What factors drove the changes in Diversified's revenue and profit?

Did Diversified beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Diversified year over year?

What is Diversified's latest dividend and current dividend yield?

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What were the key takeaways from Diversified's earnings call?

What does Diversified do and what are its main business segments?

What were the key takeaways from Diversified’s earnings call?

- **SHOP Growth**: 31.3% NOI growth in 2025, targeting 300 bps occupancy growth in 2026 with 500 new units from reopened wings (mid-teens ROI).
- **Financial Strength**: Debt-to-EBITDAre reduced to 8.1x, 2026 guidance for SHOP NOI of $175M-$185M, and FFO of $0.52-$0.58 per share.
- **Strategic Focus**: Emphasizing organic growth through CRM, dynamic pricing, and ROI projects, with cautious approach to acquisitions.
- **Balance Sheet Health**: No debt maturities until 2028, $255M liquidity, and plans to sell 13 communities to further deleverage.

**【CEO Summary Section】**
- **2025 Performance Highlights**: Achieved 31.3% growth in SHOP NOI, same-property occupancy increased 90 bps to 82.4%, and average monthly rate rose 5.8%. Completed $1.4B in capital markets activity, including $605M in asset sales.
- **2026 Outlook**: Targets 300 bps of occupancy growth and 500 new units from reopening former skilled nursing wings, with mid-teens ROI. Medical Office NOI expected to decline due to asset sales but maintain strong margins (59.6%).
- **Strategic Initiatives**: Rolling out advanced CRM platforms, dynamic pricing, and ROI projects to drive lead conversion and NOI growth. No immediate focus on acquisitions, prioritizing organic growth.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Normalized FFO of $21.8M ($0.09 per share), adjusted EBITDAre of $284M, and SHOP NOI of $139.3M (high end of guidance). Liquidity of $255M, with debt-to-EBITDAre reduced to 8.1x from 11.2x.
- **2026 Guidance**: SHOP NOI $175M-$185M, Medical Office NOI $94M-$98M, and triple-net lease NOI $28M-$30M. Capital expenditures expected to drop 18% to $100M-$115M, with $80M-$90M allocated to SHOP.
- **Balance Sheet**: No debt maturities until 2028, weighted average interest rate 5.7%, and plans to sell 13 SHOP communities for $23M to further deleverage.

**【Q&A Key Highlights】**
- **Reopening Wings**: 15 communities with potential for 500 units, targeting mid-teens ROI. Cost per unit estimated at $125K-$175K.
- **Flu Season Impact**: No material impact on January performance; rate increases (4%-6%) and occupancy trends align with guidance.
- **Dividend Policy**: No immediate plans to adjust dividend; focus on operational growth and balance sheet strength.
- **Transition Benefits**: Q4 saw reduced transition noise, with operators optimizing cost structures and driving incremental margin improvement.

Diversified Healthcare Trust (DHC) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 revenue up 4% YoY to $388.7M, driven by SHOP segment (+7.8% NOI). 
- **Transition Costs**: Q3 impact $5.1M, expected to drop to $1.5-2M in Q4. Full year SHOP NOI guidance maintained ($132-142M). 
- **Asset Sales Momentum**: $396M sold YTD, $237M pipeline (25 closings expected in Q4). 
- **Debt Reduction**: 2026 bonds expected to be repaid by year-end, lowering leverage to 9.3x (ex transition costs). 
- ** SHOP Recovery**: Occupancy at 81.5% (+210bps YoY), new operators report margin expansion opportunities. 


**【CEO Summary Section】**
- Q3 2025 total revenue: $388.7 million (+4% YoY). Adjusted EBITDAre: $62.9 million. Normalized FFO: $9.7 million ($0.04 per share). 
- SHOP segment: 
  - Occupancy: 81.5% (+210bps YoY). RevPOR: +5.3%. ExpensePOR: +5.1% (driven by $5.1M in transition costs). 
  - NOI: $29.6M (+7.8% YoY). Full year guidance maintained: $132-142M. 
- 116 AlerisLife-managed communities transitioning to 7 new operators (85 completed as of call date, 100% by year-end). 
  - Expected net proceeds: $25-40M from AlerisLife wind down in 2026. 
  - New operators report opportunities for margin expansion via care level pricing, service rightsizing, and CRM integration. 
- Medical Office/Life Science: 
  - 86,000 sqft leased at +9% rent. Same-property NOI: +1.6% YoY. Pipeline: 717,000 sqft (+8% rent spread). 
  - Consolidated occupancy: 86.6% (+370bps QoQ). 
- Capital markets: 
  - $396M in asset sales YTD. $237M pipeline (25 closings expected in Q4). 
  - Seaport Innovation JV refinanced $1B Vertex HQ, DHC received $28M distribution. 
  - Repaid $307M of 2026 zero coupon bonds, leaving $324M balance. 

