Diversified Healthcare Trust · NASDAQ:DHC
Diversified Healthcare Trust — Investor Presentation (December 2025)
41 slides from Diversified Healthcare Trust's investor presentation, Dec 8, 2025
Slide 1: Investor Presentation
1 1 Investor Presentation Overture at Plano 500 Coit Road Plano, TX December 2025
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 7 CAPITAL RECYCLING 9 CAPITAL AND LIQUIDITY OUTLOOK 10 SHOP OVERVIEW 12 MEDICAL OFFICE & LIFE SCIENCE PORTFOLIO OVERVIEW 21 TRIPLE NET LEASED SENIOR LIVING & WELLNESS CENTERS OVERVIEW 26 APPENDIX 28
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 335 Healthcare Related Properties Outsized 80+Population Growth Demand Over 26,000 Senior Living Units Financial Flexibility Supports a Durable Operating Platform An institutional quality portfolio diversified across the healthcare spectrum supporting long-te
Slide 6: Third Quarter Results and 2025 Guidance
6 6 Third Quarter Results and 2025 Guidance +8.0% Year over year NOI Change 81.5% SHOP occupancy 93.3% Medical Office and Life Science same store occupancy Third Quarter 2025 Financial Results (1) (1) Comparisons reflect change from 3Q24. (2) Guidance as of December 5, 2025. (3) Includes unencumbere
Slide 7: Strategic Initiatives Driving Outsized Growth of SHOP Portfolio
7 7 Strategic Initiatives Driving Outsized Growth of SHOP Portfolio 3Q24 NOI 3Q25 Pro Forma Asset Sales NOI 730 bps year over year increase in pro forma SHOP portfolio NOI contribution Operational Improvement • Personalized care plans tailored to individual resident needs. • Streamlining workflows w
Slide 8: SHOP Margin Expansion is Expected to Continue
8 8 (4.2%) 3.8% 7.0% 6.2% 5.3% 4.0% 3.3% 0.7% 4.1% 5.1% 72.5% 76.3% 79.3% 80.0% 81.5% 50% 55% 60% 65% 70% 75% 80% 85% -5% 0% 5% 10% 15% 2021 2022 2023 2024 3Q25 Occupancy RevPOR / ExpPOR Growth RevPOR Y/Y ∆% ExpPOR Y/Y ∆% Occupancy % SHOP Margin Expansion is Expected to Continue Focused on driving c
Slide 9: Capital Recycling Update
9 9 (1) Properties sold are presented as of December 5, 2025. (2) Occupancy is presented as of September 30, 2025 for the Medical Office and Life Science Portfolio and for the three months ended September 30, 2025 for the SHOP segment properties. NOI is presented for the three months ended September
Slide 10: 2025 YTD Capital Raises
1010 2025 YTD Capital Raises Throughout 2025, DHC has consistently proven its ability to deliver on key strategic priorities, such as executing on 10 asset dispositions and new financings with an emphasis on reducing the company’s leverage and cost of capital. 17% 43% 40% Credit Facility Senior Note
Slide 11: Balance Sheet Outlook and Debt Maturity Schedule
1111 $0.7 $336.2 $2.3 $640.7 $1.9 $435.2 $1,362.6 2025 2026 2027 2028 2029 2030 2031 & After Unsecured Fixed Rate Debt Secured Fixed Rate Debt Secured Floating Rate Debt Balance Sheet Outlook Debt Maturity Schedule (dollars in millions) Note: All information as of September 30, 2025, unless otherwis
Slide 12: SHOP Segment
1212 SHOP Segment The Montebello on Academy 10500 Academy Road NE Albuquerque, NM
Slide 13: Successful Operator Transitions and Operational Efficiencies
1313 Successful Operator Transitions and Operational Efficiencies on Track to Deliver Margin Expansion Transitioning Management agreements for 113 DHC owned communities +180 bps SHOP margin improvement1 80.6% SHOP occupancy 89.9% Medical Office and Life Science same store occupancy 7 Highly Qualifie
Slide 14: ALR Transition Communities Occupancy Upside Potential
1414 Five Star Senior Living, 14,609 Other, 3,142 Stellar Senior Living, 2,199 Oaks - Caravita Senior Care, 1,375 Phoenix Senior Living, 1,822 Charter Senior Living, 1,759 (1) Occupancy upside is the gap between the pro forma 3Q25 occupancy and the applicable NIC benchmark data calculated using Core
Slide 15: DHC Portfolio Operator Footprint
1515 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 16: SHOP Overview
1616 SHOP Overview 229 SHOP communities spanned across 31 states. Portfolio largely located in areas where the growth rate of 75+ population is higher than NIC designated metro population growth rate. Good mix of properties strategically located in areas where home values are outpacing the national
Slide 17: Expect Favorable Industry Trends to Support Operational Momentum
1717 Expect Favorable Industry Trends to 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 0.7%. (1)(2) • Rent growth remains elevated with top primary / seco
Slide 18: Barrington Terrace at Boynton Beach Renovation
1818 $654,000 renovation completed in December 2023. Property Overview and Renovation Scope • Barrington Terrace at Boynton Beach is a 109-unit assisted living and memory care community offering a range of studio and one-bedroom accommodations and a robust suite of amenities. • The renovation includ
Slide 19: SHOP Completed Capital Projects
1919 SHOP Completed Capital Projects • Units: 86 • Occupancy (1): 91.9% • Project Cost: $930,000 • RevPOR % Increase (2): 35.2% • ROI (3): 54.7% • Interior refresh of common and program areas, intended to modernize the living spaces and reinforce Morningside’s commitment to providing a warm, family-
Slide 20: Operator Transitions To Enhance NOI Growth
