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DHC Diversified Healthcare Trust

DHC is a real estate investment trust, or REIT, that owns medical office and life science properties, senior living communities and wellness centers throughout the United States. DHC is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company that is headquartered in Newton, MA.

Company profile

Ticker
DHC, DHCNI, DHCNL
Exchange
Website
CEO
Adam David Portnoy
Employees
Incorporated
Location
Fiscal year end
Former names
SENIOR HOUSING PROPERTIES TRUST
SEC CIK
Subsidiaries
CCC Financing Limited, L.P. • CCC Investments I, L.L.C. • CCC Leisure Park Corporation • CCC Retirement Communities II, L.P. • CCDE Senior Living LLC • CCOP Senior Living LLC • Crestline Ventures LLC • CSL Group, Inc. • DHC Holdings LLC • Ellicott City Land I, LLC ...
IRS number
43445278

DHC stock data

(
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Calendar

4 Aug 21
28 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 908.09M 908.09M 908.09M 908.09M 908.09M 908.09M
Cash burn (monthly) 87.31M (positive/no burn) 10.82M 18.21M 2.59M (positive/no burn)
Cash used (since last report) 345.65M n/a 42.83M 72.1M 10.26M n/a
Cash remaining 562.44M n/a 865.26M 835.99M 897.83M n/a
Runway (months of cash) 6.4 n/a 80.0 45.9 346.4 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
20 Sep 21 Jennifer F. Mintzer Common Shares of Beneficial Interest Payment of exercise Dispose F No No 3.39 10,439 35.39K 123,944
20 Sep 21 Richard W. JR. Siedel Common Shares of Beneficial Interest Payment of exercise Dispose F No No 3.39 6,205 21.03K 63,306
15 Sep 21 Jennifer F. Mintzer Common Shares of Beneficial Interest Grant Acquire A No No 0 60,000 0 134,383
15 Sep 21 Richard W. JR. Siedel Common Shares of Beneficial Interest Grant Acquire A No No 0 30,000 0 69,511
3 Jun 21 Jones Lisa Harris Common Shares of Beneficial Interest Grant Acquire A No No 0 20,000 0 47,184.618

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

0.0% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 1 0 NEW
Opened positions 1 0 NEW
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 10K 0 NEW
Total shares 384 0 NEW
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Winch Advisory Services 384 $10K NEW
Largest transactions
Shares Bought/sold Change
Winch Advisory Services 384 +384 NEW

