DIVERSIFIED HEALTHCARE TRUST

Listed Company

DHCNLCIK 0001075415NasdaqLarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$1.54B

Net Income

$-285.89M

Total Assets

$4.36B

Equity

$1.67B

Shares Out

242.12M

Op. Cash Flow

$-19.62M

Business

DIVERSIFIED HEALTHCARE TRUST is a real estate investment trust that owns and invests in healthcare-related real estate. It owns and leases medical office and life science properties, senior living communities (including independent living, assisted living, memory care and skilled nursing), wellness centers and other healthcare properties, and enters into property management and leasing arrangements. The company operates through two reportable segments: Medical Office and Life Science Portfolio and SHOP (senior housing operating portfolio). It conducts business across the United States through direct ownership, joint ventures, leases, TRS arrangements and third-party management agreements.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	1,538	1,495	1,410	1,284	1,383
Property operating expenses	1,259	1,237	1,174	1,109	1,092
Depreciation and amortization	262	285	284	239	271
General and administrative	46	27	26	26	34
Acquisition and certain other transaction related costs	10	3	11	3	18
Impairment of assets	166	71	18	0	−174,000
Total expenses	1,743	1,621	1,514	1,377	1,414
Gain (loss) on sale of properties	118	−19	1	322	492
Gains and losses on equity securities, net	0	0	8	−26	−42
Gain on insurance recoveries	8	0	0	—	—
Interest and other income	6	9	16	16	21
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $77,942, $103,437 and $11,811, respectively)	−204	−235	−192	−209	—
Loss on modification or early extinguishment of debt	−43	−324,000	−2	−30	−2
Loss before income taxes and equity in net earnings (losses) of investees	−321	−371	−273	−21	181
Income tax expense	−2	−467,000	−445,000	−710,000	−1
Equity in net earnings (losses) of investees	37	2	−20	6	0
Net loss	−286	−370	−294	−16	175
Equity in unrealized gains (losses) of an investee	17,000	−17,000	0	0	—
Unrealized loss on derivative	−12,000	0	0	—	—
Other comprehensive loss	5,000	−17,000	0	0	—
Comprehensive loss	−286	−370	−294	−16	175
Weighted average common shares outstanding (basic) (in shares)	240	240	239	238	238
Weighted average common shares outstanding (diluted) (in shares)	240	240	239	238	238
Net loss - basic (in dollars per share)	−1.19	−1.55	−1.23	−0.07	0.73
Net loss - diluted (in dollars per share)	−1.19	−1.55	−1.23	−0.07	0.73

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-06-30	FY 2022 2022-12-31
Land	542	606	653	—	669
Buildings and improvements	5,406	5,817	6,165	—	6,024
Total real estate properties, gross	5,949	6,423	6,818	—	6,693
Accumulated depreciation	−2,090	−2,083	−2,021	—	−1,828
Total real estate properties, net	3,859	4,340	4,798	—	4,864
Investments in unconsolidated joint ventures	120	127	130	—	155
Assets of properties held for sale	23	276	9	—	385,000
Cash and cash equivalents	105	145	246	338	658
Restricted cash	16	5	1	—	30
Equity method investment	27	25	0	—	—
Acquired real estate leases and other intangible assets, net	21	26	34	—	45
Other assets, net	186	189	222	—	234
Total assets	4,361	5,137	5,446	—	6,002
Secured revolving credit facility	0	0	0	—	700
Secured debt and finance leases, net	455	127	13	—	30
Liabilities of properties held for sale	3	6	32,000	—	0
Accrued interest	31	23	23	—	29
Other liabilities	238	229	262	—	281
Total liabilities	2,696	3,178	3,109	—	3,363
Commitments and contingencies	—	—	—	—	—
Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 242,121,025 and 241,271,703 shares issued and outstanding, respectively	2	2	2	—	2
Additional paid in capital	4,623	4,620	4,618	—	4,617
Cumulative net income	1,122	1,408	1,778	—	2,072
Cumulative other comprehensive loss	−12,000	−17,000	0	—	—
Cumulative distributions	−4,082	−4,072	−4,062	—	−4,053
Total shareholders' equity	1,666	1,959	2,337	—	2,639
Total liabilities and shareholders' equity	4,361	5,137	5,446	—	6,002

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	262	285	284	239	271
Payment of accreted interest on senior secured notes	−153	0	0	—	—
Straight line rental income	−962,000	−1	1	−9	−6
Amortization of acquired real estate leases and other intangible assets, net	113,000	106,000	−242,000	245,000	−7
Loss on modification or early extinguishment of debt	43	324,000	2	30	2
Gains on equity securities, net	0	0	−8	26	42
Other non-cash adjustments, net	−359,000	−1	−2	−2	−2
Unconsolidated joint venture distributions	1	1	5	9	0
Deferred leasing costs, net	−4	−4	−10	−8	−21
Other assets	−3	17	11	11	−51
Accrued interest	8	245,000	−7	−428,000	8
Other liabilities	33	−7	−22	−1	−868,000
Net cash (used in) provided by operating activities	−20	112	10	−40	−63
Real estate improvements	−147	−202	−235	−299	−228
Proceeds from sale of properties, net	589	34	18	822,000	103
Proceeds from insurance recoveries	1	2	534,000	14	0
Investment in AlerisLife Inc.	0	−15	0	0	—
Proceeds from AlerisLife Inc. tender offer	0	0	14	0	0
Equity method investment distributions	48	0	0	—	—
Contributions to unconsolidated joint ventures	−9	−6	0	0	—
Purchase of interest rate cap	−47,000	0	0	—	—
Net cash provided by (used in) investing activities	484	−187	−202	388	243
Proceeds from issuance of senior secured notes, net	369	0	750	0	0
Proceeds from mortgage notes payable	343	120	0	0	—
Repayments of borrowings on credit facility	0	0	−700	−100	0
Redemption of senior secured notes	−750	0	0	—	—
Redemption of senior unsecured notes	−380	−120	−250	0	−200
Repayment of other debt	−4	−3	−17	−39	−3
Early extinguishment of debt settled in cash	−38	0	−978,000	−24	0
Payment of debt issuance costs	−22	−9	−22	−3	−10
Repurchase of common shares	−1	−904,000	−393,000	−171,000	−383,000
Distributions to shareholders	−10	−10	−10	−10	−10
Net cash used in financing activities	−492	−22	−250	−676	747
Decrease in cash and cash equivalents and restricted cash	−28	−97	−441	−329	926

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