Diversified Healthcare Trust (DHC)
Market Price (9/12/2026): $7.49 | Market Cap: $1.8 BilSector: Real Estate | Industry: Health Care REITs
Diversified Healthcare Trust (DHC)
Market Price (9/12/2026): $7.49Market Cap: $1.8 BilSector: Real EstateIndustry: Health Care REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 39% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Geriatric Care, and Biopharmaceutical R&D. | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.54 | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.0% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 127% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.5%, Rev Chg QQuarterly Revenue Change % is -4.5% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.5%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.5% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -19% Key risksDHC key risks include [1] substantial leverage and challenging debt maturities that have raised going concern doubts, Show more. |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Geriatric Care, and Biopharmaceutical R&D. |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.54 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.0% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 127% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.5%, Rev Chg QQuarterly Revenue Change % is -4.5% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.5%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.5% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -19% |
| Key risksDHC key risks include [1] substantial leverage and challenging debt maturities that have raised going concern doubts, Show more. |
Qualitative Assessment
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Diversified Healthcare Trust (DHC) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Diversified Healthcare Trust reported a miss on key financial metrics for its fiscal second quarter of 2026, which ended June 30, 2026. The company announced an earnings per share (EPS) of -$0.16, falling short of the consensus estimate of -$0.15 by $0.01 per share. Additionally, revenue for the quarter totaled $365.39 million, missing analyst expectations of $370.76 million. This earnings and revenue miss likely contributed to investor disappointment.
2. The company issued a tempered outlook for its Senior Housing Operating Portfolio (SHOP) segment within its reaffirmed full-year 2026 guidance. While overall full-year 2026 guidance for total Net Operating Income (NOI), Adjusted EBITDAre, and Normalized Funds From Operations (FFO) remained consistent with prior increases, DHC adjusted some underlying assumptions for the SHOP segment. Specifically, the forecast for occupancy growth was reduced by 100 basis points, and revenue growth by 140 basis points from initial guidance. This more cautious outlook for a significant portion of its portfolio likely raised concerns among investors regarding future performance.
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Diversified Healthcare Trust (DHC) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Diversified Healthcare Trust reported a miss on key financial metrics for its fiscal second quarter of 2026, which ended June 30, 2026. The company announced an earnings per share (EPS) of -$0.16, falling short of the consensus estimate of -$0.15 by $0.01 per share. Additionally, revenue for the quarter totaled $365.39 million, missing analyst expectations of $370.76 million. This earnings and revenue miss likely contributed to investor disappointment.
2. The company issued a tempered outlook for its Senior Housing Operating Portfolio (SHOP) segment within its reaffirmed full-year 2026 guidance. While overall full-year 2026 guidance for total Net Operating Income (NOI), Adjusted EBITDAre, and Normalized Funds From Operations (FFO) remained consistent with prior increases, DHC adjusted some underlying assumptions for the SHOP segment. Specifically, the forecast for occupancy growth was reduced by 100 basis points, and revenue growth by 140 basis points from initial guidance. This more cautious outlook for a significant portion of its portfolio likely raised concerns among investors regarding future performance.
3. A significant share price decline followed the company's peak in late July 2026. Diversified Healthcare Trust's stock reached a 52-week high of $9.66 per share in late July 2026. Subsequently, it experienced a decline of approximately 18% to around $8 per share by mid-August 2026. This sharp pullback from a recent high indicates a correction in investor sentiment, likely triggered by the mixed Q2 2026 financial results and the updated guidance.
