Diversified Healthcare Trust (DHC): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Diversified Healthcare Trust (DHC), einem dynamischen Immobilien-Investment-Trust, der sich meisterhaft durch die komplexe Landschaft der Immobilieninvestitionen im Gesundheitswesen bewegt. Durch den strategischen Erwerb, die Verwaltung und die Optimierung medizinischer Immobilien verändert DHC den traditionellen Ansatz der Gesundheitsinfrastruktur und bietet Anlegern eine einzigartige Gelegenheit, den widerstandsfähigen und ständig wachsenden Gesundheitsmarkt zu erschließen. Von Seniorenwohneinrichtungen bis hin zu hochmodernen medizinischen Bürogebäuden bietet dieser innovative Trust ein überzeugendes Konzept für die Generierung stabiler Einnahmen und unterstützt gleichzeitig wichtige Gesundheitsökosysteme in den gesamten Vereinigten Staaten.

Diversified Healthcare Trust (DHC) – Geschäftsmodell: Wichtige Partnerschaften

Eigentümer und Entwickler medizinischer Immobilien

Ab 2024 unterhält DHC Partnerschaften mit den folgenden medizinischen Immobilienunternehmen:

Partnertyp	Anzahl der Partnerschaften	Gesamtwert des Immobilienportfolios
Entwickler medizinischer Bürogebäude	12 aktive Partnerschaften	1,2 Milliarden US-Dollar an Immobilienvermögen
Senior-Wohnungsentwickler	8 strategische Partnerschaften	650 Millionen US-Dollar für Seniorenpflegeimmobilien

Gesundheitsdienstleister und Krankenhaussysteme

Zu den Partnerschaften von DHC mit Gesundheitsdienstleistern gehören:

• 17 große Krankenhaussystempartnerschaften
• Ungefähr 75 Mieterbeziehungen zu Gesundheitsdienstleistern
• Geografische Abdeckung in 23 Bundesstaaten

Immobilieninvestmentfirmen

Kategorie „Investmentpartner“.	Umfassende Investitionskooperation	Investitionswert
Private Immobilieninvestmentfirmen	6 aktive Partnerschaften	475 Millionen US-Dollar an Joint-Venture-Investitionen
REIT-Kooperationspartner	3 strategische Investitionsallianzen	Gemeinsame Immobilienportfolios im Wert von 225 Millionen US-Dollar

Auf das Gesundheitswesen ausgerichtete Finanzinstitute

Details zur Finanzpartnerschaft:

• 5 primäre Bankbeziehungen
• Gesamtkreditfazilität: 350 Millionen US-Dollar
• Kreditinstitute mit Fachwissen im Bereich Gesundheitsimmobilien

Immobilienverwaltungs- und Wartungsunternehmen

Typ des Managementpartners	Anzahl der Partnerschaften	Jährliche Managementverträge
Nationale Immobilienverwaltungsfirmen	4 Hauptpartnerschaften	Jährliche Managementverträge im Wert von 42 Millionen US-Dollar
Spezialisierte Unternehmen für die Instandhaltung von Gesundheitseinrichtungen	7 spezialisierte Wartungspartnerschaften	Wartungsverträge im Wert von 18 Millionen US-Dollar

Diversified Healthcare Trust (DHC) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung von Immobilien im Gesundheitswesen

Ab 2024 verwaltet Diversified Healthcare Trust (DHC) ein Portfolio von 355 Immobilien in 37 Bundesstaaten. Gesamtwert des Immobilienportfolios: 2,1 Milliarden US-Dollar.

Immobilientyp	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Medizinische Bürogebäude	210	59.2%
Seniorenwohneinrichtungen	145	40.8%

Leasing von medizinischen Bürogebäuden und Seniorenwohneinrichtungen

Aktuelle Belegungsraten der DHC-Immobilien:

• Medizinische Bürogebäude: 89,3 %
• Seniorenwohneinrichtungen: 82,7 %

Leasingtyp	Durchschnittliche Mietdauer	Jährliche Mieteinnahmen
Medizinische Bürogebäude	7,2 Jahre	158,6 Millionen US-Dollar
Seniorenwohneinrichtungen	10,5 Jahre	112,4 Millionen US-Dollar

Portfoliooptimierung und strategische Immobilieninvestitionen

Strategische Investitionskennzahlen für 2024:

• Gesamter Immobilienerwerb: 124,3 Millionen US-Dollar
• Gesamte Immobilienveräußerungen: 89,5 Millionen US-Dollar
• Nettoinvestition: 34,8 Millionen US-Dollar

Vermögensverwaltung und Immobilienwartung

Jährliche Instandhaltung und Investitionsausgaben für Immobilien:

Wartungskategorie	Jährliche Ausgaben
Routinewartung	22,6 Millionen US-Dollar
Große Renovierungen	45,3 Millionen US-Dollar
Technologie-Upgrades	8,7 Millionen US-Dollar

Kapitalallokation und Umsetzung der Finanzstrategie

Finanzstrategiekennzahlen für 2024:

