DIVERSIFIED HEALTHCARE TRUST DHC

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived Nasdaq

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.

Last close 7.86 2026-10-23
Market cap $1.90B 2026-06-30 share count
52-week range 3.92 - 9.66

Valuation FY2025 figures against the last close

P/S1.2x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield0.5%
Diluted EPS-1.19

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -1.19-1.55-1.23-0.070.73-0.59-0.37———
EPS, diluted -1.19-1.55-1.23-0.070.73-0.59-0.371.210.620.60
Shares, diluted (wtd. avg.) 240.3M239.5M238.8M238.3M238.0M237.7M237.6M237.5M237.5M237.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B Revenue, FY2016: 1.1B Net income, FY2016: 141.3M Revenue, FY2017: 1.1B Net income, FY2017: 147.6M Revenue, FY2018: 1.1B Net income, FY2018: 286.9M Revenue, FY2019: 1B Net income, FY2019: -88.2M Revenue, FY2020: 1.6B Net income, FY2020: -139.5M Revenue, FY2021: 1.4B Net income, FY2021: 174.5M Revenue, FY2022: 1.3B Net income, FY2022: -15.8M Revenue, FY2023: 1.4B Net income, FY2023: -293.6M Revenue, FY2024: 1.5B Net income, FY2024: -370.3M Revenue, FY2025: 1.5B Net income, FY2025: -285.9M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.06B $1.07B $1.12B $1.04B $1.63B $1.38B $1.28B $1.41B $1.50B $1.54B
Gross profit — — — — — — — — — —
Net income $141.3M $147.6M $286.9M -$88.2M -$139.5M $174.5M -$15.8M -$293.6M -$370.3M -$285.9M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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