Diversified Healthcare Trust reported a challenging QQ4 2024 quarter from a GAAP standpoint, driven by asset level shifts and weather-related costs, but demonstrated meaningful operational progress in its SHOP (short-term skilled nursing/healthcare properties) segment and in its MOB life science portfolio. Total revenues were $379.6 million in Q4 2024, up 5% year-over-year on an absolute basis but with a sharp year-over-year revenue decline of about 75% when aligned with the reorganized asset base and dispositions that occurred in prior periods. The company highlighted a decisive shift in portfolio strategy, including disposition activity across SHOP assets and a structured refinancing plan to address the 2025 and 2026 debt maturities. In SHOP, occupancy reached 80% for the first time since 2020, with SHOP NOI up 56% YoY and SHOP revenues up 7.3% YoY, driving a 250 bp improvement in margin. MOB and life science leasing activity remained robust, with 112,000 square feet leased in the quarter and rents 6.9% higher than prior rents. Full-year 2024 SHOP NOI reached $106 million, at the high end of revised guidance. Management signaled a prudent approach to weather-related costs and insurance remediation challenges, noting a $4.4 million weather-related expense tailwind in Q4 that dampened SHOP NOI margin absent these items. The company remains focused on reducing leverage and ensuring liquidity ahead of 2025 debt maturities through asset sales (Muse Life Science portfolio closed in January for $159 million) and secured financings expected to total approximately $340 million. The outlook for 2025 contemplates CapEx of $150–$170 million (with $105–$120 million allocated to senior living), SHOP NOI guidance of $120–$135 million, and MOB NOI guidance of $104–$112 million, alongside continued asset disposition activity and refinement of the portfolio. Investors should monitor the timing and execution of these disposals, the progression of the refinancing program, and the ability to delever ahead of the June 2025 unsecured notes and the January 2026 zero-coupon maturity.