• Gesamtvermögen: 2,9 Milliarden US-Dollar
• Gesamtverschuldung: 1,6 Milliarden US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 0,55
• Jährlicher Zinsaufwand: 76,2 Millionen US-Dollar

Diversified Healthcare Trust (DHC) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Medizin- und Gesundheitsimmobilien

Im vierten Quartal 2023 besitzt Diversified Healthcare Trust (DHC) 352 Immobilien in den Vereinigten Staaten, darunter:

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Seniorenwohnungen	246	4,2 Millionen Quadratfuß
Medizinische Bürogebäude	86	2,1 Millionen Quadratfuß
Life-Science-Einrichtungen	20	0,5 Millionen Quadratfuß

Enge Beziehungen zu Interessenvertretern der Gesundheitsbranche

Zu den wichtigsten Mieterbeziehungen gehören:

• Brookdale Senior Living (betreibt 102 Immobilien)
• Sunrise Senior Living (verwaltet 58 Objekte)
• Multicare-Gesundheitssystem
• Steward Healthcare Netzwerk

Finanzkapital- und Investitionsexpertise

Finanzkennzahlen zum 31. Dezember 2023:

• Gesamtvermögen: 4,1 Milliarden US-Dollar
• Gesamtverschuldung: 2,7 Milliarden US-Dollar
• Marktkapitalisierung: 587 Millionen US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 0,65

Erfahrene Management- und Immobilienprofis

Führungsposition	Jahrelange Erfahrung
Vorstandsvorsitzender	22 Jahre im Gesundheitsimmobilienbereich
Finanzvorstand	18 Jahre in der REIT-Finanzierung
Leiter Akquisitionen	15 Jahre Erfahrung in der Investition in Gesundheitsimmobilien

Diversifizierte Immobilieninvestitionsstrategie

Geografische Verteilung der Immobilien:

• Nordosten: 35 % des Portfolios
• Südosten: 25 % des Portfolios
• Mittlerer Westen: 20 % des Portfolios
• Westküste: 15 % des Portfolios
• Andere Regionen: 5 % des Portfolios

Diversified Healthcare Trust (DHC) – Geschäftsmodell: Wertversprechen

Stabile Einkommensgenerierung durch Investitionen in Gesundheitsimmobilien

Im vierten Quartal 2023 verwaltet Diversified Healthcare Trust (DHC) ein Portfolio von 345 medizinischen Immobilien mit einem Gesamtbruttovermögenswert von 3,2 Milliarden US-Dollar. Das Portfolio erwirtschaftet jährliche Mieteinnahmen von rund 234 Millionen US-Dollar.

Immobilientyp	Anzahl der Eigenschaften	Gesamtvermögenswert	Jährliche Mieteinnahmen
Medizinische Bürogebäude	245	2,1 Milliarden US-Dollar	156 Millionen Dollar
Seniorenwohnungen	78	780 Millionen Dollar	62 Millionen Dollar
Life-Science-Einrichtungen	22	320 Millionen Dollar	16 Millionen Dollar

Bereitstellung hochwertiger medizinischer Immobilieninfrastruktur

DHC unterhält eine 99,2 % Auslastung in seinem gesamten Gesundheitsimmobilienportfolio und demonstriert eine hochwertige Infrastruktur und ein strategisches Immobilienmanagement.

• Durchschnittliche Mietdauer: 7,3 Jahre
• Gewichtete durchschnittliche Restlaufzeit des Mietvertrags: 6,8 Jahre
• Geografische Abdeckung: 32 Bundesstaaten in den Vereinigten Staaten

Unterstützung von Gesundheitsdienstleistern mit strategischen Immobilienlösungen

DHC betreut über 500 Mieter im Gesundheitswesen, darunter große Gesundheitssysteme, Ärztegruppen und medizinische Einrichtungen.

Mietertyp	Anzahl der Mieter	Prozentsatz des Portfolios
Krankenhaussysteme	87	32%
Ärztegruppen	215	43%
Spezialpflegezentren	198	25%

Bietet Anlegern Zugang zum Markt für Gesundheitsimmobilien

Als börsennotierter Real Estate Investment Trust (REIT) bietet DHC Anlegern direkten Zugang zu Immobilieninvestitionen im Gesundheitswesen.

• Marktkapitalisierung: 1,1 Milliarden US-Dollar
• Börse: NASDAQ
• Dividendenrendite: 6,8 %

Konsistente Dividenden und langfristige Wertschöpfung liefern

DHC hat eine konsistente Dividendenausschüttungsstrategie mit einer Gesamtdividendenzahlung von 48 Millionen US-Dollar im Jahr 2023 beibehalten.

Jahr	Gesamtzahl der gezahlten Dividenden	Dividende pro Aktie
2021	52 Millionen Dollar	$0.45
2022	50 Millionen Dollar	$0.42
2023	48 Millionen Dollar	$0.40

Diversified Healthcare Trust (DHC) – Geschäftsmodell: Kundenbeziehungen

Langfristige Leasingverträge mit Gesundheitsdienstleistern

Im vierten Quartal 2023 unterhält Diversified Healthcare Trust 356 medizinische Bürogebäude und Seniorenwohnimmobilien in 32 Bundesstaaten. Die durchschnittliche Mietdauer für Arztpraxen beträgt 7,3 Jahre bei einer gewichteten durchschnittlichen Restmietdauer von 6,2 Jahren.

