Diversified Healthcare Trust · NASDAQ:DHC
Diversified Healthcare Trust — Investor Presentation (June 2026)
46 slides from Diversified Healthcare Trust's investor presentation, June 2026
Slide 1: Investor Presentation June 2026
Investor Presentation June 2026 1 1
Slide 2: 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”,
Slide 3: Table of Contents
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 3 3
Slide 4: Company Highlights
Company Highlights 4 4
Slide 5: DHC Today - National Healthcare REIT
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 bi
Slide 6: DHC has made significant progress executing its long-term business plan
DHC has made significant Proven progress Track Record andexecuting Embeddedits long-term business plan. Opportunity ➢ 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/Health
Slide 7: Updated & Improved 2026 Outlook
Updated & Improved 2026 Outlook (1) Improved Full Year 2026 Guidance Guidance Assumptions February 2026 June 2026 Δ Midpoint ➢ 2026 guidance increase of $0.04 in Normalized FFO per Common Share at the mid-point is driven by a $10 million Adjusted EBITDAre $290M - $305M $300M - $315M $10M increase in
Slide 8: Investment Case
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
Slide 9: Strategic Initiatives Driving Outsized Growth of SHOP Segment
Strategic Initiatives Driving Outsized Growth of SHOP Segment 1Q25 NOI 1Q26 NOI Wellness Wellness 5% 5% Life Science 13% NNN Life Science NNN 7% 10% 5% +670 bps year over year increase Medical % of NOI in SHOP segment NOI % of NOI Office contribution 24% SHOP SHOP 51% Medical 57% Office Senior Housi
Slide 10: SHOP Margin Expansion is Expected to Continue
SHOP Margin Expansion is Expected to Continue SHOP RevPOR vs ExPOR and Occupancy Growth Trends (1) 90% 14% 84.9% 85% 81.9% 12% 80.9% 79.6% 80% 10% 75.9% RevPOR / ExPOR Growth 75% Occupancy 8% 6.9% 6.3% 5.8% 5.9% 5.7% 70% 6% 5.3% 4.0% 4.2% 65% 4% 2.2% 60% 2% 0.5% 0% 55% l -2% 50% 2022A 2023A 2024A 20
Slide 11: Capital Recycling Update
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 no
Slide 12: Balance Sheet Outlook & Liquidity Update
Balance Sheet Outlook & Liquidity Update As of March 31, 2026 unless otherwise noted. Debt Maturity Schedule 8.8x 7.8x (dollars in millions) $1,362.0 YoY Leverage Improvement $640.6 1.3x[94.2%]2.0x $435.1 YoY Interest Coverage Fixed Improvement Rate Debt $1.1 $2.3 $1.9 2026 2027 2028 2029 2030 2031
Slide 13: SHOP Segment
SHOP Segment 13 13
Slide 14: Structural Drivers of Senior Housing Demand
Structural Drivers of Senior Housing Demand Lifestyle Healthcare Longer life expectancy is Rising healthcare costs and a driving demand for growing prevalence of independent, community- chronic conditions are oriented living supported by increasing demand for technology and services that housing opt
Slide 15: Favorable Industry Trends Support Operational Momentum
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 i
Slide 16: Senior Housing Supply-Demand Imbalance
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 2
Slide 17: Demographic Inflection Point Accelerates Near-Term Demand
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 b
Slide 18: SHOP Mark to Market Opportunities & Trends
SHOP Mark to Market Opportunities & Trends ➢ Strategically located properties with more than 65% 65+ Average Home Value (1) of communities renovated in the last 3 years. ➢ RevPOR and Occupancy grew 32% and 990 basis $499,273 $485,173 points, respectively, since 2021 with active rate optimization and
Slide 19: Top Operators by DHC Unit Count Snapshot
Top Operators by DHC Unit Count Snapshot (1) 2nd Largest U.S. 420+ 47,000+ 20,000+ Senior Living Communities Senior Living Units Employees Operator 23rd Largest U.S. 138 15,000+ 85% Average Senior Living Communities Residents Occupancy Operator Operates in 8 States 41 5,600+ 3,700+ across the U.S. C
Slide 20: 2025 Transition Communities Occupancy Upside Potential
2025 Transition Communities Occupancy Upside Potential Pre-Transition SHOP Units by Operator 1Q26 SHOP Units by Operator Other, 1,821 WellQuest Living, 798 Charter Senior Other, Living, 1,759 1,831 Charter Senior Phoenix Senior Sinceri Senior Living, Living, 1,457 Living, 7,286 1,759 Stellar Senior
Slide 21: DHC Portfolio Operator Footprint
DHC Portfolio Operator Footprint SHOP Segment Geographic Diversification by Operator/Unit Count Sinceri Discovery Stellar Tutera Phoenix Charter Oaks WellQuest Northstar Navion Other DHC’s SHOP segment is broadly diversified both geographically and by operator. Management is focused on clustering co
Slide 22: DHC Active Asset Management Capabilities
DHC Active Asset Management Capabilities Analytics Driving Performance Active Asset Management Use of proprietary and market data Cadence driven asset leveraged across all systems to management to navigate support portfolio wide actionable operators towards performance decisions backed by RMR’s netw
Slide 23: Recent SHOP Completed Capital Projects
