DHC on Nasdaq

DIVERSIFIED HEALTHCARE TRUST

Real estate investment trust1

In its 2026 annual report the company says: “We primarily own senior living communities, medical office and life science properties and other healthcare related properties throughout the United States.”4 It is headquartered in Newton, Massachusetts.1 Its shares trade on Nasdaq under the symbol DHC.1

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Last updated Oct 21, 2026.

Overview

Compare with EQUITY LIFESTYLE PROPERTIES INC, Regency Centers or Starwood Real Estate Income Trust, Inc., or pick any stock.

  • TickerDHC on Nasdaq1
  • IndustryReal Estate Investment Trusts1
  • HeadquartersNewton, Massachusetts1
  • Incorporated inMD2
  • Business addressC/O The Rmr Group, Two Newton Pl., 255 Wash. St., Ste. 300, Newton, Ma 024582
  • Filer categoryLarge accelerated filer2

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.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-18.6%Net margin5
2.8%Revenue growth, 20255
-17.2%Return on equity5
1.47×Debt to equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Resident Fees and Services brought in 87% of the revenue DIVERSIFIED HEALTHCARE TRUST broke down this way in fiscal 2025.

  1. Resident Fees and Services$1.3B587%up 5% from 2024
  2. Rental Income$193.8M513%down 9% from 2024
Products and services by year
Products and services202320242025
Resident Fees and Services$1.2B$1.2B$1.3B
Rental Income$220.5M$213.3M$193.8M

Business segments

Senior Housing Operating Portfolio brought in 87% of the revenue DIVERSIFIED HEALTHCARE TRUST broke down this way in fiscal 2025.

  1. Senior Housing Operating Portfolio$1.3B587%up 5% from 2024
  2. Medical Office and Life Science Portfolio$193.8M513%down 9% from 2024
Business segments by year
Business segments202320242025
Senior Housing Operating Portfolio$1.2B$1.2B$1.3B
Medical Office and Life Science Portfolio$220.5M$213.3M$193.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs100¢$1.5B
  • Income tax0¢$1.7M

Out of $1.5B in revenue.5 The company lost money this year.

Financial statements

Revenue67895$1.5B in 2025+48% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $1.0B$1.0B20192020: $1.6B$1.6B2020+57%2021: $1.4B$1.4B2021−15%2022: $1.3B$1.3B2022−7%2023: $1.4B$1.4B2023+10%2024: $1.5B$1.5B2024+6%2025: $1.5B$1.5B2025+3%
Net income67895-$285.9M in 2025+224% since 2019
-$400.0M-$200.0M0$200.0M2019: -$88.2M-$88.2M20192020: -$139.5M-$139.5M2020+58%2021: $174.5M$174.5M20212022: -$15.8M-$15.8M20222023: -$293.6M-$293.6M2023+1761%2024: -$370.3M-$370.3M2024+26%2025: -$285.9M-$285.9M2025−23%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Revenues$1.5B$1.5B$1.4B
Property operating expenses$1.3B$1.2B$1.2B
Depreciation and amortization$261.9M$285.0M$284.1M
General and administrative$45.5M$26.5M$26.1M
Acquisition and certain other transaction related costs$10.4M$2.5M$10.9M
Impairment of assets$165.7M$70.7M$18.4M
Total expenses$1.7B$1.6B$1.5B
Gain (loss) on sale of properties$117.7M-$18.9M$1.2M
Gains and losses on equity securities, net$0$0$8.1M
Gain on insurance recoveries$7.5M$0$0
Interest and other income$5.8M$8.9M$15.5M
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $77,942, $103,437 and $11,811, respectively)-$204.5M-$235.2M-$191.8M
Loss on modification or early extinguishment of debt-$42.5M-$324.0K-$2.5M
Loss before income taxes and equity in net earnings (losses) of investees-$320.9M-$371.4M-$272.7M
Income tax expense-$1.7M-$467.0K-$445.0K
Equity in net earnings (losses) of investees$36.8M$1.6M-$20.5M
Net loss-$285.9M-$370.3M-$293.6M
Equity in unrealized gains (losses) of an investee$17.0K-$17.0K$0
Unrealized loss on derivative-$12.0K$0$0
Other comprehensive loss$5.0K-$17.0K$0
Comprehensive loss-$285.9M-$370.3M-$293.6M
Weighted average common shares outstanding (basic) (in shares)240.3M shares239.5M shares238.8M shares
Weighted average common shares outstanding (diluted) (in shares)240.3M shares239.5M shares238.8M shares
Net loss - basic (in dollars per share)-$1.19-$1.55-$1.23
Net loss - diluted (in dollars per share)-$1.19-$1.55-$1.23
Interest expense (including net amortization of debt premiums, discounts and issuance costs)$77.9M$103.4M$11.8M

