DIVERSIFIED HEALTHCARE TRUST (DHC) Company Report

Diversified Healthcare Trust (DHC) reported Q3 2025 total revenue of $388.7 million, Adjusted EBITDA RE of $62.9 million, and normalized FFO of $9.7 million or $0.04 per share.
The company is actively transitioning 116 AlerisLife Communities to new operators, with 85 communities transitioned as of the call date and all expected to transition by year-end. This transition resulted in $5.1 million in temporary labor costs in Q3, with an expected $1.5-$2 million impact in Q4.
DHC reaffirmed its full-year 2025 SHOP NOI guidance of $132-$142 million and full-year Adjusted EBITDA RE guidance of $275-$285 million. SHOP occupancy increased 210 basis points year over year to 81.5% in Q3, with expectations to reach 82%-83% by year-end.
Year-to-date, DHC has sold 44 properties for $396 million and has 38 properties under agreement or Letter of Intent (LOI) for $237 million, with $211 million expected to close in Q4 2025.
DHC completed a $375 million senior secured notes issuance in September, using $307 million to partially redeem its January 2026 bonds, and expects to repay the remaining $324 million of 2026 bonds by year-end.

Nov 4, 2025, 3:00 PM

Diversified Healthcare Trust Announces Third Quarter 2025 Results

DHC

Earnings

Debt Issuance

New Projects/Investments

Diversified Healthcare Trust (DHC) reported a net loss of $(164.0) million or $(0.68) per share and Normalized FFO of $9.7 million or $0.04 per share for the third quarter ended September 30, 2025.
The Senior Housing Operating Portfolio (SHOP) segment experienced a year-over-year occupancy increase of 210 basis points to 81.5% and average monthly rate growth of over 5%. The Medical Office and Life Science Portfolio's occupancy rose to 86.6%, with weighted average rents 9.1% above prior rates for leased space.
DHC issued $375.0 million in senior secured notes due 2030, using a portion to partially redeem $307.0 million of its 2026 senior secured notes, with plans to repay the remaining 2026 debt maturity by year-end, resulting in no debt maturities until 2028.
The company's strategic transition of 116 AlerisLife-managed communities is 73% complete, with full completion anticipated by year-end, and DHC sold six unencumbered properties for $16.5 million during the quarter.

Nov 3, 2025, 10:21 PM

Diversified Healthcare Trust Reports Q2 2025 Financials and Updates 2025 Guidance

DHC

Earnings

Guidance Update

Debt Issuance

Diversified Healthcare Trust (DHC) reported a net loss of $91.6 million, or $0.38 per share, and Normalized FFO of $18.6 million, or $0.08 per share, for the second quarter of 2025.
The company provided 2025 guidance including total Net Operating Income (NOI) between $265 million and $285 million, and estimated disposition proceeds of $625 million to $635 million, with $369 million completed year-to-date as of October 3, 2025.
DHC is undergoing a strategic transaction where AlerisLife Inc. is selling its management agreements for 116 SHOP communities to seven new operators, with transitions expected to be completed by year-end 2025.
The company improved its leverage from 11.2x in Q4 2024 to 8.7x in Q2 2025, and both Moody's and S&P Global upgraded DHC to Caa1 and B-, respectively, in Q3 2025.

Oct 8, 2025, 11:59 AM

Diversified Healthcare Trust Completes Senior Secured Notes Offering and Partial Redemption

DHC

Debt Issuance

Diversified Healthcare Trust (DHC) completed a private offering of $375,000,000 in aggregate principal amount of 7.250% senior secured notes due 2030 on September 26, 2025.
The offering generated approximately $365.9 million in net proceeds.
A portion of these net proceeds, specifically $307.0 million, was used to fund the partial redemption of the company's senior secured notes due 2026.
The new notes are secured by a first-priority lien on equity interests in subsidiaries that own 36 fee-owned real properties and are subject to restrictive financial and operating covenants.

Sep 29, 2025, 11:56 AM

Diversified Healthcare Trust announces sale of senior living management agreements and AlerisLife wind-down

DHC

M&A

New Projects/Investments

Earnings

Diversified Healthcare Trust (DHC) announced the sale by AlerisLife Inc. of management agreements for 116 of DHC's senior living communities to seven different operators, with the transition expected to be completed by year-end 2025.
DHC anticipates receiving $25 million to $40 million in net proceeds from its 34% ownership stake in AlerisLife, which is winding down its business, and plans to use these funds to reduce leverage and for general business purposes.
This strategic transaction is expected to improve the operating performance of DHC\u2019s SHOP communities, strengthen its balance sheet, and drive operational efficiencies and growth.
For Q2 2025, DHC reported a net loss of $91.6 million, or $0.38 per share, and Normalized FFO of $18.6 million, or $0.08 per share.
DHC's leverage improved from 11.2x in Q4 2024 to 8.7x in Q2 2025.

Sep 3, 2025, 12:10 PM

Earnings Transcripts

Quarterly earnings call transcripts for DIVERSIFIED HEALTHCARE TRUST.

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