DHC · Diversified Healthcare Trust
Market Cap
$1.85B
Shares
242.13M
Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$7.57
Open$7.55
Day$7.50–7.63
52W close$3.74–9.64
Avg vol 30d1.7M
Short int13.2M · 5.5% float · 5.3d
Short vol63%
Last earningsAug 4, 2026
DataJan 2020–Aug 2026
Filing10-Q · Aug 3
Up next
Next earnings call
Nov 3, 2026
Est · unconfirmed
· in 9 wks
FQ3-26 quarter ends
~Sep 30, 2026
Est
filed Aug 3, 2026
AI Brief
Q2 FY26 earnings call · Aug 4, 2026
Q2 FY26
TL;DR. DHC reported Q2 2026 normalized FFO of $39 million ($0.16/share), with consolidated NOI up 20.4% year-over-year to $84 million driven by SHOP same property NOI growth of 37.2%, and reaffirmed its recently raised full-year 2026 guidance while announcing a new legacy operator contract framework expected to begin January 2027.
Bullish
- + SHOP same property NOI rose 37.2% year-over-year to $52 million, with same property occupancy up 160 bps to 83.1% and average monthly rate up 6.2%.
- + Consolidated NOI increased 20.4% year-over-year to $84 million. new
- + Company reaffirmed its recently raised full-year 2026 guidance and is tracking to the high end of that range. new
- + Leverage improved materially to 7.1x net debt to EBITDA from 8.7x, with $267 million of liquidity. new
- + Company will renegotiate legacy operator contracts to a more aligned fee structure beginning January 2027, expected to provide close to $2 million in annual cost savings plus growth incentives. new
Bearish
- − SHOP occupancy and revenue are pacing slightly below initial 2026 projections as the top-line ramp-up lags the operators' expense synergy capture. new
- − Medical Office and Life Science segment has three known vacates representing roughly 4.6% of expiring annualized revenue, with two effective July 1. new
- − Medical Office and Life Science same property NOI was essentially flat year-over-year at $24.1 million. new
- − Q2 MOB/Life Science results included a one-time bad debt charge of about $1 million. new
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceOverall
Neutral
SellHoldBuy
Technical
Neutral
Momentum
Neutral
Sentiment
Bullish
Fundamentals
Fair
Quant / Vol
High
Market backdrop
VIX 14.9 · calm
Equity put/call 0.70
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
+6%
above
Price vs 50-day avg
−14%
below
RSI (14)
29
oversold
MACD trend
Negative
52-week position
65%
mid-range
Volume (OBV)
Confirms
volume backs price
Momentum
relative strength
1-month return
−14%
trailing
6-month return
+4%
trailing
YTD return
+56%
this year
Relative strength
−9%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $9 › 200d $7 — 50d above 200d
Institutional flow
Accumulating
+2% holders QoQ · +39 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Falling
5.46% of float · ▼ -3.6% MoM · 5.3 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
240 holders — near 3-yr high, broad support
Squeeze score
54
elevated · 0–100
Fundamentals
Revenue growth
+2%
Y/Y
EPS growth
+23%
Y/Y
Balance sheet
$2.3B
net debt
Quant / Vol
risk profile
Volatility
39%
annualized · 1-yr
Max drawdown
−21%
past year
ATR
4.0%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Latest guidance
· from the Earnings Call filed Jun 30, 2026
full-year 2026
Total NOI
Initiated
$307M – $323M
SHOP NOI
Initiated
$185M – $195M
Normalized FFO
Initiated
$0.56 – $0.62