Compare DIVERSIFIED HEALTHCARE TRUST with another company

Corporate structure

DIVERSIFIED HEALTHCARE TRUST sits at the top of its group. 10 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of DIVERSIFIED HEALTHCARE TRUST

  • Flat Footed LLC Filed SCHEDULE 13G/A on DIVERSIFIED HEALTHCARE TRUST, latest Aug 14, 2026 (9 filings since Feb 14, 2023)
  • H/2 Special Opportunities IV L.P. Filed SCHEDULE 13D/A on DIVERSIFIED HEALTHCARE TRUST, latest Aug 12, 2026 (2 filings since Jun 30, 2023)
  • BlackRock Filed SCHEDULE 13G/A on DIVERSIFIED HEALTHCARE TRUST, latest Jul 28, 2026 (5 filings since Jan 26, 2022)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on DIVERSIFIED HEALTHCARE TRUST, latest Mar 26, 2026 (5 filings since Feb 9, 2022)
  • CHARLES SCHWAB INVESTMENT MANAGEMENT INC Filed SC 13G/A on DIVERSIFIED HEALTHCARE TRUST, latest Nov 8, 2024 (2 filings since Feb 9, 2024)
  • D. E. SHAW & CO, L.P. Filed SC 13D/A on DIVERSIFIED HEALTHCARE TRUST, latest Oct 9, 2024 (4 filings since Jun 12, 2023)
  • Silver Point Capital, L.P. Filed SC 13G on DIVERSIFIED HEALTHCARE TRUST, latest Feb 14, 2024
  • MILLENNIUM MANAGEMENT LLC Filed SC 13G/A on DIVERSIFIED HEALTHCARE TRUST, latest Jan 26, 2024 (3 filings since Dec 22, 2022)
  • ABP Trust Filed SC 13D on DIVERSIFIED HEALTHCARE TRUST, latest Jun 20, 2023
  • State Street Corporation Filed SC 13G/A on DIVERSIFIED HEALTHCARE TRUST, latest Jan 20, 2023 (2 filings since Feb 11, 2022)
  • DIVERSIFIED HEALTHCARE TRUST Newton, Massachusetts
    • AlerisLife Inc. Stake · Newton, Massachusetts
    • SNH ALT Leased Properties Trust Subsidiary · Maryland, United States
    • SNH Maryland Heights LLC Subsidiary · Delaware, United States
    • SNH Medical Office Properties Trust Subsidiary · Maryland, United States
    • SNH Proj Lincoln TRS LLC Subsidiary · Maryland, United States
    • SNH SE Properties Trust Subsidiary · Maryland, United States
    • SNH SE Tenant TRS, Inc. Subsidiary · Maryland, United States
    • SNH TRS Inc. Subsidiary · Maryland, United States
    • SNH TRS Licensee Holdco LLC Subsidiary · Maryland, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.

What it owns

What DIVERSIFIED HEALTHCARE TRUST reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$542.4M5 Dec 31, 2025$606.0M5 Dec 31, 2024−10.5%
Buildings and improvements$5.4B5 Dec 31, 2025$5.8B5 Dec 31, 2024−7.1%
Operating-lease assets (leased space)$16.5M5 Dec 31, 2025$20.0M5 Dec 31, 2024−17.4%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$3.9B5 Dec 31, 2025$4.3B5 Dec 31, 2024−11.1%
Real estate investments, at cost$5.9B5 Dec 31, 2025$6.4B5 Dec 31, 2024−7.4%
Real estate accumulated depreciation$2.1B5 Dec 31, 2025$2.1B5 Dec 31, 2024+0.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$105.4M5 Dec 31, 2025$144.6M5 Dec 31, 2024−27.1%
Stakes in other companies (equity method)$27.2M5 Dec 31, 2025$24.6M5 Dec 31, 2024+10.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, net$20.7M5 Dec 31, 2025$26.3M5 Dec 31, 2024−21.4%

