Diversified Healthcare Trust (DHC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo del fideicomiso de salud diversificado (DHC), un fideicomiso dinámico de inversión inmobiliaria que navega magistralmente el complejo panorama de las inversiones en propiedades de la salud. Al adquirir, administrar y optimizar estratégicamente los activos de bienes raíces médicas, DHC transforma el enfoque tradicional de la infraestructura de salud, ofreciendo a los inversores una oportunidad única para aprovechar el mercado de atención médica resistente y en constante expansión. Desde instalaciones de vivienda para personas mayores hasta edificios de oficina médica de vanguardia, este fideicomiso innovador proporciona un plan convincente para generar ingresos estables al tiempo que respalda los ecosistemas críticos de atención médica en los Estados Unidos.

Diversified Healthcare Trust (DHC) - Modelo de negocios: asociaciones clave

Propietarios de propiedades de bienes raíces médicas y desarrolladores

A partir de 2024, DHC mantiene asociaciones con las siguientes entidades de bienes raíces médicas:

Tipo de socio	Número de asociaciones	Valor de cartera de propiedades totales
Desarrolladores de edificios de oficinas médicas	12 asociaciones activas	$ 1.2 mil millones en activos de propiedad
Desarrolladores de vivienda para personas mayores	8 asociaciones estratégicas	$ 650 millones en bienes raíces de cuidado de personas mayores

Proveedores de atención médica y sistemas hospitalarios

Las asociaciones de proveedores de salud de DHC incluyen:

• 17 Asociaciones principales del sistema hospitalario
• Aproximadamente 75 relaciones de inquilinos de proveedores de atención médica
• Cobertura geográfica en 23 estados

Empresas de inversión inmobiliaria

Categoría de socios de inversión	Colaboración de inversión total	Valor de inversión
Empresas privadas de inversión inmobiliaria	6 asociaciones activas	$ 475 millones en inversiones de empresas conjuntas
Socios de colaboración REIT	3 alianzas de inversión estratégica	$ 225 millones en carteras de bienes raíces compartidas

Instituciones financieras centradas en la salud

Detalles de la asociación financiera:

• 5 Relaciones bancarias primarias
• Facilidad de crédito total: $ 350 millones
• Instituciones de préstamo con experiencia en bienes raíces de atención médica

Empresas de gestión de propiedades y mantenimiento

Tipo de socio de gestión	Número de asociaciones	Contratos de gestión anuales
Empresas nacionales de administración de propiedades	4 asociaciones principales	$ 42 millones en contratos de gestión anuales
Empresas de mantenimiento de instalaciones de atención médica especializadas	7 asociaciones de mantenimiento especializadas	$ 18 millones en acuerdos de servicio de mantenimiento

Fideicomiso de atención médica diversificada (DHC) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades relacionadas con la atención médica

A partir de 2024, Diversified Healthcare Trust (DHC) administra una cartera de 355 propiedades en 37 estados. Valor total de la cartera de propiedades: $ 2.1 mil millones.

Tipo de propiedad	Número de propiedades	Porcentaje de cartera
Edificios de consultorio médico	210	59.2%
Instalaciones de vivienda para personas mayores	145	40.8%

Arrendamiento de edificios de consultorio médico e instalaciones para personas mayores

Tasas de ocupación actuales para propiedades DHC:

• Edificios de consultorio médico: 89.3%
• Instalaciones de vivienda para personas mayores: 82.7%

Tipo de arrendamiento	Duración promedio de arrendamiento	Ingresos de alquiler anuales
Edificios de consultorio médico	7.2 años	$ 158.6 millones
Instalaciones de vivienda para personas mayores	10.5 años	$ 112.4 millones

Optimización de cartera e inversiones de propiedad estratégica

Métricas de inversión estratégica para 2024:

• Adquisiciones de propiedad total: $ 124.3 millones
• Disposiciones de propiedad totales: $ 89.5 millones
• Inversión neta: $ 34.8 millones

Gestión de activos y mantenimiento de la propiedad

Mantenimiento de la propiedad anual y gasto de capital:

Categoría de mantenimiento	Gasto anual
Mantenimiento de rutina	$ 22.6 millones
Renovaciones importantes	$ 45.3 millones
Actualizaciones tecnológicas	$ 8.7 millones

Asignación de capital y ejecución de la estrategia financiera

Métricas de estrategia financiera para 2024:

• Activos totales: $ 2.9 mil millones
• Deuda total: $ 1.6 mil millones
• Relación de deuda / capital: 0.55
• Gastos de intereses anuales: $ 76.2 millones

