NASDAQ:DHC Diversified Healthcare Trust - 8-K

EX-99.1
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tm2616535d1_ex99-1.htm
EXHIBIT 99.1

Exhibit 99.1

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1
Investor
Presentation
June 2026

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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”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions. These forward-looking
statements include, among others, statements about: DHC’s 2026 guidance and related assumptions, including with respect to net operating income (“NOI”), normalized funds from operations
(“Normalized FFO”) and capital expenditures; improvement in DHC’s balance sheet; DHC’s capital markets activity; improvement in DHC’s senior housing operating portfolio (“SHOP”) operating model
and SHOP segment outlook and expected growth and transition communities opportunities; DHC’s financial management strategies; impacts of demographic trends on DHC’s portfolio; DHC’s
occupancy and margin growth; DHC’s strategic capital recycling plans; DHC’s cash flow trends, leverage targets and investment in portfolio upgrades and growth initiatives; DHC’s ratings outlook; the
value and quality of DHC’s SHOP properties; the performance of its SHOP, Medical Office and Life Science Portfolio and Triple Net Leased (“NNN”) Senior Living and Wellness Centers segments; demand
for medical office and life science properties, including outpatient medical spaces, and senior living communities; and expected favorable senior living industry trends and related drivers and strong
medical office market and life science sector fundamentals.
Forward-looking statements reflect DHC’s current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could
cause DHC’s actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. Some
of the risks, uncertainties and other factors that may cause DHC’s actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include,
but are not limited to, the following: the impact of unfavorable market and commercial real estate industry conditions due to possible reduced demand for healthcare related space and senior living
communities, uncertainties surrounding interest rates, wage and commodity price inflation, supply chain disruptions, volatility in the public debt and equity markets, changing tariffs and trade policies
and related uncertainty, geopolitical instability and tensions, pandemics, any U.S. government shutdown, economic downturns or a possible recession, labor market conditions or changes in real estate
utilization, among other things, on DHC and its managers and other operators and tenants; DHC’s senior living operators’ abilities to successfully and profitably operate the communities they manage for
DHC; the continuing impact of changing market practices on DHC and its managers and other operators and tenants, such as delayed recovery of the senior housing industry, reduced demand for
leased medical office, life science and other space of DHC and residencies at senior living communities and increased operating costs; the financial strength of DHC’s managers and other operators and
tenants; whether the aging U.S. population and increasing life spans of seniors will increase the demand for senior living communities and other medical and healthcare related properties and
healthcare services, including outpatient medical properties, whether DHC’s tenants will renew or extend their leases or whether DHC will obtain replacement tenants on terms as favorable to DHC as its
prior leases; the likelihood that DHC’s tenants and residents will pay rent or be negatively impacted by continuing unfavorable market and commercial real estate industry conditions; DHC’s managers’
abilities to increase or maintain rates charged to residents of DHC’s senior living communities and manage operating costs for those communities; DHC’s ability to increase or maintain occupancy at its
properties on terms desirable to DHC; DHC’s ability to increase rents when its leases expire or renew; costs DHC incurs and concessions it grants to lease its properties; risk and uncertainties regarding
the costs and timing of development, redevelopment and repositioning activities, including as a result of inflation, cost overruns, tariffs, supply chain challenges, labor shortages, construction delays or
inability to obtain necessary permits or volatility in the commercial real estate markets; DHC’s ability to manage its capital expenditures and other operating costs effectively and to maintain and enhance
its properties and their appeal to tenants and residents; DHC’s ability to effectively raise and balance its use of debt and equity capital; DHC’s ability to purchase cost effective interest rate caps; DHC’s
ability to comply with the financial covenants under its debt agreements; DHC’s ability to make required payments on its debt; DHC’s ability to maintain sufficient liquidity, including the availability of
borrowings under its revolving credit facility, and otherwise manage leverage; DHC’s credit ratings; DHC’s ability to sell properties at prices or returns it targets, and the timing of such sales; DHC’s ability
to sell additional equity interests in, or contribute additional properties to, its existing joint ventures, or enter into additional real estate joint ventures or to attract co-venturers and benefit from DHC’s
existing joint ventures or any real estate joint ventures it may enter into; DHC’s ability to acquire, develop, redevelop or reposition properties that realize its targeted returns; DHC’s ability to pay
distributions to its shareholders and to maintain or increase the amount of such distributions; the ability of The RMR Group LLC (“RMR”) to successfully manage DHC; competition in the real estate
industry, particularly in those markets in which DHC’s properties are located; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; compliance
with, and changes to, federal, state and local laws and regulations, accounting rules, tax laws and similar matters; exposure to litigation and regulatory and government proceedings due to the nature of
the senior living and other health and wellness related service businesses; actual and potential conflicts of interest with DHC’s related parties, including DHC’s Managing Trustees, RMR, ABP Trust and
others affiliated with them; limitations imposed by and DHC’s ability to satisfy complex rules to maintain DHC’s qualification for taxation as a real estate investment trust (“REIT”) for U.S. federal income tax
purposes; acts of terrorism, war or other hostilities, outbreaks of pandemics or other public health safety events or conditions, global climate change or other manmade or natural disasters beyond
DHC’s control; and other matters.
These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in DHC’s periodic filings. The information contained in
DHC’s filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in its periodic reports, or incorporated therein, identifies important factors that could cause
differences from the forward-looking statements in this presentation. DHC’s filings with the SEC are available on the SEC’s website at www.sec.gov. You should not place undue reliance upon DHC’s
forward-looking statements. Except as required by law, DHC does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
Warning Concerning Forward Looking Statements

