Diversified Healthcare Trust is a US-listed company in the health care REITs industry. Its financial year ends in December.
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~$7.5
Funds-from-operations model
Base case. Range ~$6.3–$9.3. Funds from operations growing 2.5% a year, discounted at 8%.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Diversified Healthcare Trust valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $1.50bn, down 1.5% on a year earlier, against growth of 0.4% a quarter earlier. That puts it 7 of 8 for growth among the health care reits companies we cover.
Source: 10-Q filed August 3, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Diversified Healthcare Trust's trailing-twelve-month revenue fell 3.8% year on year, with a free-cash-flow margin of -4.4%. Where it lags: revenue growth of -3.8% ranks 16 of 17 health care reits companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -3.8% (-2.3pp vs the prior quarter), the 11th consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
The company also guided to medical office / life science noi of $94,000.00 to $98,000.00 for the Full Year 2026 Guidance; all other noi of $28,000.00 to $30,000.00 for the Full Year 2026 Guidance.
We value Diversified Healthcare Trust as an equity reit, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.64 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. | ~$7.5 ~$6.3–$9.3 | Primary model, counts double |
| Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. | ~$0.1 ~$3.4–$7.0 | Left out: out of range vs price (0.02x) |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | ~$0.8 ~$0.7–$1.0 | Left out: out of range vs price (0.10x) |
| Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$7.5 ~$6.3–$9.3 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Diversified Healthcare Trust with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moderate moat
How hard Diversified Healthcare Trust's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -2.8% of total assets over 10 years.
Operating margin has been a median 34.2%; its worst year was 24.9%.
Free cash flow was positive in 4 of 10 years, at a median -6.1% of revenue.
The diluted share count rose 1.2% over five years; stock-based pay has been a median 0.3% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.63 | +48% | $1.5bn | −4% |
| Next | −$0.37 | — | $1.5bn | +5% |
The consensus EPS forecast for the current fiscal year is +3.6% on 90 days ago. In the last 30 days, 1 analyst raised Diversified Healthcare Trust's forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.60 | −$0.48 |
| 60 days ago | −$0.63 | −$0.43 |
| 30 days ago | −$0.63 | −$0.43 |
| 7 days ago | −$0.63 | −$0.43 |
| Now | −$0.63 | −$0.37 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.15 | −$0.10 | +36.5% |
| Mar 2026 | −$0.16 | −$0.13 | +15.8% |
| Dec 2025 | −$0.18 | −$0.06 | +65.1% |
| Sept 2025 | −$0.23 | −$0.22 | +2.3% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +82.7%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $1.5bn | $1.5bn | −1.5% |
| P/S multiple | 0.7x | 1.2x | +86.0% |
| Share count | 240m | 241m | −0.3% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
Last 3 years +226.8%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $1.4bn | $1.5bn | +11.0% |
