Diversified Healthcare Trust

Name

Diversified Healthcare Trust

Legal name

Diversified Healthcare Trust

Website

https://dhcreit.com

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Healthcare Real Estate Investment Trust (REIT)

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Continuing Care Retirement Communities (623311)

SIC

Real Estate Investment Trusts (6798), Services-Nursing & Personal Care Facilities (8050)

akta.pro primary industry

Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH)

akta.pro secondary industry

Specialty Real Assets / Niche Strategies (Marinas, Student Housing, Self-Storage, Life Science RE) (FSANAEAO)

Keywords

• Healthcare real estate
• Senior living communities
• Medical office buildings
• Life science properties
• Reit investment

Headquarters

HQ city

Newton

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Marketing or Sales

Revenue model

1. Senior Housing Operating Portfolio (SHOP): DHC operates senior living communities where revenues come from resident payments for housing, care, and services. This is the largest revenue segment at 57% of NOI as of Q1 2026.
2. Medical Office Building Leases: Triple net leases with approximately 250 medical office tenants. Contributes 23% of NOI as of Q1 2026.
3. Life Science Properties: Laboratory and research space leased to biotech and life science companies. Contributes 10% of NOI as of Q1 2026.
4. Triple Net Leased Senior Living Communities: Senior living communities leased to operators under triple net lease arrangements. Contributes 5% of NOI as of Q1 2026.
5. Wellness Centers: Fitness and wellness facility leases. Contributes 5% of NOI as of Q1 2026.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Diversified Healthcare Trust is a healthcare-focused real estate investment trust (REIT) that owns and operates a diversified portfolio of 285 properties across 33 states and Washington, D.C. The company generates revenue through ownership of four property categories: Senior Housing Operating Portfolio (SHOP) communities providing independent living, assisted living, and memory care; Medical Office Buildings leased to healthcare providers; Life Science Properties leased to biotech tenants; and Wellness Centers operated by fitness companies. The portfolio is valued at approximately $6.2 billion and includes 23,901 senior living units and 5.6 million square feet of medical office and life science space.

Product overview

Diversified Healthcare Trust (DHC) is a healthcare-focused Real Estate Investment Trust (REIT) that operates as a single, unified platform for healthcare property ownership. The company does not offer distinct software products or modules; instead, its business model centers on owning and managing a diversified portfolio of healthcare-related real estate properties. The portfolio comprises four main property categories: Senior Housing Operating Portfolio (SHOP) communities providing independent living, assisted living, and memory care services; Medical Office Buildings (MOBs) housing clinics, outpatient centers, and physician offices; Life Science properties including laboratory and research space for biotech companies; and Wellness Centers including fitness and athletic clubs. The properties are managed by The RMR Group, and operations are conducted through third-party operators such as Discovery Senior Living, Sinceri Senior Living, and Five Star Senior Living.

Differentiator

Problem solved

Functional benefit

Products and services

• Senior Housing Operating Portfolio (SHOP) DHC's owned senior living communities offering independent living, assisted living, and memory care services. The SHOP portfolio includes over 23,901 senior living units across approximately 285 properties managed by third-party operators such as Discovery Senior Living, Sinceri Senior Living, Tutera Senior Living, Five Star Senior Living, WellQuest Living, Stellar, Ciel Senior Living, and Phoenix Senior Living. SHOP is DHC's largest revenue segment at 57% of NOI as of Q1 2026.
• Medical Office Buildings Off-campus medical office properties engineered to support healthcare delivery services including clinics, outpatient centers, surgery centers, and physician offices. The portfolio includes over 65 properties totaling approximately 5.6 million square feet leased to approximately 250 medical office tenants including Cedars-Sinai Medical Center, Duke University Health System, Aurora Health Care, and Indiana Internal Medicine Consultants. MOBs contribute 23% of NOI as of Q1 2026.
• Life Science Properties Laboratory and research facilities, manufacturing buildings, and corporate offices for life sciences companies. Tenants include Vertex Pharmaceuticals (1,133,723 sq ft at Boston Seaport District HQ) and Nanotherapeutics (165,586 sq ft in Alachua, FL). Properties include research labs, manufacturing facilities, and corporate campuses for biotech firms developing therapies. Life Science Properties contribute 10% of NOI as of Q1 2026.
• Wellness Centers Fitness and athletic club facilities featuring gymnasiums, strength and cardiovascular equipment, tennis courts, pools, spas, and childcare centers. Operators include Wellbridge and Life Time Fitness. Wellness Centers contribute 5% of NOI as of Q1 2026.
• Triple Net Leased Senior Living Communities Senior living communities leased to operators under triple net lease arrangements, separate from the SHOP operator-managed portfolio. In March 2025, DHC sold 18 triple net leased senior living communities to Brookdale for $135 million. This segment contributes 5% of NOI as of Q1 2026.

