Diversified Healthcare Trust · NASDAQ:DHC
Diversified Healthcare Trust — Q4 2025 Earnings Presentation
42 slides from Diversified Healthcare Trust's earnings presentation, Feb 23, 2026
Slide 1: Financial Results and Supplemental Information Fourth Quarter 2025
Financial Results and Supplemental Information FOURTH QUARTER 2025 February 23, 2026 Exhibit 99.2
Slide 2: Table of Contents
Q4 2025 2 FINANCIAL RESULTS Diversified Healthcare Trust Announces Fourth Quarter 2025 Financial Results .......................................................................................... 3 Fourth Quarter 2025 Highlights........................................................................
Slide 3: Diversified Healthcare Trust Announces Fourth Quarter 2025 Financial Results
Q4 2025 3 "DHC finished an active 2025 on a strong note and is carrying significant positive momentum into 2026. Fourth quarter and full year results came in at the high end of our expectations, with fourth quarter same property SHOP NOI improving 27.6% over last year to $38.3 million, and full year
Slide 4: Fourth Quarter 2025 Highlights
Q4 2025 4 Fourth Quarter 2025 Highlights RETURN TO TABLE OF CONTENTS • Net loss of $21.2 million, or $0.09 per share. • Normalized FFO of $21.8 million, or $0.09 per share. • Adjusted EBITDAre of $72.4 million. Same Property Cash Basis NOI For the Three Months Ended (dollars in thousands) December 3
Slide 5: Fourth Quarter 2025 Highlights (continued)
Q4 2025 5 Fourth Quarter 2025 Highlights (continued) RETURN TO TABLE OF CONTENTS Operating Update • Year over year fourth quarter same property SHOP occupancy increased 90 basis points to 82.4% and average monthly rates increased by 5.8%, resulting in a 5.6% increase in same property SHOP revenues a
Slide 6: Full Year 2026 Guidance
Q4 2025 6 Full Year 2026 Guidance Low End High End NOI: SHOP $ 175,000 $ 185,000 Medical Office / Life Science (2) 94,000 98,000 All Other 28,000 30,000 Total NOI $ 297,000 $ 313,000 Adjusted EBITDAre $ 290,000 $ 305,000 Normalized FFO (3) $ 125,000 $ 140,000 Normalized FFO Per Common Share (3) $ 0.
Slide 7: Key Financial Data
Q4 2025 7 The Pointe at Pompano Beach Pompano Beach, FL Key Financial Data RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Selected Balance Sheet Data: Total gross assets $ 6,451,156 $ 6,760,986 $ 6,886,404 $ 7,108,119 $ 7,219,782
Slide 8: Condensed Consolidated Balance Sheets
Q4 2025 8 December 31, 2025 December 31, 2024 Assets Real estate properties: Land $ 542,403 $ 605,973 Buildings and improvements 5,406,403 5,817,279 Total real estate properties, gross 5,948,806 6,423,252 Accumulated depreciation (2,089,906) (2,082,777) Total real estate properties, net 3,858,900 4,
Slide 9: Condensed Consolidated Statements of Income (Loss)
Q4 2025 9 For the Three Months Ended December 31, For the Year Ended December 31, 2025 2024 2025 2024 Revenues: Rental income $ 56,157 $ 63,883 $ 225,198 $ 251,038 Residents fees and services 323,414 315,736 1,312,655 1,244,389 Total revenues 379,571 379,619 1,537,853 1,495,427 Expenses: Property op
Slide 10: Debt Summary
Q4 2025 10 Coupon Interest Principal Maturity Due at Years to Rate Rate Balance Date Maturity Maturity Secured Floating Rate Debt: $150,000 revolving credit facility - secured by 14 properties (1) 6.470% 6.470% $ — 6/11/2029 $ — 3.4 Mortgage - secured by 14 properties (2) 6.188% 6.188% 140,000 3/31/
Slide 11: Debt Maturity Schedule
Q4 2025 11 $139,063 $500,000 $500,000 $0 $600,000 $1,866 $2,273 $1,587 $1,883 $435,151 $1,993 $2,122 $2,259 $122,405 $133,514 Secured Floating Rate Debt Unsecured Fixed Rate Debt Secured Fixed Rate Debt 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter $0 $100,000 $200,000 $300,000 $400,000 $5
Slide 12: Leverage Ratios, Coverage Ratios and Bond Covenants
Q4 2025 12 Leverage Ratios, Coverage Ratios and Bond Covenants RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Leverage Ratios: Net debt / total gross assets 36.3% 38.1% 37.3% 36.4% 40.2% Net debt / gross book value of real estate
Slide 13: Summary of Capital Expenditures
Q4 2025 13 (dollars and sq. ft. in thousands, except per sq. ft. and unit data) Summary of Capital Expenditures RETURN TO TABLE OF CONTENTS 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 SHOP fixed assets and capital improvemen
Slide 14: Redevelopment Information