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Stock Movement Drivers
Fundamental Drivers
The -9.8% change in DHC stock from 5/31/2026 to 9/11/2026 was primarily driven by a -8.7% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9112026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.31 | 7.50 | -9.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,517 | 1,500 | -1.1% |
| P/S Multiple | 1.3 | 1.2 | -8.7% |
| Shares Outstanding (Mil) | 241 | 241 | 0.0% |
| Cumulative Contribution | -9.8% |
Market Drivers
5/31/2026 to 9/11/2026| Return | Correlation | |
|---|---|---|
| DHC | -9.8% | |
| Market (SPY) | 1.0% | 7.5% |
| Sector (XLRE) | -1.3% | 52.2% |
Fundamental Drivers
The 11.2% change in DHC stock from 2/28/2026 to 9/11/2026 was primarily driven by a 14.1% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9112026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.74 | 7.50 | 11.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,538 | 1,500 | -2.5% |
| P/S Multiple | 1.1 | 1.2 | 14.1% |
| Shares Outstanding (Mil) | 241 | 241 | 0.0% |
| Cumulative Contribution | 11.2% |
Market Drivers
2/28/2026 to 9/11/2026| Return | Correlation | |
|---|---|---|
| DHC | 11.2% | |
| Market (SPY) | 11.7% | 29.0% |
| Sector (XLRE) | -0.3% | 49.6% |
Fundamental Drivers
The 98.1% change in DHC stock from 8/31/2025 to 9/11/2026 was primarily driven by a 101.7% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9112026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.79 | 7.50 | 98.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,523 | 1,500 | -1.5% |
| P/S Multiple | 0.6 | 1.2 | 101.7% |
| Shares Outstanding (Mil) | 240 | 241 | -0.3% |
| Cumulative Contribution | 98.1% |
Market Drivers
8/31/2025 to 9/11/2026| Return | Correlation | |
|---|---|---|
| DHC | 98.1% | |
| Market (SPY) | 19.5% | 18.8% |
| Sector (XLRE) | 5.2% | 38.9% |
Fundamental Drivers
The 186.9% change in DHC stock from 8/31/2023 to 9/11/2026 was primarily driven by a 160.8% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9112026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.61 | 7.50 | 186.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,352 | 1,500 | 11.0% |
| P/S Multiple | 0.5 | 1.2 | 160.8% |
| Shares Outstanding (Mil) | 239 | 241 | -0.9% |
| Cumulative Contribution | 186.9% |
Market Drivers
8/31/2023 to 9/11/2026| Return | Correlation | |
|---|---|---|
| DHC | 186.9% | |
| Market (SPY) | 75.7% | 26.5% |
| Sector (XLRE) | 28.8% | 42.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DHC Return | -24% | -79% | 498% | -38% | 114% | 56% | 102% |
| Peers Return | 10% | -11% | 17% | 27% | 27% | 13% | 108% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| DHC Win Rate | 42% | 25% | 75% | 50% | 67% | 56% | |
| Peers Win Rate | 53% | 43% | 62% | 70% | 58% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| DHC Max Drawdown | -54% | -81% | -56% | -48% | -27% | -22% | |
| Peers Max Drawdown | -20% | -31% | -20% | -16% | -11% | -14% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WELL, VTR, OHI, NHI, HR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/11/2026 (YTD)
How Low Can It Go
| Event | DHC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.0% | -18.8% |
| % Gain to Breakeven | 30.0% | 23.1% |
| Time to Breakeven | 25 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -26.7% | -9.5% |
| % Gain to Breakeven | 36.5% | 10.5% |
| Time to Breakeven | 11 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -71.5% | -24.5% |
| % Gain to Breakeven | 250.6% | 32.4% |
| Time to Breakeven | 305 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -72.4% | -33.7% |
| % Gain to Breakeven | 261.8% | 50.9% |
| Time to Breakeven | 2175 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -18.0% | -12.2% |
| % Gain to Breakeven | 21.9% | 13.9% |
| Time to Breakeven | 112 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -34.4% | -6.8% |
| % Gain to Breakeven | 52.4% | 7.3% |
| Time to Breakeven | 221 days | 15 days |
In The Past
Diversified Healthcare Trust's stock fell -23.0% during the 2025 US Tariff Shock. Such a loss loss requires a 30.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | DHC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.0% | -18.8% |
| % Gain to Breakeven | 30.0% | 23.1% |
| Time to Breakeven | 25 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -26.7% | -9.5% |
| % Gain to Breakeven | 36.5% | 10.5% |
| Time to Breakeven | 11 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -71.5% | -24.5% |
| % Gain to Breakeven | 250.6% | 32.4% |
| Time to Breakeven | 305 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -72.4% | -33.7% |
| % Gain to Breakeven | 261.8% | 50.9% |
| Time to Breakeven | 2175 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -34.4% | -6.8% |
| % Gain to Breakeven | 52.4% | 7.3% |
| Time to Breakeven | 221 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -21.9% | -0.2% |
| % Gain to Breakeven | 28.1% | 0.2% |
| Time to Breakeven | 880 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.1% | -17.9% |
| % Gain to Breakeven | 28.3% | 21.8% |
| Time to Breakeven | 344 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -54.4% | -53.4% |
| % Gain to Breakeven | 119.4% | 114.4% |
| Time to Breakeven | 249 days | 1085 days |
In The Past
Diversified Healthcare Trust's stock fell -23.0% during the 2025 US Tariff Shock. Such a loss loss requires a 30.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Diversified Healthcare Trust (DHC)
Diversified Healthcare Trust (DHC) is a real estate investment trust (REIT) specializing in the healthcare and wellness sectors. As a REIT, DHC primarily generates income by owning and leasing out a diverse portfolio of specialized real estate properties across the United States. Its core assets include medical office buildings, state-of-the-art life science properties, senior living communities, and wellness centers.
