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Owns senior living communities and medical office/life-science buildings, with senior living run by third-party operators.
Owns senior living communities and medical office/life-science buildings, with senior living run by third-party operators.
Rents out medical offices and life-science labs for lease income, while in senior living it keeps the resident fees and pays operators a management fee, so occupancy and care costs flow to the owner. Day-to-day management is outsourced to The RMR Group under a management contract.
Moat: none. Operator dependence and senior-living oversupply have pressured returns; no clear structural edge.
Headquarters: Newton, Massachusetts, US · Founded: 1994
Size Diversified Healthcare Trust (DHC) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $1.70B, the 1902nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $7.02 on 6 Nov 2026.
Performance Over six months the shares fell 16.9%, against -10.0% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue fell 3.8% over the last twelve months (peer median +3.8%); the operating margin is -1.1% (peer median 50.2%).
Valuation It trades at 1.11× book value against a peer median of 0.81× (5th most expensive of 21).
Price implies The share price implies a return on equity of about 18.0%; Diversified Healthcare Trust delivers -9.5%, so the price asks more than the business earns today.
Credit Diversified Healthcare Trust has 2 bonds outstanding ($1.00B), rated B by the agencies and trading like B+ at a weighted spread of 297 bp.
Short interest Short interest is 4.8% of the free float (15 Oct 2026).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.48B | $1.54B | $1.50B | $1.41B | $1.28B |
| Revenue growth | — | +3% | +6% | +10% | — |
| Gross profit | $63.3M | $16.6M | -$26.1M | -$47.9M | -$64.8M |
| EBITDA | $234M | $223M | $230M | $207M | $120M |
| Net income | -$152M | -$286M | -$370M | -$294M | -$15.8M |
| Free cash flow | -$16.2M | -$118M | -$89.5M | -$225M | -$340M |
| Capital expenditure | $119M | $147M | $202M | $235M | $299M |
| Total debt | $2.42B | $2.42B | $2.93B | $2.84B | $3.08B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Diversified Healthcare Trust DHC | $1.70B | -17% | -4% | -9% | 1.11× | 18.0% |
| Ventas VTR | $47.9B | +2% | +22% | 2% | 2.97× | 20.2% |
| Welltower WELL | $180B | +15% | +39% | 4% | 3.69× | 24.4% |
| National Health Investors NHI | $3.50B | -5% | +24% | 11% | 2.23× | 13.0% |
| Sabra Health Care REIT SBRA | $5.51B | +1% | +21% | 3% | 1.94× | 13.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DHC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.0% | +1.9% | 2nd lowest of 21 |
| 6-month return | -16.9% | -10.0% | 6th lowest of 20 |
| Return on equity | -9.4% | 7.4% | 3rd lowest of 20 |
| Price / book | 1.11× | 0.81× | 5th most expensive of 21 |
| ROE the price implies | 18.0% | 7.8% | most demanding of 21 |
| ROE delivered | -9.5% | 7.4% | 3rd lowest of 20 |
| Bond spread | 297 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Diversified Healthcare Trust DHC | United States | $1.70B | -17% | -4% | -9% | 1.11× | 18.0% | -9.5% |
| Douglas Emmett DEI | United States | $1.70B | -18% | +2% | -1% | 0.89× | 10.1% | -1.2% |
| HomeCo Daily Needs REIT HDN.AX | Australia | $1.71B | -2% | +4% | 11% | 0.76× | 8.5% | 11.4% |
| Eurocommercial Properties ECMPA.AS | Netherlands | $1.72B | -7% | +1% | 9% | 0.64× | 5.0% | 8.5% |
| Safestore SAFE.L | United Kingdom | $1.67B | -13% | +7% | 3% | 0.55× | 8.4% | 2.9% |
| Daiwa Office Investment 8976.T | Japan | $1.74B | -12% | +24% | 6% | 1.13× | 4.7% | 6.3% |
| Mitsui Fudosan Accommodations Fund 3226.T | Japan | $1.75B | -16% | +18% | 9% | 1.79× | 6.3% | 8.6% |
| Sekisui House Reit 3309.T | Japan | $1.78B | -23% | +5% | 7% | 0.97× | 5.3% | 7.4% |
| Charter Hall Long WALE REIT CLW.AX | Australia | $1.78B | +4% | +40% | 8% | 0.76× | 9.2% | 8.3% |
| Champion Real Estate Investment Trust 2778.HK | Hong Kong | $1.80B | -8% | -8% | -3% | 0.35× | 4.6% | -2.6% |
| Blackstone Digital Infrastructure Trust BXDC | United States | $1.61B | n/a | n/a | n/a | 0.83× | 7.3% | n/a |
| H&R Real Estate Investment Trust HR-UN.TO | Canada | $1.80B | -10% | -6% | -13% | 0.60× | 6.3% | -12.8% |
| Charter Hall Retail REIT CQR.AX | Australia | $1.59B | +6% | +31% | 14% | 0.78× | 8.7% | 13.9% |
| Global Net Lease GNL | United States | $1.58B | -26% | -30% | -1% | 0.96× | 9.9% | -1.0% |
| Blackstone Mortgage Trust BXMT | United States | $1.85B | -42% | -2% | -12% | 0.65× | 7.3% | -11.7% |
| ARMOUR Residential REIT ARR | United States | $1.87B | -29% | -140% | -2% | 0.80× | 10.2% | -2.3% |
| Region RGN.AX | Australia | $1.89B | +6% | +30% | 9% | 0.92× | 9.4% | 9.2% |
| Supermarket Income REIT SUPR.L | United Kingdom | $1.54B | +4% | -7% | 8% | 0.94× | 9.1% | 7.8% |
| Great Portland Estates GPE.L | United Kingdom | $1.90B | +17% | +24% | 7% | 0.66× | 9.9% | 7.5% |
| Activia Properties 3279.T | Japan | $1.90B | -10% | +24% | 6% | 1.12× | 5.6% | 5.9% |
| Japan Logistics Fund 8967.T | Japan | $1.52B | -8% | +3% | 9% | 1.70× | 6.6% | 9.4% |
Diversified Healthcare Trust has 2 bonds outstanding with $1.00B face value. The agencies rate it B; its bonds trade like B+. Weighted yield 7.48%, a spread of 297 bp over government bonds.