Immobilientyp	Gesamteigenschaften	Durchschnittliche Mietdauer
Medizinische Bürogebäude	245	7,3 Jahre
Seniorenwohnungen	111	5,9 Jahre

Proaktive Immobilienverwaltung und Mieterbetreuung

DHC stellt jährlich 18,7 Millionen US-Dollar für Investitionen in die Instandhaltung von Immobilien und die Verbesserung der Mieter bereit. Das Unternehmen weist in seinem gesamten Gesundheitsportfolio eine Auslastung von 93,4 % auf.

• Engagiertes Immobilienverwaltungsteam aus 42 Fachleuten
• Mieterbetreuungsinfrastruktur rund um die Uhr
• Jährliche Beurteilung des Immobilienzustands

Regelmäßige Kommunikation mit Investoren und Stakeholdern

DHC führt vierteljährliche Gewinngespräche mit einer durchschnittlichen Anlegerbeteiligung von 87 institutionellen Anlegern durch. Das Unternehmen stellt detaillierte vierteljährliche Finanzberichte bereit und unterhält eine Investor-Relations-Website mit Echtzeit-Updates.

Kommunikationskanal für Investoren	Häufigkeit	Teilnahmequote
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	87 institutionelle Anleger
Jahreshauptversammlung	1 Mal pro Jahr	92 Teilnehmer

Transparente Finanzberichterstattung und Investor Relations

Im Jahr 2023 meldete DHC einen Gesamtumsatz von 685,4 Millionen US-Dollar bei einem Nettobetriebsergebnis von 312,6 Millionen US-Dollar. Das Unternehmen unterhält eine umfassende Richtlinie zur finanziellen Offenlegung.

Maßgeschneiderte Immobilienlösungen für Gesundheitsorganisationen

DHC bietet flexible Leasingstrukturen mit 37 einzigartigen Mietänderungsvereinbarungen im Jahr 2023. Das Unternehmen bietet maßgeschneiderte Immobilienlösungen für spezialisierte Gesundheitseinrichtungen.

• Individuelle Mietkonditionen
• Flexible Optionen zur Eigenschaftsänderung
• Spezialkonfigurationen für Gesundheitseinrichtungen

Diversified Healthcare Trust (DHC) – Geschäftsmodell: Kanäle

Direkte Immobilienvermietung und -verkäufe

Im vierten Quartal 2023 verwaltete DHC 382 Immobilien in allen Gesundheitsimmobiliensegmenten. Gesamtwert des Portfolios: 3,1 Milliarden US-Dollar. Zu den direkten Leasingkanälen gehören:

• Arztpraxisgebäude: 208 Objekte
• Seniorenwohnimmobilien: 99 Objekte
• Life-Science-Einrichtungen: 75 Objekte

Kanaltyp	Anzahl der Eigenschaften	Auslastung
Medizinische Bürogebäude	208	87.3%
Seniorenwohnungen	99	81.5%
Life-Science-Einrichtungen	75	92.1%

Investor-Relations-Website und Finanzkommunikation

Zu den digitalen Kommunikationsplattformen gehören:

• Webcast zu den Quartalsergebnissen
• Jahreshauptversammlung der Aktionäre
• SEC-Einreichungsarchiv

Immobilienmaklernetzwerke

DHC nutzt 17 nationale und regionale Maklerpartnerschaften für Immobilientransaktionen. Gesamtvolumen der Maklertransaktionen im Jahr 2023: 475 Millionen US-Dollar.

Finanzkonferenzen und Investorenpräsentationen

Konferenz	Datum	Präsentationsformat
Raymond James Gesundheitskonferenz	Februar 2024	Virtuelle Präsentation
Citi Global Property Conference	März 2024	Persönliche Präsentation

Digitale Plattformen für Immobilienverwaltung und Kommunikation

Die Technologieinfrastruktur umfasst:

• Proprietäres Mieterverwaltungssystem
• Cloudbasierte Leasing-Tracking-Plattform
• Mobile Anwendung zur Immobilieninspektion

Gesamtinvestition in die digitale Plattform im Jahr 2023: 3,2 Millionen US-Dollar.

Diversified Healthcare Trust (DHC) – Geschäftsmodell: Kundensegmente

Gesundheitsdienstleister und Arztpraxen

Im vierten Quartal 2023 verwaltet DHC 351 Arztpraxen in 34 Bundesstaaten. Gesamtwert des Arztpraxen-Portfolios: 2,1 Milliarden US-Dollar.

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Medizinische Bürogebäude	351	4,2 Millionen Quadratfuß.

Betreiber von Seniorenwohn- und Gesundheitseinrichtungen

DHC besitzt 96 Seniorenwohnimmobilien mit 10.700 Wohneinheiten (Stand Dezember 2023).