Fideicomiso de atención médica diversificada (DHC) - Modelo de negocio: recursos clave

Extensa cartera de propiedades médicas y de atención médica

A partir del cuarto trimestre de 2023, Diversified Healthcare Trust (DHC) posee 352 propiedades en los Estados Unidos, que comprende:

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Vivienda para personas mayores	246	4.2 millones de pies cuadrados
Edificios de consultorio médico	86	2.1 millones de pies cuadrados
Instalaciones de ciencias de la vida	20	0.5 millones de pies cuadrados

Fuertes relaciones con los interesados ​​en la industria de la salud

Las relaciones clave del inquilino incluyen:

• Brookdale Senior Living (opera 102 propiedades)
• Sunrise Senior Living (administra 58 propiedades)
• Sistema de salud multicare
• Red de atención médica de Steward

Experiencia de capital financiero e inversión

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 4.1 mil millones
• Deuda total: $ 2.7 mil millones
• Capitalización de mercado: $ 587 millones
• Relación de deuda / capital: 0.65

Profesionales de gestión y bienes raíces experimentadas

Puesto ejecutivo	Años de experiencia
Director ejecutivo	22 años en bienes raíces de atención médica
Director financiero	18 años en Finanzas de REIT
Jefe de Adquisiciones	15 años en inversiones en propiedades de atención médica

Estrategia de inversión inmobiliaria diversificada

Distribución geográfica de propiedades:

• Noreste: 35% de la cartera
• Sudeste: 25% de la cartera
• Medio Oeste: 20% de la cartera
• Costa oeste: 15% de la cartera
• Otras regiones: 5% de la cartera

Fideicomiso de atención médica diversificada (DHC) - Modelo de negocio: propuestas de valor

Generación de ingresos estables a través de inversiones en propiedades de atención médica

A partir del cuarto trimestre de 2023, Diversified Healthcare Trust (DHC) administra una cartera de 345 propiedades médicas con un valor total de activos brutos de $ 3.2 mil millones. La cartera genera un ingreso anual de alquiler de aproximadamente $ 234 millones.

Tipo de propiedad	Número de propiedades	Valor total del activo	Ingresos de alquiler anuales
Edificios de consultorio médico	245	$ 2.1 mil millones	$ 156 millones
Vivienda para personas mayores	78	$ 780 millones	$ 62 millones
Instalaciones de ciencias de la vida	22	$ 320 millones	$ 16 millones

Proporcionar infraestructura inmobiliaria médica de alta calidad

DHC mantiene un Tasa de ocupación del 99,2% En su cartera de propiedades de salud, demostrando infraestructura de alta calidad y gestión de propiedades estratégicas.

• Término de arrendamiento promedio: 7.3 años
• Término de arrendamiento promedio ponderado restante: 6.8 años
• Cobertura geográfica: 32 estados en los Estados Unidos

Apoyo a los proveedores de atención médica con soluciones de propiedades estratégicas

DHC sirve a más de 500 inquilinos de atención médica, incluidos los principales sistemas de salud, grupos médicos e instituciones médicas.

Tipo de inquilino	Número de inquilinos	Porcentaje de cartera
Sistemas hospitalarios	87	32%
Grupos de médicos	215	43%
Centros de atención especializada	198	25%

Ofrecer la exposición a los inversores al mercado inmobiliario de la salud

Como un fideicomiso de inversión inmobiliaria (REIT) que cotiza en bolsa, DHC proporciona a los inversores acceso directo a las inversiones inmobiliarias de la salud.

• Capitalización de mercado: $ 1.1 mil millones
• Bolsa de valores: NASDAQ
• Rendimiento de dividendos: 6.8%

Entregar dividendos consistentes y creación de valor a largo plazo

DHC ha mantenido una estrategia de distribución de dividendos consistente con pagos de dividendos totales de $ 48 millones en 2023.

Año	Dividendos totales pagados	Dividendo por acción
2021	$ 52 millones	$0.45
2022	$ 50 millones	$0.42
2023	$ 48 millones	$0.40

Fideicomiso de atención médica diversificada (DHC) - Modelo de negocios: relaciones con los clientes

Acuerdos de arrendamiento a largo plazo con proveedores de atención médica

A partir del cuarto trimestre de 2023, Diversified Healthcare Trust mantiene 356 edificios de consultorio médico y propiedades de vivienda para personas mayores en 32 estados. La duración promedio de arrendamiento para las propiedades del consultorio médico es de 7.3 años con un término de arrendamiento promedio ponderado restante de 6.2 años.