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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

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Company Highlights

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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 billion and spanning 33 states and Washington, D.C., DHC’s portfolio is anchored by a strategically
curated mix of senior housing, medical office and life science assets that combine high quality care, modern technology
and amenity rich environments to meet rising demand across the healthcare continuum. Together, these interconnected
sectors create a differentiated portfolio rooted in long term demographic and healthcare demand trends positioning us to
generate durable, risk adjusted returns while meaningfully contributing to the wellbeing of the communities we serve.
~24,000
Senior Living Units
285
Healthcare Related
Properties
14 SHOP Operators
Supporting an Efficient and
Geographically Aligned
Operating Platform
~250 Tenants
MOB & LS Portfolio

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Clear Path to Value Creation in SHOP: Embedded Organic Growth
Strong SHOP segment outlook in 2026, with NOI growth of 36.4%, (2) supported by new operational initiatives,
favorable demographic trends and a muted supply environment.
Embedded 800+ bps of SHOP occupancy upside (3) driven by new operators focus on closing community-level
occupancy gaps to respective NIC markets.
Organic Growth with high-return ROI projects resulting in mid-teens returns through repositioning
underutilized, or closed, skilled nursing wings into Independent Living, Assisted Living or Memory Care Units.
DHC has made significant progress executing its long-term business plan.
➢ 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/Healthcare REIT Index.
➢ Completed nearly $1.5 billion in capital markets activity in 2025, meaningfully improving DHC’s balance
sheet, extending its debt maturity runway to 2028 and highlighting its ability to tap into multiple markets.
➢ In April 2026, Moody’s upgraded DHC to B3 and revised its ratings outlook from stable to positive.
Proven Track Record and Embedded Opportunity
(1) Total shareholder return as of May 29, 2026.
(2) Reflects mid-point updated guidance for SHOP NOI.
(3) Figures are for each respective full year and National Investment Center for Seniors Housing & Care (NIC) Market Trends data as of 1Q26.

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Updated & Improved 2026 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 all, including, most notably, impairment of assets, gain (loss) on sale of properties, loss on modification or early extinguishment of debt and equity in
net earnings of investees. These items that would be contained in the comparable GAAP measures are not indicative of DHC’s ongoing operations, are uncertain, depend on various factors and could
have a material impact on DHC’s GAAP results for the guidance period.
(2) Normalized FFO is expected to increase from $64.4 million in 2025 largely because DHC was impacted by discount accretion of $63.2 million on DHC's then outstanding senior secured notes due 2026.
(3) Excludes the impact of business management incentive fees, if any.
Improved Full Year 2026 Guidance
February 2026 June 2026 ΔMidpoint
Adjusted EBITDAre $290M - $305M $300M - $315M $10M
Normalized FFO (2) $125M - $140M $135M - $150M $10M
Normalized FFO Per
Common Share(2) $0.52 - $0.58 $0.56 - $0.62 $0.04
February 2026 June 2026 ΔMidpoint
SHOP NOI $175M - $185M $185M - $195M $10M
MOB/LS NOI $94M - $98M $94M - $98M -
NNN NOI $28M - $30M $28M - $30M -
Total NOI $297M -$313M $307M -$323M $10M
February 2026 June 2026 ΔMidpoint
Recurring SHOP CapEx $80M - $90M $80M - $90M -
Recurring MOB/LS CapEx $20M - $25M $20M - $25M -
Total Recurring CapEx $100M -$115M $100M -$115M -
➢ 2026 guidance increase of $0.04 in Normalized FFO per
Common Share at the mid-point is driven by a $10 million
increase in SHOP NOI. This increase reflects expense savings
driven by targeted cost initiatives, primarily across dietary and
labor.
➢ Mid-point Same Property SHOP NOI:
o Year over year occupancy growth of approximately 300
bps, unchanged.
o Revenue growth of approximately 8.0% and average
monthly rate growth of approximately 5.3%, unchanged.
o Operating expense growth of approximately 4.5% with
ExPOR growth of approximately 2.2%, versus 5.7% and
3.0% previously.
➢ Mid-point general and administrative expense of
approximately $32.5 million. (3)
➢ Mid-point share of EBITDAre from unconsolidated joint
ventures of approximately $18.3 million.
➢ Mid-point interest expense of approximately $149 million.
➢ Weighted average shares of approximately 242 million.
➢ No acquisitions other than two land parcels acquired in April
2026.
➢ No dispositions other than 13 SHOP communities sold in
March 2026.
Guidance Assumptions