**【CFO Financial Commentary】**
- Liquidity: $351M (including $201M cash). 2026 debt maturity: $324M (expected repayment by year-end). 
- 2025 CapEx guidance: $140-160M. Q3 CapEx: $43M (SHOP: $35M, MOB: $7M). 
- Normalized EBITDAre guidance: $275-285M. 
- Leverage metrics: 
  - Net debt/EBITDAre: 10x (as-reported). Excluding transition costs: 9.3x. 
  - Post-2026 debt repayment, weighted average rate: ~5.7%. 

**【Q&A Key Highlights】**
- **Transition Costs**: Q4 impact expected to drop to $1.5-2M (vs. $5.1M in Q3). 
- **SHOP Margin**: Excluding transition costs, consolidated margin: 10.4% (vs. 8.9% reported). 
- **Disposition Pipeline**: $211M expected to close in Q4, $237M total pipeline. SHOP portfolio sales (~13 communities) may slip to Q1 2026. 
- **Debt Management**: Post-2026 repayment, focus on 2028 maturity (4.75% rate). Excess cash retained as dry powder. 
- **SHOP Outlook**: Occupancy expected to stabilize at 82-83% by year-end. Top-line growth to continue despite temporary noise from transitions. 


Diversified Healthcare Trust (DHC) Q3 2025 Earnings Call Transcript

- **Record Q2 Results**: Revenue, EBITDA, and FFO all exceeded prior-year levels, with SHOP NOI up 18.5% YoY. 
- **Debt Reduction Progress**: $343 million in new debt refinanced at 6.5%, reducing annual interest by $15 million. 
- **Asset Sales Momentum**: $280 million in asset sales under LOI/PSA, supporting 6.5-7.5x leverage target. 
- **SHOP Growth Catalysts**: 5.4% rate increase, 160 bps occupancy gain, and 12.8% NOI margin. 
- **Balance Sheet Strength**: $292 million liquidity and new $150 million credit facility maturing in 2029. 


**【CEO Summary Section】**
- **Q2 2025 Financial Highlights**: Revenue of $382.7 million (+3% YoY), Adjusted EBITDAre of $73.6 million (+7% YoY), and FFO of $18.6 million (+172% YoY). 
- **SHOP Segment Strength**: Same-property SHOP NOI increased 18.5% YoY to $37.4 million, driven by a 5.4% rate increase and 160 bps occupancy growth to 86.6%. Same-property NOI margin expanded 180 bps YoY to 12.8%. 
- **Strategic Initiatives**: Sold $25.2 million in non-core assets (2 senior living, 3 medical office) and refinanced $343 million in debt at 6.5% interest. Active disposition pipeline of $280 million includes 28 SHOP communities and 21 medical office assets. 
- **Balance Sheet Optimization**: Paid off $2025 notes, reduced net debt/EBITDAre to 8.7x, and targeting 6.5-7.5x by end-2026. 

**【CFO Financial Commentary】**
- **Financial Performance**: Same-property cash basis NOI of $71.2 million (+11.2% YoY), with SHOP revenue up 5.9% YoY. G&A expenses were $11.1 million, including $4.1 million in one-time management fees. 
- **Capital Allocation**: Reduced 2025 CapEx guidance to $140-160 million (from $150-170 million) due to asset sales and lower maintenance needs. 
- **Liquidity**: $292 million of unrestricted cash and a new $150 million credit facility maturing in 2029. 
- **Debt Management**: $343 million in new secured debt at 6.5% interest, reducing annual interest expense by $15 million. 

**【Q&A Highlights】**
- **One-Time Items**: Q2 included $1 million in insurance benefits, with no material impact on forward guidance. 
- **CapEx Run Rate**: SHOP recurring CapEx of $3,500/unit, with 2026 CapEx expected to align with normalized levels. 
- **Disposition Progress**: $280 million pipeline under LOI/PSA, with majority expected to close in Q3-Q4. 
- **Five Star Performance**: 115 Five Star-managed communities achieved 14.1% NOI margin (+170 bps YoY), outperforming other SHOP assets. 
- **Occupancy Outlook**: Targeting 82.5% occupancy by year-end, with sequential improvement driven by seasonal demand and reduced discounts. 
- **Debt Refinancing**: Planning $300-350 million in new debt in Q3, potentially unsecured, to address $641 million 2026 zero-coupon bond. 


