Diversified Healthcare Trust · NASDAQ:DHC
Diversified Healthcare Trust — Investor Presentation (May 2026)
46 slides from Diversified Healthcare Trust's investor presentation, May 5, 2026
Slide 1: Investor Presentation
1 1 Investor Presentation Overture at Plano 500 Coit Road Plano, TX May 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 12 SHOP OVERVIEW 13 MEDICAL OFFICE & LIFE SCIENCE PORTFOLIO OVERVIEW 24 TRIPLE NET LEASED SENIOR LIVING & WELLNESS CENTERS OVERVIEW 30 APPENDIX 32
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: Significant progress executing long-term business plan
6 6 Throughout 2025 and in 1Q26, DHC made significant progress executing its long-term business plan. ➢ Delivered total shareholder returns of ~247% (1) since January 1, 2025, ranking #1 among U.S. listed REITs in 2025 and #2 YTD, both meaningfully outperforming the MSCI US REIT/Healthcare REIT Inde
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 Senior Housing 58% Strategic Initiatives Driving Outsized Growth of SHOP Segment +670 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 performa
Slide 10: 2026E SHOP Margin Expansion is Expected to Continue
1010 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 / ExPOR Growth RevPOR Y/Y ∆% ExPOR Y/Y ∆% Occupancy % 2026E SHOP Margin Expansion is Expected to Cont
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. Capital Recycling Update ➢ In 1Q26, DHC sold 13 unencumbered SHOP communities for an aggregate sales price of $23.0 million. ➢ DHC acquire
Slide 12: Balance Sheet Management Update
1212 Balance Sheet Management Update ➢ As a result of its 2025 capital markets activity, DHC extended its debt maturity runway to 2028. ➢ In April 2026, Moody’s upgraded DHC to B3 and revised its ratings outlook from stable to positive. ➢ Almost $1.5 billion raised from diversified funding sources,
Slide 13: SHOP Segment
1313 SHOP Segment The Montebello on Academy 10500 Academy Road NE Albuquerque, NM
Slide 14: Structural Drivers of Senior Housing Demand
1414 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 15: Favorable Industry Trends Support Operational Momentum
1515 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 mark
Slide 16: Senior Housing Supply-Demand Imbalance
1616 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%
Slide 17: Demographic Inflection Point Accelerates Near-Term Demand
1717 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 18: SHOP Mark to Market Opportunities & Trends
1818 SHOP Mark to Market Opportunities & Trends ➢ Strategically located properties with more than 65% of communities renovated in the last 3 years. ➢ RevPOR and Occupancy grew 32% and 990 basis points, respectively, since 2021 with active rate optimization and higher-volume sales strategies. ➢ 8.1%
Slide 19: Top Operators by DHC Unit Count
1919 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 41 Communities 3,700+ Employees 5,600+ Resident Ca
Slide 20: Transition Communities Opportunities
2020 1Q26 Occupancy NIC Benchmark 77.7% 85.5% 89.9% 80.3% 81.8% 88.4% 77.9% 88.6% 87.3% 88.8% 89.9% 89.2% 92.0% 90.3% Sinceri Discovery WellQuest Stellar Tutera Phoenix Ciel Sinceri Senior Living, 7,286 Other, 1,831 WellQuest Living, 798 Charter Senior Living, 1,759 Stellar Senior Living, 1,784 Tute
Slide 21: DHC Portfolio Operator Footprint
2121 DHC Portfolio Operator Footprint Discovery Sinceri Charter Phoenix Oaks 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 Segment Geo
Slide 22: DHC Active Asset Management Capabilities
2222 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 23: Recent SHOP Completed Capital Projects
2323 Recent SHOP Completed Capital Projects (1) • Units: 346 • Occupancy: 87.4% • Project Cost: $10,000,000 • ROI (2): 24.1% Community-wide enhancements completed to elevate market appeal through refreshed common areas, an upgraded dining experience, an improved main entrance arrival, modernized cor
Slide 24: Medical Office & Life Science Segment
2424 Medical Office & Life Science Segment 4 Maguire Road Lexington, MA
Slide 25: Medical Office & Life Science Portfolio Overview