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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 Operating Model
DHC has refined its approach within its SHOP segment, placing a greater emphasis on incentive alignment and accountability. Results
are increasingly driven by property-level fundamentals, supporting occupancy and margin gains over time.
Strategic Capital Recycling
DHC has enhanced its portfolio through targeted property sales, focusing on elevating overall asset quality, market positioning and balance
sheet improvement. Capital recycling supports deleveraging, allowing the company to concentrate resources on the highest performing assets.
Prudent Financial Management
DHC’s strategy is centered on disciplined liquidity management and prudent leverage utilization. By prioritizing financial flexibility and
balance sheet management, the company strengthens its capacity to navigate market cycles and sustain long-term value creation.
Powerful Demographic Tailwinds
DHC’s portfolio is supported by long-term demographic trends, including outsized growth in the senior population and continued
demand for healthcare services. These structural dynamics create robust demand across DHC’s healthcare real estate portfolio.

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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.
➢ Driving expense savings through procurement
optimization, streamlined labor costs and enhanced
operational performance through new operator
partnerships.
➢ Enhanced systems for lead tracking, personalized
communication and tour to move-in conversion
optimization.
Capital Recycling
➢ Investment in strategic ROI capital opportunities to
drive NOI growth.
➢ Achieve value maximization of non-core assets.
➢ Reduce exposure to capital intensive communities
and exit low growth markets.
% of NOI
1Q25 NOI
NNN
7%
SHOP
51%
Medical
Office
24%
Life Science
13%
Wellness
5%
Senior Housing
62%
% of NOI
1Q26 NOI
NNN
5%
SHOP
57%
Medical
Office
23%
Life Science
10%
Wellness
5%

1010
5.8%
6.9%
5.9% 5.7% 5.3%
6.3%
0.5%
4.0% 4.2%
2.2%
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 Continue
Focused on driving continued margin expansion across the SHOP platform.
SHOP RevPOR vs ExPOR and Occupancy Growth Trends (1)
l
(1) 2022A – 2025A reflects full year same property data. 2026E reflects full year occupancy guidance and mid-point guidance for RevPOR and ExPOR.

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 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 non-core properties totaled $627.9 million since 2025 through 1Q26, boosting overall performance and
driving margin expansion.
MOB/Life Science/Other SHOP MOB/Life Science/Other SHOP
Number of Properties / Units 50 19 / 1,545 - 13 / 669
Occupancy (1) 47.0% 79.9% - 79.6%
Revenue (2) $32.8M $82.6M - $29.2M
NOI (2) $14.0M $(1.8)M - $(3.0)M
Price Per SF or Unit $151.29 / SF $67,049 / Unit - $34,380 / Unit
Gross Sales Price $501.3M $103.6M - $23.0M
Total Proceeds $604.9M $23.0M
Properties Sold in 2025 Properties Sold in 1Q26

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, highlighting DHC’s
ability to tap into multiple markets.
➢ Trending towards positive cash flow as leverage declines.
$1.1 $2.3
$640.6
$1.9
$435.1
$1,362.0
2026 2027 2028 2029 2030 2031 & After
Unsecured Fixed Rate Debt Secured Fixed Rate Debt Secured Floating Rate Debt
Balance Sheet Outlook & Liquidity Update
Debt Maturity Schedule
(dollars in millions)

YoY Leverage Improvement
[94.2%]
Fixed Rate Debt
$4.2 Billion
Unencumbered Assets
$271.8 Million
Near-Term Available Liquidity
DHC is targeting leverage of 6.5x to 7.5x to further enhance its cost of
capital and improve its outlook with the rating agencies.
8.8x 7.8x
Moody’s and S&P Global Upgrades
to B3 and B-, respectively
(1)
(1) DHC has two six-month extension options for the maturity date of its $140 million floating rate debt, subject to satisfaction of certain conditions and payment of an extension fee.
$271.8 Million
Near-Term Available Liquidity
$4.0 Billion
Unencumbered Assets
94.3%
Fixed Rate Debt

YoY Interest Coverage Improvement
1.3x 2.0x
As of March 31, 2026 unless otherwise noted.

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SHOP Segment

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 are
increasing demand for
housing options that are
integrated within the broader
continuum of care.
Affordability
Middle-income seniors
represent >40% of demand,
underscoring the importance
of flexible pricing models that
balance affordability with
access to essential services
and amenities.
Economic
Higher interest rates,
construction costs and labor
constraints have slowed new
supply, supporting long-term
fundamentals despite near-term macro pressures.

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 markets increasing up to 10% annually.
➢ Inventory growth has been decreasing since 2018.
Age 80+ Population Growth(1) Inventory Growth(3)
-
5.0
10.0
15.0
20.0
25.0
30.0
Millions
10
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Senior Housing Independent Living Assisted Living
Robust 80+ population growth projections coupled with meaningfully reduced
senior housing supply growth since 2018 supports a favorable sector backdrop.
(1) Source: Population estimates from the Organization for Economic Co-Operation and Development (OECD) as of April 2026.
(2) Source: National Investment Center for Seniors Housing & Care (NIC) as of 1Q26.
(3) Source: NIC Map © Data Service in primary and secondary markets as of 1Q26. For more information on the NIC MAP © Data Service, please visit www.nic.org/NIC-map.

