Form 8-K

8-K — DIVERSIFIED HEALTHCARE TRUST

Accession: 0001104659-26-068894

Filed: 2026-06-01

Period: 2026-06-01

CIK: 0001075415

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2616535d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2616535d1_ex99-1.htm)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported):

June 1, 2026

Diversified Healthcare Trust

(Exact Name of Registrant as Specified in

Its Charter)

Maryland

(State or Other Jurisdiction of Incorporation)

001-15319

04-3445278

(Commission File Number)

(IRS Employer Identification No.)

Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts

02458-1634

(Address of Principal Executive Offices) (Zip Code)

617-796-8350

(Registrant’s Telephone Number, Including

Area Code)

Check the appropriate box below if the

Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities

registered pursuant to Section 12(b) of the Act:

Title Of Each Class

Trading Symbol(s)

Name Of Each Exchange On Which Registered

Common

Shares of Beneficial Interest

DHC

The

Nasdaq Stock Market LLC

5.625%

Senior Notes due 2042

DHCNI

The

Nasdaq Stock Market LLC

6.25%

Senior Notes due 2046

DHCNL

The

Nasdaq Stock Market LLC

Indicate by check mark whether the registrant

is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2

of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate

by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial

accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01. Regulation FD Disclosure.

On June 1, 2026, Diversified Healthcare Trust

posted to its website an investor presentation, a copy of which is attached hereto as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1

Investor Presentation dated June 1, 2026. (Furnished herewith.)

104

Cover Page Interactive Data File. (Embedded within the Inline XBRL document.)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,

the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DIVERSIFIED HEALTHCARE TRUST

By:

/s/ Matthew C. Brown

Name:

Matthew C. Brown

Title:

Chief Financial Officer and Treasurer

Date:  June 1, 2026

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2616535d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

1

1

Investor

Presentation

June 2026

2

2

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These

statements may include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions. These forward-looking

statements include, among others, statements about: DHC’s 2026 guidance and related assumptions, including with respect to net operating income (“NOI”), normalized funds from operations

(“Normalized FFO”) and capital expenditures; improvement in DHC’s balance sheet; DHC’s capital markets activity; improvement in DHC’s senior housing operating portfolio (“SHOP”) operating model

and SHOP segment outlook and expected growth and transition communities opportunities; DHC’s financial management strategies; impacts of demographic trends on DHC’s portfolio; DHC’s

occupancy and margin growth; DHC’s strategic capital recycling plans; DHC’s cash flow trends, leverage targets and investment in portfolio upgrades and growth initiatives; DHC’s ratings outlook; the

value and quality of DHC’s SHOP properties; the performance of its SHOP, Medical Office and Life Science Portfolio and Triple Net Leased (“NNN”) Senior Living and Wellness Centers segments; demand

for medical office and life science properties, including outpatient medical spaces, and senior living communities; and expected favorable senior living industry trends and related drivers and strong

medical office market and life science sector fundamentals.

Forward-looking statements reflect DHC’s current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could

cause DHC’s actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. Some

of the risks, uncertainties and other factors that may cause DHC’s actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include,

but are not limited to, the following: the impact of unfavorable market and commercial real estate industry conditions due to possible reduced demand for healthcare related space and senior living

communities, uncertainties surrounding interest rates, wage and commodity price inflation, supply chain disruptions, volatility in the public debt and equity markets, changing tariffs and trade policies

and related uncertainty, geopolitical instability and tensions, pandemics, any U.S. government shutdown, economic downturns or a possible recession, labor market conditions or changes in real estate

utilization, among other things, on DHC and its managers and other operators and tenants; DHC’s senior living operators’ abilities to successfully and profitably operate the communities they manage for

DHC; the continuing impact of changing market practices on DHC and its managers and other operators and tenants, such as delayed recovery of the senior housing industry, reduced demand for

leased medical office, life science and other space of DHC and residencies at senior living communities and increased operating costs; the financial strength of DHC’s managers and other operators and

tenants; whether the aging U.S. population and increasing life spans of seniors will increase the demand for senior living communities and other medical and healthcare related properties and

healthcare services, including outpatient medical properties, whether DHC’s tenants will renew or extend their leases or whether DHC will obtain replacement tenants on terms as favorable to DHC as its

prior leases; the likelihood that DHC’s tenants and residents will pay rent or be negatively impacted by continuing unfavorable market and commercial real estate industry conditions; DHC’s managers’

abilities to increase or maintain rates charged to residents of DHC’s senior living communities and manage operating costs for those communities; DHC’s ability to increase or maintain occupancy at its

properties on terms desirable to DHC; DHC’s ability to increase rents when its leases expire or renew; costs DHC incurs and concessions it grants to lease its properties; risk and uncertainties regarding

the costs and timing of development, redevelopment and repositioning activities, including as a result of inflation, cost overruns, tariffs, supply chain challenges, labor shortages, construction delays or

inability to obtain necessary permits or volatility in the commercial real estate markets; DHC’s ability to manage its capital expenditures and other operating costs effectively and to maintain and enhance

its properties and their appeal to tenants and residents; DHC’s ability to effectively raise and balance its use of debt and equity capital; DHC’s ability to purchase cost effective interest rate caps; DHC’s

ability to comply with the financial covenants under its debt agreements; DHC’s ability to make required payments on its debt; DHC’s ability to maintain sufficient liquidity, including the availability of

borrowings under its revolving credit facility, and otherwise manage leverage; DHC’s credit ratings; DHC’s ability to sell properties at prices or returns it targets, and the timing of such sales; DHC’s ability

to sell additional equity interests in, or contribute additional properties to, its existing joint ventures, or enter into additional real estate joint ventures or to attract co-venturers and benefit from DHC’s

existing joint ventures or any real estate joint ventures it may enter into; DHC’s ability to acquire, develop, redevelop or reposition properties that realize its targeted returns; DHC’s ability to pay

distributions to its shareholders and to maintain or increase the amount of such distributions; the ability of The RMR Group LLC (“RMR”) to successfully manage DHC; competition in the real estate

industry, particularly in those markets in which DHC’s properties are located; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; compliance

with, and changes to, federal, state and local laws and regulations, accounting rules, tax laws and similar matters; exposure to litigation and regulatory and government proceedings due to the nature of

the senior living and other health and wellness related service businesses; actual and potential conflicts of interest with DHC’s related parties, including DHC’s Managing Trustees, RMR, ABP Trust and

others affiliated with them; limitations imposed by and DHC’s ability to satisfy complex rules to maintain DHC’s qualification for taxation as a real estate investment trust (“REIT”) for U.S. federal income tax

purposes; acts of terrorism, war or other hostilities, outbreaks of pandemics or other public health safety events or conditions, global climate change or other manmade or natural disasters beyond

DHC’s control; and other matters.

These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in DHC’s periodic filings. The information contained in

DHC’s filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in its periodic reports, or incorporated therein, identifies important factors that could cause

differences from the forward-looking statements in this presentation. DHC’s filings with the SEC are available on the SEC’s website at www.sec.gov. You should not place undue reliance upon DHC’s

forward-looking statements. Except as required by law, DHC does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.