Quantifiable outcome

• 113% total shareholder return in 2025, best-performing REIT in the U.S.
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered core and minor.

• Discovery Senior LivingcoreChannel Partner/ Reseller/ Distributor · 3 September 2025Discovery Senior Living took over management of 44 properties (5,338 units) from DHC's SHOP portfolio as part of the transition from AlerisLife. Discovery is a leading private operator in the U.S. with approximately 420 communities and nearly 47,000 units in 40 states after this transaction.
• Sinceri Senior LivingcoreChannel Partner/ Reseller/ Distributor · 3 September 2025Sinceri Senior Living assumed management of 38 properties (7,299 units) from DHC's SHOP portfolio as part of the operator transition.
• Tutera Senior LivingcoreChannel Partner/ Reseller/ Distributor · 3 September 2025Tutera Senior Living took over management of 19 communities (2,051 units) from DHC's SHOP portfolio.
• The RMR GroupcoreStrategic or Co-development Partner · 3 September 2025The RMR Group serves as DHC's external manager with approximately $37 billion in assets under management as of March 31, 2026. RMR provides vertical integration with over 800 real estate professionals in over 30 offices nationwide and 40 years of institutional experience.
• StellarminorChannel Partner/ Reseller/ Distributor · 3 September 2025One of seven operators that took over management of communities from DHC's SHOP portfolio.
• WellQuest LivingminorChannel Partner/ Reseller/ Distributor · 3 September 2025One of seven operators that took over management of communities from DHC's SHOP portfolio.
• Ciel Senior LivingminorChannel Partner/ Reseller/ Distributor · 3 September 2025One of seven operators that took over management of communities from DHC's SHOP portfolio.
• Phoenix Senior LivingminorChannel Partner/ Reseller/ Distributor · 3 September 2025One of seven operators that took over management of communities from DHC's SHOP portfolio.
• Deloitte & Touche LLPminorOthers · 22 December 2023Deloitte & Touche LLP serves as DHC's independent auditors for fiscal year 2026.

Scale indicators8 records

Recent moves10 records

Expansion highlights4 records

Direct peers

• American Healthcare REIT: American Healthcare REIT owns a diversified portfolio of medical office buildings, senior housing, and skilled nursing facilities across the U.S., mirroring DHC's three-pillar healthcare real estate strategy.
• Welltower: Welltower is the largest U.S. healthcare REIT, with a senior housing operating portfolio, medical office buildings and outpatient medical properties directly comparable to DHC's three largest property categories.
• Healthpeak Properties: Healthpeak owns medical office buildings, life science campuses and CCRC/senior housing assets, overlapping significantly with DHC's medical office and life science segments.
• Sabra Health Care REIT: Sabra is a healthcare REIT focused on skilled nursing, senior housing and behavioral health triple-net properties, closely comparable to DHC's triple-net senior living and SHOP exposure.
• LTC Properties: LTC is a smaller healthcare REIT focused on senior living and skilled nursing triple-net leases to operators, directly comparable to DHC's net-leased senior living communities.
• Omega Healthcare Investors: Omega is a healthcare REIT specializing in skilled nursing and assisted living facilities on triple-net leases, comparable to DHC's senior housing and operator-managed assets.
• Ventas: Ventas operates a diversified healthcare REIT portfolio spanning senior housing (SHOP and triple-net), medical office buildings and life science/research properties, the closest pure comparable to DHC's mix.
• National Health Investors: NHI is a healthcare REIT that invests in senior housing, skilled nursing and hospital properties on a triple-net lease basis, comparable to DHC's operator-leased senior living segment.
• CareTrust REIT: CareTrust primarily owns and leases skilled nursing and seniors housing assets to operators on a triple-net basis, matching DHC's operator-leased senior living model.

Broad incumbents

• Alexandria Real Estate Equities: Alexandria is the largest publicly traded life science REIT focused on Class A laboratory and research campuses for biotech tenants, comparable to DHC's life science segment though far larger and more specialized.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds5 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Diversified Healthcare Trust