Diversified Healthcare Trust
NASDAQ:DHC

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Diversified Healthcare Trust
NASDAQ:DHC
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Price: 6.94 USD -0.64% Market Closed
Market Cap: $1.7B

Diversified Healthcare Trust
Investor Relations

Diversified Healthcare Trust is a real estate investment trust, which engages in the ownership of senior living communities, medical office buildings, and wellness centers. The company is headquartered in Newton, Massachusetts and currently employs 600 full-time employees. The firm owns medical office and life science properties, senior living communities, and other healthcare related properties throughout the United States. The firm's segments include Office Portfolio and SHOP. Its Office Portfolio segment consists of medical office properties leased to medical providers and other medical related businesses, as well as life science properties leased to biotech laboratories and other similar tenants. Its SHOP segment consists of managed senior living communities that provide short-term and long-term residential living and, in some instances, care and other services for residents where it pays fees to the operator to manage the communities for its account. Its portfolio consists of constructed commercial properties to operate as medical office space for physicians and other healthcare personnel, medical related fields, including clinics and life science or laboratory.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Feb 24, 2026
AI Summary
Q4 2025

Record Shareholder Return: DHC was the best-performing REIT in the U.S. for 2025, achieving a total shareholder return of nearly 113%.

Strong NOI Growth: Full year consolidated NOI increased 31.3%, with SHOP NOI up 27.6% YoY to $38.3 million in Q4.

Leverage Reduction: Net debt to adjusted EBITDA fell from 11.2x to 8.1x, with no debt maturities until 2028 after major asset sales and refinancing.

SHOP Portfolio Performance: SHOP same-property occupancy rose 90 bps YoY to 82.4%, with average monthly rates up 5.8% and NOI margin up 230 bps.

Asset Sales & Capital Recycling: 69 properties were sold in 2025 for $605 million, funding debt repayment; future dispositions expected to be opportunistic rather than programmatic.

2026 Guidance: Management expects continued NOI and margin growth, with normalized FFO guidance of $0.52–$0.58 per share.

CapEx Discipline: Capital expenditures are expected to fall over 18% in 2026, with guidance of $100–$115 million.

Key Financials
Total Revenue
$379.6 million
Adjusted EBITDAre
$72.4 million
Normalized FFO
$21.8 million
Normalized FFO per share
$0.09
SHOP NOI
$38.3 million (Q4); $139.3 million (2025)
SHOP same-property occupancy
82.4%
SHOP same-property NOI margin
13.3%
Same-property cash basis NOI
$70.4 million (Q4)
Medical Office and Life Science NOI
$108.1 million (2025)
Medical Office and Life Science consolidated occupancy
91.2%
Medical Office and Life Science same-property NOI margin
59.6%
Triple net lease senior living community and wellness center NOI
$31.1 million (2025)
Net debt to adjusted EBITDA
8.1x (end of 2025)
Adjusted EBITDAre to interest expense
1.5x (2025)
Liquidity
$255 million (including $105 million cash and $150 million credit facility)
Weighted average cash interest rate
5.7%
Capital Expenditures
$146 million (2025); Q4: $37 million
Total Shareholder Return
113% (2025)
Earnings Call Recording
Other Earnings Calls

Management

Mr. Adam David Portnoy
Managing Chair of the Board
No Bio Available
Mr. Matthew C. Brown CPA
CFO & Treasurer
No Bio Available
Mr. Christopher J. Bilotto
President, CEO & Managing Trustee
No Bio Available
Kevin Brady
Director of Investor Relations
No Bio Available
Mr. David M. Blackman
Director of Acquisition
No Bio Available
Ms. Jennifer Babbin Clark
Secretary
No Bio Available
Melissa Mccarthy
Manager of Investor Relations
No Bio Available

Contacts

Address
MASSACHUSETTS
Newton
C/O The Rmr Group, Two Newton Pl., 255 Wash. St., Ste. 300
Contacts
+16177968350.0
www.dhcreit.com
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