Warning Concerning Forward Looking Statements

3

3

Table of Contents

Page

COMPANY HIGHLIGHTS AND OUTLOOK 4

SHOP INITIATIVES 9

CAPITAL RECYCLING 11

CAPITAL AND LIQUIDITY OUTLOOK 12

SHOP OVERVIEW 13

MEDICAL OFFICE & LIFE SCIENCE PORTFOLIO OVERVIEW 24

TRIPLE NET LEASED SENIOR LIVING & WELLNESS CENTERS

OVERVIEW 30

APPENDIX 32

4

4

Company Highlights

5

5

DHC Today - National Healthcare REIT

Diversified Healthcare Trust (Nasdaq: DHC) owns a portfolio invested in environments that elevate quality of life, enable

access to essential care and support the breakthroughs shaping the future of health. With a healthcare real-estate

portfolio totaling $6.2 billion and spanning 33 states and Washington, D.C., DHC’s portfolio is anchored by a strategically

curated mix of senior housing, medical office and life science assets that combine high quality care, modern technology

and amenity rich environments to meet rising demand across the healthcare continuum. Together, these interconnected

sectors create a differentiated portfolio rooted in long term demographic and healthcare demand trends positioning us to

generate durable, risk adjusted returns while meaningfully contributing to the wellbeing of the communities we serve.

~24,000

Senior Living Units

285

Healthcare Related

Properties

14 SHOP Operators

Supporting an Efficient and

Geographically Aligned

Operating Platform

~250 Tenants

MOB & LS Portfolio

6

6

Clear Path to Value Creation in SHOP: Embedded Organic Growth

Strong SHOP segment outlook in 2026, with NOI growth of 36.4%, (2) supported by new operational initiatives,

favorable demographic trends and a muted supply environment.

Embedded 800+ bps of SHOP occupancy upside (3) driven by new operators focus on closing community-level

occupancy gaps to respective NIC markets.

Organic Growth with high-return ROI projects resulting in mid-teens returns through repositioning

underutilized, or closed, skilled nursing wings into Independent Living, Assisted Living or Memory Care Units.

DHC has made significant progress executing its long-term business plan.

➢ Delivered total shareholder returns of ~268% (1) since January 1, 2025, ranking #1 among U.S. listed REITs

in 2025 and #1 YTD, both meaningfully outperforming the MSCI US REIT/Healthcare REIT Index.

➢ Completed nearly $1.5 billion in capital markets activity in 2025, meaningfully improving DHC’s balance

sheet, extending its debt maturity runway to 2028 and highlighting its ability to tap into multiple markets.

➢ In April 2026, Moody’s upgraded DHC to B3 and revised its ratings outlook from stable to positive.

Proven Track Record and Embedded Opportunity

(1) Total shareholder return as of May 29, 2026.

(2) Reflects mid-point updated guidance for SHOP NOI.

(3) Figures are for each respective full year and National Investment Center for Seniors Housing & Care (NIC) Market Trends data as of 1Q26.

7

7

Updated & Improved 2026 Outlook (1)

(1) DHC does not provide a reconciliation of non-GAAP measures that it discloses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation

is not available without unreasonable efforts, or at all, including, most notably, impairment of assets, gain (loss) on sale of properties, loss on modification or early extinguishment of debt and equity in

net earnings of investees. These items that would be contained in the comparable GAAP measures are not indicative of DHC’s ongoing operations, are uncertain, depend on various factors and could

have a material impact on DHC’s GAAP results for the guidance period.

(2) Normalized FFO is expected to increase from $64.4 million in 2025 largely because DHC was impacted by discount accretion of $63.2 million on DHC's then outstanding senior secured notes due 2026.

(3) Excludes the impact of business management incentive fees, if any.

Improved Full Year 2026 Guidance

February 2026 June 2026 ΔMidpoint

Adjusted EBITDAre $290M - $305M $300M - $315M $10M

Normalized FFO (2) $125M - $140M $135M - $150M $10M

Normalized FFO Per

Common Share(2) $0.52 - $0.58 $0.56 - $0.62 $0.04

February 2026 June 2026 ΔMidpoint

SHOP NOI $175M - $185M $185M - $195M $10M

MOB/LS NOI $94M - $98M $94M - $98M -

NNN NOI $28M - $30M $28M - $30M -

Total NOI $297M -$313M $307M -$323M $10M

February 2026 June 2026 ΔMidpoint

Recurring SHOP CapEx $80M - $90M $80M - $90M -

Recurring MOB/LS CapEx $20M - $25M $20M - $25M -

Total Recurring CapEx $100M -$115M $100M -$115M -

➢ 2026 guidance increase of $0.04 in Normalized FFO per

Common Share at the mid-point is driven by a $10 million

increase in SHOP NOI. This increase reflects expense savings

driven by targeted cost initiatives, primarily across dietary and

labor.

➢ Mid-point Same Property SHOP NOI:

o Year over year occupancy growth of approximately 300

bps, unchanged.

o Revenue growth of approximately 8.0% and average

monthly rate growth of approximately 5.3%, unchanged.

o Operating expense growth of approximately 4.5% with

ExPOR growth of approximately 2.2%, versus 5.7% and

3.0% previously.

➢ Mid-point general and administrative expense of

approximately $32.5 million. (3)

➢ Mid-point share of EBITDAre from unconsolidated joint

ventures of approximately $18.3 million.

➢ Mid-point interest expense of approximately $149 million.

➢ Weighted average shares of approximately 242 million.

➢ No acquisitions other than two land parcels acquired in April

2026.

➢ No dispositions other than 13 SHOP communities sold in

March 2026.

Guidance Assumptions

8

8

Investment Case

Essential Healthcare Properties

DHC’s portfolio is concentrated in healthcare real estate, with exposure across senior housing, medical office and life science properties.

These properties are central to senior living, care delivery and research, supporting long-term demand.

Improved Operating Model

DHC has refined its approach within its SHOP segment, placing a greater emphasis on incentive alignment and accountability. Results

are increasingly driven by property-level fundamentals, supporting occupancy and margin gains over time.

Strategic Capital Recycling

DHC has enhanced its portfolio through targeted property sales, focusing on elevating overall asset quality, market positioning and balance

sheet improvement. Capital recycling supports deleveraging, allowing the company to concentrate resources on the highest performing assets.

Prudent Financial Management

DHC’s strategy is centered on disciplined liquidity management and prudent leverage utilization. By prioritizing financial flexibility and

balance sheet management, the company strengthens its capacity to navigate market cycles and sustain long-term value creation.

Powerful Demographic Tailwinds

DHC’s portfolio is supported by long-term demographic trends, including outsized growth in the senior population and continued

demand for healthcare services. These structural dynamics create robust demand across DHC’s healthcare real estate portfolio.

9

9

Senior Housing

58%

Strategic Initiatives Driving Outsized Growth of SHOP Segment

+670 bps

year over year increase

in SHOP segment NOI

contribution

Operational Improvement

➢ Personalized care plans tailored to individual

resident needs.

➢ Driving expense savings through procurement

optimization, streamlined labor costs and enhanced

operational performance through new operator

partnerships.

➢ Enhanced systems for lead tracking, personalized

communication and tour to move-in conversion

optimization.

Capital Recycling

➢ Investment in strategic ROI capital opportunities to

drive NOI growth.

➢ Achieve value maximization of non-core assets.

➢ Reduce exposure to capital intensive communities

and exit low growth markets.

% of NOI

1Q25 NOI

NNN

7%

SHOP

51%

Medical

Office

24%

Life Science

13%

Wellness

5%

Senior Housing

62%

% of NOI

1Q26 NOI

NNN

5%

SHOP

57%

Medical

Office

23%

Life Science

10%

Wellness

5%

1010

5.8%

6.9%

5.9% 5.7% 5.3%

6.3%

0.5%

4.0% 4.2%

2.2%

75.9%

79.6%

80.9% 81.9%

84.9%

50%

55%

60%

65%

70%

75%

80%

85%

90%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

2022A 2023A 2024A 2025A 2026E

Occupancy

RevPOR / ExPOR Growth

RevPOR Y/Y ∆% ExPOR Y/Y ∆% Occupancy %

2026E

SHOP Margin Expansion is Expected to Continue

Focused on driving continued margin expansion across the SHOP platform.