Diversified Healthcare Trust (DHC)-5 Aug 25-2025 Q2 Earnings call transcript

- **Revenue & Profit Growth**: Q1 2025 revenue up 4% YoY, EBITDA up 17%, FFO beat estimates.
- **SHOP Sector Strength**: NOI +42% YoY, occupancy 80.2%, rate +4.8%, margin 11.2%.
- **Debt Reduction**: $332M asset sales reduce 2026 bonds; net debt/EBITDA down to 8.8x.
- **Future Outlook**: SHOP NOI guidance reaffirmed, 2025 dispositions to enhance cash flow, no debt maturities until 2028.

**【CEO Opening Remarks】**
- Q1 2025 total revenue: $386.9M (+4% YoY). Adjusted EBITDAre: $75.1M (+17% YoY). Normalized FFO: $14.3M ($0.06/share), beating analyst estimates.
- **SHOP Sector Performance**: Same-property NOI: $38.4M (+42.1% YoY). Occupancy: 80.2% (+130bps YoY). Average monthly rate: +4.8% YoY. NOI margin: 11.2% (12.9% same-property).
- **Medical Office & Life Science**: 145K sq.ft. leased with 18.4% rent increase. Known 2025 expiries: 4.7%. Active pipeline: 603K sq.ft. (152K new absorption).
- **Strategic Initiatives**: $332M asset sales (e.g., MUSE Campus, Brookdale communities) used to reduce 2026 zero-coupon bonds. 2025 disposition pipeline: $350-400M. Debt maturities addressed through 2028.

**【CFO Financial Commentary】**
- Q1 2025: $300M unrestricted cash. $140M mortgage on 14 senior living communities (SOFR+250bps). $109M Freddie Mac mortgage on 7 communities (6.22% fixed). 2025 senior notes reduced to $100M outstanding.
- Net debt/adjusted EBITDAre: 8.8x (down from 11.2x). SHOP NOI guidance reaffirmed at $120-135M, with potential increase post-Q2.
- Operating expenses: +3% YoY (stable sequentially). CapEx guidance: $150-170M (Q1 spend: $32M).

**【Q&A Highlights】**
- **Occupancy Growth**: 20bps sequential improvement driven by capital investments, operational focus, and 23 community refreshes.
- **AlerisLife Dividend**: One-time $2.7M payment; future dividends possible but uncertain.
- **SHOP Guidance**: Q1 NOI includes one-time business interruption claim; 2025 guidance may be raised if trends continue.
- **Debt Management**: 2026 zero-coupon bond to be reduced with $350-400M asset sales and new financings (~$94M term sheets). 2026 maturity could extend to 2027 if needed.
- **Expense Trends**: Insurance savings offset merit-based wage increases; 2025 expenses expected to rise 3-4% YoY.

Diversified Healthcare Trust (DHC)-6 May 25-2025 Q1 Earnings call transcript

- **Revenue & FFO Beat Expectations**: Q4 revenue +5% YoY, Normalized FFO $0.02/share vs. consensus.
- **SHOP Segment Recovery**: 80% occupancy, 56% YoY NOI growth, 6.7% rate increase.
- **Debt Management Success**: $340M low-cost financing (6.5% rate) to refinance 9.75% debt.
- **2025 Growth Drivers**: SHOP NOI guidance $120-135M, CapEx reduction by 49% from 2022 peak.
- **Risk Mitigation**: Weather-related costs ($4.4M Q4) not recurring; 2025 guidance excludes such events.

**【CEO Opening Remarks】**
- Q4 2024 total revenue: $379.6M (+5% YoY), Normalized FFO: $5.3M ($0.02/share), beating consensus estimates.
- **SHOP Segment Highlights**: 
  - 80% shop occupancy (highest since Q1 2020), 56% YoY improvement in SHOP NOI, 7.3% revenue growth, 6.7% avg monthly rate increase.
  - RevPOR up 6.7% YoY, driven by care services and reduced discounts.
- **Medical Office & Life Science Portfolio**: 
  - 112K sq ft leased with 6.9% rent increase, 90.2% same-store occupancy.
  - 7.9% of 2025 expiring revenue; 117K sq ft new absorption in pipeline.
- **Strategic Initiatives**: 
  - Q4 asset sales: $6.6M; Q1 2025 sales: $179M (incl. $159M San Diego life science campus). 
  - SHOP disposition pipeline: 34 communities targeting $55-65K/unit.
  - 18 triple-net senior living communities ($135M) expected to close soon.

