Diversified Healthcare Trust (DHC) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Diversified Healthcare Trust published the results on November 2, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Diversified Healthcare Trust reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Normalized FFO per share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Diversified Healthcare Trust is a REIT. Revenue here is the line it calls total revenues: rental income plus residents fees and services from its managed senior living communities. The adjusted figure is Normalized FFO per share, the REIT measure DHC reports, not adjusted EPS.
• Beginning in Q3 2026, after SEC input, DHC's Adjusted EBITDAre, Normalized FFO and CAD include incentive management fees recognized under GAAP, and prior periods were recast. The year-ago Normalized FFO of $0.02 per share is on that recast basis.

Source: Diversified Healthcare Trust Q3 2026 results, November 2, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Diversified Healthcare Trust splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Diversified Healthcare Trust's SHOP (Senior Housing Operating Portfolio) revenue was $320 million in Q3 2026, down 4% from $333 million in Q3 2025, 87% of total revenue.
• Diversified Healthcare Trust's Medical Office and Life Science Portfolio revenue was $40.4 million in Q3 2026, down 16% from $48.2 million in Q3 2025, 11% of total revenue.
• Diversified Healthcare Trust's Other revenue revenue was $7.4 million in Q3 2026, up 3% from $7.1 million in Q3 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Diversified Healthcare Trust's guidance table is in thousands of dollars, except per share data, and now includes estimated incentive management fees.

In its Q3 2026 release, Diversified Healthcare Trust said:

“$0.46-$0.52 Normalized FFO per Common Share”

“$275,700-$290,700 Adjusted EBITDAre”

“$312,000-$328,000 Same Property NOI”

“Reflects the impact of the estimated full year 2026 incentive management fee of $29,300, or $0.12 per share, as of September 30, 2026.”

Source: Diversified Healthcare Trust Q3 2026 financial results and supplemental information, Nov 2, 2026.

This is the company's own guidance as of Nov 2, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the DHC forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and net loss per share (basic and diluted), each as first reported in that quarter's financial results and supplemental information. Normalized FFO is left out because DHC recast it in Q3 2026.

We do not hold a confirmed date for Diversified Healthcare Trust's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 2, 2026

Diversified Healthcare Trust had total revenues of $367.7 million in Q3 2026, against $388.7 million a year earlier. Residents fees and services from its managed senior living communities were $319.9 million, and rental income was $47.7 million, down from $55.3 million. (Diversified Healthcare Trust Q3 2026 financial results and supplemental information, Nov 2, 2026)

The Senior Housing Operating Portfolio, or SHOP, is most of the business. DHC pays managers to run these communities and books the residents' fees as its own revenue. In Q3 2026 basic housing and support services brought in $291.5 million, Medicare and Medicaid programs $20.5 million, and skilled nursing private pay and other payers $7.9 million. The 10-Q says SHOP revenue rose at comparable properties because of higher occupancy and average monthly rate, and fell at non-comparable properties because of dispositions since July 1, 2025. (Diversified Healthcare Trust Form 10-Q, Q3 2026, Nov 2, 2026)

SHOP same property occupancy rose 200 basis points from a year earlier to 84.4%, and average monthly rates grew 5.2%. SHOP same property NOI increased 50.4% to $48.0 million, and the NOI margin widened 470 basis points to 15.8%. On October 1, 2026, DHC moved seven skilled nursing facilities from management agreements to a 15-year triple net lease with subsidiaries of The Ensign Group, with initial annual rent of $8.0 million. (Diversified Healthcare Trust Q3 2026 financial results and supplemental information, Nov 2, 2026)

The Medical Office and Life Science Portfolio produced segment revenues of $40.4 million, against $48.2 million, because of dispositions and vacancies; comparable-property rental income included a $1.5 million termination fee from a former tenant. Same property occupancy was 94.5%, down 120 basis points from the prior quarter after a tenant vacated a property. DHC leased about 130,000 square feet at rents 25.2% above prior rents. (Diversified Healthcare Trust Form 10-Q, Q3 2026, Nov 2, 2026; Diversified Healthcare Trust Q3 2026 financial results and supplemental information, Nov 2, 2026)

As of September 30, 2026, DHC's portfolio of about $6.3 billion included 285 properties in 33 states and Washington, D.C., with 23,773 senior living units and about 5.6 million square feet of medical office and life science space. DHC is managed by The RMR Group. It sold 13 properties for $23.0 million in the first nine months of 2026. (Diversified Healthcare Trust Q3 2026 financial results and supplemental information, Nov 2, 2026; Diversified Healthcare Trust Form 10-Q, Q3 2026, Nov 2, 2026)

Diversified Healthcare Trust lost $0.21 per share in Q3 2026, against a loss of $0.68 a year earlier. The net loss was $50.2 million. Normalized FFO, the REIT measure DHC uses, was $30.7 million or $0.13 per share, up from $0.02, and FFO was $0.11 per share. Depreciation and amortization of $62.9 million is the main item between the GAAP loss and FFO. (Diversified Healthcare Trust Q3 2026 financial results and supplemental information, Nov 2, 2026)

The year-ago loss was larger because of $93.2 million of asset impairments and an $11.2 million loss on modification or early extinguishment of debt. In Q3 2026 impairments were $14.5 million, to write two vacant medical office properties held for sale down to their estimated sales price. Interest expense fell to $37.2 million from $48.9 million. (Diversified Healthcare Trust Q3 2026 financial results and supplemental information, Nov 2, 2026; Diversified Healthcare Trust Form 10-Q, Q3 2026, Nov 2, 2026)

Normalized FFO now includes incentive management fees owed to RMR: $5.4 million, or $0.02 per share, in Q3 2026. Weighted average shares were 240,980 thousand, against 240,385 thousand, and DHC declared a quarterly distribution of $0.01 per share. (Diversified Healthcare Trust Q3 2026 financial results and supplemental information, Nov 2, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Diversified Healthcare Trust gives full-year guidance in its supplemental package. For 2026 it now guides Normalized FFO per share of $0.46 to $0.52, down from $0.56 to $0.62, after adding an estimated full year incentive management fee of $29.3 million, or $0.12 per share; on a like-for-like basis the mid-point rose by $0.02. Adjusted EBITDAre guidance is $275.7 million to $290.7 million and same property NOI $312.0 million to $328.0 million. (Diversified Healthcare Trust Q3 2026 financial results and supplemental information, Nov 2, 2026)

Within that, DHC raised SHOP same property NOI guidance to $190.0 million to $200.0 million from $185.0 million to $195.0 million, and cut SHOP recurring capital expenditures to $70.0 million to $80.0 million. It assumes SHOP occupancy up about 200 basis points and average monthly rate up about 5.6%. (Diversified Healthcare Trust Q3 2026 financial results and supplemental information, Nov 2, 2026)

A consensus figure is the average of the models published by the analysts who cover Diversified Healthcare Trust, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Diversified Healthcare Trust's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning DHC is on is DHC a buy or a sell?, what analysts expect next is on the DHC forecast, and what the company does is on the Diversified Healthcare Trust (DHC) stock page.

Every number on this page can be traced to a document Diversified Healthcare Trust published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.