The company's main offerings are these specialized physical spaces, providing essential infrastructure for various operators within the healthcare ecosystem. DHC's primary customers are typically healthcare providers such as medical practices and hospital systems, biotechnology and pharmaceutical companies conducting research, senior care operators managing assisted living or independent living facilities, and wellness businesses. By providing these critical facilities, DHC serves the vast and growing healthcare, senior living, and life science markets throughout the U.S.
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Here are 1-2 brief analogies for Diversified Healthcare Trust (DHC):
- It's like Realty Income (O), but exclusively owns real estate for medical offices, life science properties, and senior living communities.
- Consider it the American Tower (AMT) of healthcare real estate, providing the physical spaces for medical offices, labs, and senior living facilities.
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- Medical Office Properties: Real estate leased to medical practices, clinics, and other healthcare providers.
- Life Science Properties: Facilities designed and leased for biotechnology, pharmaceutical research, and development companies.
- Senior Living Communities: Residential properties that provide housing and services for older adults.
- Wellness Centers: Real estate dedicated to health, fitness, and overall well-being services.
AI Analysis | Feedback
Diversified Healthcare Trust (DHC) is a real estate investment trust (REIT) that primarily generates revenue by leasing its medical office and life science properties, senior living communities, and wellness centers to other companies and organizations.
Its major customer is:
- Five Star Senior Living Inc. (NASDAQ: FVE)
As of December 31, 2023, Five Star Senior Living Inc. accounted for approximately 38.3% of DHC's total rental revenues, primarily through the lease of senior living communities. DHC's medical office and life science properties are leased to a diverse group of approximately 1,140 tenants, with no single tenant in this segment representing more than 2.0% of total rental revenues.
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Chris Bilotto President and Chief Executive Officer
Chris Bilotto was appointed President and Chief Executive Officer of Diversified Healthcare Trust in January 2024.
Matthew Brown Chief Financial Officer and Treasurer
Matthew Brown was appointed Chief Financial Officer and Treasurer of Diversified Healthcare Trust, effective October 1, 2023. He also serves as a Senior Vice President of The RMR Group (Nasdaq: RMR), where he is responsible for overseeing accounting and finance functions. Mr. Brown is a certified public accountant and previously held the position of Chief Financial Officer at Office Properties Income Trust (Nasdaq: OPI).
Adam D. Portnoy Chairman and Managing Trustee
Adam D. Portnoy serves as the Chairman and Managing Trustee of Diversified Healthcare Trust. He is also the President and Chief Executive Officer of The RMR Group Inc. (Nasdaq: RMR), which manages DHC, and a Managing Director of RMR. Mr. Portnoy co-founded Senior Housing Properties Trust (the former name of DHC) in 1999 with his father, Barry M. Portnoy, through The RMR Group. He serves on the Boards of several RMR-managed companies. Prior to joining RMR in 2003, Mr. Portnoy held various positions in the finance industry and public sector, including working as a banker at Donaldson, Lufkin & Jenrette and ABN AMRO, and in private equity at the International Finance Corporation (a member of The World Bank Group) and DLJ Merchant Banking Partners. He also previously served as Chief Executive Officer of a telecommunications company.
Anthony Paula Vice President
Anthony Paula holds the title of Vice President at Diversified Healthcare Trust.
Lindsey Getz Secretary
Lindsey Getz serves as the Secretary for Diversified Healthcare Trust.
