DIVERSIFIED HEALTHCARE TRUST Files 2023 10-K

TL;DR

<b>DIVERSIFIED HEALTHCARE TRUST filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

DIVERSIFIED HEALTHCARE TRUST (DHCNL) filed a Annual Report (10-K) with the SEC on February 26, 2024. Filed 10-K for the fiscal year ended December 31, 2023. Company name changed from Senior Housing Properties Trust in 1998. Operates under the Real Estate Investment Trusts industry (SIC 6798). Business and mailing address is C/O The RMR Group, Two Newton Pl., 255 Wash. St., Ste. 300, Newton, MA 02458. Business phone number is (617) 796-8350.

Why It Matters

For investors and stakeholders tracking DIVERSIFIED HEALTHCARE TRUST, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance, operations, and risk factors for the past fiscal year. As a REIT, understanding its property portfolio, debt structure, and revenue streams is crucial for investors assessing its long-term value and stability.

Risk Assessment

Risk Level: medium — DIVERSIFIED HEALTHCARE TRUST shows moderate risk based on this filing. The company's financial health and operational performance are subject to the inherent risks of the real estate and healthcare sectors, as detailed in its 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand the company's current financial position and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-26 — Filing Date (FILED AS OF DATE)
• 1998-12-17 — Date of Name Change (FORMER COMPANY)

Key Players & Entities

• DIVERSIFIED HEALTHCARE TRUST (company) — COMPANY CONFORMED NAME
• SENIOR HOUSING PROPERTIES TRUST (company) — FORMER COMPANY
• THE RMR GROUP (company) — BUSINESS ADDRESS
• Newton, MA (location) — BUSINESS ADDRESS CITY/STATE
• 02458 (location) — BUSINESS ADDRESS ZIP
• (617) 796-8350 (phone) — BUSINESS PHONE

FAQ

Industry Context

Diversified Healthcare Trust operates as a Real Estate Investment Trust (REIT) within the healthcare sector, focusing on properties related to healthcare services.

Regulatory Implications

As a publicly traded company, Diversified Healthcare Trust is subject to SEC regulations and reporting requirements, including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the company's revenue streams and operating expenses for the fiscal year 2023.
2. Assess the company's debt levels and its ability to service its obligations.
3. Review any disclosed risk factors that could impact future performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-26: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K. Historical data from previous filings would be needed for comparison.

Key Financial Figures

• $2.25 — roximately $ 485.2 million based on the $2.25 closing price per common share on The N
• $7.2 billion — ns and less impairment write downs, was $7.2 billion. As of December 31, 2023, we owned an
• $6.8 — average rate of 5.4% per year and reach $6.8 trillion by 2030. We believe there is

Filing Documents

• dhc-20231231.htm (10-K) — 5601KB
• dhc_123123xexhibitx417.htm (EX-4.17) — 172KB
• dhc_123123xexhibitx81.htm (EX-8.1) — 11KB
• dhc_123123xexhibitx108.htm (EX-10.8) — 165KB
• dhc_123123xexhibitx1012.htm (EX-10.12) — 8KB
• dhc_123123xexhibitx1015.htm (EX-10.15) — 8KB
• dhc_123123xexhibitx1018.htm (EX-10.18) — 392KB
• dhc_123123xexhibitx211.htm (EX-21.1) — 5KB
• dhc_123123xexhibitx221.htm (EX-22.1) — 90KB
• dhc_123123xexhibitx231.htm (EX-23.1) — 2KB
• dhc_123123xexhibitx311.htm (EX-31.1) — 11KB
• dhc_123123xexhibitx312.htm (EX-31.2) — 11KB
• dhc_123123xexhibitx321.htm (EX-32.1) — 9KB
• dhc_123123xexhibitx971.htm (EX-97.1) — 4KB
• dhctaxopinionimage2a04.gif (GRAPHIC) — 2KB
• dhctaxopinionmage1a04.gif (GRAPHIC) — 8KB
• 0001075415-24-000007.txt (&nbsp;) — 24937KB
• dhc-20231231.xsd (EX-101.SCH) — 177KB
• dhc-20231231_cal.xml (EX-101.CAL) — 76KB
• dhc-20231231_def.xml (EX-101.DEF) — 764KB
• dhc-20231231_lab.xml (EX-101.LAB) — 1587KB
• dhc-20231231_pre.xml (EX-101.PRE) — 974KB
• dhc-20231231_htm.xml (XML) — 4573KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 34 Item 1B. Unresolved Staff Comments 56 Item 1C. Cybersecurity 56 Item 2.

Properties

Properties 56 Item 3.

Legal Proceedings

Legal Proceedings 58 Item 4. Mine Safety Disclosures 58 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 58 Item 6. [Reserved] 58 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 58 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 81 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 82 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 82 Item 9A.

Controls and Procedures

Controls and Procedures 83 Item 9B. Other Information 83 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 83 Part III Item 10. Directors, Executive Officers and Corporate Governance 83 Item 11.

Executive Compensation

Executive Compensation 83 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 84 Item 13. Certain Relationships and Related Transactions, and Director Independence 84 Item 14. Principal Accountant Fees and Services 84 Part IV Item 15. Exhibits and Financial Statement Schedules 85 Item 16. Form 10-K Summary 89

Signatures

Signatures iv Table of Contents PART I

Business

Item 1. Business. Our Company We are a real estate investment trust, or REIT, that was organized under Maryland law in 1998. We primarily own medical office and life science properties, senior living communities and other healthcare related properties throughout the United States. As of December 31, 2023, we owned 371 properties, including three closed senior living communities, located in 36 states and Washington, D.C. On that date, the gross book value of our real estate assets at cost plus certain acquisition costs, before depreciation and purchase price allocations and less impairment write downs, was $7.2 billion. As of December 31, 2023, we owned an equity interest in each of two unconsolidated joint ventures that own medical office and life science properties located in five states with an aggregate of approximately 2.2 million rentable square feet that were 98% leased with an average (by annualized rental income) remaining lease term of 5.3 years. Our principal executive offices are located at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634, and our telephone number is (617) 796-8350. Our Business Strategy The healthcare industry remains one of the most resilient commercial real estate sectors, in part due to the scale of the U.S. healthcare market, which collectively represents approximately 17% of the U.S. gross domestic product, or GDP, according to the Centers for Medicare and Medicaid Services, or CMS. The healthcare sector's continued expansion has been driven by rising standards of care, increasing life expectancies and other demographic trends, as well as funding from both public and private sources. We believe that the aging of the U.S. population benefits our portfolio of healthcare real estate. According to U.S. Census data, between now and 2030, more than 20% of the total U.S. population will be age 65 or older, with that demographic projected to grow thereafter by the equivalent of 10,000 people per da

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View this 10-K filing on SEC EDGAR