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DHC

Diversified Healthcare Trust

DHC

Diversified Healthcare Trust • NASDAQ
$4.83 ▼ -0.82% (-0.04)
Market Cap $1.17 B
52w High $4.99
52w Low $2.00
Dividend Yield 0.04%
P/E -3.29
Volume 269.72K
Outstanding Shares 242.03M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $388.706M ▲ $78.113M ▲ $-164.04M ▼ -42.202% ▼ $-0.68 ▼ $-53.773M ▼
Q2-2025 $382.712M ▼ $77.443M ▲ $-91.639M ▼ -23.945% ▼ $-0.38 ▼ $23.342M ▼
Q1-2025 $386.864M ▲ $9M ▲ $-8.986M ▲ -2.323% ▲ $-0.037 ▲ $63.54M ▼
Q4-2024 $379.619M ▲ $1.245M ▼ $-87.446M ▲ -23.035% ▲ $-0.36 ▲ $65.443M ▲
Q3-2024 $373.64M $13.933M $-98.689M -26.413% $-0.41 $49.706M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $201.371M ▲ $4.684B ▼ $2.995B ▲ $1.689B ▼
Q2-2025 $141.769M ▼ $4.756B ▼ $2.901B ▼ $1.855B ▼
Q1-2025 $302.577M ▲ $4.996B ▼ $3.048B ▼ $1.948B ▼
Q4-2024 $144.584M ▼ $5.137B ▼ $3.178B ▼ $1.959B ▼
Q3-2024 $256.527M $5.285B $3.237B $2.048B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-164.04M ▼ $0 ▼ $0 ▲ $0 ▲ $0 ▲ $0 ▼
Q2-2025 $-91.639M ▼ $53.02M ▲ $-21.055M ▼ $-190.039M ▼ $-158.074M ▼ $18.839M ▲
Q1-2025 $-8.986M ▲ $-3.243M ▼ $291.093M ▲ $-131.049M ▼ $156.801M ▲ $-42.893M ▲
Q4-2024 $-87.446M ▲ $18.195M ▼ $-66.137M ▼ $-63.604M ▼ $-111.546M ▼ $-48.541M ▼
Q3-2024 $-98.689M $21.134M $-25.191M $-4.628M $-8.685M $-26.112M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Rental Income
Rental Income
 $130.00M ▲$60.00M ▼$60.00M ▲$60.00M ▲
Resident Fees And Services
Resident Fees And Services
 $620.00M ▲$330.00M ▼$330.00M ▲$330.00M ▲

Five-Year Company Overview

Income Statement

Income Statement DHC’s core business performance has been slowly improving, but the company is still losing money overall. Revenue dipped a few years ago and has been gradually recovering more recently. Operating profits have also improved, suggesting the underlying properties are performing better than during the pandemic period. However, after interest costs, property-related charges, and other non‑operating items, DHC has reported meaningful net losses in the last two years. In simple terms: the properties are starting to pull their weight again, but the full earnings picture is still in the red and remains a key risk area.

Balance Sheet

Balance Sheet The balance sheet shows a business that is still quite leveraged and has been shrinking over time. Total assets and equity have steadily declined, likely reflecting a mix of asset sales, write‑downs, and operating losses. Debt has been reduced somewhat from peak levels but is still large relative to the equity base, which leaves the company sensitive to interest rates and refinancing conditions. Cash on hand is modest, meaning DHC does not appear to have a big liquidity cushion and needs its properties to continue generating stable cash to stay comfortable.

Cash Flow

Cash Flow Cash generation has been choppy but is showing some stabilization. Operating cash flow hovered around break‑even for several years and has recently turned modestly positive, indicating the portfolio is again supporting itself on a cash basis. Free cash flow has improved, but largely because the company has sharply scaled back capital spending, which may limit the pace of property upgrades or growth. Overall, the cash profile looks fragile but improving, with limited room for major missteps or unexpected shocks.

Competitive Edge

Competitive Edge DHC’s main strength is its diversified healthcare real estate portfolio rather than any single flagship asset. The shift from a heavy focus on senior housing toward a mix that includes life science and medical office buildings helps spread risk across different parts of the healthcare system. Long‑term leases with healthcare providers and research tenants can offer stability, and demand is supported by aging demographics and ongoing growth in healthcare services. On the other hand, DHC operates in a crowded REIT space, remains sensitive to the health of its tenants and operators, and carries a balance sheet that offers less flexibility than some peers. Execution on leasing, occupancy, and asset mix remains crucial to maintaining its competitive footing.

Innovation and R&D

Innovation and R&D DHC is not a technology‑driven company in the traditional sense; its main “innovation” is strategic rather than technical. The key move has been diversifying its portfolio away from primarily senior housing into life science and medical office properties, which better align with long‑term healthcare trends. The company also emphasizes sustainability and has received recognition for energy‑efficient, “green” leasing practices, which can appeal to institutional and environmentally focused tenants. While DHC is experimenting with building performance technologies and sustainability tools, these are incremental enhancements rather than transformative R&D, and its edge remains rooted in portfolio strategy and property management rather than cutting‑edge tech.

Summary

DHC is a healthcare‑focused REIT that has been reshaping its portfolio and slowly repairing its operations after a difficult period. The underlying property performance and cash generation are moving in the right direction, but the company is still reporting accounting losses, carries meaningful debt, and has only a modest cash buffer. Its main strengths lie in a more diversified, demographically supported portfolio of healthcare assets and a growing focus on sustainability. The main risks are continued net losses, balance sheet leverage, interest rate exposure, and the need to keep occupancy and rents healthy across its properties. Future results will hinge on how effectively DHC continues to refine its asset mix, manage its debt, and invest just enough in its portfolio to stay competitive without straining its cash position.

NEWS

November 3, 2025 · 4:15 PM UTC

Diversified Healthcare Trust Announces Third Quarter 2025 Results

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October 9, 2025 · 8:00 AM UTC

Diversified Healthcare Trust Announces Quarterly Dividend on Common Shares

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October 8, 2025 · 5:43 PM UTC

Discovery Senior Living Enters Management Agreements with Diversified Healthcare Trust, Deepens Industry Leadership Position Adding a 42 Community, Multi-State Portfolio

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October 8, 2025 · 8:00 AM UTC

Diversified Healthcare Trust Provides Update Regarding the 116 AlerisLife Management Agreements Transitioning to New Operators

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October 6, 2025 · 4:15 PM UTC

Diversified Healthcare Trust Third Quarter 2025 Conference Call Scheduled for Tuesday, November 4th

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