Diversified Healthcare Trust announced that with its failed merger with Office Properties Income Trust (both companies are managed by The RMR Group) it would be making changes to its board and executive leadership team. Well, President and CEO Jennifer Francis is retiring at the end of the year, to be replaced by Christopher Bilotto, an executive vice president of The RMR Group and current president and COO of Office Properties Income Trust. If the aforementioned merger had been completed, Bilotto was set to lead the combined companies.
Francis had been a part of Diversified Healthcare Trust’s (DHC) senior management team since 2018 and was a managing trustee since 2021. She will continue as a managing trustee after her departure as President and CEO.
Bilotto joined RMR in 2011 and currently oversees portfolio management for all office, industrial and retail properties managed by RMR and hotel and senior living asset management, as well as development in the United States. He will have his plate full going forward, as DHC has more than $700 million in maturing debt in the next year. Plus, it is currently out of compliance with its debt and current covenant. The company hired B. Riley Securities as its financial advisors to help evaluate its capital options.
