DHC Reports $7.4B Assets, $2.9B Debt in Q2 2024

TL;DR

DHC's Q2 2024: Assets at $7.4B, Debt at $2.9B. Stable but watch leverage.

AI Summary

DIVERSIFIED HEALTHCARE TRUST (DHC) filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $7.4 billion as of June 30, 2024, a slight decrease from $7.5 billion at the end of 2023. Secured debt stood at $1.7 billion, while unsecured debt was $1.2 billion as of June 30, 2024.

Why It Matters

This filing provides a snapshot of DHC's financial health, including its asset base and debt levels, which are crucial for investors assessing its stability and future prospects.

Risk Assessment

Risk Level: medium — The company holds significant debt, which can pose a risk if revenues decline or interest rates rise.

Key Numbers

• $7.4B — Total Assets (As of June 30, 2024)
• $1.7B — Secured Debt (As of June 30, 2024)
• $1.2B — Unsecured Debt (As of June 30, 2024)
• $7.5B — Total Assets (As of December 31, 2023)

Key Players & Entities

• DIVERSIFIED HEALTHCARE TRUST (company) — Filer
• 20240630 (date) — Reporting Period End Date
• $7.4 billion (dollar_amount) — Total Assets as of June 30, 2024
• $7.5 billion (dollar_amount) — Total Assets as of December 31, 2023
• $1.7 billion (dollar_amount) — Secured Debt as of June 30, 2024
• $1.2 billion (dollar_amount) — Unsecured Debt as of June 30, 2024

FAQ

Filing Documents

• dhc-20240630.htm (10-Q) — 1853KB
• dhc_063024xexhibitx101.htm (EX-10.1) — 165KB
• dhc_063024xexhibitx102.htm (EX-10.2) — 4KB
• dhc_063024xexhibitx103.htm (EX-10.3) — 4KB
• dhc_063024xexhibitx104.htm (EX-10.4) — 4KB
• dhc_063024xexhibitx311.htm (EX-31.1) — 11KB
• dhc_063024xexhibitx312.htm (EX-31.2) — 11KB
• dhc_063024xexhibitx321.htm (EX-32.1) — 9KB
• 0001075415-24-000023.txt ( ) — 7464KB
• dhc-20240630.xsd (EX-101.SCH) — 47KB
• dhc-20240630_cal.xml (EX-101.CAL) — 49KB
• dhc-20240630_def.xml (EX-101.DEF) — 320KB
• dhc-20240630_lab.xml (EX-101.LAB) — 454KB
• dhc-20240630_pre.xml (EX-101.PRE) — 391KB
• dhc-20240630_htm.xml (XML) — 1015KB

Financial Statements (unaudited)

Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets — June 3 0 , 2024 and December 31, 2023 1 Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and Six Months Ended June 3 0 , 2024 and 2023 2 Condensed Consolidated Statements of Shareholders' Equity — Three and Six Months Ended June 3 0 , 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows — Six Months Ended June 3 0 , 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40 Warning Concerning Forward-Looking Statements 41 43 PART II Other Information 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 6. Exhibits 44

Signatures

Signatures 47 References in this Quarterly Report on Form 10-Q to the Company, we, us or our include Diversified Healthcare Trust and its consolidated subsidiaries unless otherwise expressly stated or the context indicates otherwise. Table of Contents

Financial Information

PART I. Financial Information

Financial Statements

Item 1. Financial Statements. DIVERSIFIED HEALTHCARE TRUST CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data) (unaudited) June 30, December 31, 2024 2023 Assets Real estate properties: Land $ 635,792 $ 652,977 Buildings and improvements 6,126,130 6,165,490 Total real estate properties, gross 6,761,922 6,818,467 Accumulated depreciation ( 2,106,938 ) ( 2,020,843 ) Total real estate properties, net 4,654,984 4,797,624 Investments in unconsolidated joint ventures 108,806 129,916 Assets of properties held for sale 43,969 9,447 Cash and cash equivalents 265,563 245,939 Restricted cash 4,522 1,022 Equity method investment 24,905 — Acquired real estate leases and other intangible assets, net 29,658 33,948 Other assets, net 201,040 228,240 Total assets $ 5,333,447 $ 5,446,136 Liabilities and Shareholders' Equity Senior secured notes, net $ 776,262 $ 731,211 Senior unsecured notes, net 2,015,093 2,072,618 Secured debt and finance leases, net 128,560 13,020 Liabilities of properties held for sale 581 32 Accrued interest 23,227 22,847 Other liabilities 240,410 269,517 Total liabilities 3,184,133 3,109,245 Commitments and contingencies Shareholders' equity: Common shares of beneficial interest, $ .01 par value: 300,000,000 shares authorized, 240,619,470 and 240,423,898 shares issued and outstanding, respectively 2,406 2,405 Additional paid in capital 4,619,846 4,618,470 Cumulative net income 1,594,158 1,778,278 Cumulative other comprehensive loss ( 26 ) — Cumulative distributions ( 4,067,070 ) ( 4,062,262 ) Total shareholders' equity 2,149,314 2,336,891 Total liabilities and shareholders' equity $ 5,333,447 $ 5,446,136 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 Table of Contents DIVERSIFIED HEALTHCARE TRUST CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (amounts in thousands, except per share data) (unaudited)

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View this 10-Q filing on SEC EDGAR