EarningsQ2 2026 Earnings Report
DE:SNF Q2 2026 EPS Results
Actual EPS-€0.14
Consensus EPS-€0.13
Beat/MissMissed by -€0.01
One Year Ago EPS€0.07
DE:SNF Q2 2026 Revenue Results
Actual Revenue€326.11M
Expected Revenue€330.90M
Beat/MissMissed by -€4.79M
YoY Revenue Growth-4.53%
Earnings Announcement Details
QuarterQ2 2026
Date08/03/2026
TimeAfter Close
Conference CallMonday, August 3, 2026
DE:SNF Upcoming Earnings
Diversified Healthcare Trust's next earnings date is estimated for November 2, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:SNF Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a largely positive operational and financial picture driven by strong SHOP performance, meaningful NOI and margin expansion, improved liquidity and leverage metrics, and reaffirmed guidance. Key near-term headwinds include occupancy pacing below initial expectations due to timing of operator transitions, several one-time adjustments (benefits and charges), and known near-term vacancies in the Medical Office & Life Science segment. On balance, the operational momentum, cost savings, capital redeployment plans and guidance reaffirmation outweigh the temporary and identifiable headwinds.Company Guidance
Strong Earnings and Cash Metrics
Reported normalized FFO of $39.0M ($0.16/share) and adjusted EBITDAre of $82M for Q2 2026; consolidated NOI increased ~20.4% year-over-year to $84M (consolidated same-property cash basis NOI ~$83M, +20.2% y/y).
SHOP Segment Outperformance
SHOP same-property NOI rose 37.2% year-over-year to $52M, with same-property occupancy up 160 bps to 83.1% and average monthly rate up ~6.2% year-over-year; sequential SHOP same-property NOI increased ~17.3%.
Margin Expansion and Expense Savings
Operators delivered accelerated expense synergies and margin expansion (same-property expense core decreased 170 bps sequentially); company expects annualized dietary and related cost savings of $14M–$16M (≈$8M to be recognized in 2026).
Balance Sheet and Liquidity Improvements
Quarter-end liquidity of ~$267M (cash $117M + $150M undrawn revolver); net debt to annualized adjusted EBITDAre improved to 7.1x from 8.7x a year ago (0.7x sequential reduction); adjusted EBITDAre to interest expense rose to 2.2x from 1.4x prior year.
Guidance Reaffirmation and Upgrades Earlier in June
Reaffirmed raised guidance: total NOI $307M–$323M (SHOP NOI $185M–$195M), adjusted EBITDAre $300M–$315M and normalized FFO $0.56–$0.62/share; June raise added $10M at midpoint and current results are tracking to the high end of guidance.
Capital Allocation and Redeployment Plans
Capital recycling largely complete; plan to invest ~$20M initially to convert closed skilled nursing wings at 6 SHOP communities adding ~150 units (unlevered mid-teens returns expected), construction late 2026 with first deliveries H2 2027; reaffirmed recurring CapEx guidance $100M–$115M.
MOB/Life Science Leasing Activity
Medical Office & Life Science segment saw same-property occupancy up 110 bps to 95.8%; ~477k sq ft of new/renewal leasing in Q2 at a 6.7% rent roll-up and a 7.1-year weighted average lease term; same-property NOI stable at $24.1M y/y.
Shareholder Value Metrics
DHC shares outperformed peers with YTD share price appreciation of 81.7% (vs S&P 500 +11% and MSCI U.S. Healthcare REIT Index +23%); company highlighted among highest total shareholder returns for 1- and 3-year periods.
DE:SNF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed