DHC|DIVERSIFIED HEALTHCARE TRUST
Real Estate Investment Trusts
- Revenue
- $1.5B
- ▲ 2.8% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $1.9B
- Employees
- 10,000
- $154K revenue each
- Net debt / EBITDA
- —
- $2.3B net debt
- AI in 10-K
- 1.6
- mentions per 10K words
TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-55% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support
Buyer economics 2 of 4
Low revenue per employeeYes
$154K · 24th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 48th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY | Trend |
|---|
| Revenue | $1.4B | $1.3B | $1.4B | $1.5B | $1.5B | ▲ 2.8% | |
|---|
| Net income | $175M | −$16M | −$294M | −$370M | −$286M | ▲ 23% | |
|---|
| Operating cash flow | −$63M | −$40M | $10M | $112M | −$20M | ▼ 117% | |
|---|
| Stock-based comp | $2M | $2M | $2M | $3M | $3M | ▲ 24% | |
|---|
| Buybacks | $383K | $171K | $393K | $904K | $1M | ▲ 27% | |
|---|
| Dividends | $10M | $10M | $10M | $10M | $10M | – 0.4% | |
|---|
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|
| Aug 12, 2026 | H/2 Special Opportunities IV L.P. | SCHEDULE 13D/A | 5.0% | Passive |
| Oct 9, 2024 | D. E. SHAW & CO, L.P. | SC 13D/A | 5.0% | Passive |
| Dec 22, 2023 | Flat Footed LLC | SC 13D/A | 9.8% | Active |
| Oct 5, 2023 | D. E. SHAW & CO, L.P. | SC 13D/A | 5.7% | Active |
| Sep 19, 2023 | Flat Footed LLC | SC 13D/A | 9.8% | Active |
| Jul 18, 2023 | D. E. SHAW & CO, L.P. | SC 13D/A | 5.8% | Active |
| Jun 30, 2023 | H/2 Special Opportunities IV L.P. | SC 13D | 6.2% | Active |
| Jun 27, 2023 | Flat Footed LLC | SC 13D/A | 9.8% | Active |
| Jun 20, 2023 | ABP Trust | SC 13D | 9.7% | Passive |
| Jun 14, 2023 | Flat Footed LLC | SC 13D/A | 9.8% | Active |
Insider trading
- Open-market buys, 12 mo
- $98K · 1
- Open-market sells, 12 mo
- $0 · 0
- Net
- $98K
Pay vs performance
No pay-versus-performance disclosure yet.