Diversified Healthcare Trust
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Diversified Healthcare Trust (DHC) investor relations material

Diversified Healthcare Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary24 Feb, 2026

Executive summary

  • Achieved best performing REIT status in the U.S. for 2025 with a total shareholder return of 112.6%, driven by share price appreciation, strong SHOP segment performance, and strategic property dispositions.

  • Completed over $1.4 billion in capital markets activity, including financings, asset sales, and a $150 million undrawn credit facility.

  • Transitioned 116 senior housing communities to new operators and completed renovations at over 30 communities.

  • Portfolio as of December 31, 2025, valued at approximately $6.3 billion, comprising 298 properties across 33 states and Washington, D.C., with about 25,000 senior living units and 5.6 million sq. ft. of medical office and life science properties.

Financial highlights

  • Fourth quarter total revenue was $379.6 million, adjusted EBITDAre $72.4 million, and normalized FFO $21.8 million ($0.09/share); Q4 net loss was $21.2 million.

  • Full year consolidated NOI grew 31.3% year-over-year; SHOP NOI for the year was $139.3 million, near the high end of guidance.

  • Same-property SHOP NOI margin improved by 230 basis points year-over-year to 13.3%.

  • Net debt to adjusted EBITDAre reduced from 11.2x to 8.1x during 2025.

  • Medical Office and Life Science same property occupancy ended at 94.7% with a weighted average lease term of 5.0 years.

Outlook and guidance

  • 2026 guidance: SHOP NOI $175–$185 million, medical office/life science NOI $94–$98 million, triple net lease NOI $28–$30 million, total NOI $297–$313 million.

  • 2026 adjusted EBITDAre expected between $290–$305 million; normalized FFO $0.52–$0.58 per share ($125–$140 million).

  • Recurring capital expenditures for 2026 expected at $100–$115 million, down over 18% from 2025.

  • Margin expansion of approximately 200 basis points expected in 2026.

  • No acquisitions planned; 13 communities under contract for disposition in early 2026.

How does DHC balance senior living vs life science?
Describe tenant diversification strategy
What value does RMR Group bring to DHC's operations?
What is the timeline for 500 SHOP unit additions?
How will new operators drive 2026 NOI cadence?
MOB/LS 2026 expiring leases re-leasing strategy?
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Q1 20265 May, 2026
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Frequently asked questions

Diversified Healthcare Trust is a real estate investment trust (REIT) that owns and operates a portfolio of healthcare-related properties. The company’s assets include senior living communities, medical office buildings, life science properties, and wellness centers. Diversified Healthcare Trust generates revenue by leasing these properties to healthcare providers, senior living operators, and other tenants. The company is headquartered in Newton, Massachusetts, and its shares are listed on the NASDAQ.

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