Loading…
Diversified Healthcare Trust is a real estate investment trust focused on owning high-quality healthcare properties located throughout the United States. DHC seeks diversification across the health services spectrum by care delivery and practice type, by scientific research disciplines and by property type and location. As of September 30, 2025, DHC's approximately 6.7 billion US dollars portfolio included 335 properties in 34 states and Washington, D.C., with more than 26,000 senior living units, approximately 6.9 million square feet of medical office and life science properties and occupied by approximately 420 tenants. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately 39 billion US dollars in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. DHC is headquartered in Newton, MA. Diversified Healthcare Trust was incorporated in 1998 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.5B | $146M | $-286M | $-20M | -17.2% | 2.8% | -22.8% |
| 2024 | $1.5B | $149M | $-370M | $112M | -18.9% | 6.0% | 26.1% |
| 2023 | $1.4B | $203M | $-294M | $10M | -12.6% | 9.9% | 1761.1% |
| 2022 | $1.3B | $428M | $-16M | $-40M | -0.6% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,283.57 | 1,410.31 | 1,495.43 | 1,537.85 |
| Operating Revenue | - | 1,283.57 | 1,410.31 | 1,495.43 | 1,537.85 |
| Cost Of Revenue | - | 1,109.07 | 1,174.15 | 1,236.54 | 1,259.34 |
| Gross Profit | - | 174.50 | 236.16 | 258.88 | 278.51 |
| Operating Expense | - | 265.71 | 310.21 | 311.48 | 307.42 |
| Selling General And Administration | - | 26.44 | 26.13 | 26.52 | 45.50 |
| Total Expenses | - | 1,374.78 | 1,484.36 | 1,548.02 | 1,566.76 |
| Operating Income | - | -91.22 | -74.06 | -52.59 | -28.91 |
| EBITDA | - | 427.79 | 203.19 | 148.92 | 145.63 |
| Normalized EBITDA | - | 164.24 | 225.56 | 241.42 | 238.96 |
| EBIT | - | 188.26 | -80.89 | -136.15 | -116.40 |
| Interest Income | - | 15.93 | 15.54 | 8.95 | 5.84 |
| Interest Expense | - | 209.38 | 191.78 | 235.24 | 204.50 |
| Net Interest Income | - | -193.45 | -176.24 | -226.29 | -198.66 |
| Other Income Expense | - | 263.55 | -22.37 | -92.51 | -93.33 |
| Interest Income Non Operating | - | 15.93 | 15.54 | 8.95 | 5.84 |
| Interest Expense Non Operating | - | 209.38 | 191.78 | 235.24 | 204.50 |
| Net Non Operating Interest Income Expense | - | -193.45 | -176.24 | -226.29 | -198.66 |
| Pretax Income | - | -21.12 | -272.67 | -371.38 | -320.90 |
| Tax Provision | - | 0.71 | 0.44 | 0.47 | 1.74 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 55.35 | -4.70 | -19.43 | -19.60 |
| Net Income Continuous Operations | - | -15.77 | -293.57 | -370.26 | -285.89 |
| Net Income From Continuing And Discontinued Operation | - | -15.77 | -293.57 | -370.26 | -285.89 |
| Net Income From Continuing Operation Net Minority Interest | - | -15.77 | -293.57 | -370.26 | -285.89 |
| Net Income | - | -15.77 | -293.57 | -370.26 | -285.89 |
| Net Income Common Stockholders | - | -15.77 | -293.57 | -370.26 | -285.89 |
| Net Income Including Noncontrolling Interests | - | -15.77 | -293.57 | -370.26 | -285.89 |
| Normalized Income | - | -223.98 | -275.90 | -297.18 | -212.15 |
| Diluted NI Availto Com Stockholders | - | -15.77 | -293.57 | -370.26 | -285.89 |
| Basic Average Shares | - | 238.31 | 238.84 | 239.54 | 240.29 |
| Diluted Average Shares | - | 238.31 | 238.84 | 239.54 | 240.29 |
| Reconciled Depreciation | - | 239.52 | 283.84 | 285.06 | 262.04 |
| Reconciled Cost Of Revenue | - | 1,108.82 | 1,174.39 | 1,236.44 | 1,259.23 |
| Total Unusual Items | - | 263.55 | -22.37 | -92.51 | -93.33 |
| Total Unusual Items Excluding Goodwill | - | 263.55 | -22.37 | -92.51 | -93.33 |
| Minority Interests | -5.41 | 0 | 0 | - | - |
| Earnings From Equity Interest Net Of Tax | - | 6.06 | -20.46 | 1.60 | 36.76 |
| Special Income Charges | - | -32.65 | -31.70 | -73.57 | -211.06 |
| Other Special Charges | - | 30.04 | 2.47 | 0.32 | 35 |
| Write Off | -0.17 | 0 | - | - | - |
| Impairment Of Capital Assets | - | 0 | 18.38 | 70.73 | 165.70 |
| Restructuring And Mergern Acquisition | - | 2.60 | 10.85 | 2.51 | 10.36 |
| Gain On Sale Of Security | - | 296.20 | 9.33 | -18.94 | 117.73 |
| Depreciation Amortization Depletion Income Statement | - | 239.28 | 284.08 | 284.96 | 261.92 |
| Depreciation And Amortization In Income Statement | - | 239.28 | 284.08 | 284.96 | 261.92 |
| General And Administrative Expense | - | 26.44 | 26.13 | 26.52 | 45.50 |
| Other Gand A | - | 26.44 | 26.13 | 26.52 | 45.50 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Diversified Healthcare Trustthis co. | DHC | $2.1B | -7.28 | 1.25 | -17.2% | 30.06 |
| Douglas Emmett, Inc. | DEI | $2.4B | 150.56 | 1.29 | 0.9% | 11.72 |
| Sunstone Hotel Investors, Inc. | SHO | $2.1B | 87.20 | 1.29 | 1.5% | 14.19 |
| Veris Residential, Inc. | VRE | $1.9B | 25.83 | 1.69 | 6.5% | 13.17 |
| Pebblebrook Hotel Trust | PEB |
| - |
| - |
| - |
| - |
| - |
| - |
| $1.9B |
| -29.01 |
| 0.77 |
| -2.7% |
| 15.31 |
| NETSTREIT Corp. | NTST | $1.9B | 276.42 | 1.32 | 0.5% | 21.45 |
| American Assets Trust, Inc. | AAT | $1.9B | 25.93 | 1.61 | 6.2% | 12.35 |
| Xenia Hotels & Resorts, Inc. | XHR | $1.8B | 28.34 | 1.58 | 5.6% | 10.77 |
| LTC Properties, Inc. | LTC | $1.8B | 15.12 | 1.66 | 11.0% | 13.24 |
| Peer Median | - | 27.14 | 1.45 | 3.5% | 13.21 | |