Properties, in its own words

At December 31, 2025, our portfolio was comprised of 298 owned properties. The gross book value of real estate assets at cost plus certain acquisition costs, before depreciation and purchase price allocations and less impairment write downs, or gross book value of real estate assets, of these properties totaled $6.3 billion at December 31, 2025. As of December 31, 2025, 14 properties with a gross book value of real estate assets of $326.6 million were encumbered by our undrawn secured revolving credit facility. As of December 31, 2025, 36 properties with a gross book value of real estate assets of $402.8 million were encumbered by our senior secured notes due 2030 with a principal balance of $375.0 million. As of December 31, 2025, 36 properties with a gross book value of real estate assets of $657.3 million were encumbered by six mortgages with an aggregate principal balance of $468.5 million. As of December 31, 2025, two properties with a gross book value of real estate assets of $20.1 million were subject to finance lease obligations with an aggregate principal balance of $0.6 million. The 11 properties owned by our unconsolidated joint ventures in which we own 10% and 20% interests were encumbered by three mortgages totaling $1.5 billion as of December 31, 2025. For more information regarding our finance leases, mortgages, senior secured notes and two unconsolidated joint ventures, see Notes 3 and 9 to our Consolidated Financial Statements included in Part IV, Item 15 of this Annual Report on Form 10-K.

The following table summarizes certain information about our owned properties as of December 31, 2025. All dollar amounts are in thousands:

The rest of Item 2

SHOP · Medical Office and Life Science Portfolio · All Other · Consolidated

State · Number ofProperties · Gross Book Value of Real Estate Assets (1) · Net BookValue · Number ofProperties · Gross Book Value of Real Estate Assets(1) · Net BookValue · Number ofProperties · Gross Book Value of Real Estate Assets (1) · Net BookValue · Number ofProperties · Gross Book Value of Real Estate Assets (1) · Net BookValue