Financial report summary

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Risks
  • Risks Related to Our Business
  • The COVID-19 pandemic and its resulting economic impact have materially adversely affected our business, operations, financial results and liquidity and the extent and duration of the COVID-19 pandemic are unknown and unpredictable.
  • We have taken several actions in an attempt to address the operating and financial impact from the COVID-19 pandemic, and we continue to assess and explore other actions, but those actions and plans may not be sufficient to avoid continued and potentially increased substantial harm to our business, operations and financial condition.
  • Our investment activities, other than capital expenditures at our existing properties, have been significantly curtailed and we expect that to continue for an indefinite period.
  • We are limited in our ability to operate our senior living communities and depend upon Five Star to manage a substantial majority of our senior living communities, the results of operations for which represent a significant part of our consolidated operating results.
  • The trend for seniors to delay moving to senior living communities until they require greater care or to forgo moving to senior living communities altogether has been exacerbated by the COVID-19 pandemic and could have a material adverse effect on our business, financial condition and results of operations.
  • Increases in labor costs at our managed senior living communities may have a material adverse effect on us.
  • Third party payers continue to try to reduce healthcare costs.
  • Termination of assisted living resident agreements and resident attrition could adversely affect revenues and earnings at our senior living communities.
  • The high levels of infected COVID-19 patients and deaths at senior living communities and resulting negative publicity may have a long term significant detrimental impact on the senior living industry, including us, even if our senior living communities do not experience similar levels of COVID-19 infections and deaths as others in the industry.
  • The nature of our manager's and other senior living community operators' businesses exposes us and them to litigation and regulatory and government proceedings.
  • Depressed U.S. housing market conditions and other factors may reduce the willingness or ability of seniors to relocate to our senior living communities.
  • REIT distribution requirements and limitations on our ability to access reasonably priced capital may adversely impact our ability to carry out our business plan.
  • We have a substantial amount of debt and may incur additional debt.
  • We may need additional waivers from our lenders or noteholders in order to avoid defaulting under our credit agreement or our public debt agreements, and the terms of our current waivers under our credit agreement impose restrictions on our ability to pay distributions and make capital investments, and any future waiver or amendment may impose similar or additional restrictions.
  • We may fail to comply with the terms of our credit agreement and our senior unsecured notes indentures and their supplements, which could adversely affect our business, would limit our ability to incur indebtedness and may prevent our making distributions to our shareholders.
  • Secured indebtedness exposes us to the possibility of foreclosure, which could result in the loss of our investment in certain of our subsidiaries or in a property or group of properties or other assets that secure that indebtedness.
  • Changes in market interest rates, including changes that may result from the expected phase out of LIBOR, may adversely affect us.
  • Our properties and their operations are subject to extensive laws and regulations which we and our manager and other senior living community operators are required to comply with.
  • Our manager or other operators may fail to comply with laws relating to the operation of our senior living communities.
  • We and our manager and other operators and tenants face significant competition.
  • We may be unable to lease our properties when our leases expire.
  • We may experience declining rents or incur significant costs to renew our leases with current tenants or to lease our properties to new tenants.
  • Ownership of real estate is subject to environmental risks and liabilities.
  • Ownership of real estate is subject to risks from adverse weather, natural disasters and climate events.
  • Real estate ownership creates risks and liabilities.
  • RMR LLC and Five Star rely on information technology and systems in their respective provision of services to us, and any material failure, inadequacy, interruption or security failure of that technology or those systems could materially and adversely affect us.
  • Real estate construction and redevelopment creates risks.
  • Insurance may not adequately cover our losses, and insurance costs may continue to increase.
  • We may not succeed in selling properties we have identified for sale and any proceeds we may receive from sales we do complete may be less than expected, and we may incur losses with respect to any such sales.
  • Our existing and any future joint ventures may limit our flexibility with jointly owned investments and we may not realize the benefits we expect from these arrangements.
  • Bankruptcy law may adversely impact us.
  • A severe cold or flu season, epidemics or any other widespread illnesses could adversely affect the occupancy of our senior living communities.
  • The benefits we have realized and may continue to realize from participating in relief programs provided under the CARES Act may not be sufficient to enable us to withstand the current economic conditions and any extended economic downturn or recession which may result from the COVID-19 pandemic.
  • Changes within the life science industry may adversely impact our revenues and results of operations.
  • We are dependent upon RMR LLC to manage our business and implement our growth strategy.
  • RMR LLC has broad discretion in operating our day to day business.
  • Our management structure and agreements and relationships with RMR LLC and RMR LLC's and its controlling shareholder's relationships with others may create conflicts of interest, or the perception of such conflicts, and may restrict our investment activities.
  • Our management agreements with RMR LLC were not negotiated on an arm's length basis and their fee and expense structure may not create proper incentives for RMR LLC, which may increase the risk of an investment in our common shares.
  • The termination of our management agreements with RMR LLC may require us to pay a substantial termination fee, including in the case of a termination for unsatisfactory performance, which may limit our ability to end our relationship with RMR LLC.
  • Our management arrangements with RMR LLC may discourage a change of control of us.
  • Our business dealings with Five Star comprise a significant part of our business and operations and they may create conflicts of interest or the perception of such conflicts of interest.
  • We may not realize the benefits we expect from our investment in Five Star common shares.
  • We may be required to pay a substantial termination fee to Five Star if Five Star terminates our management agreements due to our default.
  • We are party to transactions with related parties that may increase the risk of allegations of conflicts of interest, and such allegations may impair our ability to realize the benefits we expect from these transactions.
  • We may be at an increased risk for dissident shareholder activities due to perceived conflicts of interest arising from our management structure and relationships.
  • Risks Related to Our Organization and Structure
  • We may change our operational, financing and investment policies without shareholder approval.
  • Ownership limitations and certain provisions in our declaration of trust, bylaws and agreements, as well as certain provisions of Maryland law, may deter, delay or prevent a change in our control or unsolicited acquisition proposals.
  • Our rights and the rights of our shareholders to take action against our Trustees and officers are limited.
  • Shareholder litigation against us or our Trustees, officers, employees, managers or other agents may be referred to mandatory arbitration proceedings, which follow different procedures than in-court litigation and may be more restrictive to shareholders asserting claims than in-court litigation.
  • Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain actions and proceedings that may be initiated by our shareholders, which could limit our shareholders' ability to obtain a judicial forum they deem favorable for disputes with us or our Trustees, officers, employees, managers or agents.
  • Risks Related to Our Taxation
  • Our failure to remain qualified for taxation as a REIT under the IRC could have significant adverse consequences.
  • Distributions to shareholders generally will not qualify for reduced tax rates applicable to “qualified dividends.”
  • REIT distribution requirements could adversely affect us and our shareholders.
  • Even if we remain qualified for taxation as a REIT under the IRC, we may face other tax liabilities that reduce our cash flow.
  • If arrangements involving our TRSs fail to comply as intended with the REIT qualification and taxation rules, we may fail to qualify for taxation as a REIT under the IRC or be subject to significant penalty taxes.
  • Legislative or other actions affecting REITs could materially and adversely affect us and our shareholders.
  • Risks Related to Our Securities
  • We reduced our quarterly cash distribution rate on our common shares to $0.01 per share and future distributions may remain at this level for an indefinite period or be eliminated and the form of payment could change.
  • We may use future debt leverage to pay distributions to our shareholders.
  • The Notes and the Guarantees are structurally subordinated to the payment of all indebtedness and other liabilities and any preferred equity of our subsidiaries that do not guarantee the 2025 Notes and the 2031 Notes.
  • The Notes and the Guarantees are unsecured and effectively subordinated to our and the subsidiary guarantors' existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness.
  • Federal and state statutes allow courts, under specific circumstances, to void guarantees and require holders of notes to return payments received from guarantors.
  • There may be no public market for certain of the Notes, and one may not develop, be maintained or be liquid.
  • A downgrade in credit ratings could materially adversely affect the market price of the Notes and may increase our cost of capital.
  • We may not have the ability to raise the funds necessary to finance the repurchase of the 2025 Notes upon a change of control event as will be required by the indenture for the notes.
  • Some or all of the Guarantees may be released automatically.
  • Redemption may adversely affect noteholders' return on the Notes.
  • Further issuances of debt or equity securities may adversely affect our shareholders.
  • Changes in interest rates could adversely affect the value of our securities.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. senior Good
New words: budget, expand, incurrence, leasable, nonpayment, ongoing, posed, threat
Removed: abate, commencing, identified, prepaid, prevented, scope, temporary, uncertainty