Appropriateness and Timing
of Insider Adam D. Portnoy&rsquo;s Recent Purchases of DHC Stock</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Reiterates View that the Proposed Merger with
OPI Dramatically Undervalues DHC and Would Enrich Mr. Portnoy&rsquo;s RMR Group, the External Manager of Both REITs, at Shareholders&rsquo;
Expense</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Believes Mr. Portnoy&rsquo;s Purchases of DHC
Stock at a Significant Premium to the Proposed Merger Price Validates Our Intent to Vote <U>AGAINST</U> the Proposed Transaction</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WILSON, Wyo.--(BUSINESS WIRE)--Flat Footed LLC (together
with its affiliates, &ldquo;FFL&rdquo; or &ldquo;we&rdquo;), a top shareholder of Diversified Healthcare Trust (Nasdaq: DHC) (&ldquo;DHC&rdquo;
or the &ldquo;Company&rdquo;) and the owner of approximately 9.7% of the outstanding common shares of the Company, today issued the below
statement regarding the recent accumulation of shares by Adam D. Portnoy, a member of DHC&rsquo;s Board of Trustees (the &ldquo;Board&rdquo;),
a member of the Board of Trustees of Office Properties Income Trust (Nasdaq: OPI) (&ldquo;OPI&rdquo;), and Chief Executive Officer of
The RMR Group LLC (&ldquo;RMR&rdquo;), which is the external manager of both REITs. Over the past several weeks, Mr. Portnoy has purchased
DHC stock at an aggregate 72% premium to the proposed merger consideration.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
As a reminder, FFL has announced its opposition to DHC&rsquo;s proposed merger with OPI due, in part, to its view that the proposed transaction
undervalues DHC and would provide an outsized benefit to RMR at the expense of the Company&rsquo;s shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&ldquo;While we are confident that a critical mass
of fellow shareholders will join us in opposing the proposed merger with OPI, it is nonetheless concerning to see Mr. Portnoy rapidly
accumulating shares during the S-4 process and prior to the Board announcing a record date for a Special Meeting. It is equally concerning
to see that Mr. Portnoy continues to purchase shares at much higher prices than the potential merger premium, which highlights the meager
consideration being offered to DHC shareholders and further underscores why the proposed deal should be voted down. Given that Mr. Portnoy
was not an active buyer in the years prior to the proposed deal being announced, we are left to question whether he is taking advantage
of his insider status and seeking to &lsquo;buy votes&rsquo; to help push through a value-destructive transaction that would be a boon
for RMR at the expense of other shareholders. In light of his deeply conflicted status as an insider of DHC, OPI, and RMR, we urge the
Board to assess whether it is appropriate for Mr. Portnoy to continue buying shares and to also commit to capping his potential ownership
at the same levels other DHC shareholders adhere to.&rdquo;</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FFL recently filed a preliminary proxy statement
with the Securities and Exchange Commission to solicit votes against DHC&rsquo;s proposed merger with OPI.</B></P>

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

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

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> Calculated based on the weighted average daily premium for purchases made by Mr. Portnoy from May 30, 2023 &ndash; June 9, 2023.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FFL expects shareholders to have an opportunity
to vote on the merger and other proposals at a yet-to-be scheduled Special Meeting.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>About Flat Footed</U></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Flat Footed LLC, a Delaware limited liability company
(&ldquo;Flat Footed&rdquo;), together with the other participants named herein, has filed a preliminary proxy statement and accompanying
GOLD proxy card with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) to be used to solicit votes in connection with its opposition
to proposals to be presented at the special meeting of shareholders of Diversified Healthcare Trust, a Maryland corporation (the &ldquo;Company&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FLAT FOOTED STRONGLY ADVISES ALL SHAREHOLDERS OF THE
COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC&rsquo;S WEBSITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN
THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD
BE DIRECTED TO THE PARTICIPANTS&rsquo; PROXY SOLICITOR.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The participants in the proxy solicitation are Flat
Footed and Marc Andersen.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date hereof, the participants in the proxy
solicitation beneficially own 22,439,900 common shares of beneficial interest, $0.01 par value per share, of the Company (the &ldquo;DHC
Common Shares&rdquo;). As of the date hereof, as the investment manager of FF Hybrid LP, GP Recovery Fund LLC and Flat Footed Series LLC
(collectively, the &ldquo;Funds&rdquo;), Flat Footed may be deemed to beneficially own the 22,439,900 DHC Common Shares held by the Funds.
Mr. Andersen, as the Managing Member of Flat Footed, may be deemed to beneficially own the 22,439,900 DHC Common Shares held by the Funds.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For Investors:<BR>
<BR>
Flat Footed LLC<BR>
ir@flatfootedllc.com<BR>
<BR>
Okapi Partners LLC<BR>
Mark Harnett<BR>
(212) 297-0720<BR>
mharnett@okapipartners.com<BR>
<BR>
For Media:<BR>
<BR>
Longacre Square Partners<BR>
Greg Marose / Charlotte Kiaie, 646-386-0091<BR>
FFL@longacresquare.com</P>

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

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

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

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