AL · 8 · 106,603 · 68,303 · — · — · — · — · — · — · 8 · 106,603 · 68,303

AR · 3 · 47,812 · 26,034 · — · — · — · — · — · — · 3 · 47,812 · 26,034

AZ · 6 · 182,607 · 108,651 · — · — · — · — · — · — · 6 · 182,607 · 108,651

CA · 9 · 216,708 · 125,116 · 6 · 233,938 · 161,676 · 1 · 7,279 · 3,467 · 16 · 457,925 · 290,259

CO · 8 · 118,663 · 67,122 · 2 · 20,780 · 11,417 · 1 · 14,385 · 9,106 · 11 · 153,828 · 87,645

DC · — · — · — · 1 · 30,287 · 22,605 · — · — · — · 1 · 30,287 · 22,605

DE · 2 · 61,663 · 33,963 · — · — · — · — · — · — · 2 · 61,663 · 33,963

FL · 19 · 690,475 · 413,840 · 7 · 48,082 · 32,129 · 1 · 20,691 · 18,986 · 27 · 759,248 · 464,955

GA · 10 · 230,016 · 147,197 · 6 · 96,476 · 62,353 · 2 · 65,306 · 48,961 · 18 · 391,798 · 258,511

HI · — · — · — · 1 · 80,845 · 53,641 · — · — · — · 1 · 80,845 · 53,641

ID · — · — · — · — · — · — · 2 · 23,721 · 15,188 · 2 · 23,721 · 15,188

IL · 11 · 191,932 · 104,877 · 2 · 38,341 · 21,654 · 1 · 20,641 · 12,136 · 14 · 250,914 · 138,667

IN · 9 · 171,630 · 107,404 · 1 · 22,584 · 12,066 · 1 · 66,443 · 44,030 · 11 · 260,657 · 163,500

KS · 2 · 41,592 · 28,177 · 1 · 18,609 · 8,935 · 1 · 27,204 · 9,952 · 4 · 87,405 · 47,064

KY · 9 · 123,592 · 63,576 · — · — · — · — · — · — · 9 · 123,592 · 63,576

MA · 1 · 38,191 · 21,178 · 3 · 127,233 · 89,669 · — · — · — · 4 · 165,424 · 110,847

MD · 11 · 275,771 · 171,593 · — · — · — · 1 · 20,964 · 13,780 · 12 · 296,735 · 185,373

MN · 1 · 17,149 · 10,127 · 5 · 72,900 · 44,870 · — · — · — · 6 · 90,049 · 54,997

MO · 5 · 74,512 · 43,759 · 1 · 26,533 · 17,791 · — · — · — · 6 · 101,045 · 61,550

NC · 16 · 248,974 · 169,685 · 1 · 38,228 · 24,315 · — · — · — · 17 · 287,202 · 194,000

NE · 1 · 8,624 · 4,848 · — · — · — · 1 · 26,702 · 17,138 · 2 · 35,326 · 21,986

NJ · 3 · 130,217 · 82,481 · — · — · — · — · — · — · 3 · 130,217 · 82,481

NM · 1 · 36,913 · 20,335 · 2 · 39,988 · 25,999 · 3 · 33,303 · 19,163 · 6 · 110,204 · 65,497

NV · 2 · 87,266 · 54,697 · — · — · — · — · — · — · 2 · 87,266 · 54,697

NY · 1 · 116,603 · 78,891 · 1 · 54,127 · 30,609 · — · — · — · 2 · 170,730 · 109,500

OH · 1 · 51,435 · 27,755 · 1 · 18,601 · 10,929 · 1 · 4,428 · 1,419 · 3 · 74,464 · 40,103

OR · 1 · 53,482 · 42,973 · — · — · — · — · — · — · 1 · 53,482 · 42,973

PA · 7 · 96,883 · 54,262 · 3 · 42,112 · 25,388 · — · — · — · 10 · 138,995 · 79,650

SC · 9 · 104,202 · 66,913 · — · — · — · — · — · — · 9 · 104,202 · 66,913

TN · 12 · 160,156 · 113,278 · 1 · 9,806 · 5,951 · — · — · — · 13 · 169,962 · 119,229

TX · 13 · 404,818 · 242,484 · 8 · 189,647 · 117,928 · 1 · 20,502 · 12,723 · 22 · 614,967 · 373,135

VA · 11 · 152,878 · 89,735 · 5 · 105,254 · 62,706 · — · — · — · 16 · 258,132 · 152,441

WA · — · — · — · — · — · — · 2 · 18,275 · 9,641 · 2 · 18,275 · 9,641

WI · 7 · 122,864 · 79,018 · 9 · 175,020 · 112,307 · — · — · — · 16 · 297,884 · 191,325

Total · 199 · 4,364,231 · 2,668,272 · 67 · 1,489,391 · 954,938 · 19 · 369,844 · 235,690 · 285 · 6,223,466 · 3,858,900

Held for Sale · 13 · 52,496 · 22,048 · — · — · — · — · — · — · 13 · 52,496 · 22,048

Grand Total · 212 · 4,416,727 · 2,690,320 · 67 · 1,489,391 · 954,938 · 19 · 369,844 · 235,690 · 298 · 6,275,962 · 3,880,948

(1) Represents gross book value of real estate assets at cost plus certain acquisition costs, before depreciation and purchase price allocations and less impairment write downs, if any.

Item 2 of the 10-K filed Feb 24, 2026.4

Leadership

Who has led DIVERSIFIED HEALTHCARE TRUST, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (17)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • SNH ALT Leased Properties Trust Maryland3
  • SNH Maryland Heights LLC Delaware3
  • SNH Medical Office Properties Trust Maryland3
  • SNH Proj Lincoln TRS LLC Maryland3
  • SNH SE Properties Trust Maryland3
  • SNH SE Tenant TRS, Inc. Maryland3
  • SNH TRS Inc. Maryland3
  • SNH TRS Licensee Holdco LLC Maryland3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • SENIOR HOUSING PROPERTIES TRUSTDec 24, 1998 to Nov 7, 20192