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% by 2035, ultimately outpacing the currently diminished growth of total
available units.
Long term senior population growth is significantly outpacing inventory growth
supporting the outlook for higher occupancy levels and rent growth.
15.21
16.32
17.19
18.01
18.79
19.59
1.17 1.18 1.18 1.19 1.19 1.20
2026 2027 2028 2029 2030 2031
(Millions)
Projected U.S. 80+ Population Projected U.S. Senior Housing Units
(1) Source: Population estimates from the Organization for Economic Co-Operation and Development (OECD) as of April 2026.
(2) Source: National Investment Center for Seniors Housing & Care (NIC) CBSA Property Trends as of 1Q26.
(1) (2)

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0
50
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U.S. Population, Millions
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 benefits existing communities and in-place portfolios.
+36%
The baby boomer generation is rapidly entering the 80+ age range providing
ongoing senior living demand that will benefit in-place SHOP portfolios.
(1) Source: Census Bureau Office, 2026.

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% occupancy and $387 average monthly rate
per unit mark to market opportunity across DHC’s
current portfolio.
$499,273
$331,867
$485,173
$318,348
Primary Secondary
SHOP Market
65+ Average Home Value (1)
The average DHC resident home value is
2.9% higher than average in primary
markets and 4.2% higher than average in
secondary markets, supporting long-term
affordability and resident retention.
SHOP Occupancy Market Potential (2)
SHOP Rate Market Potential (2)
(1) Compares home values within 3-mile radius using NIC MAPs analysis feature as of 1Q26.
(2) Figures are for each respective full year and National Investment Center for Seniors Housing & Care (NIC) Market Trends data as of 1Q26.
74.4% 78.1% 79.3% 81.0% 81.7% 89.8%
2022 2023 2024 2025 1Q26 NIC Market
$4,571 $4,888 $5,179 $5,467 $5,613 $6,000
2022 2023 2024 2025 1Q26 NIC Market

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 Capacity
108
Communities
9,755
Senior Living Units
95% Average
Occupancy
40 years
of community
transition experience
57
Communities
3,500
Residents
24 Communities
Recognized in U.S.
News Best of
Senior Living
Operates in 10
States across the
U.S. Southeast
70+
Communities
5,500+
Senior Living Units
39th Largest U.S.
Senior Living
Operator
Rapid growth since
its founding in
2016
Operates in 8 States
across the U.S.
Southwest
(1) Source: Company data.

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
Tutera,
1,967
Phoenix Senior
Living, 2,053
Discovery
Senior Living,
5,095
Transition Communities Opportunities
Five Star Senior
Living, 17,287
Other, 1,821
Charter Senior
Living, 1,759
Phoenix Senior
Living, 1,457
Oaks-Caravita
Senior Care,
1,415
Stellar Senior
Living, 1,133
(1) Occupancy upside is the gap between the pro forma 1Q26 occupancy and the applicable NIC benchmark data calculated using Core-Based Statistical Areas, or CBSAs, where
the 116 communities are located and additional market data for non-CBSA properties, weighted by units.
2025 Transition Communities Occupancy Upside Potential
Recent Transition Communities Occupancy Upside (1)
Pre-Transition SHOP Units by Operator 1Q26 SHOP Units by Operator
➢ Implementing dynamic pricing structures and expanding
ancillary services to boost occupancy and elevate resident
care.
➢ Leveraging regional densification to reduce structural
labor costs and improve operational efficiency.
➢ Driving savings through centralized purchasing to lower
fees and dietary expenses.
➢ Capturing uplift from recently renovated and modernized
communities.

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 Geographic Diversification by Operator/Unit Count
Note: Bubble sizes reflect DHC’s unit count in identified market.

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 of real
estate investment decisions.
Analytics Driving Performance
Use of proprietary and market data
leveraged across all systems to
support portfolio wide actionable
decisions backed by RMR’s network
of over 800 CRE professionals.
Experienced Operators
Performance based incentives are in
place to drive growth and ensure
resident satisfaction, aligning goals
between DHC and its experienced
operators.

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 corridors and updated FF&E
and signage, creating a cohesive,
hospitality-forward environment to
support resident satisfaction and support
sustained rate growth.
• Units: 236
• Occupancy: 75.9%
• Project Cost: $6,352,000
• ROI (2): 27.6%
Targeted renovations that elevated the
community’s presentation and
functionality through refreshed common
areas, an upgraded lobby, enhanced
dining rooms and corridors and
improvements to the resident bridge.
FF&E and signage updates, along with
main entry enhancements, modernized
the environment and improved the
community’s ability to drive occupancy
improvement and rate growth.
• Units: 273
• Occupancy: 85.1%
• Project Cost: $2,596,000
• ROI (2): 73.4%
This targeted refresh included updating
common area FF&E, flooring, paint,
window treatments, artwork and signage
to modernize the community and
strengthen brand perception at a
relatively low cost. The improvements will
support faster leasing, rent premiums,
and better resident retention while
reducing maintenance and operational
friction. Overall, the scope is intended to
deliver a high impact upgrade that
extends the asset’s competitive life and
generates an attractive return.
The Remington Club, CA The Pines of Dayton Place, CO The Pointe at Plantation, FL
(1) Data as of March 31, 2026.
(2) ROI is calculated from NOI 12 months before construction and Q1 2026 NOI annualized over total project cost.

