Diversified Healthcare Trust (Nasdaq: DHC) is a real estate investment trust that owns senior living communities, medical office buildings, and life science properties across the United States. It makes money through two primary channels: resident fees and services collected at its Senior Housing Operating Portfolio (SHOP) communities, and rental income from medical office and life science tenants under triple net, net, modified gross, and full service lease structures. DHC's SHOP communities are managed by third-party operators under management agreements, while the company retains ownership. The portfolio spans independent living, assisted living, memory care, and continuing care retirement communities, as well as wellness centers. As of December 31, 2025, DHC held a 10% equity interest in the Seaport JV, a life science property in Boston, and a 20% interest in the LSMD JV covering 10 medical office and life science properties. The trust was established September 20, 1999, under Maryland law and is externally managed. DHC carries meaningful leverage and has an active disposition program aimed at reducing debt and repositioning its asset base.

Revenue model

DHC generates revenue from resident fees and monthly service charges at SHOP senior living communities operated by third-party managers, and from lease payments on medical office and life science properties structured as triple net, net, modified gross, or full service leases. Wellness center leases are triple net.

Products and services

Independent living communities, assisted living communities, memory care communities, continuing care retirement communities, active adult communities, medical office buildings, life science properties, wellness centers.

Customers and end markets

Senior housing residents (independent living, assisted living, memory care); medical office and life science tenants; wellness center members. End markets include senior care, outpatient healthcare, and life sciences real estate.

Value-chain role

Property owner and capital allocator. DHC owns the real estate and contracts third-party managers to operate senior living communities. It is a landlord to medical office and life science tenants. It does not directly operate day-to-day community functions.

Geographic exposure

United States. Life science joint venture asset located in Boston, Massachusetts (Seaport JV, 10% interest as of December 31, 2025). LSMD JV covers 10 medical office and life science properties (20% interest as of December 31, 2025).

Source: SEC 10-K, filed 2026-02-24

Industry: Real Estate Investment Trusts Peers: /entities/nhp CareTrust REIT Inc Community Healthcare Trust Inc Selectis Health Inc Chiron Real Estate Inc Welltower Inc LTC Properties Inc Universal Health Realty Income Trust