Timeline

  1. Aug 3, 20268-K Results of operations36
  2. Jun 12, 20268-K Shareholder vote37
  3. Jun 1, 20268-K Regulation FD disclosure38
  4. May 5, 20268-K Regulation FD disclosure39
  5. May 4, 20268-K Results of operations40
  6. Feb 24, 20268-K Regulation FD disclosure41
  7. Feb 23, 20268-K Results of operations42
  8. Jan 14, 20268-K Results of operations; Other events43
  9. Jan 5, 20268-K Ended a material agreement44
  10. Dec 8, 20258-K Regulation FD disclosure45
  11. Nov 3, 20258-K Results of operations46
  12. Oct 8, 20258-K Regulation FD disclosure47
  13. Jan 2, 2024New chief executive Christopher J. Bilotto becomes CEO13
  14. Jun 4, 2021New chief executive Jennifer F. Mintzer becomes CEO14

Calendar

Coming up

  1. Nov 2, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.04 a share, on Nov 3, 2025.48

When it reported results

  1. Aug 3, 2026Reported quarterly or annual results36
  2. May 4, 2026Reported quarterly or annual results40
  3. Feb 23, 2026Reported quarterly or annual results42
  4. Jan 14, 2026Reported quarterly or annual results43
  5. Nov 3, 2025Reported quarterly or annual results46
  6. Aug 4, 2025Reported quarterly or annual results49
  7. May 5, 2025Reported quarterly or annual results50
  8. Feb 25, 2025Reported quarterly or annual results51

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

262 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 63 major events, 73 insider forms, 34 large holders, 72 other. The latest 20:

  1. Sep 21, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Sep 21, 20264 OWNERSHIP DOCUMENT EDGAR
  3. Sep 21, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Sep 14, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Sep 14, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Sep 14, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Aug 14, 2026SCHEDULE 13G/A EDGAR
  8. Aug 12, 2026SCHEDULE 13D/A EDGAR
  9. Aug 3, 202610-Q EDGAR
  10. Aug 3, 20268-K EDGAR
  11. Jul 28, 2026SCHEDULE 13G/A EDGAR
  12. Jun 12, 20264 OWNERSHIP DOCUMENT EDGAR
  13. Jun 12, 20264 OWNERSHIP DOCUMENT EDGAR
  14. Jun 12, 20264 OWNERSHIP DOCUMENT EDGAR
  15. Jun 12, 20264 OWNERSHIP DOCUMENT EDGAR
  16. Jun 12, 20264 OWNERSHIP DOCUMENT EDGAR
  17. Jun 12, 20264 OWNERSHIP DOCUMENT EDGAR
  18. Jun 12, 20264 OWNERSHIP DOCUMENT EDGAR
  19. Jun 12, 20268-K EDGAR
  20. Jun 1, 20268-K EDGAR

The 262 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

14 open-market trades by officers, directors and large owners since October 2021: 14 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 15, 2025Bilotto Christopher J.President and CEOBuy20,000$4.89$97.8KForm 4
Nov 13, 2024Brown Matthew C.CFO and TreasurerBuy2,000$2.55$5.1KForm 4
Jun 14, 2023PORTNOY ADAM D.DirectorBuy2,000,000$3.07$6.1MForm 4
Jun 13, 2023PORTNOY ADAM D.DirectorBuy1,992,259$3.03$6.0MForm 4
Jun 12, 2023PORTNOY ADAM D.DirectorBuy2,011,256$2.87$5.8MForm 4
Jun 9, 2023PORTNOY ADAM D.DirectorBuy1,905,200$2.59$4.9MForm 4
Jun 8, 2023PORTNOY ADAM D.DirectorBuy1,690,000$2.46$4.2MForm 4
Jun 7, 2023PORTNOY ADAM D.DirectorBuy2,400,000$2.34$5.6MForm 4
Jun 6, 2023PORTNOY ADAM D.DirectorBuy1,603,082$1.87$3.0MForm 4
Jun 5, 2023PORTNOY ADAM D.DirectorBuy2,318,081$1.75$4.1MForm 4
Jun 2, 2023PORTNOY ADAM D.DirectorBuy1,625,481$1.69$2.7MForm 4
Jun 1, 2023PORTNOY ADAM D.DirectorBuy1,454,388$1.47$2.1MForm 4
May 31, 2023PORTNOY ADAM D.DirectorBuy1,065,000$1.35$1.4MForm 4
May 30, 2023PORTNOY ADAM D.DirectorBuy635,253$1.21$768.7KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