2525 Medical Office & Life Science Portfolio Overview (1) (1) Portfolio information represents same store properties as of March 31, 2026. (2) Q1 2026 cash basis NOI annualized. (3) By annualized rental income as of March 31, 2026. Outpatient Medical 42 Properties 2.6 Million SF 94% Occupancy Medica
Slide 26: Outpatient Medical – Additional Portfolio Detail
2626 Portfolio information represents same store properties as of March 31, 2026. Sources: Statista, CMS and Grandview Research, KFF ‘Key Facts About Hospitals’. (1) Based on the three months ended March 31, 2026 compared with the same period ended March 31, 2025. (2) By annualized rental income as
Slide 27: Medical Support Portfolio
2727 Medical Support Portfolio 4027 Martinsburg Pike Clear Brook, VA 18302 Talavera Ridge San Antonio, TX 74% Investment Grade Credit(1) 4.3 Years WALT Remaining 1.5M Square Feet 95% Occupancy 10 Properties A/A Median Credit Rating 10800 Nuckols Road Glen Allen, VA Portfolio information represents s
Slide 28: Top Health System Relationships
2828 Top 10 Health System Relationships1 Advocate Health Sentara Health NYU Langone Health Hawaii Pacific Health University of Kansas Health System Franciscan Health Covenant Health Ascension Emory Healthcare Penn State System Top 10 Health System Relationships (1) Broad Relationships with Leading H
Slide 29: Life Science Portfolio
2929 Portfolio information represents same store properties as of March 31, 2026. Sources: Statista, CMS, Grandview Research, JLL, CBRE Research. (1) By annualized rental income as of March 31, 2026. (2) Boston, Bay Area and San Diego. Based on trailing three months annualized cash NOI as of March 3
Slide 30: Triple Net Leased Wellness Centers & Senior Living Segment
3030 Triple Net Leased Wellness Centers & Senior Living Segment The Stratford 2460 Glebe Street, Carmel, IN
Slide 31: Triple Net Leased Portfolio Overview
3131 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 4.4 year WALT (1) 1.84x Rent Coverage 812,246 SF 100% Occupancy 14.0 year WALT (1) 3
Slide 32: Appendix
3232 Appendix
Slide 33: Impact Through Action
3333 (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 34: RMR Platform
3434 Private Clients DHC is managed by The RMR Group LLC, an alternative asset manager Over $37 Billion in AUM RMR Platform Over 800 Real Estate Professionals More Than 30 Offices Nationwide Approximately 1,800 Properties National Multi-Sector Investment Platform Industrial Residential Senior Living
Slide 35: National Vertically Integrated Real Estate Operating Platform
3535 National Vertically Integrated Real Estate Operating Platform is a Differentiator and Competitive Advantage RMR Shared Services Accounting & Finance Marketing Human Resources Investor Relations Property Management Tax Development & Construction Legal Technology Acquisitions Portfolio Management
Slide 36: Management Aligned with Shareholder Interests
3636 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 37: Calculation of NOI and Cash Basis NOI
3737 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 317,225 323,414 333,390 327,545 328,306 Total revenues 366,471 379,571 388,706 382,712 386,
Slide 38: Reconciliation of Non-GAAP Measures – NOI
3838 Calculation and Reconciliation of Non-GAAP Financial Measures – NOI 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) (291,478) NOI 43,
Slide 39: Reconciliation of Non-GAAP Measures – Cash Basis NOI
3939 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
Slide 40: Reconciliation of Non-GAAP Financial Measures
4040 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 expen
Slide 41: Reconciliation of Non-GAAP Financial Measures
4141 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 Los
Slide 42: Reconciliation of Non-GAAP Financial Measures
4242 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,
Slide 43: NOI, Cash Basis NOI, Same Property NOI Definitions
4343 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 44: Certain Definitions
4444 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 for certain net
Slide 45: Certain Definitions (continued)
4545 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 laboratories and other sim
Slide 46: Certain Definitions (continued)
4646 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 January 1, 2025; excludes
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