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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% | - |
| 2024 | $1.5B | $149M | $-370M | $112M | -18.9% | 6.0% | - |
| 2023 | $1.4B | $203M | $-294M | $10M | -12.6% | 9.9% | - |
| 2022 | $1.3B | $428M | $-16M | $-40M | -0.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 | 307.43 |
| Operating Income | -91.22 | -74.06 | -52.59 | -28.91 |
| EBITDA | 427.79 | 203.19 | 148.92 | 145.63 |
| EBIT | 188.26 | -80.89 | -136.15 | -116.41 |
| Pretax Income | -21.12 | -272.67 | -371.38 | -320.90 |
| Tax Provision | 0.71 | 0.45 | 0.47 | 1.74 |
| Net Income | -15.77 | -293.57 | -370.25 | -285.89 |
| Net Income Common Stockholders | -15.77 | -293.57 | -370.25 | -285.89 |
| Total Expenses | 1,374.79 | 1,484.37 | 1,548.02 | 1,566.77 |
| Interest Expense | 209.38 | 191.78 | 235.24 | 204.50 |
| Interest Income | 15.93 | 15.54 | 8.95 | 5.84 |
| Selling General And Administration | 26.43 | 26.13 | 26.52 | 45.50 |
| Normalized EBITDA | 164.24 | 225.56 | 241.42 | 238.96 |
| Normalized Income | -223.98 | -275.90 | -297.18 | -212.15 |
| Basic EPS | -0.07 | -1.23 | -1.55 | -1.19 |
| Diluted EPS | -0.07 | -1.23 | -1.55 | -1.19 |
| Tax Effect Of Unusual Items | 55.35 | -4.70 | -19.43 | -19.60 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | 263.55 | -22.37 | -92.51 | -93.33 |
| Total Unusual Items Excluding Goodwill | 263.55 | -22.37 | -92.51 | -93.33 |
| Net Income From Continuing Operation Net Minority Interest | -15.77 | -293.57 | -370.25 | -285.89 |
| Reconciled Depreciation | 239.53 | 283.84 | 285.06 | 262.04 |
| Reconciled Cost Of Revenue | 1,108.83 | 1,174.39 | 1,236.44 | 1,259.23 |
| Net Interest Income | -193.45 | -176.24 | -226.29 | -198.66 |
| Net Income From Continuing And Discontinued Operation | -15.77 | -293.57 | -370.25 | -285.89 |
| Diluted Average Shares | 238.31 | 238.84 | 239.53 | 240.29 |
| Basic Average Shares | 238.31 | 238.84 | 239.53 | 240.29 |
| Diluted NI Availto Com Stockholders | -15.77 | -293.57 | -370.25 | -285.89 |
| Minority Interests | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -15.77 | -293.57 | -370.25 | -285.89 |
| Net Income Continuous Operations | -15.77 | -293.57 | -370.25 | -285.89 |
| Earnings From Equity Interest Net Of Tax | 6.05 | -20.46 | 1.60 | 36.76 |
| Other Income Expense | 263.55 | -22.37 | -92.51 | -93.33 |
| Special Income Charges | -32.65 | -31.70 | -73.57 | -211.06 |
| Other Special Charges | 30.04 | 2.47 | 0.32 | 35 |
| Write Off | 0 | 0 | 0 | 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 |
| Net Non Operating Interest Income Expense | -193.45 | -176.24 | -226.29 | -198.66 |
| Interest Expense Non Operating | 209.38 | 191.78 | 235.24 | 204.50 |
| Interest Income Non Operating | 15.93 | 15.54 | 8.95 | 5.84 |
| 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 | 26.43 | 26.13 | 26.52 | 45.50 |
| Other Gand A | 26.43 | 26.13 | 26.52 | 45.50 |
| Operating Revenue | 1,283.57 | 1,410.31 | 1,495.43 | 1,537.85 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Diversified Healthcare Trustthis co. | DHC | $1.8B | - | 1.10 | -17.2% | 18.61 |
| Douglas Emmett, Inc. | DEI | $1.9B | 110.17 | 0.94 | 0.9% | 10.72 |
| SmartStop Self Storage REIT, Inc. | SMA | $1.8B | - | 1.48 | -0.1% | 22.00 |
| Century Communities, Inc. | CCS | $1.8B | 11.66 | 0.66 | 5.7% | 12.96 |
| LTC Properties, Inc. | LTC | $1.8B |
| 16.05 |
| 1.76 |
| 11.0% |
| 13.80 |
| Apollo Commercial Real Estate Finance, Inc. | ARI | $1.7B | 12.18 | 0.83 | 6.8% | - |
| Empire State Realty Trust, Inc. | ESRT | $1.7B | 22.48 | 0.90 | 2.6% | 12.71 |
| Sila Realty Trust, Inc. | SILA | $1.7B | 50.72 | 1.25 | 2.5% | 15.47 |
| Innovative Industrial Properties, Inc. | IIPR | $1.7B | 13.51 | 0.89 | 6.6% | 9.21 |
| Peer Median | - | 16.05 | 0.92 | 4.2% | 12.96 | |