SHOP RevPOR vs ExPOR and Occupancy Growth Trends (1)

l

(1) 2022A – 2025A reflects full year same property data. 2026E reflects full year occupancy guidance and mid-point guidance for RevPOR and ExPOR.

1111

(1) Occupancy is presented as of the month preceding disposition.

(2) Revenue and NOI are presented for the year ended December 31, 2025 for all properties.

Capital Recycling Update

➢ In 1Q26, DHC sold 13 unencumbered SHOP communities for an aggregate sales price of $23.0 million.

➢ DHC acquired the land parcels at two properties previously subject to finance leases and closed in April 2026 for an

aggregate purchase price of $14.5 million.

➢ Sales of non-core properties totaled $627.9 million since 2025 through 1Q26, boosting overall performance and

driving margin expansion.

MOB/Life Science/Other SHOP MOB/Life Science/Other SHOP

Number of Properties / Units 50 19 / 1,545 - 13 / 669

Occupancy (1) 47.0% 79.9% - 79.6%

Revenue (2) $32.8M $82.6M - $29.2M

NOI (2) $14.0M $(1.8)M - $(3.0)M

Price Per SF or Unit $151.29 / SF $67,049 / Unit - $34,380 / Unit

Gross Sales Price $501.3M $103.6M - $23.0M

Total Proceeds $604.9M $23.0M

Properties Sold in 2025 Properties Sold in 1Q26

1212

Balance Sheet Management Update

➢ As a result of its 2025 capital markets activity, DHC extended its debt maturity

runway to 2028.

➢ In April 2026, Moody’s upgraded DHC to B3 and revised its ratings outlook from

stable to positive.

➢ Almost $1.5 billion raised from diversified funding sources, highlighting DHC’s

ability to tap into multiple markets.

➢ Trending towards positive cash flow as leverage declines.

$1.1 $2.3

$640.6

$1.9

$435.1

$1,362.0

2026 2027 2028 2029 2030 2031 & After

Unsecured Fixed Rate Debt Secured Fixed Rate Debt Secured Floating Rate Debt

Balance Sheet Outlook & Liquidity Update

Debt Maturity Schedule

(dollars in millions)

YoY Leverage Improvement

[94.2%]

Fixed Rate Debt

$4.2 Billion

Unencumbered Assets

$271.8 Million

Near-Term Available Liquidity

DHC is targeting leverage of 6.5x to 7.5x to further enhance its cost of

capital and improve its outlook with the rating agencies.

8.8x 7.8x

Moody’s and S&P Global Upgrades

to B3 and B-, respectively

(1)

(1) DHC has two six-month extension options for the maturity date of its $140 million floating rate debt, subject to satisfaction of certain conditions and payment of an extension fee.

$271.8 Million

Near-Term Available Liquidity

$4.0 Billion

Unencumbered Assets

94.3%

Fixed Rate Debt

YoY Interest Coverage Improvement

1.3x 2.0x

As of March 31, 2026 unless otherwise noted.

1313

SHOP Segment

1414

Drivers

Structural Drivers of Senior Housing Demand

Lifestyle

Longer life expectancy is

driving demand for

independent, community-oriented living supported by

technology and services that

enable aging in place.

Healthcare

Rising healthcare costs and a

growing prevalence of

chronic conditions are

increasing demand for

housing options that are

integrated within the broader

continuum of care.

Affordability

Middle-income seniors

represent >40% of demand,

underscoring the importance

of flexible pricing models that

balance affordability with

access to essential services

and amenities.

Economic

Higher interest rates,

construction costs and labor

constraints have slowed new

supply, supporting long-term

fundamentals despite near-term macro pressures.

1515

Favorable Industry Trends Support Operational Momentum

➢ Senior living demographic of 80+ population is projected to grow at a 4.0% CAGR over the next 15 years while

inventory growth is expected to remain depressed at 0.5%. (1)(2)

➢ Rent growth remains elevated with top primary / secondary markets increasing up to 10% annually.

➢ Inventory growth has been decreasing since 2018.

Age 80+ Population Growth(1) Inventory Growth(3)

-

5.0

10.0

15.0

20.0

25.0

30.0

Millions

10

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Senior Housing Independent Living Assisted Living

Robust 80+ population growth projections coupled with meaningfully reduced

senior housing supply growth since 2018 supports a favorable sector backdrop.

(1) Source: Population estimates from the Organization for Economic Co-Operation and Development (OECD) as of April 2026.

(2) Source: National Investment Center for Seniors Housing & Care (NIC) as of 1Q26.

(3) Source: NIC Map © Data Service in primary and secondary markets as of 1Q26. For more information on the NIC MAP © Data Service, please visit www.nic.org/NIC-map.

1616

Senior Housing Supply-Demand Imbalance

➢ 1Q26 showed record level occupancy for Senior Housing in Primary and Secondary NIC markets at 89.8%. Industry

wide low inventory growth is leading to increased supply constraints, which is driving occupancy gains.

➢ 80+ population is expected to grow 48% by 2035, ultimately outpacing the currently diminished growth of total

available units.

Long term senior population growth is significantly outpacing inventory growth

supporting the outlook for higher occupancy levels and rent growth.

15.21

16.32

17.19

18.01

18.79

19.59

1.17 1.18 1.18 1.19 1.19 1.20

2026 2027 2028 2029 2030 2031

(Millions)

Projected U.S. 80+ Population Projected U.S. Senior Housing Units

(1) Source: Population estimates from the Organization for Economic Co-Operation and Development (OECD) as of April 2026.

(2) Source: National Investment Center for Seniors Housing & Care (NIC) CBSA Property Trends as of 1Q26.

(1) (2)

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1950

1952

1954

1956

1958

1960

1962

1964

1966

1968

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

U.S. Population, Millions

Demographic Inflection Point Accelerates Near-Term Demand (1)

➢ The oldest baby boomers begin turning 80 years old in 2026, driving a surge in senior housing demand.

➢ Decline in traditional caregiving population (55-70 years old) expected during the same 10-year period.

➢ Limited new construction benefits existing communities and in-place portfolios.

+36%

The baby boomer generation is rapidly entering the 80+ age range providing

ongoing senior living demand that will benefit in-place SHOP portfolios.

(1) Source: Census Bureau Office, 2026.

1818

SHOP Mark to Market Opportunities & Trends

➢ Strategically located properties with more than 65%

of communities renovated in the last 3 years.

➢ RevPOR and Occupancy grew 32% and 990 basis

points, respectively, since 2021 with active rate

optimization and higher-volume sales strategies.

➢ 8.1% occupancy and $387 average monthly rate

per unit mark to market opportunity across DHC’s

current portfolio.

$499,273

$331,867

$485,173

$318,348

Primary Secondary

SHOP Market

65+ Average Home Value (1)

The average DHC resident home value is

2.9% higher than average in primary

markets and 4.2% higher than average in

secondary markets, supporting long-term

affordability and resident retention.

SHOP Occupancy Market Potential (2)

SHOP Rate Market Potential (2)

(1) Compares home values within 3-mile radius using NIC MAPs analysis feature as of 1Q26.

(2) Figures are for each respective full year and National Investment Center for Seniors Housing & Care (NIC) Market Trends data as of 1Q26.

74.4% 78.1% 79.3% 81.0% 81.7% 89.8%

2022 2023 2024 2025 1Q26 NIC Market

$4,571 $4,888 $5,179 $5,467 $5,613 $6,000

2022 2023 2024 2025 1Q26 NIC Market

1919

Top Operators by DHC Unit Count Snapshot (1)

420+

Communities

47,000+

Senior Living Units

20,000+

Employees

2nd Largest U.S.

Senior Living

Operator

138

Communities

15,000+

Residents

85% Average

Occupancy

23rd Largest U.S.