Q4 2025 14 DHC does not have any significant ongoing redevelopments as of December 31, 2025. (1) Reflects units prior to redevelopment. Redevelopment Information (dollars in millions) RETURN TO TABLE OF CONTENTS Medical Office and Life Science Portfolio As of December 31, 2025 Project Location Type
Slide 15: Property Dispositions Information Since January 1, 2025
Q4 2025 15 Property Dispositions Information Since January 1, 2025 Dispositions: Month Sold Location Segment Number of Properties Gross Sales Price Gross Sales Price Per Unit or Square Foot (1) Occupancy (2) January Wilmington, DE SHOP 1 $ 2,900 $ 28,431 0.0 % January San Diego, CA Medical Office an
Slide 16: Investments in Unconsolidated Joint Ventures
Q4 2025 16 Investments in Unconsolidated Joint Ventures (1) (dollars in thousands) RETURN TO TABLE OF CONTENTS As of December 31, 2025 Three Months Ended December 31, 2025 Joint Venture Location Type of Property Number of Properties Square Feet Occupancy Weighted Average Lease Term DHC Ownership DHC
Slide 17: Investments in Unconsolidated Joint Ventures (continued)
Q4 2025 17 Investments in Unconsolidated Joint Ventures (continued) (1) (dollars in thousands) RETURN TO TABLE OF CONTENTS As of December 31, 2025 (1) DHC's property list, including properties owned by these unconsolidated joint ventures, is available on DHC's website. (2) Based on the aggregate ann
Slide 18: Portfolio Summary by Geographic Diversification and Property Type
Q4 2025 18 FL: 12%TX: 10% CA: 7% GA: 7% WI: 5% MD: 5% NC: 5% IN: 4% VA: 4% IL: 4% 23 Other States + D.C.: 37% (based on Gross Book Value of Real Estate Assets as of December 31, 2025) (1) Senior living communities are categorized by the type of living units which constitute a majority of the living
Slide 19: Portfolio Summary
Q4 2025 19 Portfolio Summary RETURN TO TABLE OF CONTENTS (dollars in thousands, except investment per unit or square foot) As of December 31, 2025 Number of Properties Square Feet or Number of Units Gross Book Value of Real Estate Assets % of Total Gross Book Value of Real Estate Assets Investment P
Slide 20: SHOP Units by Operator
Q4 2025 20 SHOP Units by Operator RETURN TO TABLE OF CONTENTS Unit Count as of December 31, 2025 Manager Location Number of Properties (1) Assisted Living Independent Living and Active Adult Memory Care Skilled Nursing Total Discovery Senior Living Various (7 States) 44 2,357 2,117 621 — 5,095 Since
Slide 21: SHOP Segment and Same Property - Results of Operations
Q4 2025 21 SHOP Segment and Same Property - Results of Operations RETURN TO TABLE OF CONTENTS CONSOLIDATED RESULTS OF OPERATIONS As of and For the Three Months Ended 12/31/2025 9/30/2025 12/31/2024 Number of Properties 212 229 232 Number of Units 23,217 24,906 24,978 Occupancy 81.6 % 81.5 % 80.0 % A
Slide 22: Senior Living NOI by Manager
Q4 2025 22 Senior Living NOI by Manager (1) RETURN TO TABLE OF CONTENTS Q4 2025 NOI Manager Number of Properties SHOP Triple Net Leased Senior Living Communities Total NOI % of Total Q4 2025 NOI (2) Five Star Senior Living — $ 7,624 $ — $ 7,624 18.8% Sinceri Senior Living 38 5,974 — 5,974 14.7% Stel
Slide 23: Senior Living Results of Operations by Location
Q4 2025 23 Senior Living Results of Operations by Location RETURN TO TABLE OF CONTENTS Q4 2025 NOI Core-Based Statistical Areas Number of Properties SHOP Triple Net Leased Senior Living Communities Total NOI % of Total Q4 2025 NOI New York, NY 4 $ 1,978 $ — $ 1,978 4.9% Indianapolis, IN 4 186 1,787
Slide 24: Medical Office and Life Science Portfolio Results of Operations
Q4 2025 24 (1) Same property includes properties classified as same property for the three months ended December 31, 2025 for all periods presented. RETURN TO TABLE OF CONTENTS CONSOLIDATED RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended 12/31/2025 9/30/
Slide 25: Medical Office and Life Science Results of Operations by Type
Q4 2025 25RETURN TO TABLE OF CONTENTS CONSOLIDATED RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended December 31, 2025 As of and For the Three Months Ended December 31, 2024 Medical Office Life Science Total Medical Office and Life Science Portfolio Medica
Slide 26: Portfolio Leasing Summary
Q4 2025 26 Portfolio Leasing Summary (1) (1) The leasing summary on this page is based on leases entered into during the periods indicated. (2) Percent difference in prior rents charged for same space or, in the case of vacant space acquired, market rental rates for similar space in the building at
Slide 27: Tenants Representing 1% Or More of Total Annualized Rental Income
