DIVERSIFIED HEALTHCARE TRUST DHC
We are a real estate investment trust, or REIT, that was organized under Maryland law in 1998. We primarily own senior living communities, medical office and life science properties and other healthcare related properties throughout the United States. As of December 31, 2025, we owned 298 properties, including 13 properties classified as held for sale, located in 33 states and Washington, D.C.
As of December 31, 2025, we owned an equity interest in each of two unconsolidated joint ventures that own medical office and life science properties located in five states with an aggregate of approximately 2.2 million rentable square feet that were 99% leased with an average (by annualized rental income) remaining lease term of 14.2 years.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.54B | $1.50B | $1.41B | $1.28B | $1.38B | $1.63B | $1.04B | $1.12B | $1.07B | $1.06B |
| SG&A | $45.5M | $26.5M | $26.1M | $26.4M | $34.1M | $30.6M | $37.0M | $85.9M | $103.7M | $46.6M |
| Total operating expenses | $1.74B | $1.62B | $1.51B | $1.38B | $1.41B | $1.64B | $943.4M | $890.2M | $799.5M | $754.9M |
| Operating income | — | — | — | — | — | — | — | — | $275.2M | $303.1M |
| Interest expense | $204.5M | $235.2M | $191.8M | $209.4M | $255.8M | $201.5M | $180.1M | $179.3M | $165.0M | $167.6M |
| Pre-tax income | -$320.9M | -$371.4M | -$272.7M | -$21.1M | $181.4M | -$133.1M | -$82.8M | $292.4M | $151.6M | $141.6M |
| Income tax | $1.7M | $467.0K | $445.0K | $710.0K | $1.4M | $1.2M | $436.0K | $476.0K | $454.0K | $424.0K |
| Net income | -$285.9M | -$370.3M | -$293.6M | -$15.8M | $174.5M | -$139.5M | -$88.2M | $286.9M | $147.6M | $141.3M |
| EPS, basic | -1.19 | -1.55 | -1.23 | -0.07 | 0.73 | -0.59 | -0.37 | — | — | — |
| EPS, diluted | -1.19 | -1.55 | -1.23 | -0.07 | 0.73 | -0.59 | -0.37 | 1.21 | 0.62 | 0.60 |
| Shares, diluted (wtd. avg.) | $240.3M | $239.5M | $238.8M | $238.3M | $238.0M | $237.7M | $237.6M | $237.5M | $237.5M | $237.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $105.4M | $144.6M | $245.9M | $688.3M | $1.02B | $90.8M | $52.2M | $70.1M | $47.3M | $35.6M |
| Other intangibles | $20.7M | $26.3M | $33.9M | $45.4M | $48.7M | $286.5M | $337.9M | $419.2M | $472.3M | $514.4M |
| Total assets | $4.36B | $5.14B | $5.45B | $6.00B | $6.62B | $6.48B | $6.65B | $7.16B | $7.29B | $7.23B |
| Short-term debt | — | — | $700.0M | — | — | — | — | — | — | — |
| Long-term debt | $2.44B | $3.05B | — | — | — | — | — | $3.68B | — | — |
| Total liabilities | $2.70B | $3.18B | $3.11B | $3.36B | $3.96B | $3.86B | $3.78B | $3.98B | $4.02B | $4.03B |
| Retained earnings | $1.12B | $1.41B | $1.78B | $2.07B | $2.09B | $1.91B | $2.05B | $2.14B | $1.77B | $1.62B |
| Total equity | $1.67B | $1.96B | $2.34B | $2.64B | $2.66B | $2.62B | $2.88B | $3.18B | $3.28B | $3.20B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$19.6M | $112.2M | $10.5M | -$40.4M | -$63.3M | $158.5M | $265.8M | $392.8M | $419.3M | $424.5M |
| Depreciation and amortisation | $261.9M | $285.0M | $284.1M | $239.3M | $271.1M | $270.1M | $289.0M | $286.2M | $276.9M | $287.8M |
| Capital expenditure | $146.8M | $201.7M | $235.0M | $299.4M | $227.6M | $185.6M | $222.4M | $103.8M | $117.2M | $99.7M |
| Investing cash flow | $483.6M | -$187.0M | -$202.1M | $387.7M | $242.7M | -$40.4M | $86.2M | $99.1M | -$221.4M | -$292.9M |
| Financing cash flow | -$492.0M | -$22.3M | -$249.7M | -$676.0M | $746.7M | -$79.5M | -$369.9M | -$469.2M | -$186.1M | -$139.8M |
| Dividends paid | $9.7M | $9.6M | $9.6M | $9.6M | $9.5M | $42.8M | $199.7M | $370.7M | $370.6M | $370.5M |
| Buybacks | $1.1M | $904.0K | $393.0K | $171.0K | $383.0K | $171.0K | $299.0K | $411.0K | $341.0K | $452.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001075415-26-000013.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |