Diversified Healthcare Trust (DHC)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.5B

Revenue growth

-1.5%

Net income, last twelve months

-$266.0M

Earnings per share

-$1.11

Operating margin

-8.6%

Net margin

-17.7%

Free cash flow

-$155.0M

Return on equity

-16.8%

Market value

$1.9B

Dividend yield

0.5%

Cash

$116.8M

Debt

$2.4B

Debt to equity

1.54

Shares outstanding

242.2M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 3 August 2026.

• Second quarter results announced. The company announced results for the quarter ended June 30, 2026, in a release dated August 3, 2026, and provided updated full year 2026 financial guidance.
• Release gives no results figures. The release text itself gives no revenue, net income, per-share or FFO figures for the quarter.
• Release dated three months earlier. The prior release was dated May 4, 2026, covered the quarter ended March 31, 2026, and was followed by a call on May 5, 2026.
• Full-year 2026 guidance updated. Management updated full year 2026 financial guidance. The release does not state whether individual figures were raised, lowered or kept.
• Guidance tied to June 1 release. The updated full year 2026 guidance is described as consistent with the company's news release issued on June 1, 2026, which is not among the documents provided.
• Guidance figures held on website. The guidance figures are placed in the Quarterly Reports section of the company website rather than in the release text.
• Portfolio about $6.3 billion. At June 30, 2026, the portfolio was approximately $6.3 billion and included 285 properties in 33 states and Washington, D.C.
• Senior living units total 23,797. The portfolio included 23,797 senior living units at June 30, 2026.
• Medical office and life science space. The company reported approximately 5.6 million square feet of medical office and life science properties, occupied by approximately 250 tenants.
• Portfolio value up to $6.3 billion. The approximate portfolio value rose from $6.2 billion at March 31, 2026 to $6.3 billion at June 30, 2026. The release does not give a reason.
• Senior living units down 104. The senior living unit count fell from 23,901 at March 31, 2026 to 23,797 at June 30, 2026. The documents do not explain the change.
• Other counts match March release. The property count, state count, medical office and life science square footage, tenant count and RMR's assets under management are the same as in the March 31 release.
• RMR manages the company. The RMR Group manages the company. RMR reported over $37 billion of assets under management as of June 30, 2026.
• Description reworded from March. The March 31 description cited diversification by care delivery, research discipline and property type. The June 30 description says the portfolio is anchored by a curated mix of senior housing, medical office and life science assets.

Company events

The newest 8-K filings of 260 held.

Every filing

The newest filings with the SEC of 639 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

269 funds held it at 30 Jun 2026: 129 added and 62 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Welltower Inc. (WELL): revenue $13.8B, market value $166.2B
• Prologis, Inc. (PLD): revenue $9.4B, market value $119.1B
• Equinix Inc. (EQIX): revenue $10.1B, market value $100.0B
• American Tower Corp. (AMT): revenue $11.0B, market value $85.3B
• Simon Property Group Inc. (SPG): revenue $6.9B, market value $68.4B
• Digital Realty Trust, Inc. (DLR): revenue $6.8B, market value $66.6B
• Public Storage (PSA): revenue $5.0B, market value $58.0B
• Realty Income Corp. (O): revenue $6.1B, market value $53.2B
• Ventas, Inc. (VTR): revenue $6.8B, market value $42.9B
• Crown Castle Inc. (CCI): revenue –, market value $37.4B

What the company does

Diversified Healthcare Trust is a real estate investment trust, or REIT, organized under Maryland law in 1998. It primarily owns senior living communities, medical office and life science properties and other healthcare related properties across the United States. As of 31 December 2025 it owned 298 properties, including 13 classified as held for sale, located in 33 states and Washington, D.C. It reports two segments: SHOP and Medical Office and Life Science Portfolio. Its principal executive offices are in Newton, Massachusetts.