Senior Living

Operator

41

Communities

3,700+

Employees

5,600+

Resident Capacity

108

Communities

9,755

Senior Living Units

95% Average

Occupancy

40 years

of community

transition experience

57

Communities

3,500

Residents

24 Communities

Recognized in U.S.

News Best of

Senior Living

Operates in 10

States across the

U.S. Southeast

70+

Communities

5,500+

Senior Living Units

39th Largest U.S.

Senior Living

Operator

Rapid growth since

its founding in

2016

Operates in 8 States

across the U.S.

Southwest

(1) Source: Company data.

2020

1Q26 Occupancy NIC Benchmark

77.7%

85.5%

89.9%

80.3% 81.8%

88.4%

77.9%

88.6% 87.3%

88.8% 89.9% 89.2%

92.0%

90.3%

Sinceri Discovery WellQuest Stellar Tutera Phoenix Ciel

Sinceri Senior

Living, 7,286

Other,

1,831

WellQuest

Living, 798

Charter

Senior

Living,

1,759

Stellar Senior

Living, 1,784

Tutera,

1,967

Phoenix Senior

Living, 2,053

Discovery

Senior Living,

5,095

Transition Communities Opportunities

Five Star Senior

Living, 17,287

Other, 1,821

Charter Senior

Living, 1,759

Phoenix Senior

Living, 1,457

Oaks-Caravita

Senior Care,

1,415

Stellar Senior

Living, 1,133

(1) Occupancy upside is the gap between the pro forma 1Q26 occupancy and the applicable NIC benchmark data calculated using Core-Based Statistical Areas, or CBSAs, where

the 116 communities are located and additional market data for non-CBSA properties, weighted by units.

2025 Transition Communities Occupancy Upside Potential

Recent Transition Communities Occupancy Upside (1)

Pre-Transition SHOP Units by Operator 1Q26 SHOP Units by Operator

➢ Implementing dynamic pricing structures and expanding

ancillary services to boost occupancy and elevate resident

care.

➢ Leveraging regional densification to reduce structural

labor costs and improve operational efficiency.

➢ Driving savings through centralized purchasing to lower

fees and dietary expenses.

➢ Capturing uplift from recently renovated and modernized

communities.

2121

DHC Portfolio Operator Footprint

Discovery

Sinceri

Charter

Phoenix

Oaks

Tutera

Stellar

Northstar

Navion

WellQuest

Other

DHC’s SHOP segment is broadly diversified both geographically and by operator.

Management is focused on clustering communities to drive operational synergies.

SHOP Segment Geographic Diversification by Operator/Unit Count

Note: Bubble sizes reflect DHC’s unit count in identified market.

2222

DHC Active Asset Management Capabilities

Active Asset Management

Cadence driven asset

management to navigate

operators towards performance

objectives.

Continuous evaluation of assets

for capital improvements and/or

capital recycling.

Other areas of cross functional

support exist for all aspects of real

estate investment decisions.

Analytics Driving Performance

Use of proprietary and market data

leveraged across all systems to

support portfolio wide actionable

decisions backed by RMR’s network

of over 800 CRE professionals.

Experienced Operators

Performance based incentives are in

place to drive growth and ensure

resident satisfaction, aligning goals

between DHC and its experienced

operators.

2323

Recent SHOP Completed Capital Projects (1)

• Units: 346

• Occupancy: 87.4%

• Project Cost: $10,000,000

• ROI (2): 24.1%

Community-wide enhancements

completed to elevate market appeal

through refreshed common areas, an

upgraded dining experience, an

improved main entrance arrival,

modernized corridors and updated FF&E

and signage, creating a cohesive,

hospitality-forward environment to

support resident satisfaction and support

sustained rate growth.

• Units: 236

• Occupancy: 75.9%

• Project Cost: $6,352,000

• ROI (2): 27.6%

Targeted renovations that elevated the

community’s presentation and

functionality through refreshed common

areas, an upgraded lobby, enhanced

dining rooms and corridors and

improvements to the resident bridge.

FF&E and signage updates, along with

main entry enhancements, modernized

the environment and improved the

community’s ability to drive occupancy

improvement and rate growth.

• Units: 273

• Occupancy: 85.1%

• Project Cost: $2,596,000

• ROI (2): 73.4%

This targeted refresh included updating

common area FF&E, flooring, paint,

window treatments, artwork and signage

to modernize the community and

strengthen brand perception at a

relatively low cost. The improvements will

support faster leasing, rent premiums,

and better resident retention while

reducing maintenance and operational

friction. Overall, the scope is intended to

deliver a high impact upgrade that

extends the asset’s competitive life and

generates an attractive return.

The Remington Club, CA The Pines of Dayton Place, CO The Pointe at Plantation, FL

(1) Data as of March 31, 2026.

(2) ROI is calculated from NOI 12 months before construction and Q1 2026 NOI annualized over total project cost.

2424

Medical Office & Life Science Segment

2525

Medical Office & Life Science Portfolio Overview (1)

(1) Portfolio information represents same store properties as of March 31, 2026.

(2) Q1 2026 cash basis NOI annualized.

(3) By annualized rental income as of March 31, 2026.

Outpatient Medical

42 Properties

2.6 Million SF

94% Occupancy

Medical Support

10 Properties

1.5 Million SF

95% Occupancy

Life Science Lab & R&D

10 Properties

926,000 SF

97% Occupancy

Research Support

3 Properties

261,000 SF

100% Occupancy

Medical Office

Diverse tenant mix providing a wide range of outpatient

services from high acuity specialty to primary care and

dental, as well as health system administration, medical

supplies and health insurance providers.

Life Science

High-quality, well-located laboratory and R&D assets with

a strong tenant base within the biotechnology,

pharmaceutical development and medical device

industries.

52 Properties

4.2 Million Square Feet

$69 Million Annual Cash NOI (2)

4.9 Years WALT (3)

13 Properties

1.2 Million Square Feet

$30 Million Annual Cash NOI (2)

4.8 Years WALT (3)

89% Health System

Affiliated (2)

74% of Cash NOI from

Top 3 Life Science Markets (1)

74% Investment Grade

Credit (2)

56% Investment Grade

Credit (2)

2626

Portfolio information represents same store properties as of March 31, 2026.

Sources: Statista, CMS and Grandview Research, KFF ‘Key Facts About Hospitals’.

(1) Based on the three months ended March 31, 2026 compared with the same period ended March 31, 2025.

(2) By annualized rental income as of March 31, 2026.

(3) Data per 1,000 people per KFF ‘Key Facts About Hospitals’ published February 2025 .

2.9%

YoY NOI Growth (1)

89%

Health System Affiliated(2)

54%

Investment Grade

Tenancy (2)

Outpatient Medical – Additional Portfolio Detail

94%

Occupancy

83%

Off-Campus Properties

Portfolio Highlights

21 Spurs Lane

San Antonio, TX

➢ Growing demand for healthcare services and increased spending, driven by an aging

population and advancements in medical care.

➢ Outpatient utilization has grown 31% since 2000 while inpatient has declined 19%. (3)

o Trend expected to continue driven by consumer preference for greater convenience,

lower costs for providers and insurers and advancements enabling more formerly

inpatient-only procedures to be performed in outpatient facilities.

➢ Federal healthcare spending reductions present risks and opportunities as providers seek

more affordable care delivery options driving further demand for outpatient space.

DHC’s Outpatient Medical portfolio is positioned to provide investor value from

predictable cash flows, durable occupancy and resilient total returns through cycles..

DHC’s Outpatient Medical portfolio consists of 42 properties and more than 225

individual tenants that include investment grade credit rated healthcare systems,

physicians' groups, primary care providers and high acuity specialty providers.