2424
Medical Office & Life Science Segment

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
Medical Support
10 Properties
1.5 Million SF
95% Occupancy
Life Science Lab & R&D
10 Properties
926,000 SF
97% Occupancy
Research Support
3 Properties
261,000 SF
100% Occupancy
Medical Office
Diverse tenant mix providing a wide range of outpatient
services from high acuity specialty to primary care and
dental, as well as health system administration, medical
supplies and health insurance providers.
Life Science
High-quality, well-located laboratory and R&D assets with
a strong tenant base within the biotechnology,
pharmaceutical development and medical device
industries.
52 Properties
4.2 Million Square Feet
$69 Million Annual Cash NOI (2)
4.9 Years WALT (3)
13 Properties
1.2 Million Square Feet
$30 Million Annual Cash NOI (2)
4.8 Years WALT (3)
89% Health System
Affiliated (2)
74% of Cash NOI from
Top 3 Life Science Markets (1)
74% Investment Grade
Credit (2)
56% Investment Grade
Credit (2)

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 of March 31, 2026.
(3) Data per 1,000 people per KFF ‘Key Facts About Hospitals’ published February 2025 .
2.9%
YoY NOI Growth (1)
89%
Health System Affiliated(2)
54%
Investment Grade
Tenancy (2)
Outpatient Medical – Additional Portfolio Detail
94%
Occupancy
83%
Off-Campus Properties
Portfolio Highlights
21 Spurs Lane
San Antonio, TX
➢ Growing demand for healthcare services and increased spending, driven by an aging
population and advancements in medical care.
➢ Outpatient utilization has grown 31% since 2000 while inpatient has declined 19%. (3)
o Trend expected to continue driven by consumer preference for greater convenience,
lower costs for providers and insurers and advancements enabling more formerly
inpatient-only procedures to be performed in outpatient facilities.
➢ Federal healthcare spending reductions present risks and opportunities as providers seek
more affordable care delivery options driving further demand for outpatient space.
DHC’s Outpatient Medical portfolio is positioned to provide investor value from
predictable cash flows, durable occupancy and resilient total returns through cycles..
DHC’s Outpatient Medical portfolio consists of 42 properties and more than 225
individual tenants that include investment grade credit rated healthcare systems,
physicians' groups, primary care providers and high acuity specialty providers.
7809 W. 38th Avenue
Wheat Ridge, CO

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 same store properties as of March 31, 2026.
(1) By annualized rental income as of March 31, 2026.
(2) Tenants providing outpatient clinical services within a property that is majority occupied by medical support or other tenants.
Consistent high
occupancy and strong
tenant credit profile
76% of tenants in the
medical services and
supporting health care
industries
Well-located properties,
2009 average property
vintage year
Portfolio Highlights Tenant Profile (1)
(2)
Health Systems &
Insurance, 46%
Other, 24%
Medical Devices,
20%
Medical
Associations, 5%
Clinical Outpatient,
5%

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 Health Systems and Major
Healthcare Companies across all Medical Office Portfolio Markets
Key Relationships in Each Portfolio MSA
Boston
Boston Children’s Hospital
Atlanta
Emory Healthcare
Wellstar Health System
Northside Hospital
Milwaukee
Advocate Health
Albuquerque
Presbyterian Healthcare Services
San Antonio
HCA Healthcare
Medtronic
Richmond
Sentara Health
Long Island
NYU Langone Health
Honolulu
Hawaii Pacific Health Houston
Houston Methodist Hospital
Kansas City
University of Kansas Health System
Orlando
Orlando Health
Advent Health
Austin
Ascension
Texas Children’s Hospital
Indianapolis
Franciscan Health
St. Louis
WashU Medicine
Pittsburgh
UPMC
Denver
HCA Healthcare
Winchester
McKesson
Lubbock
Covenant Health
South Florida
Baptist Health South Florida
Dallas/Fort Worth
Baylor Scott & White Health
Cardinal Health
Nashville
HCA Healthcare
Harrisburg
Penn State Health
Philadelphia
Jefferson Health
(1) By annualized rental income from direct and affiliated leases as of March 31, 2026.