How the business is organised

Because it is a REIT for U.S. federal income tax purposes, the company generally may not operate its senior living communities. For nearly all of them it uses a taxable REIT subsidiary, or TRS, structure. The company leases communities to its TRSs, and the TRSs sign management agreements with third parties who run the communities day to day. The company says its senior living communities are leased to its TRSs in nearly all cases.

What it owns

Independent living communities bundle services such as meals or housekeeping into a monthly charge. Assisted living communities add three meals a day and help with dressing and bathing. Memory care communities serve residents with memory loss such as dementia. Skilled nursing facilities provide extensive nursing and healthcare services with licensed nursing staff 24 hours per day. The company also owns an active adult community, which it classifies as independent living.

The Medical Office and Life Science Portfolio consists of properties built for or used as medical office space, clinics and laboratories. Some are used as administrative facilities by hospitals and healthcare insurers. The company also owns wellness centers, which typically offer exercise classes, pools and sports facilities.

It holds a 10% equity interest in a joint venture that owns a life science property in Boston (the Seaport JV) and a 20% interest in a joint venture for 10 medical office and life science properties (the LSMD JV). Together the two unconsolidated joint ventures own properties in five states with about 2.2 million rentable square feet that were 99% leased, with an average remaining lease term of 14.2 years.

How it earns from its properties

Medical office and life science leases are mostly triple net, where the tenant generally pays property operating expenses and capital expenditures. Others are net or modified gross leases, where the company operates the property and charges tenants for some or all operating expenses. A portion are full service leases at fixed rent. Wellness center and senior living leases are triple net.

For managed senior living communities, managers generally receive a management fee set as a percentage of gross revenues, plus reimbursement of direct costs. They may also earn an incentive fee when a community's EBITDA exceeds a target. Substantially all of the net operating income from senior living communities came from properties where most revenue comes from residents' and tenants' private resources. A small amount came from communities that depend mainly on Medicare and Medicaid.

Who runs the communities

As of 31 December 2025, 14 third party managers ran the company's 212 senior living communities. Beginning in September 2025, 116 communities previously managed by Five Star Senior Living, an operating division of AlerisLife Inc., moved to seven different managers when AlerisLife sold all its assets and wound down. That transition was complete by year end.

Five managers account for the largest shares of gross real estate value: Sinceri Senior Living (30.8%), Discovery Senior Living (23.7%), Tutera Senior Living (8.9%), Charter Senior Living (7.0%) and Phoenix Senior Living (5.7%). The managers hire and supervise staff, run technology systems and set rents and resident fees. The company monitors them through reporting but does not control daily operations. Its agreements generally let it terminate a manager if a community misses set performance thresholds after a stabilization period.

Since February 2024 the company, with its TRS, has owned about 34.0% of AlerisLife's common shares, and ABP Trust owns the other 66.0%.

Rules and competition

Senior living and healthcare properties face federal, state and local licensing and oversight, including Medicare and Medicaid rules, inspections, privacy laws such as HIPAA and, in some states, certificate of need requirements. Tenants in life science properties that develop drugs or devices are regulated by the FDA. The company says changes in these rules could affect tenants' ability to pay rent and the value of its properties.

The company competes with other REITs, financial institutions and public and private companies for investments, tenants and residents. Competition turns on location, rents, financing terms and reputation. Its managers and tenants compete locally for residents on quality of care, price, services and location.

Its people and manager

The RMR Group LLC, or RMR, conducts its day to day operations, originates investment and sale opportunities and provides management and administrative services. The company's officers are also officers and employees of RMR. Adam D. Portnoy chairs the Board of Trustees, and Christopher J. Bilotto is President and Chief Executive Officer. As of 31 December 2025 the board had seven trustees, five of them independent.

The company says it plans to sell properties selectively to manage leverage and reshape the portfolio. As of 31 December 2025, 18 of its medical office and life science properties held LEED designations and 24 properties held ENERGY STAR certifications.

*From Diversified Healthcare Trust's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1075415/000107541526000013/dhc-20251231.htm)*

From the company's 10-K.