Diversified Healthcare Trust Earnings Recaps
Q3 2025
Nov 6, 2025
Diversified Healthcare Trust reported solid Q3 2025 results, with total revenue up 4% to $388.7 million. The transition of AlerisLife-managed communities presents challenges but aligns with long-term operational efficiency goals.
Key takeaways
- Adjusted EBITDAre was reported at $62.9 million; normalized FFO reached $9.7 million or $0.04 per share.
- SHOP occupancy rose 210 basis points year-over-year to 81.5%, marking the fourth consecutive quarter of growth.
- Temporary labor costs related to community transitions amounted to approximately $5.1 million, impacting NOI but expected to normalize in Q4.
- A strategic wind-down of AlerisLife is underway, anticipated to generate $25 million to $40 million in net proceeds by 2026.
- Medical Office and Life Science segment saw a 1.6% increase in same-property cash basis NOI, with consolidated occupancy improving to 86.6%.