# EDGAR Filing Document

**Accession Number:** 0001075415
**File Stem:** 0001104659-26-000422
**Filing Date:** 2026-1
**Character Count:** 8746
**Document Hash:** 03e6cd67a4a377ee21f0c555bd033a67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-000422.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001104659-26-000422

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251231

**ITEM INFORMATION**: Termination of a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DIVERSIFIED HEALTHCARE TRUST
- **CENTRAL INDEX KEY:** 0001075415
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 043445278
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15319
- **FILM NUMBER:** 26503950

**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

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT PURSUANT**

**TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

Date of report (Date of earliest event reported): December 31, 2025

**Diversified Healthcare Trust**

(Exact Name of Registrant as Specified in Its Charter)

**Maryland**

(State or Other Jurisdiction of Incorporation)

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| | |
|:---|:---|
| **001-15319** | **04-3445278** |
| (Commission File Number) | (IRS Employer Identification No.) |

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**Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634**

(Address of Principal Executive Offices) (Zip Code)

**617-796-8350**

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

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Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| **Title Of Each Class** | **Name Of Each Exchange On Which Registered** |
| Common Shares of Beneficial Interest DHC | The Nasdaq Stock Market LLC |
| 5.625% Senior Notes due 2042 DHCNI | The Nasdaq Stock Market LLC |
| 6.25% Senior Notes due 2046 DHCNL | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

*In this Current Report on Form 8-K, the terms "we," "our" and "us" refer to Diversified Healthcare Trust.*

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| | |
|:---|:---|
| **Item 1.02.** | **Termination of a Material Definitive Agreement.** |

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On December 31, 2025, we completed the previously disclosed transition of the management of 116 of our senior living communities managed by AlerisLife Inc., or AlerisLife, to seven different third party managers. In connection therewith, we and AlerisLife mutually terminated our management agreements for our senior living communities managed by AlerisLife. A copy of the termination agreement is filed as Exhibit 10.1 hereto and is incorporated by reference herein.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

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*(d)* *Exhibits.* 

 

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| | |
|:---|:---|
| [10.1](tm261713d1_ex10-1.htm) | [Termination of Amended and Restated Master Management Agreement, dated as of December 31, 2025, by and among AlerisLife Inc., FVE Managers, Inc. and Diversified Healthcare Trust and certain of its subsidiaries.](tm261713d1_ex10-1.htm) |
| 104 | Cover Page Interactive Data File. (Embedded within the Inline XBRL document.) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| **DIVERSIFIED HEALTHCARE TRUST** | **DIVERSIFIED HEALTHCARE TRUST** |
| By: | /s/ Matthew C. Brown |
| Name: | Matthew C. Brown |
| Title: | Chief Financial Officer and Treasurer |

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Date: January 5, 2026

## Exhibit 10.1

**Exhibit 10.1**

**TERMINATION OF AMENDED AND RESTATED MASTER MANAGEMENT AGREEMENT**

**THIS TERMINATION OF AMENDED AND RESTATED MASTER MANAGEMENT AGREEMENT** (this "**Termination**") is executed and delivered as of December 31, 2025 (the "**Effective Date**"), by and among AlerisLife Inc. ("**Aleris**"), a Maryland corporation, FVE Managers, Inc. ("**Manager**"), a Maryland corporation and subsidiary of Aleris, Diversified Healthcare Trust ("**DHC**"), a Maryland real estate investment trust, and the parties listed on the signature page hereof as owners (each, an "**Owner**" and, collectively, "**Owners**").

**WHEREAS**, Aleris (formerly known as Five Star Senior Living Inc.), Manager, DHC, and Owners are parties to that certain Amended and Restated Master Management Agreement, dated as of June 9, 2021, as amended (the "**Master Management Agreement**"), pursuant to which Manager currently manages certain senior living communities on behalf of Owners; and

**WHEREAS**, Manager and Tenant desire to terminate the Master Management Agreement effective as of the Effective Date.

**NOW, THEREFORE,** in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. Capitalized terms used but not otherwise defined in this Termination shall have the meanings given such terms in the Master Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Termination</u>. The Term of the Master Management Agreement is hereby terminated as of the Effective Date, as if the Term of the Master Management Agreement was scheduled to expire on the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Counterparts</u>. This Termination may be executed in multiple counterparts, including by electronic signature or DocuSign, each of which shall constitute an original instrument but all of which shall constitute one and the same agreement.

***[Remainder of page intentionally left blank; Signature page follows]***

IN WITNESS WHEREOF, the parties hereto have caused this Termination to be executed under seal by their duly authorized officers, all as of the Effective Date.

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| | |
|:---|:---|
| ALERISLIFE INC., and | ALERISLIFE INC., and |
| FVE MANAGERS, INC. | FVE MANAGERS, INC. |
| By: | /s/ Jeffrey Leer |
|  | Jeffrey Leer |
|  | President of each of the foregoing entities |

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[Signature Page to Termination of Amended and Restated Master Management Agreement]

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| | |
|:---|:---|
| DIVERSIFIED HEALTHCARE TRUST | DIVERSIFIED HEALTHCARE TRUST |
| By: | /s/ Christopher J. Bilotto |
|  | Christopher J. Bilotto |
|  | President and Chief Executive Officer |
| OWNERS: | OWNERS: |
| SNH FLA TENANT LLC, | SNH FLA TENANT LLC, |
| SNH MASS TENANT LLC, | SNH MASS TENANT LLC, |
| SNH SE TENANT TRS, INC., | SNH SE TENANT TRS, INC., |
| SNH VA TENANT LLC, and | SNH VA TENANT LLC, and |
| SNH WIS TENANT LLC | SNH WIS TENANT LLC |
| By: | /s/ Christopher J. Bilotto |
|  | Christopher J. Bilotto |
|  | President and Chief Executive Officer of each of the foregoing entities |

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[Signature Page to Termination of Amended and Restated Master Management Agreement]