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 31, 2026.
10 Properties
926,000 SF
97% Occupancy
Life Science Portfolio
Lab & R&D Facilities
➢ Chronic disease prevalence and an aging population are driving demand for
pharmaceuticals.
➢ Looming patent expirations in 2028 forcing major pharmaceutical companies to seek ways to
replace future lost revenue and encouraging greater M&A activity.
➢ Major pharmaceutical companies with advanced clinical trial successes are expected to be a
leading source of new space demand.
➢ The State Street SPDR S&P Biotech ETF—widely viewed as a key barometer for biotech equity
valuations—experienced a sharp upswing in the latter half of 2025. Historically, movements in
this index have signaled rising leasing demand for laboratory and R&D facilities.
➢ The remaining construction pipeline of speculative lab/R&D space will be delivered in 2026,
stabilizing the supply/demand balance and moving toward positive net absorption.
DHC’s Life Science portfolio consists of pharmaceutical and biotechnology
research wet lab research facilities, medical device R&D and manufacturing
facilities and research support properties.
6 Tenant HQ Locations
71% of Annualized Revenue (1)
74%
Located in Top 3 life science
market clusters (2)
3 Properties
261,000 SF
100% Occupancy
56%
Investment Grade Tenancy (1)
Research Support
State Street SPDR S&P Biotech ETF Lab Space Under Construction (All US)
0
5
10
15
20
25
30
35
4Q20 4Q21 4Q22 4Q23 4Q24 4Q25
SF Millions
$60
$70
$80
$90
$100
$110
$120
$130
$140

3030
Triple Net Leased Wellness Centers &
Senior Living Segment

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)
3.09x
Rent Coverage
-
16.0%
- 1.8%
82.2%
2026 2027 2028 2029 2030 and
Thereafter
NNN Lease Expiration Schedule (1)
NNN Senior Living NNN Wellness Centers
(1) By annualized rental income as of March 31, 2026.
(2) In April 2026, Stellar Senior Living LLC exercised its renewal option to extend its lease through 2037.
The Stratford
2460 Glebe Street, Carmel, IN
LifeTime Fitness
971 State Hwy 121, Allen, TX
(2)

3232
Appendix

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 seek to operate those properties in ways that improve
the economic performance of their operations, while
simultaneously ensuring tenant comfort and safety and managing
energy and water consumption, as well as greenhouse gas
emissions.
Our strategy for our SHOP segment is to work with our operators to
prioritize the safety and well-being of our residents, while also
seeking to maximize the operating efficiencies of our senior living
communities.
Impact Through Action Green Building Certifications (1)
Dedicated Leadership
3333
18 PROPERTIES
1.8 MILLION SF
GREEN LEASE
LEADERS — GOLD
PARTNER
24 PROPERTIES
3.6 MILLION SF
9 PROPERTIES
0.8 MILLION SF
DHC’s Board of Trustees
DHC’s Board of Trustees demonstrates a strong
dedication to environmental and sustainable initiatives
and embodies a rich diversity in professional experience
and national background, leveraging a wide rage of
expertise and perspective.
Learn more about the Sustainability programs of our
manager, The RMR Group, through its most recently
published Sustainability Report.
Female
Lead Independent
71% Independent
29%
Underrepresented
Communities
43% Women
DHC’s Commitment to Sustainability and Good Governance

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
Medical Office
Life Science
Hotels
Retail
Office
RMR Clients
Perpetual Capital
Private Real
Estate Vehicles
Private Capital
34

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
Asset
Management
Transactions
Energy &
Sustainability
3535

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 any transaction that could
reduce DHC’s share price.
RMR incentive fees are contingent on total shareholder return
outperformance
• Equal to 12% of value generated by DHC in excess of the benchmark
index total returns (MSCI U.S. REIT/Health Care REIT Index) per share
over a three-year period, subject to a cap (1.5% of equity market cap).
• Outperformance must be positive: it can’t be the best of the worst.
• Shareholders keep 100% of benchmark returns and at least 88% of
returns in excess of the benchmark.
Other fees
• Property management fee: consists of an annual fee based on 3.0% of
rents collected at DHC’s medical office, life science and active adult
properties.
• Construction supervision fee based on project costs.
Alignment of Interests
If DHC’s total market cap exceeds historical cost of
real estate, base fee is paid on assets.
If DHC’s total market cap is less than historical cost
of real estate, base fee fluctuates with share price.
Incentive fee structure keeps RMR focused on
increasing total shareholder return.
Members of RMR senior management are holders of
DHC shares.
DHC shareholders have visibility into publicly traded
RMR.
DHC benefits from RMR’s national footprint and
economies of scale of a $37 billionplatform.

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 366,471 379,571 388,706 382,712 386,864
Property operating expenses (290,556) (307,047) (325,387) (312,580) (314,326)
NOI 75,915 72,524 63,319 70,132 72,538
Non-cash adjustments (905) (1,771) (620) (25) (1,228)
Cash Basis NOI $ 75,010 $ 70,753 $ 62,699 $ 70,107 $ 71,310
Reconciliation of Net Loss to NOI and Cash Basis NOI:
Net loss $ (43,275) $ (21,221) $ (164,040) $ (91,639) $ (8,986)
Equity in net earnings of investees (96) (27,108) (5,083) (3,082) (1,487)
Income tax expense 622 514 337 843 49
Loss on modification or early extinguishment of debt — 2,138 11,191 126 29,071
Interest expense 37,045 46,855 48,886 50,926 57,831
Interest and other income (233) (1,532) 774 (2,982) (2,099)
Gain on insurance recoveries — — — — (7,522)
Loss (gain) on sale of properties 1,207 (13,759) (1,260) 7,429 (110,140)
Impairment of assets — 2,994 93,243 30,993 38,472
Acquisition and certain other transaction related costs 3,693 9,099 1,158 75 24
General and administrative 14,038 12,536 12,789 11,177 9,000
Depreciation and amortization 62,914 62,008 65,324 66,266 68,325
NOI 75,915 72,524 63,319 70,132 72,538
Non-cash adjustments (905) (1,771) (620) (25) (1,228)
Cash Basis NOI $ 75,010 $ 70,753 $ 62,699 $ 70,107 $ 71,310
(dollars in thousands)
Calculation and Reconciliation of Non-GAAP Financial Measures