Tipo de propiedad	Propiedades totales	Duración promedio de arrendamiento
Edificios de consultorio médico	245	7.3 años
Vivienda para personas mayores	111	5.9 años

Gestión de propiedades proactivas y soporte de inquilinos

DHC asigna $ 18.7 millones anuales para el mantenimiento de la propiedad y los gastos de capital de mejora de los inquilinos. La compañía mantiene una tasa de ocupación del 93.4% en su cartera de atención médica.

• Equipo dedicado de administración de propiedades de 42 profesionales
• Infraestructura de soporte de inquilinos 24/7
• Evaluaciones anuales de condición de propiedad

Comunicación regular con inversores y partes interesadas

DHC realiza llamadas trimestrales de ganancias con una participación promedio de los inversores de 87 inversores institucionales. La compañía proporciona informes financieros trimestrales detallados y mantiene un sitio web de relaciones con los inversores con actualizaciones en tiempo real.

Canal de comunicación de inversores	Frecuencia	Tasa de participación
Llamadas de ganancias trimestrales	4 veces al año	87 inversores institucionales
Reunión anual de accionistas	1 vez por año	92 participantes

Información financiera transparente y relaciones con los inversores

En 2023, DHC reportó ingresos totales de $ 685.4 millones con un ingreso operativo neto de $ 312.6 millones. La compañía mantiene un Política integral de divulgación financiera.

Soluciones de propiedad personalizadas para organizaciones de atención médica

DHC ofrece estructuras de arrendamiento flexibles con 37 arreglos de modificación de arrendamiento únicos en 2023. La compañía proporciona soluciones de propiedad personalizadas para instalaciones de salud especializadas.

• Términos de arrendamiento personalizados
• Opciones de modificación de propiedad flexible
• Configuraciones de instalaciones de atención médica especializadas

Fideicomisos de atención médica diversificada (DHC) - Modelo de negocios: canales

Arrendamiento y ventas directas de propiedades

A partir del cuarto trimestre de 2023, DHC administró 382 propiedades en segmentos de bienes raíces de atención médica. Valor total de la cartera: $ 3.1 mil millones. Los canales de arrendamiento directo incluyen:

• Edificios de consultorio médico: 208 propiedades
• Propiedades de vivienda para personas mayores: 99 propiedades
• Instalaciones de ciencias de la vida: 75 propiedades

Tipo de canal	Número de propiedades	Tasa de ocupación
Edificios de consultorio médico	208	87.3%
Vivienda para personas mayores	99	81.5%
Instalaciones de ciencias de la vida	75	92.1%

Sitio web de relaciones con los inversores y comunicaciones financieras

Las plataformas de comunicación digital incluyen:

• Transmisión web de ganancias trimestrales
• Reunión anual de accionistas
• Repositorio de presentación de la SEC

Redes de corretaje de bienes raíces

DHC utiliza 17 asociaciones de corretaje nacionales y regionales para transacciones de propiedad. Volumen total de transacción de corretaje en 2023: $ 475 millones.

Conferencias financieras y presentaciones de inversores

Conferencia	Fecha	Formato de presentación
Conferencia de atención médica de Raymond James	Febrero de 2024	Presentación virtual
Conferencia de Propiedad Global Citi	Marzo de 2024	Presentación en persona

Plataformas digitales para administración y comunicación de propiedades

La infraestructura tecnológica incluye:

• Sistema de gestión de inquilinos patentados
• Plataforma de seguimiento de arrendamiento basada en la nube
• Aplicación de inspección de propiedades móviles

Inversión total de plataforma digital en 2023: $ 3.2 millones.

Fideicomiso de atención médica diversificada (DHC) - Modelo de negocio: segmentos de clientes

Proveedores de atención médica y prácticas médicas

A partir del cuarto trimestre de 2023, DHC administra 351 propiedades del consultorio médico en 34 estados. Valor total de la cartera de la oficina médica: $ 2.1 mil millones.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Edificios de consultorio médico	351	4.2 millones de pies cuadrados.

Operadores de servicios de salud y atención médica para personas mayores

DHC posee 96 propiedades de vivienda para personas mayores con 10.700 unidades de vida a partir de diciembre de 2023.

Categoría de vida para personas mayores	Número de propiedades	Unidades totales
Vida independiente	42	4.500 unidades
Vida asistida	38	4.200 unidades
Cuidado de la memoria	16	2,000 unidades

Inversores institucionales

Propiedad institucional de DHC a partir de enero de 2024: 77.3% de las acciones totales.

