Diversified Healthcare Trust · NASDAQ:DHC
Diversified Healthcare Trust — Investor Presentation (February 2026)
45 slides from Diversified Healthcare Trust's investor presentation, Feb 24, 2026
Slide 1: Investor Presentation
1 1 Investor Presentation Overture at Plano 500 Coit Road Plano, TX February 2026
Slide 2: Forward-looking statements
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”,
Slide 3: Table of Contents
3 3 Table of Contents Page COMPANY HIGHLIGHTS AND OUTLOOK 4 SHOP INITIATIVES 9 CAPITAL RECYCLING 11 CAPITAL AND LIQUIDITY OUTLOOK 13 SHOP OVERVIEW 14 MEDICAL OFFICE & LIFE SCIENCE PORTFOLIO OVERVIEW 25 TRIPLE NET LEASED SENIOR LIVING & WELLNESS CENTERS OVERVIEW 31 APPENDIX 33
Slide 4: Company Highlights
4 4 Company Highlights The Forum at Lincoln Heights 311 West Nottingham Place San Antonio, TX
Slide 5: DHC Today - National Healthcare REIT
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.
Slide 6: 2025 progress executing long-term business plan
6 6 In 2025, DHC made significant progress executing its long-term business plan. ➢ Delivered total shareholder returns of 113% in 2025, ranking #1 among U.S. listed REITs and meaningfully outperforming the MSCI US REIT/Healthcare REIT Index. ➢ Completed the full transition of 116 SHOP communities t
Slide 7: Full Year 2026 Guidance Outlook
7 7 Full Year 2026 Guidance 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 a
Slide 8: Investment Case
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. Impr
Slide 9: Strategic Initiatives Driving Outsized Growth of SHOP Segment
9 9 Strategic Initiatives Driving Outsized Growth of SHOP Segment 4Q25 NOI +1,120 bps year over year increase in SHOP segment NOI contribution Operational Improvement ➢ Personalized care plans tailored to individual resident needs. ➢ Streamlining workflows with automation to improve performance and
Slide 10: SHOP Margin Expansion is Expected to Continue
1100 5.8% 6.9% 5.9% 5.7% 5.3% 6.3% 0.5% 4.0% 4.2% 3.0% 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 / ExpPOR Growth RevPOR Y/Y ExpPOR Y/Y Occupancy % 2026E 2026E SHOP Margin Expansion is Expected to Co
Slide 11: Capital Recycling Update
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. (3) Amounts reflect finalized transaction proceeds for properties under “Properties Sold in 2025”. Figures for expected closings in 1Q26 a
Slide 12: 2025 Asset Sales & Capital Raises
1212 12 Throughout 2025, DHC demonstrated its ability to deliver on key strategic priorities, such as executing on asset dispositions and new financings with an emphasis on reducing the company’s leverage and cost of capital. 17% 43% 40% Credit Facility Senior Notes Mortgage Financings 17% 60% 23% S
Slide 13: Balance Sheet Management Update
1313 Balance Sheet Management Update ➢ In December 2025, DHC fully redeemed its then outstanding 2026 zero coupon senior secured notes and extended its debt maturity runway to 2028. ➢ In 3Q25, Moody’s and S&P Global upgraded DHC to Caa1 and B-, respectively. ➢ Almost $1.5 billion raised from diversi
Slide 14: SHOP Segment
1414 SHOP Segment The Montebello on Academy 10500 Academy Road NE Albuquerque, NM
Slide 15: Structural Drivers of Senior Housing Demand
1515 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 ar
Slide 16: Favorable Industry Trends Support Operational Momentum
1616 Favorable Industry Trends Support Operational Momentum ➢ Senior living demographic of 80+ population is projected to grow at a 4.1% CAGR over the next 15 years while inventory growth is expected to remain depressed at 0.6%. (1)(2) ➢ Rent growth remains elevated with top primary / secondary mark
Slide 17: Senior Housing Supply-Demand Imbalance
1717 Senior Housing Supply-Demand Imbalance ➢ 4Q25 showed record level occupancy for Senior Housing in Primary and Secondary NIC markets at 89.4%. Industry wide low inventory growth is leading to increased supply constraints, which is driving occupancy gains. ➢ 80+ population is expected to grow 55%
Slide 18: Demographic Inflection Point Accelerates Near-Term Demand
1818 0 50 100 150 200 250 1900 1902 1904 1906 1908 1910 1912 1914 1916 1918 1920 1922 1924 1926 1928 1930 1932 1934 1936 1938 1940 1942 1944 1946 1948 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 Dem
Slide 19: SHOP Mark to Market Opportunities & Trends
1919 SHOP Mark to Market Opportunities & Trends ➢ Strategically located properties with more than 60% of communities renovated in the last 3 years. ➢ RevPOR and Occupancy grew 24% and 14%, respectively, from 2021-2025 with active rate optimization and higher-volume sales strategies. ➢ 8.8% occupancy
Slide 20: Top Operators by DHC Unit Count
2020 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 42 Communities 3,900 Employees 5,300 Resident Capacity
Slide 21: Transition Communities Occupancy Upside
2121 4Q25 Occupancy NIC Benchmark 78.2% 84.4% 87.7% 79.5% 83.8% 91.1% 75.8% 88.8% 89.5% 90.2% 88.8% 89.4% 91.7% 90.2% Sinceri Discovery WellQuest Stellar Tutera Phoenix Ciel Sinceri Senior Living, 7,261 Other, 2,408 Oaks - Caravita Senior Care, 890 Charter Senior Living, 1,759 Phoenix Senior Living,
Slide 22: DHC Portfolio Operator Footprint
2222 DHC Portfolio Operator Footprint Discovery Sinceri Charter Phoenix Oaks-Caravita 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 Se
Slide 23: DHC Active Asset Management Capabilities
2323 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
Slide 24: 2024 SHOP Completed Capital Projects