| P/S multiple | 0.4x | 1.2x | +197.1% |
| Share count | 239m | 241m | −0.9% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| DHC | −24% | −79% | +495% | −38% | +114% | +61% |
| Industry peers (median) | +6% | −15% | +2% | +19% | +17% | +11% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| DHC | 42% | 25% | 75% | 50% | 67% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| DHC | −54% | −81% | −56% | −48% | −27% | −23% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 96% from September 7, 2016 to December 22, 2022. Getting back needed a 2611% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 3, 2026 | −1.1% | +3.3% | −5.5% | −14.3% |
| May 4, 2026 | +4.2% | +0.4% | +7.4% | +8.9% |
| February 23, 2026 | −2.2% | −0.3% | +16.0% | +7.5% |
| January 14, 2026 | +2.4% | −0.2% | +6.7% | +22.2% |
| November 3, 2025 | −1.2% | −1.0% | +5.6% | +12.9% |
| August 4, 2025 | +4.9% | +1.0% | +3.1% | +14.4% |
| May 5, 2025 | +26.0% | −1.4% | +31.7% | +41.9% |
| February 25, 2025 | +10.4% | −0.4% | +9.1% | +0.8% |
| November 4, 2024 | −18.4% | +1.0% | −21.9% | −25.9% |
| August 1, 2024 | −2.7% | −3.3% | −6.9% | +4.2% |
| May 6, 2024 | −11.8% | +1.1% | −8.8% | +13.7% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $1.4B |
| FY24 Q1 | $1.4B |
| FY24 Q2 | $1.5B |
| FY24 Q3 | $1.5B |
| FY24 Q4 | $1.5B |
| FY25 Q1 | $1.5B |
| FY25 Q2 | $1.5B |
| FY25 Q3 | $1.5B |
| FY25 Q4 | $1.5B |
| FY26 Q1 | $1.5B |
| FY26 Q2 | $1.5B |
| FY26 Q3 | $1.5B |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q4 | 9.9% |
| FY24 Q1 | 8.8% |
| FY24 Q2 | 8.0% |
| FY24 Q3 | 6.6% |
| FY24 Q4 | 6.0% |
| FY25 Q1 | 5.3% |
| FY25 Q2 | 4.3% |
| FY25 Q3 | 4.1% |
| FY25 Q4 | 2.8% |
| FY26 Q1 | 0.4% |
| FY26 Q2 | -1.5% |
| FY26 Q3 | -3.8% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY15 Q3 | 32.5% |
| FY15 Q4 | 31.4% |
| FY16 Q1 | 29.8% |
| FY16 Q2 | 29.5% |
| FY16 Q3 | 28.6% |
| FY16 Q4 | 28.6% |
| FY17 Q1 | 28.9% |
| FY17 Q2 | 27.8% |
| FY17 Q3 | 28.1% |
| FY17 Q4 | 25.6% |
| FY18 Q1 | 25.1% |
| FY18 Q2 | 24.9% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | -15.9% |
| FY24 Q1 | -13.1% |
| FY24 Q2 | -11.2% |
| FY24 Q3 | -7.8% |
| FY24 Q4 | -6.0% |
| FY25 Q1 | -7.6% |
| FY25 Q2 | -6.5% |
| FY25 Q3 | -10.6% |
| FY25 Q4 | -10.8% |
| FY26 Q1 | -9.9% |
| FY26 Q2 | -10.3% |
| FY26 Q3 | -4.4% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Sept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||||
| Revenue | 297 | 340 | 440 | 635 | 761 | 845 | 999 | 1,058 | 1,075 | 1,117 | 1,040 | 1,632 | 1,383 | 1,284 | 1,410 | 1,495 | 1,538 | 1,479 |
| EBITDA | 244 | 289 | 334 | 393 | 418 | 477 | 571 | 591 | 552 | — | — | — | — | — | — | — | — | — |
| Operating income | 165 | 198 | 223 | 254 | 265 | 291 | 314 | 303 | 275 | — | — | — | — | — | — | — | — | — |
| Net income | 110 | 116 | 151 | 136 | 151 | 159 | 124 | 141 | 148 | 287 | −88 | −139 | 175 | −16 | −294 | −370 | −286 | −152 |
| Diluted EPS | $0.90 | $0.91 | $1.01 | $0.80 | $0.81 | $0.80 | $0.53 | $0.60 | $0.62 | $1.21 | −$0.37 | −$0.59 | $0.73 | −$0.07 | −$1.23 | −$1.55 | −$1.19 | −$0.63 |
| Growth (year on year) | ||||||||||||||||||
| Revenue | — | +14.4% | +29.4% | +44.3% | +19.9% | +11.0% | +18.2% | +5.9% | +1.6% | +3.9% | −6.9% | +56.9% | −15.2% | −7.2% | +9.9% | +6.0% | +2.8% | −3.8% |