**【CFO Financial Details】**
- **Normalized FFO**: $5.3M ($0.02/share), +31% sequential.
- **SHOP Performance**: 
  - 6.7% YoY rate increase, 80.9% occupancy, 250bps margin expansion.
  - $4.4M weather-related expenses (Hurricane Milton) impacted Q4 results.
- **Debt Management**: 
  - $340M secured financing term sheets (6.5% avg rate vs. 9.75% being paid off). 
  - $301M used to reduce 2026 0-coupon bonds; $640M remaining.
  - 2025 CapEx: $150-170M (vs. $191M in 2024), with $105-120M for senior living.
- **2025 Outlook**: 
  - SHOP NOI: $120-135M; MOB/Life Science: $104-112M.
  - June 2025 debt maturity ($380M) fully funded; no maturities until 2028.

**【Q&A Key Takeaways】**
- **SHOP Operator Confidence**: 
  - Dedicated asset management team working with operators to meet targets.
- **Debt Strategy**: 
  - No plans to extend 2026 0-coupon bond; $301M asset sales + new financings to cover.
  - 6.5% financing rate vs. 9.75% being refinanced.
- **Weather Risk**: 
  - No recurring weather costs baked into 2025 guidance; updates will be provided if events occur.
  - 2024 SHOP NOI met high end of guidance despite $4.4M one-time costs.


Actual											0.04	-0.11	-0.45	-0.1696	-0.2366	-0.2008	-0.3058	-0.3236	-0.3243	-0.3013	-0.3064	-0.2369	-0.1927	-0.287	-0.264	-0.43	-0.36	-0.41	-0.41	-0.36	0.0571	0.079	0.0428	0.0889
Forecast											-0.145	-0.15	-0.1425	-0.23	-0.2467	-0.2433	-0.23	-0.24	-0.26	-0.29	-0.25	-0.28	-0.23	-0.22	-0.21	-0.25	-0.28	-0.28	-0.26	-0.29	-0.25	-0.22	-0.215	-0.175
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+127.59%	+26.67%	-215.79%	+26.26%	+4.09%	+17.47%	-32.96%	-34.83%	-24.73%	-3.90%	-22.56%	+15.39%	+16.22%	-30.45%	-25.71%	-72.00%	-28.57%	-46.43%	-57.69%	-24.14%	+122.84%	+135.91%	+119.91%	+150.80%

Actual	--	--	--	--	--	--	--	--	--	--	442.47M	410.31M	394.34M	384.91M	362.72M	346.34M	337.42M	336.73M	310.73M	313.03M	322.92M	336.88M	346.03M	346.22M	356.52M	361.54M	370.78M	371.39M	373.64M	379.62M	386.86M	382.71M	388.71M	379.57M
Forecast	--	--	--	--	--	--	--	--	--	--	436.06M	419.43M	397.14M	388.92M	359.18M	365.93M	348.61M	336.01M	319.84M	319.10M	320.79M	330.40M	341.33M	353.15M	359.78M	360.99M	370.65M	372.13M	380.17M	370.97M	383.17M	380.62M	382.31M	392.89M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+1.47%	-2.17%	-0.71%	-1.03%	+0.99%	-5.35%	-3.21%	+0.21%	-2.85%	-1.90%	+0.66%	+1.96%	+1.38%	-1.96%	-0.91%	+0.15%	+0.03%	-0.20%	-1.72%	+2.33%	+0.97%	+0.55%	+1.67%	-3.39%

DHC

DHC fundamentals

DHC Q4 2025 Earnings

Earnings Call

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DHC

DHC fundamentals

DHC Q4 2025 Earnings

Earnings Call

DHC Earnings Call Summary for Q4/202510:00 AM on Feb 24, 2026

DHC Earnings Call Summary for Q3/202510:00 AM on Nov 4, 2025

DHC Earnings Call Summary for Q2/202510:00 AM on Aug 5, 2025

DHC Earnings Call Summary for Q1/202510:00 AM on May 6, 2025

DHC Earnings Call Summary for Q4/202410:00 AM on Feb 26, 2025

You can ask Aime