DIVERSIFIED HEALTHCARE TRUST
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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Item 2. Properties
At December 31, 2025, our portfolio was comprised of 298 owned properties. The gross book value of real estate assets at cost plus certain acquisition costs, before depreciation and purchase price allocations and less impairment write downs, or gross book value of real estate assets, of these properties totaled $6.3 billion at December 31, 2025. As of December 31, 2025, 14 properties with a gross book value of real estate assets of $326.6 million were encumbered by our undrawn secured revolving credit facility. As of December 31, 2025, 36 properties with a gross book value of real estate assets of $402.8 million were encumbered by our senior secured notes due 2030 with a principal balance of $375.0 million. As of December 31, 2025, 36 properties with a gross book value of real estate assets of $657.3 million were encumbered by six mortgages with an aggregate principal balance of $468.5 million. As of December 31, 2025, two properties with a gross book value of real estate assets of $20.1 million were subject to finance lease obligations with an aggregate principal balance of $0.6 million. The 11 properties owned by our unconsolidated joint ventures in which we own 10% and 20% interests were encumbered by three mortgages totaling $1.5 billion as of December 31, 2025. For more information regarding our finance leases, mortgages, senior secured notes and two unconsolidated joint ventures, see Notes 3 and 9 to our Consolidated Financial Statements included in Part IV, Item 15 of this Annual Report on Form 10-K.
The following table summarizes certain information about our owned properties as of December 31, 2025. All dollar amounts are in thousands:
| SHOP · Medical Office and Life Science Portfolio · All Other · Consolidated | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| State | Number ofProperties | Gross Book Value of Real Estate Assets (1) | Net BookValue | Number ofProperties | Gross Book Value of Real Estate Assets(1) | Net BookValue | Number ofProperties | Gross Book Value of Real Estate Assets (1) | Net BookValue | Number ofProperties | Gross Book Value of Real Estate Assets (1) | Net BookValue |
| AL | 8 | $106,603 | $68,303 | — | $— | $— | — | $— | $— | 8 | $106,603 | $68,303 |
| AR | 3 | 47,812 | 26,034 | — | — | — | — | — | — | 3 | 47,812 | 26,034 |
| AZ | 6 | 182,607 | 108,651 | — | — | — | — | — | — | 6 | 182,607 | 108,651 |
| CA | 9 | 216,708 | 125,116 | 6 | 233,938 | 161,676 | 1 | 7,279 | 3,467 | 16 | 457,925 | 290,259 |
| CO | 8 | 118,663 | 67,122 | 2 | 20,780 | 11,417 | 1 | 14,385 | 9,106 | 11 | 153,828 | 87,645 |
| DC | — | — | — | 1 | 30,287 | 22,605 | — | — | — | 1 | 30,287 | 22,605 |
| DE | 2 | 61,663 | 33,963 | — | — | — | — | — | — | 2 | 61,663 | 33,963 |
| FL | 19 | 690,475 | 413,840 | 7 | 48,082 | 32,129 | 1 | 20,691 | 18,986 | 27 | 759,248 | 464,955 |
| GA | 10 | 230,016 | 147,197 | 6 | 96,476 | 62,353 | 2 | 65,306 | 48,961 | 18 | 391,798 | 258,511 |
| HI | — | — | — | 1 | 80,845 | 53,641 | — | — | — | 1 | 80,845 | 53,641 |
| ID | — | — | — | — | — | — | 2 | 23,721 | 15,188 | 2 | 23,721 | 15,188 |
| IL | 11 | 191,932 | 104,877 | 2 | 38,341 | 21,654 | 1 | 20,641 | 12,136 | 14 | 250,914 | 138,667 |
| IN | 9 | 171,630 | 107,404 | 1 | 22,584 | 12,066 | 1 | 66,443 | 44,030 | 11 | 260,657 | 163,500 |
| KS | 2 | 41,592 | 28,177 | 1 | 18,609 | 8,935 | 1 | 27,204 | 9,952 | 4 | 87,405 | 47,064 |
| KY | 9 | 123,592 | 63,576 | — | — | — | — | — | — | 9 | 123,592 | 63,576 |
| MA | 1 | 38,191 | 21,178 | 3 | 127,233 | 89,669 | — | — | — | 4 | 165,424 | 110,847 |
| MD | 11 | 275,771 | 171,593 | — | — | — | 1 | 20,964 | 13,780 | 12 | 296,735 | 185,373 |
| MN | 1 | 17,149 | 10,127 | 5 | 72,900 | 44,870 | — | — | — | 6 | 90,049 | 54,997 |
| MO | 5 | 74,512 | 43,759 | 1 | 26,533 | 17,791 | — | — | — | 6 | 101,045 | 61,550 |
| NC | 16 | 248,974 | 169,685 | 1 | 38,228 | 24,315 | — | — | — | 17 | 287,202 | 194,000 |
| NE | 1 | 8,624 | 4,848 | — | — | — | 1 | 26,702 | 17,138 | 2 | 35,326 | 21,986 |
| NJ | 3 | 130,217 | 82,481 | — | — | — | — | — | — | 3 | 130,217 | 82,481 |
| NM | 1 | 36,913 | 20,335 | 2 | 39,988 | 25,999 | 3 | 33,303 | 19,163 | 6 | 110,204 | 65,497 |
| NV | 2 | 87,266 | 54,697 | — | — | — | — | — | — | 2 | 87,266 | 54,697 |
| NY | 1 | 116,603 | 78,891 | 1 | 54,127 | 30,609 | — | — | — | 2 | 170,730 | 109,500 |
| OH | 1 | 51,435 | 27,755 | 1 | 18,601 | 10,929 | 1 | 4,428 | 1,419 | 3 | 74,464 | 40,103 |
| OR | 1 | 53,482 | 42,973 | — | — | — | — | — | — | 1 | 53,482 | 42,973 |
| PA | 7 | 96,883 | 54,262 | 3 | 42,112 | 25,388 | — | — | — | 10 | 138,995 | 79,650 |
| SC | 9 | 104,202 | 66,913 | — | — | — | — | — | — | 9 | 104,202 | 66,913 |
| TN | 12 | 160,156 | 113,278 | 1 | 9,806 | 5,951 | — | — | — | 13 | 169,962 | 119,229 |
| TX | 13 | 404,818 | 242,484 | 8 | 189,647 | 117,928 | 1 | 20,502 | 12,723 | 22 | 614,967 | 373,135 |
| VA | 11 | 152,878 | 89,735 | 5 | 105,254 | 62,706 | — | — | — | 16 | 258,132 | 152,441 |
| WA | — | — | — | — | — | — | 2 | 18,275 | 9,641 | 2 | 18,275 | 9,641 |
| WI | 7 | 122,864 | 79,018 | 9 | 175,020 | 112,307 | — | — | — | 16 | 297,884 | 191,325 |
| Total | 199 | 4,364,231 | 2,668,272 | 67 | 1,489,391 | 954,938 | 19 | 369,844 | 235,690 | 285 | 6,223,466 | 3,858,900 |
| Held for Sale | 13 | 52,496 | 22,048 | — | — | — | — | — | — | 13 | 52,496 | 22,048 |
| Grand Total | 212 | $4,416,727 | $2,690,320 | 67 | $1,489,391 | $954,938 | 19 | $369,844 | $235,690 | 298 | $6,275,962 | $3,880,948 |
(1) Represents gross book value of real estate assets at cost plus certain acquisition costs, before depreciation and purchase price allocations and less impairment write downs, if any.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.