7809 W. 38th Avenue

Wheat Ridge, CO

2727

Medical Support Portfolio

4027 Martinsburg Pike

Clear Brook, VA

18302 Talavera Ridge

San Antonio, TX

74%

Investment Grade Credit(1)

4.3 Years

WALT Remaining

1.5M

Square Feet

95%

Occupancy

10

Properties

A/A

Median Credit Rating

10800 Nuckols Road

Glen Allen, VA

Portfolio information represents same store properties as of March 31, 2026.

(1) By annualized rental income as of March 31, 2026.

(2) Tenants providing outpatient clinical services within a property that is majority occupied by medical support or other tenants.

Consistent high

occupancy and strong

tenant credit profile

76% of tenants in the

medical services and

supporting health care

industries

Well-located properties,

2009 average property

vintage year

Portfolio Highlights Tenant Profile (1)

(2)

Health Systems &

Insurance, 46%

Other, 24%

Medical Devices,

20%

Medical

Associations, 5%

Clinical Outpatient,

5%

2828

Top 10 Health System

Relationships1

Advocate Health

Sentara Health

NYU Langone Health

Hawaii Pacific Health

University of Kansas Health System

Franciscan Health

Covenant Health

Ascension

Emory Healthcare

Penn State System

Top 10 Health System

Relationships (1)

Broad Relationships with Leading Health Systems and Major

Healthcare Companies across all Medical Office Portfolio Markets

Key Relationships in Each Portfolio MSA

Boston

Boston Children’s Hospital

Atlanta

Emory Healthcare

Wellstar Health System

Northside Hospital

Milwaukee

Advocate Health

Albuquerque

Presbyterian Healthcare Services

San Antonio

HCA Healthcare

Medtronic

Richmond

Sentara Health

Long Island

NYU Langone Health

Honolulu

Hawaii Pacific Health Houston

Houston Methodist Hospital

Kansas City

University of Kansas Health System

Orlando

Orlando Health

Advent Health

Austin

Ascension

Texas Children’s Hospital

Indianapolis

Franciscan Health

St. Louis

WashU Medicine

Pittsburgh

UPMC

Denver

HCA Healthcare

Winchester

McKesson

Lubbock

Covenant Health

South Florida

Baptist Health South Florida

Dallas/Fort Worth

Baylor Scott & White Health

Cardinal Health

Nashville

HCA Healthcare

Harrisburg

Penn State Health

Philadelphia

Jefferson Health

(1) By annualized rental income from direct and affiliated leases as of March 31, 2026.

2929

Portfolio information represents same store properties as of March 31, 2026.

Sources: Statista, CMS, Grandview Research, JLL, CBRE Research.

(1) By annualized rental income as of March 31, 2026.

(2) Boston, Bay Area and San Diego. Based on trailing three months annualized cash NOI as of March 31, 2026.

10 Properties

926,000 SF

97% Occupancy

Life Science Portfolio

Lab & R&D Facilities

➢ Chronic disease prevalence and an aging population are driving demand for

pharmaceuticals.

➢ Looming patent expirations in 2028 forcing major pharmaceutical companies to seek ways to

replace future lost revenue and encouraging greater M&A activity.

➢ Major pharmaceutical companies with advanced clinical trial successes are expected to be a

leading source of new space demand.

➢ The State Street SPDR S&P Biotech ETF—widely viewed as a key barometer for biotech equity

valuations—experienced a sharp upswing in the latter half of 2025. Historically, movements in

this index have signaled rising leasing demand for laboratory and R&D facilities.

➢ The remaining construction pipeline of speculative lab/R&D space will be delivered in 2026,

stabilizing the supply/demand balance and moving toward positive net absorption.

DHC’s Life Science portfolio consists of pharmaceutical and biotechnology

research wet lab research facilities, medical device R&D and manufacturing

facilities and research support properties.

6 Tenant HQ Locations

71% of Annualized Revenue (1)

74%

Located in Top 3 life science

market clusters (2)

3 Properties

261,000 SF

100% Occupancy

56%

Investment Grade Tenancy (1)

Research Support

State Street SPDR S&P Biotech ETF Lab Space Under Construction (All US)

0

5

10

15

20

25

30

35

4Q20 4Q21 4Q22 4Q23 4Q24 4Q25

SF Millions

$60

$70

$80

$90

$100

$110

$120

$130

$140

3030

Triple Net Leased Wellness Centers &

Senior Living Segment

3131

Triple Net Leased Wellness Centers & Senior Living Portfolio Overview

Stable performance outlook with embedded growth

through a mix of contracted rental increases and

percentage rent.

1,328

Units

100%

Occupancy

4.4 year

WALT (1)

1.84x

Rent Coverage

812,246

SF

100%

Occupancy

14.0 year

WALT (1)

3.09x

Rent Coverage

-

16.0%

- 1.8%

82.2%

2026 2027 2028 2029 2030 and

Thereafter

NNN Lease Expiration Schedule (1)

NNN Senior Living NNN Wellness Centers

(1) By annualized rental income as of March 31, 2026.

(2) In April 2026, Stellar Senior Living LLC exercised its renewal option to extend its lease through 2037.

The Stratford

2460 Glebe Street, Carmel, IN

LifeTime Fitness

971 State Hwy 121, Allen, TX

(2)

3232

Appendix

3333 (1) Certifications as of December 31, 2025.

Our business strategy for our Medical Office and Life Science

Portfolio incorporates a focus on sustainable approaches to

operating these properties in a manner that benefits our

shareholders, tenants and the communities in which we are

located. We seek to operate those properties in ways that improve

the economic performance of their operations, while

simultaneously ensuring tenant comfort and safety and managing

energy and water consumption, as well as greenhouse gas

emissions.

Our strategy for our SHOP segment is to work with our operators to

prioritize the safety and well-being of our residents, while also

seeking to maximize the operating efficiencies of our senior living

communities.

Impact Through Action Green Building Certifications (1)

Dedicated Leadership

3333

18 PROPERTIES

1.8 MILLION SF

GREEN LEASE

LEADERS — GOLD

PARTNER

24 PROPERTIES

3.6 MILLION SF

9 PROPERTIES

0.8 MILLION SF

DHC’s Board of Trustees

DHC’s Board of Trustees demonstrates a strong

dedication to environmental and sustainable initiatives

and embodies a rich diversity in professional experience

and national background, leveraging a wide rage of

expertise and perspective.

Learn more about the Sustainability programs of our

manager, The RMR Group, through its most recently

published Sustainability Report.

Female

Lead Independent

71% Independent

29%

Underrepresented

Communities

43% Women

DHC’s Commitment to Sustainability and Good Governance

3434

Private Clients

DHC is managed by The RMR Group LLC, an alternative asset manager

Over

$37 Billion

in AUM

RMR Platform

Over

800

Real Estate Professionals

More Than

30

Offices Nationwide

Approximately

1,800

Properties

National Multi-Sector

Investment Platform

Industrial

Residential

Senior Living

Medical Office

Life Science

Hotels

Retail

Office

RMR Clients

Perpetual Capital

Private Real

Estate Vehicles

Private Capital

34

3535

National Vertically Integrated Real Estate Operating Platform is a

Differentiator and Competitive Advantage

RMR Shared Services

Accounting &

Finance

Marketing

Human

Resources

Investor

Relations

Property

Management

Tax Development &

Construction

Legal

Technology

Acquisitions

Portfolio

Management

Asset

Management

Transactions

Energy &

Sustainability

3535

3636

Management Aligned with Shareholder Interests

RMR base management fee tied to DHC share price performance

• Consists of an annual fee based on 50 bps of the lower of: (1) DHC’s

historical cost of real estate, or (2) DHC’s total market capitalization.