2424 2024 SHOP Completed Capital Projects (1) • Units: 346 • Occupancy: 86.9% • Project Cost: $10,000,000 • ROI (2): 29.3% Community-wide enhancements completed to elevate market appeal through refreshed common areas, an upgraded dining experience, an improved main entrance arrival, modernized corri
Slide 25: Medical Office & Life Science Segment
2525 Medical Office & Life Science Segment 4 Maguire Road Lexington, MA
Slide 26: Medical Office & Life Science Portfolio Overview
2626 Medical Office & Life Science Portfolio Overview Portfolio information represents same store properties as of December 31, 2025. (1) Q4 2025 cash basis NOI annualized. (2) By annualized rental income as of December 31, 2025. Outpatient Medical 42 Properties 2.6 Million SF 94% Occupancy Medical
Slide 27: Outpatient Medical – Additional Portfolio Detail
2727 Portfolio information represents same store properties as of December 31, 2025. Sources: Statista, CMS and Grandview Research, KFF ‘Key Facts About Hospitals’. (1) Based on the three months ended December 31, 2025 compared with the same period ended December 31, 2024. (2) By annualized rental i
Slide 28: Medical Support Portfolio
2828 Health Systems & Insurance 51% Medical Devices & Supplies 20% Other 18% Medical Associations & Other Services 5% Clinical Outpatient Practices² 5% Medical Support Portfolio 4027 Martinsburg Pike Clear Brook, VA 18302 Talavera Ridge San Antonio, TX 80% Investment Grade Credit(1) 4.0 Years WALT R
Slide 29: Top Health System Relationships
2929 Top 10 Health System Relationships1 Advocate Health Hawaii Pacific Health NYU Langone Health Sentara Health Covenant Health University of Kansas Health System Franciscan Health Ascension Penn State Health Wellstar Health System Top 10 Health System Relationships (1) Broad Relationships with Lea
Slide 30: Life Science Portfolio Lab & R&D Facilities
3030 Portfolio information represents same store properties as of December 31, 2025. Sources: Statista, CMS, Grandview Research, JLL, CBRE Research. (1) By annualized rental income as of December 31, 2025. (2) Boston, Bay Area and San Diego. Based on trailing 3 months annualized cash NOI as of Decem
Slide 31: Triple Net Leased Wellness Centers & Senior Living Segment
3131 Triple Net Leased Wellness Centers & Senior Living Segment The Stratford 2460 Glebe Street, Carmel, IN
Slide 32: Triple Net Leased Wellness Centers & Senior Living Portfolio Overview
3232 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 4.6 year WALT 1.73x Rent Coverage 812,246 SF 100% Occupancy 14.2 year WALT 2.96x Ren
Slide 33: Appendix
3333 Appendix
Slide 34: Impact Through Action
3434 (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 se
Slide 35: RMR Platform: Private Clients
3535 Private Clients DHC is managed by The RMR Group LLC, an alternative asset manager Over $37 Billion in AUM RMR Platform Nearly 900 Real Estate Professionals More Than 30 Offices Nationwide Approximately 1,800 Properties National Multi-Sector Investment Platform Industrial Residential Senior Livi
Slide 36: National Vertically Integrated Real Estate Operating Platform
3636 National Vertically Integrated Real Estate Operating Platform is a Differentiator and Competitive Advantage RMR Shared Services Accounting Marketing Human Resources Investor Relations Property Management Development Finance Legal Information Technology Project Management Tax Portfolio Managemen
Slide 37: Management Aligned with Shareholder Interests
3737 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
Slide 38: Calculation and Reconciliation of NOI and Cash Basis NOI
3838 (dollars in thousands) Calculation and Reconciliation of NOI and Cash Basis NOI For the Three Months Ended For the Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Calculation of NOI and Cash Basis NOI: Revenues: Rental income $ 56,157 $ 55,316 $ 55,167 $ 58,
Slide 39: Reconciliation of NOI by Segment
3939 (dollars in thousands) Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment For the Three Months Ended December 31, 2025 For the Three Months Ended September 30, 2025 For the Three Months Ended December 31, 2024 Calculation of NOI
Slide 40: Calculation and Reconciliation of FFO, Normalized FFO and CAD
4040 (dollars in thousands) (1) DHC did not recognize an incentive management fee for the year ended December 31, 2024. Calculation and Reconciliation of FFO, Normalized FFO and CAD For the Three Months Ended For the Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/202
Slide 41: Reconciliation of FFO, Normalized FFO and CAD (continued)
4141 (amounts in thousands, except per share data) Calculation and Reconciliation of FFO, Normalized FFO and CAD (continued) (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 the Seaport Innovation LLC’
Slide 42: NOI, Cash Basis NOI, Same Property NOI definitions
4242 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 res
Slide 43: Certain Definitions
4343 Certain Definitions: AL: Assisted Living senior living communities. Annualized rental income: Annualized rental income is based on rents pursuant to existing leases as of December 31, 2025. Annualized rental income includes estimated percentage rents, straight line rent adjustments and estimate
Slide 44: Certain Definitions (continued)
4444 LS: Life Science building. MC: Memory Care senior living communities. 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 l
Slide 45: Certain Definitions (continued)
4545 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 December 31, 2025, same property consists of properties owned, in service and reported in the same segment since October 1, 2024; exclud
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