Recent SHOP Completed Capital Projects (1) The Remington Club, CA The Pines of Dayton Place, CO The Pointe at Plantation, FL • Units: 346 • Units: 236 • Units: 273 • Occupancy: 87.4% • Occupancy: 75.9% • Occupancy: 85.1% • Project Cost: $10,000,000 • Project Cost: $6,352,000 • Project Cost: $2,596,0
Slide 24: Medical Office & Life Science Segment
Medical Office & Life Science Segment 24 24
Slide 25: Medical Office & Life Science Portfolio Overview
Medical Office & Life Science Portfolio Overview (1) Medical Office Life Science Diverse tenant mix providing a wide range of outpatient High-quality, well-located laboratory and R&D assets with services from high acuity specialty to primary care and a strong tenant base within the biotechnology, de
Slide 26: Outpatient Medical – Additional Portfolio Detail
Outpatient Medical – Additional Portfolio Detail DHC’s Outpatient Medical portfolio consists of 42 properties and more than 225 individual tenants that include investment grade credit rated healthcare systems, Portfolio Highlights physicians' groups, primary care providers and high acuity specialty
Slide 27: Medical Support Portfolio
Medical Support Portfolio Portfolio Highlights Tenant Profile (1) Medical Clinical Outpatient, (2) 10 Associations, 5% 5% Properties Well-located properties, Health Systems & Insurance, 46% 2009 average property 1.5M vintage year Medical Devices, Square Feet 20% 95% Occupancy Consistent high occupan
Slide 28: Broad Relationships with Leading Health Systems and Major Healthcare Companies
Broad Relationships with Leading Health Systems and Major Healthcare Companies across all Medical Office Portfolio Markets Key Relationships in Each Portfolio MSA Top Top10 10Health Health System System Relationships (1) Relationships 1 Advocate Health Boston Sentara Health Boston Children’s Hospita
Slide 29: Life Science Portfolio
Life Science Portfolio DHC’s Life Science portfolio consists of pharmaceutical and biotechnology research wet lab research facilities, medical device R&D and manufacturing Lab & R&D Facilities facilities and research support properties. ➢ Chronic disease prevalence and an aging population are drivin
Slide 30: Triple Net Leased Wellness Centers & Senior Living Segment
Triple Net Leased Wellness Centers & Senior Living Segment 30 30
Slide 31: Triple Net Leased Wellness Centers & Senior Living Portfolio Overview
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. LifeTime Fitness 971 State Hwy 121, Allen, TX NNN Senior Living NNN Wellness Centers 1,328 100% 812,246 100% Units O
Slide 32: Appendix
Appendix 32 32
Slide 33: DHC’s Commitment to Sustainability and Good Governance
DHC’s Commitment to Sustainability and Good Governance Impact Through Action Green Building Certifications (1) 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 9 PROPERTI
Slide 34: DHC is managed by The RMR Group LLC, an alternative asset manager
DHC is managed by The RMR Group LLC, an alternative asset manager National Multi-Sector RMR Platform RMR Clients Investment Platform Perpetual Capital Over Industrial $37 Billion in AUM Residential Over Senior Living 800 Real Estate Professionals Medical Office Private Capital Private Clients Approx
Slide 35: National Vertically Integrated Real Estate Operating Platform
National Vertically Integrated Real Estate Operating Platform is a Differentiator and Competitive Advantage RMR Shared Services Accounting & Energy & Finance Sustainability Development & Tax Construction Human Technology Resources Investor Relations Legal Asset Marketing Management Property Acquisit
Slide 36: Management Aligned with Shareholder Interests
Management Aligned with Shareholder Interests RMR base management fee tied to DHC share price performance Alignment of Interests • 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. If DHC’s total market cap
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 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
Slide 38: 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 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)
Slide 39: 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 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
Slide 40: Calculation and Reconciliation of Non-GAAP Financial Measures
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 62
Slide 41: Calculation and Reconciliation of Non-GAAP Financial Measures
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 (ga
Slide 42: Calculation and Reconciliation of Non-GAAP Financial Measures
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 5
Slide 43: Definitions of Certain Non-GAAP Financial Measures
DEFINITIONS OF CERTAIN NON-GAAP FINANCIAL MEASURES 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 C
Slide 44: Certain Definitions
CERTAIN DEFINITIONS 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
Slide 45: Certain Definitions (Continued)
CERTAIN DEFINITIONS (Continued) 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
Slide 46: Certain Definitions (Continued)
CERTAIN DEFINITIONS (Continued) 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
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