• There is no incentive for RMR to complete any transaction that could

reduce DHC’s share price.

RMR incentive fees are contingent on total shareholder return

outperformance

• Equal to 12% of value generated by DHC in excess of the benchmark

index total returns (MSCI U.S. REIT/Health Care REIT Index) per share

over a three-year period, subject to a cap (1.5% of equity market cap).

• Outperformance must be positive: it can’t be the best of the worst.

• Shareholders keep 100% of benchmark returns and at least 88% of

returns in excess of the benchmark.

Other fees

• Property management fee: consists of an annual fee based on 3.0% of

rents collected at DHC’s medical office, life science and active adult

properties.

• Construction supervision fee based on project costs.

Alignment of Interests

If DHC’s total market cap exceeds historical cost of

real estate, base fee is paid on assets.

If DHC’s total market cap is less than historical cost

of real estate, base fee fluctuates with share price.

Incentive fee structure keeps RMR focused on

increasing total shareholder return.

Members of RMR senior management are holders of

DHC shares.

DHC shareholders have visibility into publicly traded

RMR.

DHC benefits from RMR’s national footprint and

economies of scale of a $37 billionplatform.

3737

For the Three Months Ended

3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

Calculation of NOI and Cash Basis NOI:

Rental income $ 49,246 $ 56,157 $ 55,316 $ 55,167 $ 58,558

Residents fees and services 317,225 323,414 333,390 327,545 328,306

Total revenues 366,471 379,571 388,706 382,712 386,864

Property operating expenses (290,556) (307,047) (325,387) (312,580) (314,326)

NOI 75,915 72,524 63,319 70,132 72,538

Non-cash adjustments (905) (1,771) (620) (25) (1,228)

Cash Basis NOI $ 75,010 $ 70,753 $ 62,699 $ 70,107 $ 71,310

Reconciliation of Net Loss to NOI and Cash Basis NOI:

Net loss $ (43,275) $ (21,221) $ (164,040) $ (91,639) $ (8,986)

Equity in net earnings of investees (96) (27,108) (5,083) (3,082) (1,487)

Income tax expense 622 514 337 843 49

Loss on modification or early extinguishment of debt — 2,138 11,191 126 29,071

Interest expense 37,045 46,855 48,886 50,926 57,831

Interest and other income (233) (1,532) 774 (2,982) (2,099)

Gain on insurance recoveries — — — — (7,522)

Loss (gain) on sale of properties 1,207 (13,759) (1,260) 7,429 (110,140)

Impairment of assets — 2,994 93,243 30,993 38,472

Acquisition and certain other transaction related costs 3,693 9,099 1,158 75 24

General and administrative 14,038 12,536 12,789 11,177 9,000

Depreciation and amortization 62,914 62,008 65,324 66,266 68,325

NOI 75,915 72,524 63,319 70,132 72,538

Non-cash adjustments (905) (1,771) (620) (25) (1,228)

Cash Basis NOI $ 75,010 $ 70,753 $ 62,699 $ 70,107 $ 71,310

(dollars in thousands)

Calculation and Reconciliation of Non-GAAP Financial Measures

3838

Calculation and Reconciliation of Non-GAAP Financial Measures – NOI

For the Three Months Ended

3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

SHOP

Revenues $ 317,225 $ 323,414 $ 333,390 $ 327,545 $ 328,306

Property operating expenses (273,599) (287,221) (303,770) (290,930) (291,478)

NOI 43,626 36,193 29,620 36,615 36,828

NOI of properties not included in same property results 695 2,098 2,311 1,267 2,209

Same property NOI $ 44,321 $ 38,291 $ 31,931 $ 37,882 $ 39,037

Medical Office and Life Science Portfolio

Revenues $ 41,895 $ 47,789 $ 48,201 $ 48,056 $ 49,763

Property operating expenses (16,831) (19,677) (21,526) (21,569) (22,907)

NOI 25,064 28,112 26,675 26,487 26,856

NOI of properties not included in same property results 304 (3,909) (2,559) (2,387) (2,400)

Same property NOI $ 25,368 $ 24,203 $ 24,116 $ 24,100 $ 24,456

All Other

Revenues $ 7,351 $ 8,368 $ 7,115 $ 7,111 $ 8,795

Property operating expenses (126) (149) (91) (81) 59

NOI 7,225 8,219 7,024 7,030 8,854

NOI of properties not included in same property results (186) (62) — — (1,675)

Same property NOI $ 7,039 $ 8,157 $ 7,024 $ 7,030 $ 7,179

Total

Revenues $ 366,471 $ 379,571 $ 388,706 $ 382,712 $ 386,864

Property operating expenses 290,556 307,047 325,387 312,580 314,326

NOI 75,915 72,524 63,319 70,132 72,538

NOI of properties not included in same property results 813 (1,873) (248) (1,120) (1,866)

Same property NOI $ 76,728 $ 70,651 $ 63,071 $ 69,012 $ 70,672

(dollars in thousands)

3939

Calculation and Reconciliation of Non-GAAP Financial Measures –Cash Basis NOI

(dollars in thousands)

For the Three Months Ended

3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

SHOP

NOI $ 43,626 $ 36,193 $ 29,620 $ 36,615 $ 36,828

Non-cash adjustments — — — — —

Cash Basis NOI 43,626 36,193 29,620 36,615 36,828

Cash Basis NOI of properties not included in same property results 695 2,098 2,311 1,267 2,209

Same property Cash Basis NOI $ 44,321 $ 38,291 $ 31,931 $ 37,882 $ 39,037

Medical Office and Life Science Portfolio

NOI $ 25,064 $ 28,112 $ 26,675 $ 26,487 $ 26,856

Non-cash adjustments (711) (1,587) (424) 248 (936)

Cash Basis NOI 24,353 26,525 26,251 26,735 25,920

Cash Basis NOI of properties not included in same property results 330 (2,391) (2,358) (2,377) (1,950)

Same property Cash Basis NOI $ 24,683 $ 24,134 $ 23,893 $ 24,358 $ 23,970

All Other

NOI $ 7,225 $ 8,219 $ 7,024 $ 7,030 $ 8,854

Non-cash adjustments (194) (184) (196) (273) (292)

Cash Basis NOI 7,031 8,035 6,828 6,757 8,562

Cash Basis NOI of properties not included in same property results (139) (44) — — (1,677)

Same property Cash Basis NOI $ 6,892 $ 7,991 $ 6,828 $ 6,757 $ 6,885

Total

NOI $ 75,915 $ 72,524 $ 63,319 $ 70,132 $ 72,538

Non-cash adjustments (905) (1,771) (620) (25) (1,228)

Cash Basis NOI 75,010 70,753 62,699 70,107 71,310

Cash Basis NOI of properties not included in same property results 886 (337) (47) (1,110) (1,418)

Same property Cash Basis NOI $ 75,896 $ 70,416 $ 62,652 $ 68,997 $ 69,892

4040

Calculation and Reconciliation of Non-GAAP Financial Measures

(dollars in thousands)

For the Three Months Ended

3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

Net loss $ (43,275) $ (21,221) $ (164,040) $ (91,639) $ (8,986)

Interest expense 37,045 46,855 48,886 50,926 57,831

Income tax expense 622 514 337 843 49

Depreciation and amortization 62,914 62,008 65,324 66,266 68,325

EBITDA 57,306 88,156 (49,493) 26,396 117,219

Loss (gain) on sale of properties 1,207 (13,759) (1,260) 7,429 (110,140)

Impairment of assets — 2,994 93,243 30,993 38,472

Equity in net earnings of investees (96) (27,108) (5,083) (3,082) (1,487)

Share of EBITDAre from unconsolidated joint ventures 4,549 4,612 4,511 4,463 4,494