prior FY $-1.19
midpoint +149.6% Y/Y
Adjusted EBITDA RE
Initiated
$300M – $315M
full year
Normalized FFO
$0.56 – $0.62
Prior guidance
period ended
· from the Earnings Call filed Sep 30, 2025
SHOP NOI
· full year
$132M – $142M
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Neutral
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
+6%
Bullish
Price vs 50-day avg
−14%
Bearish
RSI (14)
29
Neutral
MACD trend
Negative
Bearish
52-week position
65%
Neutral
Volume (OBV)
Confirms
Neutral
Market signals — smart money & positioning
Bullish · 3 of 6
Trend (MA cross)
No cross
50d $9 › 200d $7 — 50d above 200d
Institutional flow
Accumulating
+2% holders QoQ · +39 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Falling
5.46% of float · ▼ -3.6% MoM · 5.3 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
240 holders — near 3-yr high, broad support
Price context
position in its 52-week range
Range low $4
Now $8 · 65%
Range high $10
vs 200-day avg +6%
vs 50-day avg -14%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDAre non-GAAP | $82.08M | Q2 2026 | — |
|
|
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| All Other Properties | 19 | Q2 2026 | — |
| All Other Properties Cash Basis NOI non-GAAP | $7.07M | Q2 2026 | — |
| All Other Properties NOI non-GAAP | $7.24M | Q2 2026 | — |
| All Other Properties NOI Margin non-GAAP | 98.5% | Q2 2026 | — |
| All Other Properties Units | 1,328 | Q2 2026 | — |
| Cash Basis NOI non-GAAP | $84.23M | Q2 2026 | — |
|
|
|||
GAAP → non-GAAP reconciliationGAAP NOI 84.44M
-211K Non-cash adjustments
= Cash Basis NOI 84.23M
|
|||
| FFO per common share non-GAAP | $0.11 | 6/30/2026 | — |
| Medical Office and Life Science Portfolio avg. sq. ft. during period | 5.56M | Q2 2026 | — |
|
|
|||
| Medical Office and Life Science Portfolio Cash Basis NOI non-GAAP | $23.67M | Q2 2026 | — |
|
|
|||
| Medical Office and Life Science Portfolio Cash Basis NOI Margin non-GAAP | 58.8% | Q2 2026 | — |
| Medical Office and Life Science Portfolio NOI non-GAAP | $23.71M | Q2 2026 | — |
|
|
|||
| Medical Office and Life Science Portfolio NOI Margin non-GAAP | 59.1% | Q2 2026 | — |
| Medical Office and Life Science Portfolio Properties | 67 | Q2 2026 | — |
|
|
|||
| Medical Office and Life Science Portfolio Square feet | 5.56M | Q2 2026 | — |
|
|
|||
| Medical office and life science properties square feet | 5.6M | Q2 2026 | — |
| Medical Office and Life Science Same Property Cash Basis NOI non-GAAP | $24.05M | Q2 2026 | — |
|
|
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| Medical Office and Life Science Same Property NOI non-GAAP | $24.07M | Q2 2026 | — |
|
|
|||
| Medical Office and Life Science Same Property Occupancy non-GAAP | 95.8% | Q2 2026 | — |
| Net debt / gross book value of real estate assets non-GAAP | 37.1% | Q2 2026 | — |
| Net debt / total gross assets non-GAAP | 36.1% | Q2 2026 | — |
| New and renewal leases | 477,000 | Q2 2026 | — |
|
|
|||
| Normalized FFO non-GAAP | $38.9M | Q2 2026 | — |
|
|
|||
| Portfolio size | 6.3B | Q2 2026 | — |
| RMR assets under management | 37B | Q2 2026 | — |
| Same Property Cash Basis NOI non-GAAP | $82.96M | Q2 2026 | — |
|
|
|||
| Same Property Cash Basis NOI Growth non-GAAP | 20.2% | Q2 2026 | — |
| Same Property SHOP NOI non-GAAP | $51.98M | Q2 2026 | — |
|
|
|||