2020 Operator Transitions To Enhance NOI Growth Transitioned Communities Transition Date April/May 2024 Stabilization 24 - 30 Months Communities / Units 13 / 783 Current Occupancy / NOI (1) 68.6% / ($0.3)M Expected Stabilized Occupancy Expected Stabilized NOI 85% - 88% $4M - $5M Acuity Mix (units) 6
Slide 21: Medical Office & Life Science Segment
2121 Medical Office & Life Science Segment 4 Maguire Road Lexington, MA
Slide 22: Medical Office & Life Science Portfolio Overview
2222 Outpatient Service 52% Biotechnology & Pharmaceuticals 27% Medical Related Businesses 7% Other 14% High quality Medical Office and Life Science Portfolio • Over 400 individual tenants including industry-leading institutions. • Diverse tenant mix across credit-rated healthcare systems, medical a
Slide 23: Pro Forma Medical Office & Life Science Portfolio Summary
2323 Pro Forma Medical Office & Life Science Portfolio Summary MOB & LS by Property Type – Current MOB & LS by Property Type – Post Dispositions 6.5% 10.9% 29.9% 27.1% 25.6% MOB Unaffiliated MOB On-Campus Life Science MOB Off-Campus Affiliated Other Pro Forma for Dispositions (1) Number of Propertie
Slide 24: Medical Office Market Tailwinds
2424 Medical Office Market Tailwinds Medical office fundamentals support sector growth opportunity • Growing demand for healthcare services and increased spending, driven by an aging population and advancements in care provided. • Ongoing migration towards outpatient care is expected to drive demand
Slide 25: Life Science Sector Maintaining Fundamentals
2525 -4M SF 0M SF 4M SF 8M SF 12M SF 16M SF 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 Net Occupancy Gain New Available SF $0 B $2 B $4 B $6 B $8 B $10 B $12 B $14 B 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 5 4 7 22 2022 2023 2024 YTD 2025 Life Science Sector Maintaining Fundame
Slide 26: Triple Net Leased Wellness Centers & Senior Living Segment
2626 Triple Net Leased Wellness Centers & Senior Living Segment The Stratford 2460 Glebe Street, Carmel, IN
Slide 27: Triple Net Leased Wellness Centers & Senior Living Portfolio Overview
2727 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. 1,180 Units 100% Occupancy 4.9 year WALT 1.85x Rent Coverage 812,246 SF 100% Occupancy 14.5 year WALT 3.23x Ren
Slide 28: Appendix
2828 Appendix
Slide 29: Impact Through Action
2929 (1) Certifications as of December 31, 2024. 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 30: RMR Platform
3030 Private Clients DHC is managed by The RMR Group LLC, an alternative asset manager Approximately $39 Billion in AUM RMR Platform Nearly 900 Real Estate Professionals More Than 30 Offices Nationwide Approximately 1,900 Properties National Multi-Sector Investment Platform Industrial Residential Se
Slide 31: National Vertically Integrated Real Estate Operating Platform
3131 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 32: Management Aligned with Shareholder Interests
3232 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 33: SHOP Units & NOI by Operator
3333 (dollars in thousands) SHOP Units & NOI by Operator (1) Includes 26 communities under agreements or letters of intent with NOI of ($0.6) million for the three months ended June 30, 2025. (2) Sale of AlerisLife management agreements excludes two communities being sold, included with All Other. U
Slide 34: Calculation and Reconciliation of NOI and Cash Basis NOI
3434 (dollars in thousands) Calculation and Reconciliation of NOI and Cash Basis NOI For the Three Months Ended For the Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Calculation of NOI and Cash Basis NOI: Revenues: Rental income $ 55,316 $ 55,167 $ 58,558 $
Slide 35: Calculation and Reconciliation of NOI and Cash Basis NOI by Segment
3535 For the Three Months Ended September 30, 2025 For the Three Months Ended June 30, 2025 For the Three Months Ended September 30, 2024 Calculation of NOI and Cash Basis NOI: SHOP Medical Office and Life Science Portfolio All Other Total SHOP Medical Office and Life Science Portfolio All Other Tot
Slide 36: Calculation and Reconciliation of FFO, Normalized FFO and CAD
3636 (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 Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30
Slide 37: Calculation and Reconciliation of FFO, Normalized FFO and CAD (continued)
3737 (amounts in thousands, except per share data) Calculation and Reconciliation of FFO, Normalized FFO and CAD (continued) For the Three Months Ended For the Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Normalized FFO $ 9,721 $ 18,572 $ 14,305 $ 5,290 $
Slide 38: NOI, Cash Basis NOI, Same Property NOI Definitions
3838 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 39: Certain Definitions
3939 Certain Definitions: AL: Assisted Living senior living communities. Annualized rental income: Annualized rental income is based on rents pursuant to existing leases as of September 30, 2025. Annualized rental income includes estimated percentage rents, straight line rent adjustments and estimat
Slide 40: Certain Definitions (continued)
4040 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 41: Certain Definitions (continued)
4141 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
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