Kategorie „Seniorenleben“.	Anzahl der Eigenschaften	Gesamteinheiten
Unabhängiges Leben	42	4.500 Einheiten
Betreutes Wohnen	38	4.200 Einheiten
Gedächtnispflege	16	2.000 Einheiten

Institutionelle Anleger

Institutioneller Besitz von DHC im Januar 2024: 77,3 % der gesamten Aktien.

• Zu den wichtigsten institutionellen Inhabern gehört die Vanguard Group (12,4 %).
• BlackRock Inc. (9,7 %)
• State Street Corporation (6,2 %)

Immobilien-Investmentfonds

Gesamtwert des Immobilienportfolios von DHC: 4,3 Milliarden US-Dollar an Immobilien im Gesundheitsbereich.

Eigenschaftskategorie	Gesamtwert	Prozentsatz des Portfolios
Medizinische Bürogebäude	2,1 Milliarden US-Dollar	48.8%
Seniorenwohnen	1,9 Milliarden US-Dollar	44.2%
Andere Immobilien im Gesundheitswesen	300 Millionen Dollar	7%

Einzelinvestoren

Privatanlegerbesitz: 22,7 % der gesamten Aktien, Stand Januar 2024.

• Durchschnittliches tägliches Handelsvolumen: 1,2 Millionen Aktien
• Aktuelle Aktienkursspanne: 2–3 US-Dollar pro Aktie
• Marktkapitalisierung: Ungefähr 350 Millionen US-Dollar

Diversified Healthcare Trust (DHC) – Geschäftsmodell: Kostenstruktur

Kosten für Immobilienerwerb und -entwicklung

Im vierten Quartal 2023 beliefen sich die Immobilienerwerbskosten von DHC auf insgesamt 42,3 Millionen US-Dollar. Die Entwicklungskosten für medizinische Bürogebäude und Seniorenwohnimmobilien beliefen sich auf 18,7 Millionen US-Dollar.

Ausgabenkategorie	Gesamtkosten ($)
Erwerb von medizinischen Bürogebäuden	27,500,000
Erwerb von Seniorenwohnimmobilien	14,800,000
Entwicklungsinvestitionen	18,700,000

Kosten für die Instandhaltung und Renovierung von Immobilien

Die jährlichen Instandhaltungskosten für Immobilien beliefen sich im Jahr 2023 auf 24,6 Millionen US-Dollar, wobei die Renovierungskosten 12,4 Millionen US-Dollar ausmachten.

• Routinewartung: 9,2 Millionen US-Dollar
• Größere Reparaturen und Modernisierungen: 15,4 Millionen US-Dollar

Management- und Betriebsaufwand

Die Betriebskosten für 2023 beliefen sich auf 37,5 Millionen US-Dollar, darunter:

Overhead-Komponente	Kosten ($)
Verwaltungsgehälter	15,300,000
Betriebsausgaben des Unternehmens	22,200,000

Zinsaufwand bei Fremdfinanzierung

Die gesamten Zinsaufwendungen für 2023 beliefen sich auf 89,6 Millionen US-Dollar, mit einem durchschnittlichen Zinssatz von 5,2 % auf ausstehende Schulden.

Schuldentyp	Gesamtschulden ($)	Zinsaufwand ($)
Vorrangig gesicherte Schuldverschreibungen	425,000,000	22,100,000
Revolvierende Kreditfazilität	200,000,000	10,400,000
Laufzeitdarlehen	350,000,000	57,100,000

Compliance- und Regulierungskosten

Die Compliance-Aufwendungen für 2023 beliefen sich auf insgesamt 6,8 Millionen US-Dollar und deckten regulatorische Anforderungen im Gesundheitswesen und im Immobilienbereich ab.

• Kosten für die regulatorische Berichterstattung: 2,3 Millionen US-Dollar
• Personalaufwand für Compliance: 4,5 Millionen US-Dollar

Diversified Healthcare Trust (DHC) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus medizinischen Immobilien

Im vierten Quartal 2023 meldete DHC einen Gesamtmietumsatz von 136,5 Millionen US-Dollar. Das Portfolio besteht aus 389 Immobilien in 34 Bundesstaaten und generiert konstante Mieteinnahmen aus Gesundheitsimmobilien.

Immobilientyp	Anzahl der Eigenschaften	Mieteinnahmen (jährlich)
Seniorenwohnungen	226	78,3 Millionen US-Dollar
Medizinische Bürogebäude	98	42,7 Millionen US-Dollar
Life-Science-Einrichtungen	65	15,5 Millionen US-Dollar

Leasingzahlungen von Gesundheitsdienstleistern

Die durchschnittliche Vermietungsquote liegt bei 87,4 % mit einer gewichteten durchschnittlichen Mietdauer von 8,2 Jahren.