Q4 2025 27 As of December 31, 2025 Tenants Representing 1% Or More of Total Annualized Rental Income RETURN TO TABLE OF CONTENTS (dollars in thousands) Tenant Type of Property Annualized Rental Income % of Annualized Rental Income Expiration 1 Advocate Aurora Health Medical office $ 16,939 8.8% 2031
Slide 28: Medical Office and Life Science Portfolio Lease Expiration Schedule
Q4 2025 28 Medical Office and Life Science Portfolio Lease Expiration Schedule RETURN TO TABLE OF CONTENTS (dollars in thousands) As of December 31, 2025 Annualized Rental Income Expiring Year Medical Office Annualized Rental Income Expiring Life Science Annualized Rental Income Expiring Total Annua
Slide 29: All Other Lease Expiration Schedule
Q4 2025 29 Annualized Rental Income Expiring Year Number of Properties Number of Units or Square Feet Annualized Rental Income Expiring % of Total Annualized Rental Income Expiring Cumulative % of Total Annualized Rental Income Expiring 2026 — — $ — —% —% 2027 4 533 units 4,799 15.8% 15.8% 2028 — —
Slide 30: About Diversified Healthcare Trust
Q4 2025 30 The Company: DHC is a REIT focused on owning high-quality healthcare properties located throughout the United States. DHC seeks diversification across the health services spectrum by care delivery and practice type, by scientific research disciplines and by property type and location. As
Slide 31: Board of Trustees and Officers
Q4 2025 31 Board of Trustees Christopher J. Bilotto Alan L. Felder Managing Trustee Independent Trustee Lisa Harris Jones Phyllis M. Hollis Lead Independent Trustee Independent Trustee Dawn K. Neher Adam D. Portnoy Independent Trustee Chair of the Board & Managing Trustee Jeffrey P. Somers Independe
Slide 32: Calculation and Reconciliation of NOI and Cash Basis NOI
Q4 2025 32 Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS 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 incom
Slide 33: Reconciliation of NOI and Same Property NOI by Segment
Q4 2025 33 Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended December 31, 2025 For the Three Months Ended September 30, 2025 For the Three Months Ended Dec
Slide 34: Calculation and Reconciliation of EBITDA, EBITDAre and Adjusted EBITDAre
Q4 2025 34 Calculation and Reconciliation of EBITDA, EBITDAre and Adjusted EBITDAre (dollars in thousands) 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 Net loss $ (21,221) $ (164,040) $ (91,639) $ (8,986) $ (87,446) $ (285,88
Slide 35: Calculation and Reconciliation of FFO, Normalized FFO and CAD
Q4 2025 35 Calculation and Reconciliation of FFO, Normalized FFO and CAD (dollars in thousands) RETURN TO TABLE OF CONTENTS 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 Net loss $ (21,221) $ (164,040) $ (91,639) $ (8,986) $ (
Slide 36: Calculation and Reconciliation of FFO, Normalized FFO and CAD (continued)
Q4 2025 36 Calculation and Reconciliation of FFO, Normalized FFO and CAD (continued) (amounts in thousands, except per share data) RETURN TO TABLE OF CONTENTS 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 Normalized FFO $ 21,8
Slide 37: Non-GAAP Financial Measures
Q4 2025 37 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, same property Cash Basis NOI, earnings before
Slide 38: Non-GAAP Financial Measures and Certain Definitions
Q4 2025 38 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 assets. AlerisLife AlerisLife means AlerisLife Inc. All O
Slide 39: Non-GAAP Financial Measures and Certain Definitions (continued)
Q4 2025 39 Estimated completion date Estimated completion date can depend on various factors, including when lease agreements are signed with tenants in DHC's Medical Office and Life Science Portfolio. Therefore, the actual completion date may vary. Estimated project costs Estimated project costs in
Slide 40: Non-GAAP Financial Measures and Certain Definitions (continued)
Q4 2025 40 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 und
Slide 41: Non-GAAP Financial Measures and Certain Definitions (continued)
Q4 2025 41 Total gross assets Total gross assets is total assets plus accumulated depreciation. Total unencumbered assets Total unencumbered assets is the original cost of real estate assets not encumbered by mortgage debt calculated in accordance with GAAP before depreciation and after impairment w
Slide 42: Forward-Looking Statements
Q4 2025 42 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”, “
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