| Same Property SHOP NOI / Cash Basis NOI Margin non-GAAP | 17.3% | Q2 2026 | — |
|
|
|||
| Same Property SHOP NOI Growth non-GAAP | 37.2% | Q2 2026 | — |
| Same property SHOP NOI margins non-GAAP | 17.3% | Q2 2026 | — |
| Same Property SHOP Occupancy non-GAAP | 83.1% | Three Months Ended June 30, 2026 | — |
|
|
|||
| Secured debt / adjusted total assets - allowable maximum non-GAAP | 12.9% | Q2 2026 | — |
| Secured debt / total assets non-GAAP | 19.9% | Q2 2026 | — |
| SHOP Average Monthly Rate | $5,693 | Q2 2026 | — |
|
|
|||
| SHOP avg. units managed during period | 22,521 | Q2 2026 | — |
|
|
|||
| SHOP NOI / Cash Basis NOI non-GAAP | $53.5M | Q2 2026 | — |
|
|
|||
| SHOP NOI / Cash Basis NOI % change to current period non-GAAP | 22.6% | Q2 2026 | — |
| SHOP NOI / Cash Basis NOI Margin non-GAAP | 16.8% | Q2 2026 | — |
|
|
|||
| SHOP NOI Margin non-GAAP | 17.3% | Q2 2026 | — |
| SHOP Occupancies (Consolidated) | 82.5% | Q2 2026 | — |
| SHOP Properties | 199 | Q2 2026 | — |
|
|
|||
| SHOP Same Property Average Monthly Rate | $5,715 | Q2 2026 | — |
| SHOP Same Property Average Monthly Rate Growth non-GAAP | 6.2% | Q2 2026 | — |
| SHOP Same Property NOI non-GAAP | $51.98M | Q2 2026 | — |
| SHOP Same Property Occupancy non-GAAP | 83.1% | Q2 2026 | — |
| SHOP Same Property Occupancy Growth non-GAAP | 160 | Q2 2026 | — |
| SHOP Units | 22,469 | Q2 2026 | — |
|
|
|||
| Total debt / adjusted total assets - allowable maximum non-GAAP | 37.5% | Q2 2026 | — |
| Total Square feet | 6.37M | Q2 2026 | — |
| Total unencumbered assets / unsecured debt - required minimum non-GAAP | 257.8% | Q2 2026 | — |
| Total Units | 23,797 | Q2 2026 | — |
| Variable rate debt / net debt non-GAAP | 6% | Q2 2026 | — |
| All Other Same property Cash Basis NOI non-GAAP | $6.89M | Q1 2026 | — |
GAAP → non-GAAP reconciliationGAAP All Other Cash Basis NOI 7.03M
-139K Cash Basis NOI of properties not included in same property results
= All Other Same property Cash Basis NOI 6.89M
|
|||
| Average monthly rate (SHOP same property YoY growth) | 5.9% | Q1 2026 | — |
| CAD non-GAAP | $24.31M | Q1 2026 | — |
|
|
|||
| Consolidated NOI non-GAAP | $75.92M | Q1 2026 | — |
| EBITDAre non-GAAP | $62.97M | Q1 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net loss -43.28M
+37.05M Interest expense
+622K Income tax expense
+62.91M Depreciation and amortization
+1.21M Loss (gain) on sale of properties
+0K Impairment of assets
-96K Equity in net earnings of investees
+4.55M Share of EBITDAre from unconsolidated joint ventures
+0K Adjustments to reflect DHC's share of EBITDAre attributable to a former equity method investment
= EBITDAre 62.97M
|
|||
| FFO non-GAAP | $22.78M | Q1 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net loss -43.28M
+62.91M Depreciation and amortization
+1.21M Loss (gain) on sale of properties
+0K Impairment of assets
-96K Equity in net earnings of investees
+2.03M Share of FFO from unconsolidated joint ventures
+0K Adjustments to reflect DHC's share of FFO attributable to a former equity method investment
= FFO 22.78M
|
|||
| Gross Book Value of Unencumbered Properties | $4B | Q1 2026 | — |
| Lease rent rollup | 12% | Q1 2026 | — |
| Medical Office and Life Science Occupancy | 91.8% | As of March 31, 2026 | — |
| Medical Office and Life Science Portfolio building improvements per avg. sq. ft. during period | $0.18 | Q1 2026 | — |
