TakeoverPE & activists

DHCDIVERSIFIED HEALTHCARE TRUST

Real Estate Investment Trusts · $1.9B market cap · 10,000 employees

1.3×

More likely than average to be taken private

Top 13% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • 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
  • 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
  • Recurring revenueNo
    6 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $98K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Jul 21, 2023DEFM14AOffice Properties Income Trust$4.0032.6196297%

Key numbers

Revenue
$1.5BFY2021: $1.4BFY2022: $1.3BFY2023: $1.4BFY2024: $1.5BFY2025: $1.5B
2.8% YoY
Operating margin
—
EBITDA
—
Net debt / EBITDA
—
$2.3B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$1.4B$1.3B$1.4B$1.5B$1.5B 2.8% FY2021: $1.4BFY2022: $1.3BFY2023: $1.4BFY2024: $1.5BFY2025: $1.5B
Net income$175M−$16M−$294M−$370M−$286M 23% FY2021: $175MFY2022: −$16MFY2023: −$294MFY2024: −$370MFY2025: −$286M
Operating cash flow−$63M−$40M$10M$112M−$20M 117% FY2021: −$63MFY2022: −$40MFY2023: $10MFY2024: $112MFY2025: −$20M
Stock-based comp$2M$2M$2M$3M$3M 24% FY2021: $2MFY2022: $2MFY2023: $2MFY2024: $3MFY2025: $3M
Buybacks$383K$171K$393K$904K$1M 27% FY2021: $383KFY2022: $171KFY2023: $393KFY2024: $904KFY2025: $1M
Dividends$10M$10M$10M$10M$10M 0.4% FY2021: $10MFY2022: $10MFY2023: $10MFY2024: $10MFY2025: $10M

13D filers

FiledFilerFormStakeIntent
Aug 12, 2026H/2 Special Opportunities IV L.P.SCHEDULE 13D/A5.0%Passive
Oct 9, 2024D. E. SHAW & CO, L.P.SC 13D/A5.0%Passive
Dec 22, 2023Flat Footed LLCSC 13D/A9.8%Active
Oct 5, 2023D. E. SHAW & CO, L.P.SC 13D/A5.7%Active
Sep 19, 2023Flat Footed LLCSC 13D/A9.8%Active
Jul 18, 2023D. E. SHAW & CO, L.P.SC 13D/A5.8%Active
Jun 30, 2023H/2 Special Opportunities IV L.P.SC 13D6.2%Active
Jun 27, 2023Flat Footed LLCSC 13D/A9.8%Active
Jun 20, 2023ABP TrustSC 13D9.7%Passive
Jun 14, 2023Flat Footed LLCSC 13D/A9.8%Active

Insider trading

+$98Knet buying by insiders, open market, last 12 months
Bought $98K · 1 tradeSold $0 · 0 trades

Pay vs performance

No pay-versus-performance disclosure yet.