• Los principales titulares institucionales incluyen Vanguard Group (12.4%)
• BlackRock Inc. (9.7%)
• State Street Corporation (6.2%)

Fideicomisos de inversión inmobiliaria

Valor de la cartera de bienes raíces totales de DHC: $ 4.3 mil millones en propiedades relacionadas con la salud.

Categoría de propiedad	Valor total	Porcentaje de cartera
Edificios de consultorio médico	$ 2.1 mil millones	48.8%
Vida para personas mayores	$ 1.9 mil millones	44.2%
Otras propiedades de atención médica	$ 300 millones	7%

Inversores individuales

Propiedad de los inversores individuales: 22.7% del total de acciones a partir de enero de 2024.

• Volumen de negociación diario promedio: 1.2 millones de acciones
• Rango actual del precio de las acciones: $ 2- $ 3 por acción
• Capitalización de mercado: aproximadamente $ 350 millones

Fideicomiso de atención médica diversificada (DHC) - Modelo de negocio: estructura de costos

Gastos de adquisición y desarrollo de propiedades

A partir del cuarto trimestre de 2023, los costos de adquisición de propiedades de DHC totalizaron $ 42.3 millones. Los gastos de desarrollo para edificios de consultorio médico y propiedades de vivienda para personas mayores fueron de $ 18.7 millones.

Categoría de gastos	Costo total ($)
Adquisiciones de edificios de oficinas médicas	27,500,000
Adquisiciones de propiedades de vivienda para personas mayores	14,800,000
Gastos de capital de desarrollo	18,700,000

Costos de mantenimiento y renovación de la propiedad

Los gastos anuales de mantenimiento de la propiedad para 2023 fueron de $ 24.6 millones, con costos de renovación que representan $ 12.4 millones.

• Mantenimiento de rutina: $ 9.2 millones
• Reparaciones y actualizaciones importantes: $ 15.4 millones

Gestión y gastos generales operativos

La sobrecarga operativa para 2023 alcanzó los $ 37.5 millones, que incluyen:

Componente superior	Costo ($)
Salarios administrativos	15,300,000
Gastos operativos corporativos	22,200,000

Gastos de intereses sobre financiamiento de la deuda

Los gastos de intereses totales para 2023 fueron de $ 89.6 millones, con una tasa de interés promedio de 5.2% en deuda pendiente.

Tipo de deuda	Deuda total ($)	Gasto de intereses ($)
Notas seguras senior	425,000,000	22,100,000
Facilidad de crédito giratorio	200,000,000	10,400,000
Préstamos a plazo	350,000,000	57,100,000

Cumplimiento y costos regulatorios

Los gastos de cumplimiento para 2023 totalizaron $ 6.8 millones, que cubren los requisitos regulatorios de salud y bienes raíces.

• Costos de informes regulatorios: $ 2.3 millones
• Gastos del personal de cumplimiento: $ 4.5 millones

Fideicomiso de atención médica diversificada (DHC) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler de propiedades médicas

A partir del cuarto trimestre de 2023, DHC reportó ingresos por alquiler totales de $ 136.5 millones. La cartera consta de 389 propiedades en 34 estados, generando ingresos de alquiler consistentes de bienes raíces de atención médica.

Tipo de propiedad	Número de propiedades	Ingresos de alquiler (anual)
Vivienda para personas mayores	226	$ 78.3 millones
Edificios de consultorio médico	98	$ 42.7 millones
Instalaciones de ciencias de la vida	65	$ 15.5 millones

Pagos de arrendamiento de proveedores de atención médica

La tasa promedio de ocupación de arrendamiento es de 87.4% con un plazo de arrendamiento promedio ponderado de 8.2 años.

• Relación de cobertura de arrendamiento: 1.35x
• Escalaciones de arrendamiento anual contractual: 2.5%
• Ingresos de arrendamiento total: $ 163.2 millones en 2023

Ganancias de venta de propiedades y apreciación

En 2023, DHC obtuvo $ 45.6 millones de las ventas de propiedades con una ganancia neta de $ 12.3 millones de transacciones inmobiliarias.

Distribuciones de dividendos a los accionistas

Rendimiento actual de dividendos anuales: 6.8% Distribución total de dividendos en 2023: $ 42.1 millones

Returencias de inversión de la cartera de bienes raíces de atención médica

Valor total de la cartera: $ 3.2 mil millones Retorno de inversión anual: 5.7%

Métrico de inversión	Valor 2023
Ingresos de inversión bruta	$ 198.4 millones
Ingresos de inversión netos	$ 87.6 millones
Apreciación de capital	$ 22.9 millones

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.