DIVERSIFIED HEALTHCARE TRUST has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Christopher J. Bilotto President and Chief Executive Officer$445.0K$448.5K63
2025Matthew C. Brown Chief Financial Officer and Treasurer$160.0K$162.1K63
2024Christopher J. Bilotto President and Chief Executive Officer$340.0K$341.6K63
2024Matthew C. Brown Chief Financial Officer and Treasurer$135.0K$136.4K63
2023Matthew C. Brown Chief Financial Officer and Treasurer$35.0K$36.0K63

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Flat Footed LLC23,487,002$218.4M37.9%No change
BlackRock, Inc.23,076,173$214.6M0.0%−802,514
Silver Point Capital L.P.15,504,810$144.2M14.8%No change
Vanguard Portfolio Management LLC10,592,743$98.5M0.0%+1,774,923
Vanguard Capital Management LLC9,675,173$90.0M0.0%+75,470
State Street Corp9,002,069$83.7M0.0%+15,157
Geode Capital Management, LLC7,060,965$65.7M0.0%+452,468
Davidson Kempner Capital Management LP6,409,530$59.6M1.5%+161,700
Nomura Holdings Inc6,277,985$58.4M0.2%−1,054,287
Carronade Capital Management, LP6,139,329$57.1M1.0%+870,894
Charles Schwab Investment Management Inc5,237,744$48.7M0.0%−647,076
Healthcare Of Ontario Pension Plan Trust Fund5,000,000$46.5M0.1%No change
BlackBarn Capital Partners LP4,075,000$37.9M9.4%−737,413
Jpmorgan Chase & Co3,010,894$28.9M0.0%+237,506
Arrowstreet Capital, Limited Partnership3,041,186$28.3M0.0%+686,362
Centersquare Investment Management LLC2,862,591$26.6M0.2%+160
Northern Trust Corp2,801,935$26.1M0.0%+602,662
Dimensional Fund Advisors LP2,617,725$24.3M0.0%+217,921
Bank of New York Mellon Corp2,376,453$22.1M0.0%−13,960
Goldman Sachs Group Inc2,248,031$20.9M0.0%+949,934
Hudson Bay Capital Management LP2,000,000$18.6M0.1%−4,550
Allianz Asset Management GmbH1,767,596$16.4M0.0%+1,234,822
Morgan Stanley1,728,981$16.1M0.0%+327,379
First Trust Advisors LP1,632,802$15.2M0.0%+1,605,130
Vanguard Fiduciary Trust Co1,451,932$13.5M0.0%+26,443

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How DIVERSIFIED HEALTHCARE TRUST is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARDIVERSIFIED HEALTHCARE TRUST1
  • CIK0001075415
  • Employer ID (EIN)04-34452784
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inMaryland4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business addressC/O The Rmr Group, Two Newton Pl., 255 Wash. St., Ste. 300, Newton, MA 024581
  • Phone(617) 796-83501
  • Shares outstanding242,128,988 as of Jul 31, 202611
  • Public float$776.9M as of Jun 30, 20254
  • AuditorDeloitte & Touche LLP, Boston, Massachusetts PCAOB ID 34; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceDec 24, 19981
  • Filings1,156 in all: 8-K (298), 4 (271), SC 13G/A (83), 10-Q (81), 424B5 (52), 425 (40), SC 13G (30), DEF 14A (27)1
    All 48 form types