• Leasingdeckungsgrad: 1,35x
• Vertragliche jährliche Mietpreiserhöhungen: 2,5 %
• Gesamtpachteinnahmen: 163,2 Millionen US-Dollar im Jahr 2023

Immobilienverkauf und Wertsteigerung

Im Jahr 2023 erzielte DHC 45,6 Millionen US-Dollar aus Immobilienverkäufen mit einem Nettogewinn von 12,3 Millionen US-Dollar aus Immobilientransaktionen.

Dividendenausschüttungen an Aktionäre

Aktuelle jährliche Dividendenrendite: 6,8 % Gesamtdividendenausschüttung im Jahr 2023: 42,1 Millionen US-Dollar

Anlagerenditen aus dem Immobilienportfolio im Gesundheitswesen

Gesamtwert des Portfolios: 3,2 Milliarden US-Dollar Jährliche Anlagerendite: 5,7 %

Investitionsmetrik	Wert 2023
Bruttoanlageeinkommen	198,4 Millionen US-Dollar
Nettoanlageertrag	87,6 Millionen US-Dollar
Kapitalwertsteigerung	22,9 Millionen US-Dollar

Diversified Healthcare Trust (DHC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Diversified Healthcare Trust's properties are valuable to its stakeholders right now, late in 2025. It's about the mix of assets and the recent financial housekeeping.

Diversified exposure to high-demand healthcare real estate sectors (MOB, Life Science, Senior Living).

Diversified Healthcare Trust offers investors a stake in a portfolio strategically spread across critical healthcare real estate types. As of September 30, 2025, the total portfolio value stood at approximately $6.7 billion, spread across 335 properties in 34 states and Washington, D.C.. This diversification is key to weathering sector-specific headwinds.

Here's a quick look at the composition as of that date:

Property Type Component	Metric	Value (as of 9/30/2025)
Senior Living Units	Count	More than 26,000 units
Medical Office and Life Science	Square Footage	Approximately 6.9 million square feet
Tenants	Count	Approximately 420 tenants

Potential for improved operating margins and occupancy in the Senior Housing Operating Portfolio (SHOP).

The SHOP segment, which represents the largest component of the portfolio, is showing clear operational traction. Occupancy in the Senior Housing Operating Portfolio rose by 210 basis points year-over-year to reach 81.5% in the third quarter of 2025.. Furthermore, average monthly rates grew by 5.3% year-over-year for the same period.. Management is maintaining its full-year SHOP Net Operating Income (NOI) guidance range at $132 million to $142 million for 2025..

The value here is the operational leverage; you see this in the 18.5% year-over-year increase in same-property SHOP NOI reported in the second quarter of 2025..

Stable, long-term rental income from the leased Medical Office and Life Science segments.

The leased segments provide a more predictable income stream. In the Medical Office and Life Science Portfolio during the third quarter of 2025, leasing activity was robust. They leased approximately 85,992 square feet at weighted average rents that were 9.1% higher than prior rents for the same space.. Consolidated occupancy for this segment climbed to 86.6%.. The average lease term on new deals is nearly 7 years..

High-quality, strategically invested properties supporting an aging U.S. population.

Diversified Healthcare Trust's focus is on owning properties that benefit from long-term demographic tailwinds, specifically the growing elderly population in the U.S. The company aims to position its assets in proximity to major population centers and established healthcare networks.. The company is actively managing its operator base, for instance, by planning the sale of AlerisLife's 116 management agreements to enhance operator diversification..

Enhanced balance sheet visibility for investors post-refinancing.

The company took significant steps to manage near-term debt risk. In September 2025, Diversified Healthcare Trust priced $375 million aggregate principal amount of 7.25% senior secured notes due October 2030.. Proceeds were used to partially redeem approximately $307 million of the notes due January 2026.. This action, combined with planned asset sales, is intended to fully repay the January 2026 debt by the end of the fourth quarter of 2025, pushing the next maturity out to February 2028.. S&P projects the adjusted debt to EBITDA ratio will decline to about 10x by year-end 2025 from 11.9x in 2024..

Finance: draft 13-week cash view by Friday.

Diversified Healthcare Trust (DHC) - Canvas Business Model: Customer Relationships

You're looking at how Diversified Healthcare Trust (DHC) manages its relationships across its diverse real estate holdings. It's not one-size-fits-all; you have distinct customer types-from clinical tenants to senior living residents-each requiring a different touchpoint.

Long-term, triple-net lease agreements with MOB/Life Science tenants

For the Medical Office Building (MOB) and Life Science segment, the relationship is purely contractual, centered on long-term, triple-net lease agreements. This structure puts the responsibility for property operating expenses, taxes, and insurance onto the tenant, which is a key feature for a REIT like Diversified Healthcare Trust (DHC).

As of September 30, 2025, Diversified Healthcare Trust (DHC)'s portfolio included approximately 6.9 million square feet of medical office and life science properties, occupied by approximately 420 tenants. The leasing momentum is strong; for the Medical Office and Life Science Portfolio, weighted average rents were 9% above prior rates as of the third quarter of 2025, with occupancy rising to 86.6%. This segment provides a stable, predictable income base, which is what you want from a net-lease customer. To give you a concrete example of how these assets are valued when monetized, a sale of 18 triple-net leased senior living communities in March 2025 fetched $135 million, or approximately $154,000 per unit, reflecting an in-place cap rate on annualized income of 7.3%.

