Diversified Healthcare Trust · NASDAQ:DHC
Diversified Healthcare Trust — Q2 2026 Earnings Presentation
44 slides from Diversified Healthcare Trust's earnings presentation, Aug 4, 2026
Slide 1: Financial Results and Supplemental Information
Financial Results and Supplemental Information SECOND QUARTER 2026 August 3, 2026
Slide 2: Table of Contents
Table of Contents Highlights and Guidance 4 Financial Statements, Debt and Leverage 9 Trading Symbols: Common Shares: DHC Investments 15 Senior Unsecured Notes due 2042: DHCNI Senior Unsecured Notes due 2046: DHCNL Issuer Credit Rating: Moody's: B3 Portfolio Information 20 Standard & Poor's: B- Inve
Slide 3: Announces Second Quarter 2026 Financial Results
Diversified Healthcare Trust Announces Second Quarter 2026 Financial Results “DHC's strong second quarter results reflect the meaningful Newton, MA (August 3, 2026): Diversified Healthcare Trust (Nasdaq: DHC) today announced its progress we have made across the portfolio as the SHOP financial result
Slide 4: Highlights and Guidance
Highlights and Guidance RETURN TO TABLE OF CONTENTS Q2 2026 4
Slide 5: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights As of and For the Three Months Ended June 30, 2026, Unless Otherwise Noted (dollars in thousands) As of and For the Three Months Ended % / Basis Point % / Basis Point June 30, 2026 March 31, 2026 Change June 30, 2025 Change Same Property Cash Basis NOI SHOP $ 51,975 $
Slide 6: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights Financial Highlights $38.9M / $0.16 $82.1M $84.4M $(37.4)M / $(0.16) Normalized FFO / Adjusted EBITDAre Consolidated NOI Normalized FFO per Share Net Loss / Net Loss per Share 11.5% 20.4% 109.4% YoY Growth YoY Growth YoY Growth Same Property Operating Results 20.2% 37.
Slide 7: Key Financial Data
Key Financial Data (dollars in thousands, except per share data) As of and For the Three Months Ended As of 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 Selected Income Statement Data and Non-GAAP Financial Measures: Capitalization: Total revenues $ 365,387 $ 366,471 $ 379,571 $ 388,
Slide 8: Full Year 2026 Guidance
Full Year 2026 Guidance (1) (dollars in thousands, except per share data) Full Year 2026 Guidance Low End High End Non-GAAP Financial Measures: Reflects updated full year 2026 guidance announced in June 2026 inclusive of a SHOP NOI $ 185,000 $ 195,000 $10,000 mid-point increase in each of SHOP NOI,
Slide 9: Financial Statements, Debt and Leverage
Financial Statements, Debt and Leverage RETURN TO TABLE OF CONTENTS Q2 2026 9
Slide 10: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (dollars in thousands) June 30, 2026 December 31, 2025 ASSETS Real estate properties $ 5,994,658 $ 5,948,806 Accumulated depreciation (2,198,094) (2,089,906) Total real estate properties, net 3,796,564 3,858,900 Investments in unconsolidated joint ventures 120,8
Slide 11: Condensed Consolidated Statements of Income (Loss)
Condensed Consolidated Statements of Income (Loss) (amounts in thousands, except per share data) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Revenues: Rental income $ 47,466 $ 55,167 $ 96,712 $ 113,725 Residents fees and services 317,921 327,545 635,146
Slide 12: Debt Summary
Debt Summary As of June 30, 2026 (dollars in thousands) Interest Principal Maturity Due at Years to Secured By Rate Balance Date Maturity Maturity Secured Floating Rate Debt: $150,000 revolving credit facility (1) 14 properties 6.280% $ — 6/11/2029 $ — 3.0 (1) DHC is required to pay interest on borr
Slide 13: Debt Maturity Schedule
Debt Maturity Schedule As of June 30, 2026 (dollars in thousands) (1) (2) Secured Floating Rate Debt Unsecured Fixed Rate Debt Secured Fixed Rate Debt $800,000 $700,000 $1,560 $133,079 $600,000 $1,962 $500,000 Principal $400,000 $500,000 $300,000 $600,000 $500,000 $435,123 $200,000 $100,000 $139,063
Slide 14: Leverage Ratios, Coverage Ratios and Bond Covenants
Leverage Ratios, Coverage Ratios and Bond Covenants As of and For the Three Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Leverage Ratios: Net debt / total gross assets 36.1% 36.2% 36.3% 38.1% 37.3% Net debt / gross book value of real estate assets 37.1% 37.3% 37.3% 38.7% 37.9% Sec
Slide 15: Investments
Investments RETURN TO TABLE OF CONTENTS Q2 2026 15
Slide 16: Summary of Capital Expenditures
