Diversified Healthcare Trust reported a mixed QQ2 2024 performance characterized by robust NOI momentum in its SHOP (senior housing operations and patient-centric services) segment and ongoing strength in the Medical Office and Life Science portfolio, offset by GAAP profitability pressures and elevated leverage. Normalized FFO for the quarter was $6.8 million ($0.03 per share), underscoring a positive operating trajectory as the company advances its 2024 priorities, including portfolio optimization, operator transitions, and capital discipline. SHOP same-property cash basis NOI rose 27% year-over-year and 17% sequentially, supported by higher occupancy and RevPOR, while MO&LS leasing achieved 12.1% rent uplifts on approximately 101,000 square feet leased, marking the fourth straight quarter of double-digit rent growth. Management reaffirmed full-year SHOP NOI guidance of $120–$140 million and signaled ongoing liquidity enhancement via secured financing targeted to redeem remaining 2025 debt maturities. The quarter also featured active portfolio optimization, including LOIs on roughly 1,100 units ($80–$100 million value), and the sale of properties to reallocate capital toward higher-return assets. While near-term GAAP results reflect negative net income and elevated interest-related costs, the underlying operating platform shows improving cash flow dynamics and a clear path to deleveraging through refinancing and asset-light optimization. The company remains well-positioned to grow NOI and improve liquidity, albeit with execution risk tied to timing of asset dispositions, transitions, and external financing markets.