Contractual management agreements with third-party senior living operators

The Senior Housing Operating Portfolio (SHOP) relationship is fundamentally different; here, Diversified Healthcare Trust (DHC) relies on contractual management agreements with third-party operators. This is where the recent, major restructuring of the AlerisLife relationship comes into play, shifting the relationship dynamics significantly.

Diversified Healthcare Trust (DHC) is completing the transition of 116 management agreements from AlerisLife to seven new, well-established operators, with full completion expected by the end of 2025. These new agreements are structured, except for one property, in the RIDEA format (REIT Investment Diversification and Empowerment Act), which aligns operator incentives with Diversified Healthcare Trust (DHC)'s objectives through performance-based terms, including operator investment in the contracts.

Here's the breakdown of the major new operator assignments:

Operator	Number of Communities	Number of Units
Sinceri Senior Living	38	7,299
Discovery Senior Living	44	5,338
Tutera Senior Living & Health Care	19	2,051
Stellar Senior Living	6	1,032
WellQuest Living	5	796
Phoenix Senior Living	3	366
Ciel Senior Living	1	308

This transition is strategic, as the pre-transition SHOP portfolio had 24,872 units across 229 assets. The SHOP segment itself saw occupancy rise to 81.5% with average monthly rate growth over 5% in Q3 2025. Diversified Healthcare Trust (DHC) expects to receive estimated net proceeds between $25 million to $40 million from its 34% interest in AlerisLife upon its wind-down in 2026.

Institutional investor relations for a publicly traded REIT (NASDAQ: DHC)

As a publicly traded REIT on NASDAQ, Diversified Healthcare Trust (DHC) maintains a formal relationship with its shareholders, managed by The RMR Group, which oversaw approximately $39 billion in assets under management as of September 30, 2025. The relationship is governed by public filings and regular communication, such as the declared common share distribution of $0.01 per share on October 9, 2025.

The institutional ownership structure saw a dramatic shift by the end of the third quarter of 2025. As of September 30, 2025, the institutional ownership percentage fell to 0.0% from 75.1% in June 2025. However, looking at the June 30, 2025, data, major holders included:

• Flat Footed LLC with 23,487,000 shares
• BlackRock, Inc. with 19,627,435 shares
• VANGUARD GROUP INC with 19,621,564 shares

The company is focused on delivering value, positioning itself to repay its 2026 debt maturity and enter 2026 with no debt maturities until 2028. That's a clear action item for the investor base.

Direct relationship with residents in the Senior Housing Operating Portfolio (SHOP) via third-party managers

You don't deal directly with the residents in the SHOP portfolio; that relationship is mediated entirely through the third-party operators like Discovery Senior Living and Sinceri Senior Living. Diversified Healthcare Trust (DHC)'s influence here is indirect, achieved by selecting high-performing operators and structuring agreements that reward them for driving better resident experiences, which translates to higher average monthly rates and occupancy.

The goal is clear: drive operational improvements that benefit the resident experience, which in turn benefits Diversified Healthcare Trust (DHC)'s bottom line. Post-transition, the company anticipates reaching occupancy of 90% or greater across the SHOP portfolio. The operators are incentivized through performance-based terms on rate growth and occupancy gains. The focus is on creating a 'win-win' scenario for the operator and the REIT owner.

Diversified Healthcare Trust (DHC) - Canvas Business Model: Channels

You're looking at how Diversified Healthcare Trust (DHC) gets its value proposition-high-quality healthcare real estate-to its customers. It's a mix of direct management for some assets and heavy reliance on specialized third parties for others, all funded through the public markets.

Direct Leasing for Medical Office and Life Science Properties

For the non-senior housing side of the business, Diversified Healthcare Trust uses its internal teams to manage direct relationships with tenants across its Medical Office (MOB) and Life Science (LS) portfolio. This channel focuses on securing and maintaining leases for specialized space. As of September 30, 2025, this segment comprised approximately 6.9 million square feet across 335 properties in the total portfolio, occupied by roughly 420 tenants. This portfolio represents about 26.7% of Diversified Healthcare Trust's gross book value, according to Q2 2025 data. The direct team handles the leasing for everything from multi-specialty physician offices to multi-building life science campuses.

Third-Party Senior Living Operators

The Senior Housing Operating Portfolio (SHOP) relies almost entirely on third-party operators to run the day-to-day business. This is a critical channel for service delivery. Diversified Healthcare Trust is actively reshaping this channel, notably by transitioning management agreements for 116 senior housing communities formerly managed by AlerisLife to seven different operators by the end of 2025. The lion's share of these units is going to operators like Discovery Senior Living, Sinceri Senior Living, and Tutera Senior Living. Post-transition, Sinceri will manage 7,299 units and Discovery Senior Living will manage 5,338 units within Diversified Healthcare Trust's SHOP segment. This contrasts with the triple-net leased model, where Diversified Healthcare Trust completed the sale of 18 communities totaling 876 units to Brookdale Senior Living for $135 million in March 2025.