    10-K (25), DEFA14A (24), SC 13D/A (24), UPLOAD (24), ARS (18), 3 (17), 424B3 (13), CORRESP (13), DFAN14A (12), FWP (10), 10-K/A (8), 8-K/A (8), 8-A12B (7), SC 13D (7), S-3ASR (6), 305B2 (5), 4/A (5), S-11/A (4), S-3 (4), SCHEDULE 13G/A (4), 10-Q/A (3), 25 (3), POSASR (3), PRE 14A (3), PX14A6G (3), S-8 (3), 10-K405 (2), CERTNYS (2), PRRN14A (2), S-3/A (2), 15-12B (1), 25-NSE (1), CERTNAS (1), DEFC14A (1), DEFM14A (1), DEL AM (1), EFFECT (1), PREC14A (1), S-11 (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Feb 24, 2026
    Quarterly report (10-Q) Aug 3, 2026
    Proxy statement (DEF 14A) Mar 19, 2026
    Latest 8-K (8-K) Aug 3, 2026

Securities registered for trading

ClassSymbolExchange
Common Shares of Beneficial InterestDHCThe Nasdaq Stock Market LLC
5.625% Senior Notes due 2042DHCNIThe Nasdaq Stock Market LLC
6.25% Senior Notes due 2046DHCNLThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks DIVERSIFIED HEALTHCARE TRUST names in Item 1A of its 10-K filed Feb 24, 2026: 56 risks under these headings, as written.4