Adjustments to reflect DHC's share of EBITDAre attributable to a former equity

method investment — — 4,831 1,502 1,589

EBITDAre 62,966 54,895 46,749 67,701 50,147

General and administrative expense paid in common shares 717 593 1,164 1,062 592

Incentive management fees 6,628 5,674 5,676 4,148 2,407

Acquisition and certain other transaction related costs 3,693 9,099 1,158 75 24

Gain on insurance recoveries — — — — (7,522)

Loss on modification or early extinguishment of debt — 2,138 11,191 126 29,071

Adjustments to reflect DHC's share of Adjusted EBITDAre attributable to a

former equity method investment — — (3,072) 501 390

Adjusted EBITDAre $ 74,004 $ 72,399 $ 62,866 $ 73,613 $ 75,109

4141

Calculation and Reconciliation of Non-GAAP Financial Measures

(dollars in thousands)

For the Three Months Ended

3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

Net loss $ (43,275) $ (21,221) $ (164,040) $ (91,639) $ (8,986)

Depreciation and amortization 62,914 62,008 65,324 66,266 68,325

Loss (gain) on sale of properties 1,207 (13,759) (1,260) 7,429 (110,140)

Impairment of assets — 2,994 93,243 30,993 38,472

Equity in net earnings of investees (96) (27,108) (5,083) (3,082) (1,487)

Share of FFO from unconsolidated joint ventures 2,027 1,998 2,199 2,715 2,737

Adjustments to reflect DHC's share of FFO attributable to a former equity method

investment — — 3,731 895 1,073

FFO 22,777 4,912 (5,886) 13,577 (10,006)

Incentive management fees 6,628 5,674 5,676 4,148 2,407

Acquisition and certain other transaction related costs 3,693 9,099 1,158 75 24

Gain on insurance recoveries — — — — (7,522)

Loss on modification or early extinguishment of debt — 2,138 11,191 126 29,071

Adjustments to reflect DHC's share of Normalized FFO attributable to a former

equity method investment — — (2,418) 646 331

Normalized FFO $ 33,098 $ 21,823 $ 9,721 $ 18,572 $ 14,305

4242

Calculation and Reconciliation of Non-GAAP Financial Measures

(dollars in thousands)

For the Three Months Ended

3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025

Normalized FFO $ 33,098 $ 21,823 $ 9,721 $ 18,572 $ 14,305

General and administrative expense paid in common shares 717 593 1,164 1,062 592

Non-cash interest expense 2,329 11,848 20,121 19,886 26,087

Non-cash amortization included in expenses (943) (942) (943) (942) (943)

Non-cash straight line rent adjustments included in rental income (57) (203) (450) 146 (455)

Lease value amortization included in rental income 29 30 29 28 26

Recurring capital expenditures (18,728) (35,071) (40,562) (29,329) (26,486)

Share of FFO from unconsolidated joint ventures (2,027) (1,998) (2,199) (2,715) (2,737)

Adjustments to reflect DHC's share of FFO and Normalized FFO attributable

to a former equity method investment — — (1,313) (1,541) (1,404)

Unconsolidated joint venture distributions (1) 600 750 28,250 — —

Former equity method investment distribution 27,200 — 3,400 — 17,000

Incentive management fees (2) (17,905) — — — —

CAD $ 24,313 $ (3,170) $ 17,218 $ 5,167 $ 25,985

Weighted average common shares outstanding (basic and diluted) 240,689 240,662 240,385 240,132 239,957

Per common share data (basic and diluted):

Net loss $ (0.18) $ (0.09) $ (0.68) $ (0.38) $ (0.04)

FFO $ 0.09 $ 0.02 $ (0.02) $ 0.06 $ (0.04)

Normalized FFO $ 0.14 $ 0.09 $ 0.04 $ 0.08 $ 0.06

CAD $ 0.10 $ (0.01) $ 0.07 $ 0.02 $ 0.11

(1) In August 2025, DHC received a cash distribution of $28,000 from the Seaport Innovation LLC joint venture in connection with the refinancing of such joint venture’s prior

mortgage loan.

(2) In January 2026, DHC paid RMR an incentive management fee of $17,905 incurred for the year ended December 31, 2025.

4343

NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI

The calculations of NOI, Cash Basis NOI, same property NOI and same property cash basis NOI exclude certain components of net income (loss) in order to provide results that are more closely related to our property

level results of operations. We calculate NOI, Cash Basis NOI, same property NOI and same property cash basis NOI as shown in this appendix. We define NOI as income from our real estate less our property operating

expenses. NOI excludes depreciation and amortization. We define Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization, lease termination fees, if any, and non-cash

amortization included in property operating expenses. We calculate same property NOI and same property cash basis NOI in the same manner that we calculate the corresponding NOI and cash basis NOI amounts,

except that we only include same properties in calculating same property NOI and same property cash basis NOI. We use NOI, Cash Basis NOI, same property NOI and same property cash basis NOI to evaluate

individual and company-wide property level performance. Other real estate companies and REITs may calculate NOI, Cash Basis NOI, same property NOI and same property cash basis NOI differently than we do.

FFO and Normalized FFO

We calculate FFO and Normalized FFO as shown in this appendix. FFO is calculated on the basis defined by Nareit, which is net income (loss), calculated in accordance with GAAP, excluding any gain or loss on sale of

properties, equity in net earnings or losses of investees, loss on impairment of real estate assets, gains or losses on equity securities, net, if any, and including adjustments to reflect our proportionate share of FFO from

unconsolidated joint venture properties and prior to the wind-down of AlerisLife Inc.’s business, our proportionate share of FFO of our former equity method investment, plus real estate depreciation and amortization of

consolidated properties, as well as certain other adjustments currently not applicable to us. In calculating Normalized FFO, we adjust for the items shown in this appendix, including similar adjustments for our

unconsolidated joint ventures, if any, and include incentive management fees, if any, only in the fourth quarter versus the quarter when they are recognized as an expense in accordance with GAAP due to their quarterly

volatility not necessarily being indicative of our core operating performance and the uncertainty as to whether any such business management incentive fees will be payable when all contingencies for determining such

fees are known at the end of the calendar year. FFO and Normalized FFO are among the factors considered by our Board of Trustees when determining the amount of distributions to our shareholders. Other factors

include, but are not limited to, requirements to maintain our qualification for taxation as a REIT, limitations in the agreements governing our debt, the availability to us of debt and equity capital, our expectation of our

future capital requirements and operating performance and our expected needs for and availability of cash to pay our obligations. Other real estate companies and REITs may calculate FFO and Normalized FFO

differently than we do.

Non-GAAP Financial Measures

We present certain "non-GAAP financial measures" within the meaning of applicable rules of the Securities and Exchange Commission, including net operating income, or NOI, Cash Basis NOI, same property NOI,

same property Cash Basis NOI, earnings before interest, income tax, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, Adjusted EBITDAre, funds from operations, or FFO, and normalized

funds from operations, or Normalized FFO, and cash available for distribution, or CAD. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered

alternatives to net income (loss) as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income (loss) as presented in our consolidated

statements of income (loss). We consider these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss). We believe these measures provide

useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization, they may facilitate a comparison of our operating performance between periods and

with other REITs and, in the case of NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level

may help both investors and management to understand the operations of our properties.

DEFINITIONS OF CERTAIN NON-GAAP FINANCIAL MEASURES

Cash Available for Distribution

We calculate CAD as shown on page 42. We define CAD as Normalized FFO minus our proportionate share of Normalized FFO from unconsolidated joint venture properties and our former equity method investment,

plus cash flow distributions received from our unconsolidated joint ventures and equity method investment, if any, recurring real estate related capital expenditures, adjustments for other non-cash and nonrecurring

items, certain amounts excluded from Normalized FFO but settled in cash, and paid incentive management fees, if any, as well as certain other adjustments currently not applicable to us. CAD is among the factors

considered by our Board of Trustees when determining the amount of distributions to our shareholders. Other real estate companies and REITs may calculate CAD differently than we do.