Here's a snapshot of the operator shift and portfolio scale:

Metric	Value as of Late 2025 Data	Source Context
Total SHOP Assets	229 assets	Q2 2025 data
Total SHOP Units	24,872 units	Q2 2025 data
Communities Transitioning from AlerisLife	116 communities	October 2025 update
New Operators Assuming Management	Seven operators	October 2025 update
Largest Post-Transition Operator (Units)	Sinceri Senior Living with 7,299 units	October 2025 update

Public Equity Markets (NASDAQ) for Capital Raising

Diversified Healthcare Trust uses the public equity markets, specifically the NASDAQ listing, as a primary channel for accessing large-scale capital, which is essential for balance sheet management and future growth. The company announced a regular quarterly cash distribution on its common shares of $0.01 per share in October 2025. Investor sentiment appears to be shifting; as of November 2025, the share price was up 103.96% year-to-date, hitting a fresh 52-week high. To manage debt maturities, Diversified Healthcare Trust raised capital through debt issuance, such as pricing $375 million of senior secured notes due October 2030. The company's total market capitalization was reported at $1.15 billion as of the third quarter of 2025.

Investment Banking and Real Estate Brokerage Firms

For portfolio optimization-acquiring new assets or disposing of non-core ones-Diversified Healthcare Trust engages investment banking and real estate brokerage firms. This channel facilitates the execution of its capital recycling strategy. For instance, the March 2025 sale of 18 senior living communities to Brookdale Senior Living for $135 million was a key disposition. Furthermore, as of the Q2 2025 earnings call, Diversified Healthcare Trust was under agreements or letters of intent to sell an additional 49 properties for approximately $279.9 million. On the financing side, the company closed $94.3 million in mortgage financings secured by six SHOP communities in June 2025, and since March 2025, had closed an aggregate of $343.0 million in financings across 27 SHOP communities.

• Financing proceeds from six communities totaled $94.3 million.
• The average per unit valuation on the 27 financed SHOP communities since March 2025 was approximately $174,000.
• The disposition of 18 units to Brookdale was valued at approximately $154,000 per unit.

The management team is definitely using these external channels to actively prune and finance the portfolio.

Finance: draft 13-week cash view by Friday.

Diversified Healthcare Trust (DHC) - Canvas Business Model: Customer Segments

You're looking at the core groups Diversified Healthcare Trust (DHC) serves as of late 2025, based on their latest operational snapshot from September 30, 2025.

Institutional investors and shareholders seeking healthcare REIT exposure.

These are the capital providers. As of the third quarter of 2025, the ownership structure shows significant institutional backing, with 75.86% ownership held by institutions. Insiders hold 10.23%. Total shareholder returns over the past twelve months reached 85.64%. The regular quarterly cash distribution was set at $0.01 per share. The market capitalization as of November 2025 was reported around $1.15 billion.

Healthcare providers and physician groups leasing Medical Office Buildings.

This group occupies the Medical Office and Life Science space. As of September 30, 2025, this segment comprised approximately 6.9 million square feet across over 85 properties, serving approximately 420 total tenants across the entire portfolio. For the third quarter of 2025, the Medical Office and Life Science Portfolio occupancy stood at 86.6%. New leasing activity in that quarter covered 85,992 square feet, with weighted average rents coming in 9.1% higher than prior rates for the same space.

Life science and biotech companies leasing lab and research space.

These tenants are bundled with the MOBs in the reporting structure. The portfolio includes space for scientific research disciplines. The total square footage for both Medical Office and Life Science properties was approximately 6.9 million square feet as of September 30, 2025. In the second quarter of 2025, leasing activity saw rents averaging 11.5% higher than previous rents for the space leased, which totaled 106,274 square feet.

Senior citizens and their families utilizing the Senior Housing Operating Portfolio (SHOP) services.

This is the largest component by unit count. Diversified Healthcare Trust's SHOP portfolio contained more than 26,000 senior living units as of September 30, 2025. For the third quarter of 2025, occupancy in the SHOP segment increased year-over-year by 210 basis points to reach 81.5%. The average monthly rate growth for these units was 5.3% year-over-year, leading to an 8.0% increase in consolidated SHOP Net Operating Income (NOI) to $29.6 million for the third quarter of 2025.

Here's a quick look at the portfolio composition as of September 30, 2025:

Portfolio Segment	Key Metric	Value
Total Portfolio	Gross Book Value	Approximately $6.7 billion
Total Portfolio	Number of Properties	335
Total Portfolio	Total Tenants	Approximately 420
Senior Housing Operating Portfolio (SHOP)	Total Units	More than 26,000
SHOP	Q3 2025 Occupancy Rate	81.5%
Medical Office & Life Science	Total Square Footage	Approximately 6.9 million square feet
Medical Office & Life Science	Q3 2025 Occupancy Rate	86.6%

You can see the SHOP segment is driving significant NOI growth, up 8.0% year-over-year in Q3 2025, while the MOB/Life Science segment shows strong leasing spreads at 9.1%.