  • Risks Related to Our Business
  • Unfavorable market and industry conditions have had and may continue to have a material adverse effect on our results of operations, financial condition and ability to pay distributions to our shareholders.
  • We are subject to risks related to our debt, including our ability to refinance maturing debt and the cost of any such refinanced debt.
  • We may fail to comply with the terms of our debt agreements, which could adversely affect our business and prohibit us from paying distributions to our shareholders.
  • Secured debt exposes us to the possibility of foreclosure, which could result in the loss of our investment in certain of our subsidiaries or in a property or group of properties or other assets that secure that debt.
  • We are limited in our ability to operate our senior living communities and are thus dependent on our managers or other operators.
  • We are exposed to operational risks, liabilities and claims with respect to our SHOP segment that could adversely affect our revenues and operations.
  • The trend for seniors to delay moving to senior living communities until they require greater care or to forgo moving to senior living communities altogether could have a material adverse effect on our business, financial condition and results of operations.
  • Increased labor costs, decreased labor availability and staffing turnover have negatively impacted our managers and our SHOP segment operating results, and these conditions may continue for an extended period.
  • Termination of resident agreements within our SHOP segment and resident attrition could adversely affect revenues and earnings at our senior living communities.
  • Our investments in our properties may not yield the returns we expect and may cost more than expected and take longer to complete.
  • Depressed U.S. housing market conditions and other factors may reduce the willingness or ability of seniors to relocate to our senior living communities.
The other 45 risks
  • REIT distribution requirements and limitations on our ability to access capital at reasonable costs or at all may adversely impact our ability to carry out our business plan.
  • We face challenges from uncertainties regarding interest rates, and high interest rates have significantly increased our interest expense and may otherwise materially and negatively affect us.
  • Our managers or other operators may fail to comply with laws relating to the operation of our senior living communities.
  • We and our managers and other operators and tenants face significant competition.
  • We may be unable to lease our properties when our leases expire.
  • We are exposed to risks associated with property development, redevelopment and repositioning that could adversely affect us, including our financial condition and results of operations.
  • Ownership of real estate is subject to environmental risks and liabilities.
  • We are subject to risks from adverse weather, natural disasters and adverse impacts from global climate change, and we incur significant costs and invest significant amounts with respect to these matters.
  • Vacancies in a property could result in significant capital expenditures and negative property level cash flow and reduce the value of the property.
  • RMR and our senior living community managers rely on information technology and systems in providing services to us, and any material failure, inadequacy, interruption or security breach of that technology or those systems could materially harm us.
  • RMR incorporates artificial intelligence into some of its business workflows and processes, and challenges with properly managing its use could result in reputational harm, competitive harm, legal liability, and increased regulatory costs and could adversely affect our results of operations.
  • Sustainability initiatives, requirements and market expectations may impose additional costs and expose us to new risks.
  • Insurance may not adequately cover our losses, and insurance costs may increase.
  • We may not succeed in selling properties we may identify for sale and any proceeds we may receive from sales we do complete may be less than expected, and we may incur losses with respect to any such sales.
  • We may be unable to grow our business by acquiring additional properties, and we might encounter unanticipated difficulties and expenditures relating to our acquired properties.
  • Our existing and any future joint ventures may limit our flexibility with jointly owned investments and we may not realize the benefits we expect from these arrangements.
  • Bankruptcy law may adversely impact us.
  • A severe cold or flu season, epidemics or any other widespread illnesses could adversely affect the operations of our senior living communities.
  • Risks Related to Our Relationships with RMR
  • We are dependent upon RMR to manage our business and implement our growth strategy.
  • RMR has broad discretion in operating our day to day business.
  • Our management structure and agreements and relationships with RMR and RMR’s and its controlling shareholder’s relationships with others may create conflicts of interest, or the perception of such conflicts, and may restrict our investment activities.
  • Our management agreements with RMR were not negotiated on an arm’s length basis and their fee and expense structure may not create proper incentives for RMR, which may increase the risk of an investment in our common shares.
  • The termination of our management agreements with RMR may require us to pay a substantial termination fee, including in the case of a termination for unsatisfactory performance, which may limit our ability to end our relationship with RMR.
  • Our management arrangements with RMR may discourage a change of control of us.
  • We are party to transactions with related parties that may increase the risk of allegations of conflicts of interest.
  • We may be at an increased risk for dissident shareholder activities due to perceived conflicts of interest arising from our management structure and relationships.
  • Risks Related to Our Organization and Structure
  • We may change our operational, financing and investment policies without shareholder approval and we may become more highly leveraged, which may increase our risk of default under our debt obligations.
  • Ownership limitations and certain provisions in our declaration of trust, bylaws and agreements, as well as certain provisions of Maryland law, may deter, delay or prevent a change in our control or unsolicited acquisition proposals.
  • Our rights and the rights of our shareholders to take action against our Trustees and officers are limited.
  • Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain actions and proceedings that may be initiated by our shareholders, which could limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our Trustees, officers, manager or other agents.
  • Disputes with RMR may be referred to mandatory arbitration proceedings, which follow different procedures than in-court litigation and may be more restrictive to those asserting claims than in-court litigation.
  • Risks Related to Our Taxation
  • Our failure to remain qualified for taxation as a REIT under the IRC could have significant adverse consequences.
  • Distributions to shareholders generally will not qualify for reduced tax rates applicable to “qualified dividends.”
  • REIT distribution requirements could adversely affect us and our shareholders.
  • Even if we remain qualified for taxation as a REIT under the IRC, we may face other tax liabilities that reduce our cash flow.
  • If arrangements involving our TRSs fail to comply as intended with the REIT qualification and taxation rules, we may fail to qualify for taxation as a REIT under the IRC or be subject to significant penalty taxes.
  • Legislative or other actions affecting REITs could materially and adversely affect us and our shareholders.
  • Risks Related to Our Securities
  • Our quarterly cash distribution rate on our common shares is currently $0.01 per common share and future distributions may remain at this level for an indefinite period or be eliminated and the form of payment could change.
  • The Notes and the Guarantees are structurally subordinated to the payment of all indebtedness and other liabilities of our subsidiaries that do not guarantee the 2030 Notes and the 2031 Notes.
  • The Notes and the Guarantees, other than the 2030 Notes and related Guarantees on a senior secured basis, are unsecured and effectively subordinated to all of our and the subsidiary guarantors’ existing and future secured debt to the extent of the value of the assets securing such debt.
  • Federal and state statutes allow courts, under specific circumstances, to void guarantees and require holders of notes to return payments received from guarantors.
  • There may be no public market for certain of the Notes, and one may not develop, be maintained or be liquid.
  • Downgrades in our credit ratings could materially adversely affect the market price of the Notes and may increase our cost of capital.
  • We may not have the ability to raise the funds necessary to finance the repurchase of the 2030 Notes and the 2031 Notes upon a change of control event as will be required.
  • Some or all of the Guarantees may be released automatically.

Legal proceedings

From time to time, we may become involved in litigation matters incidental to the ordinary course of our business. Although we are unable to predict with certainty the eventual outcome of any litigation, we are currently not a party to any litigation which we expect to have a material adverse effect on our business.

The opening of Item 3, Legal Proceedings.4

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