| Medical Office and Life Science Properties | 67 | As of March 31, 2026 | — |
| Medical office and life science square feet | 5.6M | As of March 31, 2026 | — |
| Medical Office and Life Science Total square feet | 5.56M | As of March 31, 2026 | — |
| Properties | 285 | As of March 31, 2026 | — |
| Same Property Cash Basis NOI All Other non-GAAP | $6.89M | Q1 2026 | — |
| Same Property Cash Basis NOI Consolidated non-GAAP | $75.9M | Q1 2026 | — |
| Same Property Cash Basis NOI Medical Office and Life Science Portfolio non-GAAP | $24.68M | Q1 2026 | — |
| Same Property Cash Basis NOI SHOP non-GAAP | $44.32M | Q1 2026 | — |
| Same Property Medical Office and Life Science Portfolio Cash Basis NOI non-GAAP | $24.68M | Q1 2026 | — |
| Same Property Medical Office and Life Science Portfolio NOI non-GAAP | $25.37M | Q1 2026 | — |
| Same Property Medical Office and Life Science Portfolio Properties | 65 | Q1 2026 | — |
| Same Property Medical Office and Life Science Portfolio Square feet | 5.35M | Q1 2026 | — |
| Same property NOI | $44.32M | Q1 2026 | — |
| Same Property Occupancy Medical Office and Life Science Portfolio | 95.3% | Q1 2026 | — |
| Same Property Occupancy SHOP | 82.4% | Q1 2026 | — |
| Same Property SHOP Average monthly rate | $5,656 | Q1 2026 | — |
| Same Property SHOP Properties | 184 | Q1 2026 | — |
| Same Property SHOP Units | 21,226 | Q1 2026 | — |
| Senior living units | 23,901 | As of March 31, 2026 | — |
| SHOP Assisted Living Units | 9,137 | As of March 31, 2026 | — |
| SHOP fixed assets and capital improvements per avg. unit managed during period | $620 | Q1 2026 | — |
| SHOP Independent Living and Active Adult Units | 10,000 | As of March 31, 2026 | — |
| SHOP Memory Care Units | 2,527 | As of March 31, 2026 | — |
| SHOP Occupancy | 81.7% | As of March 31, 2026 | — |
| SHOP Skilled Nursing Units | 909 | As of March 31, 2026 | — |
| SHOP Total Units | 22,573 | As of March 31, 2026 | — |
| Total Liquidity | $271.8M | Q1 2026 | — |
|
|
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| Weighted average lease term | 9.5 | Q1 2026 | — |
| Aggregate proceeds from properties under agreement | $23M | As of February 20, 2026 | — |
| Aggregate proceeds from property sales | $251.2M | Three Months Ended December 31, 2025 | — |
| Annualized dividend declared per common share | $0.04 | Q4 2025 | — |
| Average Monthly Rate | $5,497 | Q4 2025 | — |
| Average Monthly Rate (Same Property) | $5,480 | Q4 2025 | — |
| Average monthly rates increase (same property SHOP) non-GAAP | 5.8% | Three Months Ended December 31, 2025 | — |
| CAD per common share non-GAAP | $0.19 | FY2025 | — |
| Cash and cash equivalents | $105.4M | As of December 31, 2025 | — |
| Cash Basis NOI Margin % (Medical Office and Life Science Portfolio) non-GAAP | 57.2% | Q4 2025 | — |
| Cash Basis NOI Margin % (Same Property Medical Office and Life Science Portfolio) non-GAAP | 59.6% | Q4 2025 | — |
| Communities transitioned to operators | 116 | Q4 2025 | — |
| Medical Office and Life Science Portfolio leased square feet | 81,055 | Three Months Ended December 31, 2025 | — |
| Medical Office and Life Science Portfolio Occupancy | 91.2% | Three Months Ended December 31, 2025 | — |
| Medical Office and Life Science Portfolio weighted average rent change on leasing | 7.9% | Three Months Ended December 31, 2025 | — |