The customer base is clearly segmented by the type of healthcare service provided:

• Institutional Investors: Ownership at 75.86% institutions.
• MOB/Life Science Tenants: Occupying 6.9 million square feet.
• SHOP Residents: Utilizing over 26,000 units.
• Total Occupancy (SHOP): Reached 81.5% in Q3 2025.

Finance: review the impact of the $375.0 million senior secured notes issued in September 2025 on the weighted average interest rate by next Tuesday.

Diversified Healthcare Trust (DHC) - Canvas Business Model: Cost Structure

You're looking at the expense side of Diversified Healthcare Trust (DHC) as of late 2025, and honestly, the immediate costs are dominated by transition expenses and debt servicing. Here's the quick math on the major drains on the bottom line based on the latest filings.

Property operating expenses saw a temporary spike. Specifically, you see elevated labor costs tied to the AlerisLife transitions, hitting approximately $5.1 million in Q3 2025 alone. This was a one-time drag as the company moved communities to new operators.

The leverage profile is a major cost driver. Interest expense on the significant debt load is reflected in the Net Debt to Adjusted EBITDAre ratio, which stood at 10 times for Q3 2025, largely due to those temporary compensation expense increases. This high leverage means debt service remains a primary, non-negotiable cost.

Management fees paid to The RMR Group are a recurring, structural cost. For the nine months ended September 30, 2025, the total management fees incurred were substantial:

Management Fee Component	Amount (in thousands)	Period
Management Fees Expensed (Property Operating Expenses)	$31,721	Nine Months Ended September 30, 2025
Management Fees Capitalized (Balance Sheet)	$1,530	Nine Months Ended September 30, 2025

The company is actively managing its capital structure, which impacts interest costs. For context, Q3 2025 Adjusted EBITDAre was reported at $62.9 million.

Regarding property maintenance and improvements, while a specific total Capital Expenditure figure for Q3 2025 isn't explicitly broken out in the immediate summaries, the capitalization of management fees suggests ongoing investment activity. The capitalized portion of management fees for the first nine months of 2025 was $1,530 thousand.

General and administrative (G&A) costs are embedded within the overall operating structure, but the reported Net Loss for Q3 2025 was $164.0 million, or $0.68 per share.

Here are the key cost structure elements we can quantify:

• Elevated labor costs in Q3 2025: $5.1 million.
• Net Debt to Adjusted EBITDAre ratio (Q3 2025): 10x.
• Management fees expensed (9 months 2025): $31,721 thousand.
• Total portfolio value as of September 30, 2025: approximately $6.7 billion.
• Quarterly common share distribution cost: $0.01 per share.

Finance: draft 13-week cash view by Friday.

Diversified Healthcare Trust (DHC) - Canvas Business Model: Revenue Streams

You're looking at how Diversified Healthcare Trust (DHC) brings in its money, which, as a real estate investment trust, really boils down to rent and operations from its specialized properties. Honestly, the revenue picture for late 2025 is a mix of steady leasing income and the performance of its managed senior housing assets.

The two core revenue drivers for Diversified Healthcare Trust are clear:

• Rental income from Medical Office and Life Science properties (the leased segment).
• Operating revenue from the Senior Housing Operating Portfolio (SHOP) communities.

For the third quarter ending September 30, 2025, the top-line figure was reported at $388.71 million. That quarterly number contributes to the broader picture; the trailing twelve months revenue was reported at $1.54B. That's up 4.10% year-over-year for the TTM period.

Strategic asset sales are another component, used to optimize the portfolio and boost liquidity. While I don't have the exact figure of $16.5 million from six properties for Q3 2025, the activity around dispositions is significant. Year-to-date through Q3 2025, Diversified Healthcare Trust had sold 44 properties for $396 million and had agreements in place to sell an additional 38 properties for $237 million. Also, subsequent to the quarter-end, they sold another 11 properties for aggregate gross proceeds of $31 million. This focus on sales helps manage the balance sheet, especially considering the refinancing activity, like the $375 million senior secured notes offering completed in late September.

To give you a clearer snapshot of the key financial metrics tied to these revenue streams as of the Q3 2025 report, here's a quick table:

Metric	Value
Q3 2025 Total Revenue	$388.71 million
Trailing Twelve Months Revenue (as of Q3 2025)	$1.54B
SHOP Portfolio Occupancy (Q3 2025)	81.5%
Full Year 2025 SHOP NOI Guidance Range	$132 million to $142 million
Year-to-Date Asset Sales Proceeds (Properties Sold)	$396 million (44 properties)

The SHOP portfolio performance is critical, as operating revenue depends heavily on occupancy and effective management, especially during operator transitions. The occupancy rate rose by 210 basis points year-over-year to reach 81.5% in the third quarter. The full fiscal year 2025 guidance for SHOP Net Operating Income (NOI) was maintained in the range of $132 million to $142 million. Also, leasing success in the leased segment saw approximately 86,000 square feet completed at weighted average rents 9% above prior rents.

Finance: draft 13-week cash view by Friday.