Diversified Healthcare Trust (DHC) is a REIT that owns senior living communities and medical office and life science properties across the U.S. As of year-end 2025, DHC owned 298 properties across 33 states and Washington, D.C. The core of DHC's business is its Senior Housing Operating Portfolio (SHOP), which comprises 212 managed senior living communities offering independent living, assisted living, memory care, and skilled nursing. Because DHC is a REIT, it cannot directly operate healthcare facilities, so it leases its communities to taxable REIT subsidiaries, which then contract with 14 third-party operators to handle day-to-day staffing, resident pricing, and operations. SHOP NOI is driven by occupancy, average monthly resident rates, and labor cost efficiency. DHC also owns medical office and life science properties leased to physicians, clinics, and life science tenants under long-term triple-net or modified gross leases, generating stable, recurring cash flows. DHC has no employees and is externally managed by The RMR Group. DHC's near-term growth strategy is focused on organic SHOP improvements — boosting occupancy, expanding care levels like memory care, and integrating new operators following a large operator transition in 2025. DHC has also been an active seller of non-core assets, using proceeds to reduce leverage from 11.2x to 8.1x net debt/EBITDA over 2025, targeting 6.5x–7.5x.