| Medical Office and Life Science WALT | 5 | As of December 31, 2025 | — |
| NOI | $72.52M | Q4 2025 | — |
| NOI Margin % | 11.2% | Q4 2025 | — |
| NOI Margin % (Medical Office and Life Science Portfolio) | 58.8% | Q4 2025 | — |
| NOI Margin % (Same Property Medical Office and Life Science Portfolio) | 59.9% | Q4 2025 | — |
| NOI Margin % (Same Property) | 13.3% | Q4 2025 | — |
| Normalized FFO per common share non-GAAP | $0.27 | FY2025 | — |
| Number of properties | 298 | As of December 31, 2025 | — |
| Number of Properties (Medical Office and Life Science Portfolio) | 67 | Q4 2025 | — |
| Number of Properties (Same Property) | 184 | Q4 2025 | — |
| Number of tenants | 290 | As of December 31, 2025 | — |
| Number of Units (Same Property) | 21,201 | Q4 2025 | — |
| Proceeds from property sales in the quarter | $250M | Three Months Ended December 31, 2025 | — |
| Properties sold in the quarter | 37 | Three Months Ended December 31, 2025 | — |
| Properties under agreement to sell | 13 | As of February 20, 2026 | — |
| Rolling four quarter CAD | $45.2M | Q4 2025 | — |
| Same Property Medical Office and Life Science Occupancy non-GAAP | 94.7% | Three Months Ended December 31, 2025 | — |
| same property SHOP average monthly rates | 5.8% | Q4 2025 | — |
| Same property SHOP NOI increase non-GAAP | 27.6% | Three Months Ended December 31, 2025 | — |
| same property SHOP revenues | 5.6% | Q4 2025 | — |
| Same property SHOP revenues increase non-GAAP | 5.6% | Three Months Ended December 31, 2025 | — |
| Sequential NOI % Change | 22.2% | Q4 2025 | — |
| Sequential NOI % Change (Medical Office and Life Science Portfolio) | 5.4% | Q4 2025 | — |
| Square Feet (Medical Office and Life Science Portfolio) | 5.56M | As of December 31, 2025 | — |
| Total capital expenditures | $37.31M | Q4 2025 | — |
| Total Dispositions (Gross Sales Price) | $604.87M | FY2025 | — |
| Total Dispositions (Number of Properties) | 69 | FY2025 | — |
| Total recurring capital expenditures | $35.07M | Q4 2025 | — |
| Total shareholder return | 112.6% | Full year 2025 | — |
| Undrawn secured revolving credit facility availability | $150M | As of December 31, 2025 | — |
| Year Over Year Average Monthly Rate % Change (Same Property) | 5.8% | Q4 2025 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Healthcare Facilities — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
DHC
this stock
Diversified Healthcare Trust
|
$1.85B | +56.1% | +1.6% | — | 5.5% |
|
WELL
Welltower Inc.
|
$165.97B | +27.3% | +35.6% | 117.0 | 2.5% |
|
VTR
Ventas, Inc.
|
$47.09B | +17.8% | +18.5% | 170.0 | 4.6% |
|
DOC
Healthpeak Properties, Inc.
|
$14.45B | +29.5% | +4.5% | 59.9 | 3.3% |
|
OHI
Omega Healthcare Investors Inc
|
$13.94B | +3.1% | +13.2% | 16.4 | 4.0% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Financials
Filings
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| DHC | -5.4% | -14.1% | +3.8% | -14.9% | +56.1% |
| SPY | +0.5% | +1.2% | +13.3% | +2.7% | +12.5% |
| vs SPY | -5.9% | -15.3% | -9.4% | -17.6% | +43.6% |
Capital returns
Latest dividend
$0.01
/ share · ex Jul 20, 2026
Paid (TTM)
$0.04
/ share · 4 payouts
Dividend yield (TTM, derived)
0.53%
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
Key facts
CIK
1075415
CUSIP
25525P107
13F (30d)
205 filings
198 filers
Visit website
Investor relations