Summary of Capital Expenditures (dollars and sq. ft. in thousands, except per sq. ft. and unit data) For the Three Months Ended For the Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Recurring Capital Expenditures: SHOP fixed assets and capital improvements $
Slide 17: Redevelopment Information
Redevelopment Information As of June 30, 2026 (dollars in thousands) SHOP Property Number of Estimated Total Costs Estimated Project Scope of Project Location Type Units (1) Project Costs Incurred Completion Date Pueblo Norte Senior Living SNF to Memory Care unit conversion and common area renovatio
Slide 18: Property Acquisitions / Dispositions Information Since January 1, 2026
Property Acquisitions / Dispositions Information Since January 1, 2026 (dollars in thousands) Acquisitions Date Acquired Location Segment Number of Properties Units Gross Purchase Price April 2026 (1) Lexington, KY SHOP — — $ 14,500 Dispositions Gross Sales Date Sold Location Segment Number of Prope
Slide 19: Investments in Unconsolidated Joint Ventures
Investments in Unconsolidated Joint Ventures (1) (2) As of and For the Three Months Ended June 30, 2026 (dollars in thousands) Investments in Unconsolidated Joint Ventures Weighted DHC Number of Average Lease DHC Carrying Value Joint Venture Location Property Type Properties Square Feet Occupancy Te
Slide 20: Portfolio Information
Portfolio Information RETURN TO TABLE OF CONTENTS Q2 2026 20
Slide 21: Portfolio Summary
Portfolio Summary As of and For the Three Months Ended June 30, 2026 (dollars and sq. ft. in thousands) Medical Office and Life Science Portfolio All Other Triple Net Leased Medical Life Senior Living DHC SHOP Office Science Total Communities Wellness Centers Total Consolidated Number of properties
Slide 22: Consolidated Results by Segment
Consolidated Results by Segment (dollars and sq. ft. in thousands, except average monthly rate) As of and For the Three Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 SHOP Properties 199 199 212 229 230 Units 22,469 22,573 23,217 24,906 24,872 Occupancy 82.5 % 81.7 % 81.6 % 81.5 % 8
Slide 23: Same Property Results by Segment
Same Property Results by Segment (dollars and sq. ft. in thousands, except average monthly rate) As of and For the Three Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 SHOP Properties 184 184 184 184 184 Units 21,124 21,124 21,124 21,124 21,124 Occupancy 83.1 % 82.4 % 82.4 % 82.4 %
Slide 24: Portfolio Information by Segment
Portfolio Information by Segment RETURN TO TABLE OF CONTENTS Q2 2026 24
Slide 25: Same Property SHOP Summary
Same Property SHOP Summary As of and For the Three Months Ended June 30, 2026, Unless Otherwise Noted (dollars in thousands, except average monthly rate) Units by Geographic Concentration NOI by Manager VA: 4.8% Remaining: 9.5% CO: 4.9% Charter Senior Living: 7.0% GA: 5.1% Discovery Senior Living: 3
Slide 26: SHOP Summary by Manager
SHOP Summary by Manager As of and For the Three Months Ended June 30, 2026 (dollars in thousands) Number of Units Independent Number of Living and % of Total Top 10 Managers Location Properties Active Adult Assisted Living Memory Care Skilled Nursing Total NOI NOI 1 Discovery Senior Living Various (
Slide 27: Same Property SHOP Results of Operations by Location
Same Property SHOP Results of Operations by Location (dollars in thousands, except average monthly rate) As of and For the Three Months Ended NOI Occupancy Average Monthly Rate Number of % Basis Point % Markets Properties 6/30/2026 6/30/2025 Change 6/30/2026 6/30/2025 Change 6/30/2026 6/30/2025 Chan
Slide 28: Medical Office and Life Science Portfolio - Leasing Summary
Medical Office and Life Science Portfolio - Leasing Summary (1) (dollars and sq. ft. in thousands, except per sq. ft. data) As of and For the As of and For the Three Months Ended Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 Properties 67 67 67 88 92 67 Total square f
Slide 29: Tenants Representing 1% Or More of Total Annualized Rental Income
Tenants Representing 1% Or More of Total Annualized Rental Income As of June 30, 2026 Annualized % of Annualized (dollars in thousands) Tenant Property Type Rental Income Rental Income Expiration 1 Advocate Aurora Health Medical Office $ 16,939 8.7% 2031 2 Life Time Athletic Wellness Centers 12,285
Slide 30: Medical Office and Life Science Portfolio - Lease Expiration Schedule
