Diversified Healthcare Trust is a real estate investment trust that owns and manages a diversified portfolio of healthcare properties, including senior living communities, medical office buildings, life science facilities, and wellness centers across multiple states. The company generates revenue through long-term property leases structured as triple-net leases, net leases, or full-service leases, with senior living communities typically leased to taxable subsidiaries that contract with third-party operators on a base-fee-plus-incentive-fee model. The REIT benefits from secular trends in healthcare spending and demographic growth, particularly the expanding elderly population, and pursues a capital strategy focused on reducing leverage, improving portfolio quality, and enhancing shareholder returns through selective acquisitions and dispositions.