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Diversified Healthcare Trust
Diversified Healthcare Trust (DHC) investor relations material
Diversified Healthcare Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenue was $388.7 million, up from $373.6 million in Q3 2024, with adjusted EBITDA RE of $62.9 million and normalized FFO of $9.7 million or $0.04 per share.
Net loss widened to $164.0 million for Q3 2025, compared to $98.7 million in Q3 2024, mainly due to $93.2 million in asset impairment charges.
Transition of 116 AlerisLife-managed communities to new operators is nearly complete, with 85 transitioned as of early November and full completion expected by year-end.
Operational improvements and portfolio optimization continued, supported by asset sales and refinancing activities.
Portfolio as of September 30, 2025, includes 335 properties in 34 states and D.C., valued at $6.7 billion.
Financial highlights
SHOP segment Q3 2025 revenue was $333.4 million (up 6.9%), NOI was $29.6 million (up 8.0%), and occupancy reached 81.5%.
Medical Office and Life Science Portfolio Q3 2025 revenue was $48.2 million (down 8.9%), NOI was $26.7 million (down 4.1%), and occupancy rose to 86.6%.
Same property cash-based NOI for SHOP was $32.0 million, down 1.2% year-over-year; Medical Office and Life Science Portfolio same property cash NOI was $23.8 million, up 1.6%.
Interest expense decreased 17.8% in Q3 2025 due to debt redemptions and lower accretion.
Declared a quarterly distribution of $0.01 per share.
Outlook and guidance
Full-year SHOP NOI guidance reaffirmed at $132-$142 million, with SHOP occupancy expected to reach 82%-83% by year-end.
2025 CapEx guidance maintained at $140-$160 million; full-year 2025 Adjusted EBITDA RE expected in the $275-$285 million range.
Management expects continued improvement in SHOP segment occupancy and rates, with labor expenses to normalize as operator transitions conclude.
Sufficient liquidity is expected for at least the next 12 months, with $150 million in undrawn revolving credit.
No debt maturities until 2028 after planned 2026 repayments.
DHC's senior living vs. other property mix?
DHC's portfolio as % of RMR's AUM?
Impact of DHC's diversification strategy?
Expected SHOP NOI margin post-transition
Capital allocation plan post-2026 debt paydown
MOB/LS portfolio growth drivers beyond sales
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Next Diversified Healthcare Trust earnings date
Q4 202524 Feb, 2026
Diversified Healthcare Trust
Next Diversified Healthcare Trust earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
Diversified Healthcare Trust is a real estate investment trust (REIT) that owns and operates a portfolio of healthcare-related properties. The company’s assets include senior living communities, medical office buildings, life science properties, and wellness centers. Diversified Healthcare Trust generates revenue by leasing these properties to healthcare providers, senior living operators, and other tenants. The company is headquartered in Newton, Massachusetts, and its shares are listed on the NASDAQ.
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