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 43,626 36,193 29,620 36,615 36,828
NOI of properties not included in same property results 695 2,098 2,311 1,267 2,209
Same property NOI $ 44,321 $ 38,291 $ 31,931 $ 37,882 $ 39,037
Medical Office and Life Science Portfolio
Revenues $ 41,895 $ 47,789 $ 48,201 $ 48,056 $ 49,763
Property operating expenses (16,831) (19,677) (21,526) (21,569) (22,907)
NOI 25,064 28,112 26,675 26,487 26,856
NOI of properties not included in same property results 304 (3,909) (2,559) (2,387) (2,400)
Same property NOI $ 25,368 $ 24,203 $ 24,116 $ 24,100 $ 24,456
All Other
Revenues $ 7,351 $ 8,368 $ 7,115 $ 7,111 $ 8,795
Property operating expenses (126) (149) (91) (81) 59
NOI 7,225 8,219 7,024 7,030 8,854
NOI of properties not included in same property results (186) (62) — — (1,675)
Same property NOI $ 7,039 $ 8,157 $ 7,024 $ 7,030 $ 7,179
Total
Revenues $ 366,471 $ 379,571 $ 388,706 $ 382,712 $ 386,864
Property operating expenses 290,556 307,047 325,387 312,580 314,326
NOI 75,915 72,524 63,319 70,132 72,538
NOI of properties not included in same property results 813 (1,873) (248) (1,120) (1,866)
Same property NOI $ 76,728 $ 70,651 $ 63,071 $ 69,012 $ 70,672
(dollars in thousands)

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 29,620 36,615 36,828
Cash Basis NOI of properties not included in same property results 695 2,098 2,311 1,267 2,209
Same property Cash Basis NOI $ 44,321 $ 38,291 $ 31,931 $ 37,882 $ 39,037
Medical Office and Life Science Portfolio
NOI $ 25,064 $ 28,112 $ 26,675 $ 26,487 $ 26,856
Non-cash adjustments (711) (1,587) (424) 248 (936)
Cash Basis NOI 24,353 26,525 26,251 26,735 25,920
Cash Basis NOI of properties not included in same property results 330 (2,391) (2,358) (2,377) (1,950)
Same property Cash Basis NOI $ 24,683 $ 24,134 $ 23,893 $ 24,358 $ 23,970
All Other
NOI $ 7,225 $ 8,219 $ 7,024 $ 7,030 $ 8,854
Non-cash adjustments (194) (184) (196) (273) (292)
Cash Basis NOI 7,031 8,035 6,828 6,757 8,562
Cash Basis NOI of properties not included in same property results (139) (44) — — (1,677)
Same property Cash Basis NOI $ 6,892 $ 7,991 $ 6,828 $ 6,757 $ 6,885
Total
NOI $ 75,915 $ 72,524 $ 63,319 $ 70,132 $ 72,538
Non-cash adjustments (905) (1,771) (620) (25) (1,228)
Cash Basis NOI 75,010 70,753 62,699 70,107 71,310
Cash Basis NOI of properties not included in same property results 886 (337) (47) (1,110) (1,418)
Same property Cash Basis NOI $ 75,896 $ 70,416 $ 62,652 $ 68,997 $ 69,892

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 expense 622 514 337 843 49
Depreciation and amortization 62,914 62,008 65,324 66,266 68,325
EBITDA 57,306 88,156 (49,493) 26,396 117,219
Loss (gain) on sale of properties 1,207 (13,759) (1,260) 7,429 (110,140)
Impairment of assets — 2,994 93,243 30,993 38,472
Equity in net earnings of investees (96) (27,108) (5,083) (3,082) (1,487)
Share of EBITDAre from unconsolidated joint ventures 4,549 4,612 4,511 4,463 4,494
Adjustments to reflect DHC's share of EBITDAre attributable to a former equity
method investment — — 4,831 1,502 1,589
EBITDAre 62,966 54,895 46,749 67,701 50,147
General and administrative expense paid in common shares 717 593 1,164 1,062 592
Incentive management fees 6,628 5,674 5,676 4,148 2,407
Acquisition and certain other transaction related costs 3,693 9,099 1,158 75 24
Gain on insurance recoveries — — — — (7,522)
Loss on modification or early extinguishment of debt — 2,138 11,191 126 29,071
Adjustments to reflect DHC's share of Adjusted EBITDAre attributable to a
former equity method investment — — (3,072) 501 390
Adjusted EBITDAre $ 74,004 $ 72,399 $ 62,866 $ 73,613 $ 75,109

