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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.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.
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