Medical Office and Life Science Portfolio - Lease Expiration Schedule As of June 30, 2026 (dollars in thousands) Annualized Rental Income Expiring Year Medical Office Life Science Total % of Total Cumulative % of Total 2026 (1) $ 6,220 $ 5,346 $ 11,566 7.1% 7.1% 2027 9,466 — 9,466 5.8% 12.9% 2028 19
Slide 31: All Other - Lease Expiration Schedule
All Other - Lease Expiration Schedule As of June 30, 2026 (dollars in thousands) % of Total Cumulative % of Total Annualized Annualized Annualized Number of Number of Rental Income Rental Income Rental Income Year Properties Units or Square Feet Expiring Expiring Expiring 2026 — — $ — —% —% 2027 — —
Slide 32: Appendix
Appendix RETURN TO TABLE OF CONTENTS Q2 2026 32
Slide 33: Calculation and Reconciliation of Non-GAAP Financial Measures
Calculation and Reconciliation of Non-GAAP Financial Measures (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Calculation of NOI and Cash Basis NOI: Rental income $ 47,466 $ 49,246 $ 56,157 $ 55,316 $ 5
Slide 34: Calculation and Reconciliation of Non-GAAP Financial Measures - NOI
Calculation and Reconciliation of Non-GAAP Financial Measures - NOI (dollars in thousands) For the Three Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 SHOP Revenues $ 317,921 $ 317,225 $ 323,414 $ 333,390 $ 327,545 Property operating expenses (264,426) (273,599) (287,221) (303,770)
Slide 35: Calculation and Reconciliation of Non-GAAP Financial Measures - Cash Basis NOI
Calculation and Reconciliation of Non-GAAP Financial Measures - Cash Basis NOI (dollars in thousands) For the Three Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 SHOP NOI $ 53,495 $ 43,626 $ 36,193 $ 29,620 $ 36,615 Non-cash adjustments — — — — — Cash Basis NOI 53,495 43,626 36,193
Slide 36: Calculation and Reconciliation of Non-GAAP Financial Measures
Calculation and Reconciliation of Non-GAAP Financial Measures (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Net loss $ (37,419) $ (43,275) $ (21,221) $ (164,040) $ (91,639) $ (80,694) $ (100,625) Inte
Slide 37: Calculation and Reconciliation of Non-GAAP Financial Measures
Calculation and Reconciliation of Non-GAAP Financial Measures (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Net loss $ (37,419) $ (43,275) $ (21,221) $ (164,040) $ (91,639) $ (80,694) $ (100,625) Depr
Slide 38: Calculation and Reconciliation of Non-GAAP Financial Measures
Calculation and Reconciliation of Non-GAAP Financial Measures (amounts in thousands, except per share data) For the Three Months Ended For the Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Normalized FFO $ 38,896 $ 33,098 $ 21,823 $ 9,721 $ 18,572 $ 71,994 $
Slide 39: Company Profile, Research Coverage and Governance Information
Company Profile, Research Coverage and Governance Information Officers Board of Trustees Christopher J. Bilotto Matthew C. Brown Anthony Paula Christopher J. Bilotto Alan L. Felder Lisa Harris Jones President and Chief Financial Officer and Vice President Managing Trustee Lead Independent Trustee In
Slide 40: Non-GAAP Financial Measures and Certain Definitions
Non-GAAP Financial Measures and Certain Definitions Non-GAAP Financial Measures: DHC presents certain "non-GAAP financial measures" within the meaning of applicable rules of the Securities and Exchange Commission, or SEC, including net operating income, or NOI, Cash Basis NOI, same property NOI, sam
Slide 41: Non-GAAP Financial Measures and Certain Definitions (Continued)
Non-GAAP Financial Measures and Certain Definitions (Continued) Adjusted total assets - Adjusted total assets is the original cost of real estate assets calculated in accordance with GAAP before depreciation and after impairment write downs, if any, and excludes accounts receivable and intangible as
Slide 42: Non-GAAP Financial Measures and Certain Definitions (Continued)
Non-GAAP Financial Measures and Certain Definitions (Continued) ExPOR - ExPOR, or expenses per occupied room, is calculated by dividing total operating expenses by the number of occupied units for the period presented. GAAP - GAAP is U.S. generally accepted accounting principles. Gross book value of
Slide 43: Non-GAAP Financial Measures and Certain Definitions (Continued)
Non-GAAP Financial Measures and Certain Definitions (Continued) 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 b
Slide 44: Warning Concerning Forward-Looking Statements
Warning Concerning Forward-Looking Statements 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”,
Diversified Healthcare Trust — Q2 2026 Earnings Presentation on 6ix