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Key Risks to Diversified Healthcare Trust (DHC)
Diversified Healthcare Trust (DHC) faces several key risks inherent to the real estate investment trust (REIT) sector, particularly concerning its focus on healthcare-related properties and senior living communities. The most significant risks include its financial leverage, the operational performance of its senior housing portfolio, and broader market and industry volatility.
1. High Leverage and Refinancing Risk
DHC has historically grappled with a considerable financial burden, characterized by a high net debt-to-EBITDAre ratio. While the company has made efforts to manage its near-term debt maturities, including the full repayment of its 2026 zero coupon senior secured notes as of December 2025, the overall level of leverage and the need for future refinancing remain a significant concern. The successful navigation of upcoming obligations will necessitate continued refinancing efforts or strategic asset divestitures.
2. Senior Housing Operating Portfolio (SHOP) Performance and Operational Risks
The performance of DHC's Senior Housing Operating Portfolio (SHOP) segment is a critical factor influencing its financial health. This segment is exposed to various operational challenges, including elevated labor costs, labor availability issues, and high staffing turnover. Additionally, a trend of seniors delaying or opting against moves to senior living communities poses a risk to occupancy rates and revenue. DHC has recently undertaken significant transitions of management agreements for numerous SHOP communities to new operators, aiming to improve performance, but the success and effectiveness of these new management relationships in driving occupancy gains and operational efficiencies are ongoing risks.
3. Market and Industry Volatility and Competition
DHC operates within a highly competitive real estate and healthcare sector, making it susceptible to market and economic volatility. Factors such as interest rate uncertainties, inflation, and broader geopolitical instability can negatively impact demand for healthcare-related properties and senior living communities. These external pressures can affect occupancy levels, property income, and increase operating costs for DHC's tenants, potentially challenging the company's financial condition and its ability to pay distributions to shareholders.
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- The continued expansion and adoption of telemedicine and virtual healthcare services, which reduces the need for in-person medical office visits and could decrease demand for DHC's medical office properties.
- Technological advancements and societal preferences enabling "aging in place," allowing seniors to live independently in their homes for longer periods and potentially delaying or reducing the demand for DHC's senior living communities.
- The proliferation of digital and home-based wellness and fitness platforms, offering alternatives to traditional physical wellness centers and potentially impacting the tenant demand and occupancy for DHC's wellness center properties.
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Medical Office Properties: The U.S. medical office market is valued at over $150 billion.
Life Science Properties: null
Senior Living Communities: The U.S. senior living market size was valued at USD 943.90 billion in 2025.
Wellness Centers: The U.S. wellness real estate market was valued at $223 billion in 2024.
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Diversified Healthcare Trust (DHC) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:
- Increased Occupancy and Higher Rates in Senior Housing Operating Portfolio (SHOP): DHC anticipates continued growth in both occupancy and average monthly rates within its Senior Housing Operating Portfolio (SHOP) properties. In the fourth quarter of 2025, the company reported a 90 basis point increase in same-property occupancy year-over-year and a 5.8% increase in average monthly rates. Management expects occupancy gains to be realized throughout 2026, with rate increases contributing to revenue generation early in the year.
- Enhanced Operational Performance in SHOP Segment Post-Transition: The completion of the transition of 116 SHOP communities to new, regionally focused operators by December 31, 2025, is a significant driver. This operational overhaul is aimed at stabilizing and improving the financial performance of the SHOP segment, including optimizing operator cost structures, which is projected to lead to strong net operating income (NOI) margin growth.
- Strong Leasing and Rent Growth in Medical Office and Life Science Properties: DHC's Medical Office and Life Science portfolio has demonstrated robust performance in leasing activity. In Q4 2025, the company completed approximately 81,000 square feet of leasing at weighted average rents 7.9% higher than prior leases for the same space. Consolidated occupancy in this segment also saw a sequential increase of 460 basis points to 91.2% in Q4 2025, indicating continued demand and revenue potential from these properties.
- Strategic Reinvestment in Existing Properties: DHC plans to unlock value through operational growth by strategically reinvesting in its existing portfolio. The company has identified approximately 15 locations within its SHOP segment for potential expansion, which could add around 500 units with an anticipated mid-teens return on investment. These targeted capital expenditures are expected to increase capacity and directly contribute to future revenue.
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Share Repurchases
- In 2025, Diversified Healthcare Trust repurchased 16,845 shares to satisfy tax withholding obligations.