EBITDA, EBITDAre and Adjusted EBITDAre

We calculate EBITDA, EBITDAre and Adjusted EBITDAre as shown on page 40. EBITDAre is calculated on the basis defined by the National Association of Real Estate Investment Trusts, or Nareit, which is EBITDA,

excluding any gain or loss on sale of properties, equity in net earnings or losses of investees, loss on impairment of real estate assets, if any, and including adjustments to reflect our proportionate share of Adjusted

EBITDAre from unconsolidated joint venture properties and prior to the wind-down of AlerisLife Inc.'s business, our proportionate share of EBITDAre of our former equity method investment, as well as certain other

adjustments currently not applicable to us. In calculating Adjusted EBITDAre, we adjust for the items shown on page 40. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre

differently than we do.

4444

Certain Definitions:

Annualized rental income: Annualized rental income is based on rents pursuant to existing leases as of March 31, 2026. Annualized rental income includes

estimated percentage rents, straight line rent adjustments and estimated recurring expense reimbursements for certain net and modified gross leases, and

excludes lease value amortization. Amounts of annualized rental income for DHC's medical office and life science properties also exclude leases that expired on

March 31, 2026 and 100% of rents pursuant to existing leases as of March 31, 2026 from the medical office and life science properties owned by unconsolidated

joint ventures in which DHC owns an equity interest.

ExpPOR: The average expenses generated per occupied room per month at Seniors Housing Operating properties.

GAAP: GAAP is U.S. generally accepted accounting principles.

Gross sales price: Gross sales price excludes closing costs.

Health System Affiliated: Medical outpatient properties are considered affiliated with a health system if one or more of the following conditions are met: i) the

property is defined as On-Campus, ii) a majority of the property is leased by a health system entity, iii) the property includes an ambulatory surgery center with a

hospital partnership interest, or iv) at least 50% of the property’s annualized rental income in aggregate is from a) leases with hospital systems or direct

subsidiaries of a hospital systems, b) leases with tenants that self-report affiliations with hospital systems, c) leases with tenants that are members of network of

providers with at least ten locations, d) leases with tenants where a majority of care providers served by the leased premises are listed as providers by a hospital

system, or e) leases with physician groups that are either employed, directly or indirectly by a health system, or have a significant clinical and financial affiliation

with a health system.

Incentive management fees: Incentive management fees are estimated and accrued during the applicable measurement period. Actual incentive management

fees will be calculated based on common share total return, as defined in DHC's business management agreement, for the three year period ending December

31 of the applicable calendar year, are included in general and administrative expense in DHC's condensed consolidated statements of income (loss) and will be

payable to RMR in January of the following calendar year.

Interest rate: Interest rate includes the effect of mark to market accounting for certain assumed mortgages and premiums and discounts on certain mortgages

and secured and unsecured notes; excludes effects of debt issuance costs and the unused fee on DHC's secured revolving credit facility. Interest rate reflects the

impact of interest rate caps, as applicable.

Leverage: Leverage is calculated by dividing net debt by annualized adjusted EBITDAre.

Life Science Lab & R&D: Properties with specialized laboratory or research and development spaces utilized for pharmaceutical, biotechnology and medical

device research, development or manufacturing.

CERTAIN DEFINITIONS

4545

LS: Life Science building.

Medical Office and Life Science Portfolio: Medical Office and Life Science Portfolio consists of medical office properties leased to medical providers and other

medical related businesses, as well as life science properties leased to biotech laboratories and other similar tenants. DHC's medical office and life science

property leases include some triple net leases where, in addition to paying fixed rents, the tenants assume the obligation to operate and maintain the properties

at their expense, and some net and modified gross leases where DHC is responsible for the operation and maintenance of the properties and DHC charges

tenants for some or all of the property operating costs. A small percentage of DHC's medical office and life science property leases are full-service leases where

DHC receives fixed rent from its tenants and no reimbursement for its property operating costs.

Medical Support: Medical office properties that are leased to medical related businesses such as medical device and healthcare supply, health system corporate

administration, physician groups and health insurance. Properties that are only partially clinical outpatient space are also included.

MOB: Medical Office Building, including outpatient medical and medical support properties.

NNN: Triple net leased.

Occupancy: Occupancy for DHC's SHOP segment is presented for the duration of the period shown; occupancy for DHC's Medical Office and Life Science

Portfolio is presented as of the end of the period shown. Medical office and life science occupancy data includes (i) out of service assets undergoing

redevelopment, (ii) space which is leased but is not occupied or is being offered for sublease by tenants and (iii) space being fitted out for occupancy.

On-Campus: A medical outpatient property that is physically located within the boundaries of a hospital campus or the land parcel is adjacent to or directly

across from a hospital campus.

Outpatient Medical: Properties offering ambulatory medical services such as primary and secondary care, outpatient surgery, diagnostic procedures,

rehabilitation and other ancillary patient care services. These properties are frequently affiliated with a health system and may or may not be located on a hospital

campus. These properties were either originally constructed or subsequently renovated specifically for use by healthcare professionals to provide services to

patients.

Rent coverage: Rent coverage is calculated using the annualized operating cash flows from DHC's triple net lease tenants' operations of DHC's properties,

before subordinated charges, if any, divided by annualized rental income. DHC has not independently verified tenant operating data.

Research Support: Properties that are leased to pharmaceutical, biotechnology and medical device businesses that provide research and administrative support

to other laboratory or R&D facilities.

CERTAIN DEFINITIONS (Continued)

4646

RevPOR: The average revenues generated per occupied room per month at Senior Housing Operating properties.

Same Property: As of and for the three months ended March 31, 2026, same property consists of properties owned, in service and reported in the same

segment since January 1, 2025; excludes properties classified as held for sale, closed or out of service, if any, and medical office and life science properties

owned by unconsolidated joint ventures in which DHC owns an equity interest. Properties are included in same property once stabilized for the full period in

both comparison periods presented. As of and for the year ended March 31, 2026, same property consists of properties owned, in service and reported in the

same segment since January 1, 2025; excludes properties classified as held for sale, closed or out of service, if any, planned dispositions and medical office and

life science properties owned by unconsolidated joint ventures in which DHC owns an equity interest. Properties are included in same property once stabilized

for the full period in both comparison periods presented.

Secondary markets: Secondary markets are made up of 68 large CBSAs in the United States that are not included in the primary markets. Data for secondary

markets is often presented aggregated.

SHOP: SHOP, or Senior Housing Operating Portfolio, consists of senior living communities managed by third party senior living managers that provide short

term and long term residential living and in some cases care and other services for residents where DHC pays fees to the managers to operate the communities.

Properties in this segment include independent living communities, assisted living communities, active adult rental communities and SNFs.

SNF: SNF is a skilled nursing facility.

Square feet: Square feet measurements are subject to modest changes when space is periodically remeasured or reconfigured for new tenants. Square feet for

prior periods exclude space remeasurements made subsequent to those periods. Excludes data from medical office and life science properties owned by

unconsolidated joint ventures in which DHC owns an equity interest.

Triple net leased senior living communities: Triple net leased senior living communities include independent and assisted living communities and SNFs.

Unit count: Unit count is by the type of living units at DHC's senior living communities within its SHOP segment.

WALT: Weighted average lease term by annualized rental income.

CERTAIN DEFINITIONS (Continued)

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Address Line 3 such as an Office Park

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Indicate if registrant meets the emerging growth company criteria.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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