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Diversified Healthcare Trust (DHC)
NASDAQ:DHC
Earnings Data
Report Date
May 11, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.15Last Year’s EPS
0.06Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a largely positive operational and financial narrative: strong NOI growth (+31.3% FY), meaningful SHOP performance improvement (Q4 SHOP NOI +27.6% YoY, same-store occupancy and rate gains, margin expansion), successful asset dispositions and deleveraging actions (net debt/EBITDAre down to 8.1x, no maturities until 2028), disciplined CapEx and robust liquidity. Challenges were acknowledged — integration/transition noise from the AlerisLife wind-down, remaining elevated leverage above target, pockets of underperforming SHOP assets being sold, and some near-term NOI headwinds in MOB/LS driven by prior sales. On balance the highlights substantially outweigh the lowlights, with clear operational levers and guidance that indicate continued improvement into 2026.Company Guidance
Strong Consolidated NOI Growth
Full-year consolidated NOI grew 31.3% in 2025, driven by operational execution and portfolio actions.
SHOP Segment Improvement
SHOP NOI for the quarter improved 27.6% year-over-year to $38.3M and full-year SHOP NOI was $139.3M (toward the high end of guidance). Same-property SHOP occupancy rose 90 bps YoY to 82.4%, average monthly rate increased ~5.8% YoY, and same-property SHOP NOI margins expanded 230 bps YoY.
Same-Property Cash NOI Momentum
Q4 same-property cash basis NOI was $70.4M, up 15.4% YoY and 12.4% sequentially. Consolidated same-property cash-basis NOI for Medical Office & Life Science increased 3.8% YoY with margins improving 100 bps to 59.6%.
Capital Markets and Deleveraging Progress
Completed over $1.4B of capital markets activity in 2025 (financing, asset sales, and a $150M undrawn credit facility). Net debt to adjusted EBITDAre declined from 11.2x (YE 2024) to 8.1x (YE 2025), and there are no debt maturities until 2028.
Asset Dispositions and Balance Sheet Actions
Sold 37 noncore properties in Q4 for ~$250M and 69 properties for ~$605M in 2025; proceeds fully repaid 2026 zero-coupon bonds and released 45 collateral properties with gross book value of ~ $850M.
Q4 Financial Results
Q4 total revenue $379.6M, adjusted EBITDAre $72.4M, normalized FFO $21.8M or $0.09 per share; full-year adjusted EBITDAre $284M (high end of guidance).
Liquidity and Cash Position
Ended quarter with approximately $255M of liquidity (including $105M unrestricted cash and $150M undrawn revolver). Subsequent $27.2M distribution received from AlerisLife wind-down.
MOB & Life Science Leasing Strength
Completed ~81,000 sq ft of leasing in Q4 at weighted average rents 7.9% above prior rents and average lease term >8 years. Leasing pipeline totals ~1.0M sq ft with average term ~6.9 years and GAAP rent spreads >10%.
CapEx Discipline
2025 capital spend totaled $146M (23% reduction vs 2024). 2026 recurring CapEx guidance of $100M–$115M (midpoint >18% decrease vs 2025), including $80M–$90M for SHOP and $20M–$25M for MOB/LS.
2026 Guidance and Outlook
2026 guidance: SHOP NOI $175M–$185M; MOB/LS NOI $94M–$98M; triple-net NOI $28M–$30M; adjusted EBITDAre $290M–$305M; normalized FFO $0.52–$0.58 per share. Management expects continued SHOP NOI improvement, lower interest costs, and lower CapEx to drive free cash flow growth.
Operational Upside Pipeline
Identified opportunity to reposition closed skilled nursing wings to add ~500 SHOP units with potential unlevered mid-teens ROI; estimated total capital to support these projects ~ $125M–$175M (timing multi-year).
DHC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DHC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 24, 2026 | $6.10 | ― | ― |
Nov 03, 2025 | $4.41 | $4.20 | -4.87% |
Aug 04, 2025 | $3.40 | $3.42 | +0.56% |
May 05, 2025 | $2.16 | $2.84 | +31.24% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Diversified Healthcare Trust (DHC) report earnings?
Diversified Healthcare Trust (DHC) is schdueled to report earning on May 11, 2026, Before Open (Confirmed).
What is Diversified Healthcare Trust (DHC) earnings time?
Diversified Healthcare Trust (DHC) earnings time is at May 11, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is DHC EPS forecast?
DHC EPS forecast for the fiscal quarter 2026 (Q1) is -0.15.