Share Issuance
- Information regarding significant dollar amounts of shares issued for capital raising purposes over the last 3-5 years is not prominently disclosed in the available search results. The company's capital raising activities have focused on diversified funding sources, including debt.
Inbound Investments
- In January 2022, DHC formed a new joint venture for 10 properties in its Office Portfolio segment with two third-party global institutional investors, receiving cash proceeds of $653.3 million.
- In 2021, the company recapitalized a joint venture for a two-building life science complex in Boston's Seaport district.
Outbound Investments
- Diversified Healthcare Trust is undertaking a capital recycling program, which included the sale of 69 properties for approximately $605 million in 2025.
- Subsequent to the fourth quarter of 2025, DHC sold an additional 16 senior housing operating portfolio (SHOP) and 21 medical office and life science properties, generating approximately $251.2 million.
- As of February 20, 2026, DHC had agreements to sell 13 more properties for an aggregate of $23 million, with expected closings in March 2026.
Capital Expenditures
- For 2026, projected recurring capital expenditures for the SHOP segment are between $80 million and $90 million.
- Recurring capital expenditures for the Medical Office Building/Life Science (MOB/LS) segment are estimated to be between $20 million and $25 million for 2026.
- The company plans to invest in property redevelopment projects, particularly within its SHOP segment, to enhance market positioning and returns, including potentially adding 500 SHOP units through repositioning underutilized areas.
Peer Outperformance in Health Care REITs
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs ← | 14 | 17.5% | 60.8% | 66.3% | WELL 206% · DHC 136% · CTRE 127% |
| Retail REITs | 22 | 9.2% | 35.4% | 39.9% | IVT 1559% · SKT 169% · SPG 109% |
| Other Specialized REITs | 11 | 5.7% | 20.6% | 18.7% | IRM 198% · OUT 77% · EPR 77% |
| Real Estate Development | 6 | -15.6% | 14.5% | 16.8% | JOE 61% · AXR 40% · FOR 34% |
| Hotel & Resort REITs | 16 | 25.7% | 24.9% | 7.5% | RHP 87% · HST 76% · DRH 60% |
| Industrial REITs | 11 | 15.0% | 17.3% | 7.1% | EGP 32% · FR 31% · PLD 17% |
| Diversified REITs | 12 | 7.3% | 25.6% | -5.0% | CTO 72% · WPC 24% · LXP 16% |
| Multi-Family Residential REITs | 13 | -6.7% | 3.8% | -18.2% | AIV 15% · ESS 2% · VMRK -2% |
| Single-Family Residential REITs | 4 | -5.7% | -2.2% | -18.8% | AMH -11% · ELS -18% · INVH -20% |
| Office REITs | 18 | -11.9% | 15.2% | -27.1% | PSTL 70% · CDP 63% · SLG 10% |
| Real Estate Services | 24 | -20.1% | -6.3% | -27.5% | REAX 956% · CHCI 279% · MLP 52% |
| Telecom Tower REITs | 3 | -6.0% | -7.9% | -42.8% | AMT -29% · SBAC -43% · CCI -49% |
Latest Trefis Analyses
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| ARTICLES |
Research & Analysis
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 58.66 |
| Mkt Cap | 10.3 |
| Rev LTM | 1,391 |
| Op Inc LTM | 426 |
| FCF LTM | 570 |
| FCF 3Y Avg | 509 |
| CFO LTM | 666 |
| CFO 3Y Avg | 633 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.3% |
| Rev Chg 3Y Avg | 13.4% |
| Rev Chg Q | 19.0% |
| QoQ Delta Rev Chg LTM | 4.4% |
| Op Inc Chg LTM | 15.8% |
| Op Inc Chg 3Y Avg | 30.3% |
| Op Mgn LTM | 12.9% |
| Op Mgn 3Y Avg | 12.2% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 33.7% |