| EBITDA | — | +18.4% | +15.8% | +17.6% | +6.2% | +14.2% | +19.8% | +3.4% | −6.6% | — | — | — | — | — | — | — | — | — |
| Operating income | — | +20.0% | +12.7% | +13.7% | +4.1% | +10.2% | +7.6% | −3.3% | −9.2% | — | — | — | — | — | — | — | — | — |
| Net income | — | +6.2% | +30.0% | −10.3% | +11.2% | +4.9% | −21.9% | +14.0% | +4.5% | +94.3% | −130.8% | — | — | −109.0% | — | — | — | — |
| Diluted EPS | — | +1.1% | +11.0% | −20.8% | +1.3% | −1.2% | −33.8% | +13.2% | +3.3% | +95.2% | −130.6% | — | — | −109.6% | — | — | — | — |
| Margins | ||||||||||||||||||
| EBITDA margin | 82.0% | 84.9% | 76.0% | 61.9% | 54.8% | 56.4% | 57.2% | 55.9% | 51.4% | — | — | — | — | — | — | — | — | — |
| Operating margin | 55.6% | 58.3% | 50.8% | 40.0% | 34.7% | 34.5% | 31.4% | 28.6% | 25.6% | — | — | — | — | — | — | — | — | — |
| Net margin | 36.9% | 34.2% | 34.4% | 21.4% | 19.9% | 18.8% | 12.4% | 13.4% | 13.7% | 25.7% | −8.5% | −8.5% | 12.6% | −1.2% | −20.8% | −24.8% | −18.6% | −10.3% |
| Free-cash-flow margin | — | 53.2% | 48.8% | 36.7% | 33.4% | 33.9% | 33.6% | 30.7% | 28.1% | 25.9% | 4.2% | −1.7% | −21.0% | −26.5% | −15.9% | −6.0% | −10.8% | −4.4% |
| Cash flow | ||||||||||||||||||
| Cash from operations | 209 | 215 | 254 | 283 | 307 | 351 | 406 | 424 | 419 | 393 | 266 | 159 | −63 | −40 | 10 | 112 | −20 | 54 |
| Capital spending | — | 34 | 39 | 50 | 52 | 65 | 70 | 100 | 117 | 104 | 222 | 186 | 228 | 299 | 235 | 202 | 147 | 119 |
| Free cash flow | — | 181 | 215 | 233 | 254 | 286 | 335 | 325 | 302 | 289 | 43 | −27 | −291 | −340 | −225 | −89 | −166 | −65 |
| Stock-based pay | 1 | 1 | 2 | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 2 | 3 | 3 | — |
| Free cash flow after stock pay | — | 179 | 213 | 231 | 252 | 284 | 334 | 323 | 300 | 287 | 42 | −29 | −293 | −341 | −226 | −92 | −170 | — |
| Balance sheet | ||||||||||||||||||
| Cash | 10 | 11 | 24 | 42 | 39 | 28 | 38 | 32 | 31 | 55 | 37 | 74 | 635 | 658 | 246 | 145 | 105 | 111 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 611 | 668 | 547 | 547 | 3,684 | 449 | 199 | 0 | 0 | 0 | 3,050 | 2,444 | 2,441 |
| Net debt (negative = net cash) | −10 | −11 | −24 | −42 | −39 | 584 | 630 | 515 | 516 | 3,629 | 411 | 125 | −635 | −658 | −246 | 2,906 | 2,339 | 2,331 |
| Diluted shares | 122m | 128m | 150m | 170m | 187m | 199m | 233m | 237m | 237m | 238m | 238m | 238m | 238m | 238m | 239m | 240m | 240m | 241m |
| Returned to shareholders | ||||||||||||||||||
| Dividends | 171 | 185 | 224 | 260 | 289 | 306 | 356 | 370 | 371 | 371 | 200 | 43 | 10 | 10 | 10 | 10 | 10 | 10 |
| Buybacks | — | — | — | — | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 3 |
| Total returned | 171 | 185 | 224 | 260 | 289 | 306 | 357 | 371 | 371 | 371 | 200 | 43 | 10 | 10 | 10 | 11 | 11 | 12 |
| Quarter | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 | 2026 Q3 Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 380 | 387 | 383 | 389 | 380 | 366 | 365 | 368 |
| Net income | −87 | −9 | −92 | −164 | −21 | −43 | −37 | −50 |
| Diluted EPS | −$0.37 | −$0.04 | −$0.38 | −$0.68 | −$0.09 | −$0.18 | −$0.16 | −$0.21 |
| Growth (year on year) | ||||||||
| Revenue | +5.0% | +4.3% | +3.0% | +4.0% | −0.0% | −5.3% | −4.5% | −5.4% |
