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Diversified Healthcare Trust (DHC) investor relations material
Diversified Healthcare Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Third quarter 2025 revenue reached $388.7 million, up 4% year-over-year, with adjusted EBITDA RE of $62.9 million and normalized FFO of $9.7 million or $0.04 per share.
Reported a net loss of $164.0 million for Q3 2025, compared to a net loss of $98.7 million in Q3 2024, primarily due to $93.2 million in asset impairment charges.
Progress made on transitioning 116 AlerisLife Managed Communities to seven new operators, with 85 transitioned as of November 3, 2025, and all expected by year-end.
Portfolio as of September 30, 2025, includes 335 properties in 34 states and Washington, D.C., valued at approximately $6.7 billion.
Transition aims to create a more efficient, regionally aligned operating model and is expected to yield $25-$40 million in net proceeds in 2026 from AlerisLife wind-down.
Financial highlights
SHOP segment revenue grew 6.9% year-over-year to $333.4 million, with NOI up 8.0% to $29.6 million and occupancy increased 210 basis points to 81.5%.
Same property cash-based NOI was $62.6 million, up 70 basis points year-over-year but down 9.5% sequentially.
Q3 2025 normalized FFO was $9.7 million, up from $4.0 million in Q3 2024; nine-month normalized FFO was $42.6 million.
Interest expense decreased 17.8% in Q3 2025 due to debt redemptions and lower accretion.
G&A expense included a $5.7 million incentive fee, driven by a 90% YTD stock price increase.
Outlook and guidance
Full-year SHOP NOI guidance reaffirmed at $132-$142 million.
2025 CapEx guidance maintained at $140-$160 million.
Full-year 2025 Adjusted EBITDA RE expected in the $275-$285 million range.
SHOP occupancy expected to reach 82%-83% by year-end.
Sufficient liquidity is expected for at least the next 12 months, with access to $150 million in undrawn revolving credit.
DHC's senior living vs. other property mix?
DHC's portfolio as % of RMR's AUM?
Impact of DHC's diversification strategy?
Expected SHOP NOI margin post-transition
Capital allocation plan post-2026 debt paydown
MOB/LS portfolio growth drivers beyond sales
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Next Diversified Healthcare Trust earnings date
Q4 202525 Feb, 2026
Next Diversified Healthcare Trust earnings date
Q4 202525 Feb, 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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