| CFO/Rev 3Y Avg | 32.9% |
| FCF/Rev LTM | 21.0% |
| FCF/Rev 3Y Avg | 20.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Senior housing operating portfolio (SHOP) | 1,313 | 1,244 | 1,152 | 1,023 | 975 |
| Medical Office and Life Science Portfolio | 194 | 213 | 221 | 222 | 368 |
| Other revenue | 31 | 38 | 38 | 38 | 41 |
| Total | 1,538 | 1,495 | 1,410 | 1,284 | 1,383 |
| $ Mil | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|
| Triple Net Leased Senior Living Communities | 199 | 190 | |||
| MOBs | 140 | 135 | 134 | 111 | 85 |
| Managed Senior Living Communities | 31 | 15 | |||
| All Other | -95 | -37 | -35 | -29 | -24 |
| managed senior living communities | 29 | 41 | 39 | ||
| triple net senior living communities | 185 | 169 | 164 | ||
| Total | 275 | 303 | 314 | 291 | 265 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Medical Office and Life Science Portfolio | -67 | -12 | 378 | 576 | 89 |
| Senior housing operating portfolio (SHOP) | -90 | -100 | -140 | -104 | -115 |
| Other revenue | -182 | -297 | -113 | ||
| Total | -156 | -294 | 239 | 175 | -139 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Senior housing operating portfolio (SHOP) | 2,867 | 3,084 | 3,135 | 3,148 | 2,996 |
| Medical Office and Life Science Portfolio | 1,193 | 1,688 | 1,866 | 1,967 | 2,283 |
| All Other | 301 | 365 | 445 | 887 | |
| Other revenue | 1,345 | ||||
| Total | 4,361 | 5,137 | 5,446 | 6,002 | 6,624 |
Price Behavior
| Market Price | $7.50 | |
| Market Cap ($ Bil) | 1.8 | |
| First Trading Date | 02/23/2000 | |
| Distance from 52W High | -22.2% | |
| 50 Days | 200 Days | |
| DMA Price | $8.51 | $7.27 |
| DMA Trend | up | down |
| Distance from DMA | -11.9% | 3.2% |
| 3M | 1YR | |
| Volatility | 32.9% | 38.6% |
| Downside Capture | 131.39 | 42.56 |
| Upside Capture | 20.84 | 94.47 |
| Correlation (SPY) | 13.2% | 19.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.72 | 0.71 | 0.21 | 0.83 | 0.59 | 1.00 |
| Up Beta | -0.81 | -0.12 | -0.42 | 0.12 | 0.41 | 0.84 |
| Down Beta | -0.88 | -0.10 | -0.02 | 0.73 | 0.42 | 0.77 |
| Up Capture | 23% | 35% | 27% | 117% | 113% | 236% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 7 | 16 | 29 | 62 | 125 | 358 |
| Down Capture | 444% | 228% | 80% | 114% | 43% | 104% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 14 | 26 | 35 | 63 | 117 | 357 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DHC | |
|---|---|---|---|---|
| DHC | 73.5% | 38.7% | 1.50 | - |
| Sector ETF (XLRE) | 6.4% | 14.0% | 0.20 | 38.9% |
| Equity (SPY) | 18.3% | 12.8% | 1.03 | 19.0% |
| Gold (GLD) | 19.0% | 29.2% | 0.59 | 9.7% |
| Commodities (DBC) | 50.4% | 20.6% | 1.88 | -13.4% |
| Real Estate (VNQ) | 7.6% | 13.6% | 0.29 | 44.2% |
| Bitcoin (BTCUSD) | -32.6% | 43.8% | -0.78 | 4.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DHC | |
|---|---|---|---|---|
| DHC | 17.0% | 68.7% | 0.50 | - |
| Sector ETF (XLRE) | 0.9% | 19.2% | -0.06 | 39.9% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 30.4% |
| Gold (GLD) | 18.7% | 18.8% | 0.81 | 9.3% |
| Commodities (DBC) | 11.7% | 19.5% | 0.47 | 4.2% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 43.2% |
| Bitcoin (BTCUSD) | 9.3% | 52.6% | 0.36 | 11.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DHC | |
|---|---|---|---|---|
| DHC | -6.4% | 64.1% | 0.16 | - |
| Sector ETF (XLRE) | 6.1% | 20.4% | 0.25 | 49.7% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 39.0% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 6.8% |