| Margins | ||||||||
| Net margin | −23.0% | −2.3% | −23.9% | −42.2% | −5.6% | −11.8% | −10.2% | −13.7% |
| Free-cash-flow margin | −12.8% | −11.1% | 4.9% | −23.1% | −13.8% | −7.3% | 3.9% | 0.1% |
| Cash flow | ||||||||
| Cash from operations | 18 | −3 | 53 | −49 | −20 | 8 | 38 | 27 |
| Capital spending | 67 | 40 | 34 | 41 | 32 | 35 | 24 | 27 |
| Free cash flow | −49 | −43 | 19 | −90 | −53 | −27 | 14 | 1 |
| Last 12 months unless stated | DHC | OHI | HR | MPT | SBRA | AHR | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.5bn | $1.3bn | $1.1bn | $1.0bn | $919m | $2.5bn | $919m |
| Revenue growth, last 12 months | −3.8% | 15.0% | −5.8% | 10.6% | 23.4% | 16.4% | 15.0% |
| Revenue growth, 3-year average | 2.2% | 14.6% | −5.7% | −10.5% | 12.3% | 15.4% | 12.0% |
| Revenue growth, latest quarter | −5.4% | 16.2% | −3.7% | 7.9% | 31.3% | 24.3% | 11.1% |
| Gross margin | — | — | — | 90.3% | — | 21.2% | 60.1% |
| Operating margin | 24.9% | 43.5% | 20.6% | 68.9% | — | 19.2% | 35.3% |
| Operating margin, 3-year average | 27.4% | 53.9% | 21.5% | 63.9% | — | 17.8% | 35.7% |
| Net margin | −10.3% | 67.0% | −4.0% | −3.0% | 7.8% | 4.8% | 7.8% |
| Cash from operations / revenue | 3.7% | 69.5% | 39.7% | 22.3% | 43.6% | 14.5% | 41.7% |
| Free-cash-flow margin | −4.4% | 63.6% | −5.5% | −5.2% | 19.0% | 4.7% | 15.1% |
| Free-cash-flow margin, 3-year average | −7.6% | 66.1% | −11.2% | −6.5% | 20.4% | 1.6% | 19.1% |
| Stock pay / revenue | 0.1% | 4.1% | 1.6% | 1.2% | 1.8% | 0.8% | 1.6% |
| Change in share count | 0.3% | 7.9% | −1.4% | −0.2% | 5.9% | 20.6% | 6.1% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -3.8% | 15.0% | 16 of 17 |
| Change in growth rate Growth | -2.3pp | +1.1pp | 15 of 17 |
| Net margin Profitability | -10.3% | 7.8% | 16 of 17 |
| Long-term debt as % of assets Balance sheet | 58.3% | 47.4% | 11 of 14 |
| Change in share count Balance sheet | 0.3% | 6.1% | 5 of 17 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Resident Fees and Services | $1.3B | 85.4% | ▲ 5.5% |
| Rental Income | $225M | 14.6% | ▼ 10.3% |
From Diversified Healthcare Trust's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Flat Footed LLC | $218M | 23.5M | 11.4% | 0.0% |
| Blackrock, Inc. | $215M | 23.1M | 11.2% | ▼ 3.4% |
| Silver Point Capital L.P. | $144M | 15.5M | 7.5% | 0.0% |
| H/2 Credit Manager LP | $119M | 12.8M | 6.2% | ▼ 14.1% |
| Vanguard Portfolio Management LLC | $98.5M | 10.6M | 5.2% | ▲ 20.1% |
| Vanguard Capital Management LLC | $90M | 9.7M | 4.7% | ▲ 0.8% |
| State Street Corp | $83.7M | 9.0M | 4.4% | ▲ 0.2% |
| Geode Capital Management, LLC | $65.7M | 7.1M | 3.4% | ▲ 6.8% |
| Davidson Kempner Capital Management LP | $59.6M | 6.4M | 3.1% | ▲ 2.6% |
| Nomura Holdings Inc | $58.4M | 6.3M | 3.1% | ▼ 14.4% |
| Carronade Capital Management, LP | $57.1M | 6.1M | 3.0% | ▲ 16.5% |
| Charles Schwab Investment Management Inc | $48.7M | 5.2M | 2.5% | ▼ 11.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Diversified Healthcare Trust's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Bilotto Christopher J. President and CEO | December 15, 2025 | Buy | 20,000 | $4.89 | $97,800 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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