| Commodities (DBC) | 8.9% | 18.1% | 0.40 | 13.7% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 54.5% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 11.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | -0.1% | -4.5% | -13.4% |
| 5/4/2026 | 5.3% | 8.5% | 10.1% |
| 2/23/2026 | -0.8% | 17.7% | 9.1% |
| 11/3/2025 | -4.9% | 1.8% | 8.1% |
| 8/4/2025 | 0.6% | -1.2% | 9.7% |
| 5/5/2025 | 31.2% | 37.2% | 47.7% |
| 2/25/2025 | 8.6% | 7.3% | -0.8% |
| 11/4/2024 | -19.6% | -23.0% | -27.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 12 |
| # Negative | 12 | 12 | 12 |
| Median Positive | 5.0% | 7.9% | 20.7% |
| Median Negative | -4.2% | -6.2% | -12.6% |
| Max Positive | 59.2% | 103.2% | 167.6% |
| Max Negative | -19.6% | -23.0% | -32.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | -0.1% | -4.5% | -13.4% |
| 5/4/2026 | 5.3% | 8.5% | 10.1% |
| 2/23/2026 | -0.8% | 17.7% | 9.1% |
| 11/3/2025 | -4.9% | 1.8% | 8.1% |
| 8/4/2025 | 0.6% | -1.2% | 9.7% |
| 5/5/2025 | 31.2% | 37.2% | 47.7% |
| 2/25/2025 | 8.6% | 7.3% | -0.8% |
| 11/4/2024 | -19.6% | -23.0% | -27.0% |
| 8/1/2024 | -1.2% | -5.5% | 5.8% |
| 5/6/2024 | -9.8% | -6.6% | 16.4% |
| 2/26/2024 | 7.0% | 3.0% | -21.7% |
| 11/1/2023 | 4.7% | -3.3% | 25.0% |
| 8/1/2023 | 10.4% | 53.8% | 40.6% |
| 5/8/2023 | 2.2% | 0.9% | 167.6% |
| 3/1/2023 | 59.2% | 103.2% | 46.2% |
| 11/2/2022 | -12.6% | -13.3% | -26.3% |
| 8/3/2022 | 0.0% | 5.7% | -17.8% |
| 5/3/2022 | 3.6% | -7.6% | -4.9% |
| 2/23/2022 | -1.0% | -5.7% | -2.0% |
| 11/3/2021 | -13.5% | -10.4% | -32.2% |
| 8/4/2021 | 4.3% | 3.2% | -0.3% |
| 5/5/2021 | -4.7% | -13.9% | -11.7% |
| 2/24/2021 | -3.7% | -4.8% | -1.0% |
| 11/5/2020 | -2.5% | 18.2% | 49.5% |
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 12 |
| # Negative | 12 | 12 | 12 |
| Median Positive | 5.0% | 7.9% | 20.7% |
| Median Negative | -4.2% | -6.2% | -12.6% |
| Max Positive | 59.2% | 103.2% | 167.6% |
| Max Negative | -19.6% | -23.0% | -32.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bilotto, Christopher J | President and CEO | Direct | Buy | 12162025 | 4.89 | 20,000 | 97,720 | 1,301,068 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bilotto, Christopher J | President and CEO | Direct | Buy | 12162025 | 4.89 | 20,000 | 97,720 | 1,301,068 | Form |
Investor Activity (13F)
Updated Sep 12, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Flat Footed LLC | $156.0 Mil | 51.9% | 15 | Hold | 13F |
| BlackBarn Capital Partners LP | $32.0 Mil | 9.6% | 14 | TRIM -26.3% | 13F |
| Silver Point Capital L.P. | $103.0 Mil | 7.9% | 16 | Hold | 13F |
| Carronade Capital Management, LP | $35.0 Mil | 2.5% | 25 | ADD +10.6% | 13F |
| Park West Asset Management LLC | $15.5 Mil | 1.4% | 48 | ADD +25.8% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Flat Footed LLC | $156.0 Mil | 51.9% | 15 | Hold | 13F |
| Silver Point Capital L.P. | $103.0 Mil | 7.9% | 16 | Hold | 13F |
| Carronade Capital Management, LP | $35.0 Mil | 2.5% | 25 | ADD +10.6% | 13F |
| BlackBarn Capital Partners LP | $32.0 Mil | 9.6% | 14 | TRIM -26.3% | 13F |
| Park West Asset Management LLC | $15.5 Mil | 1.4% | 48 | ADD +25.8% | 13F |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Health Care REITs Resources |
| Healthcare Real Estate Insights |
| Seniors Housing Business |
| RevistaMed |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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