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
Loss (gain) on sale of properties 1,207 (13,759) (1,260) 7,429 (110,140)
Impairment of assets — 2,994 93,243 30,993 38,472
Equity in net earnings of investees (96) (27,108) (5,083) (3,082) (1,487)
Share of FFO from unconsolidated joint ventures 2,027 1,998 2,199 2,715 2,737
Adjustments to reflect DHC's share of FFO attributable to a former equity method
investment — — 3,731 895 1,073
FFO 22,777 4,912 (5,886) 13,577 (10,006)
Incentive management fees 6,628 5,674 5,676 4,148 2,407
Acquisition and certain other transaction related costs 3,693 9,099 1,158 75 24
Gain on insurance recoveries — — — — (7,522)
Loss on modification or early extinguishment of debt — 2,138 11,191 126 29,071
Adjustments to reflect DHC's share of Normalized FFO attributable to a former
equity method investment — — (2,418) 646 331
Normalized FFO $ 33,098 $ 21,823 $ 9,721 $ 18,572 $ 14,305

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 1,062 592
Non-cash interest expense 2,329 11,848 20,121 19,886 26,087
Non-cash amortization included in expenses (943) (942) (943) (942) (943)
Non-cash straight line rent adjustments included in rental income (57) (203) (450) 146 (455)
Lease value amortization included in rental income 29 30 29 28 26
Recurring capital expenditures (18,728) (35,071) (40,562) (29,329) (26,486)
Share of FFO from unconsolidated joint ventures (2,027) (1,998) (2,199) (2,715) (2,737)
Adjustments to reflect DHC's share of FFO and Normalized FFO attributable
to a former equity method investment — — (1,313) (1,541) (1,404)
Unconsolidated joint venture distributions (1) 600 750 28,250 — —
Former equity method investment distribution 27,200 — 3,400 — 17,000
Incentive management fees (2) (17,905) — — — —
CAD $ 24,313 $ (3,170) $ 17,218 $ 5,167 $ 25,985
Weighted average common shares outstanding (basic and diluted) 240,689 240,662 240,385 240,132 239,957
Per common share data (basic and diluted):
Net loss $ (0.18) $ (0.09) $ (0.68) $ (0.38) $ (0.04)
FFO $ 0.09 $ 0.02 $ (0.02) $ 0.06 $ (0.04)
Normalized FFO $ 0.14 $ 0.09 $ 0.04 $ 0.08 $ 0.06
CAD $ 0.10 $ (0.01) $ 0.07 $ 0.02 $ 0.11
(1) In August 2025, DHC received a cash distribution of $28,000 from the Seaport Innovation LLC joint venture in connection with the refinancing of such joint venture’s prior
mortgage loan.
(2) In January 2026, DHC paid RMR an incentive management fee of $17,905 incurred for the year ended December 31, 2025.

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 results of operations. We calculate NOI, Cash Basis NOI, same property NOI and same property cash basis NOI as shown in this appendix. We define NOI as income from our real estate less our property operating
expenses. NOI excludes depreciation and amortization. We define Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization, lease termination fees, if any, and non-cash
amortization included in property operating expenses. We calculate same property NOI and same property cash basis NOI in the same manner that we calculate the corresponding NOI and cash basis NOI amounts,
except that we only include same properties in calculating same property NOI and same property cash basis NOI. We use NOI, Cash Basis NOI, same property NOI and same property cash basis NOI to evaluate
individual and company-wide property level performance. Other real estate companies and REITs may calculate NOI, Cash Basis NOI, same property NOI and same property cash basis NOI differently than we do.
FFO and Normalized FFO
We calculate FFO and Normalized FFO as shown in this appendix. FFO is calculated on the basis defined by Nareit, which is net income (loss), calculated in accordance with GAAP, excluding any gain or loss on sale of
properties, equity in net earnings or losses of investees, loss on impairment of real estate assets, gains or losses on equity securities, net, if any, and including adjustments to reflect our proportionate share of FFO from
unconsolidated joint venture properties and prior to the wind-down of AlerisLife Inc.’s business, our proportionate share of FFO of our former equity method investment, plus real estate depreciation and amortization of
consolidated properties, as well as certain other adjustments currently not applicable to us. In calculating Normalized FFO, we adjust for the items shown in this appendix, including similar adjustments for our
unconsolidated joint ventures, if any, and include incentive management fees, if any, only in the fourth quarter versus the quarter when they are recognized as an expense in accordance with GAAP due to their quarterly
volatility not necessarily being indicative of our core operating performance and the uncertainty as to whether any such business management incentive fees will be payable when all contingencies for determining such
fees are known at the end of the calendar year. FFO and Normalized FFO are among the factors considered by our Board of Trustees when determining the amount of distributions to our shareholders. Other factors
include, but are not limited to, requirements to maintain our qualification for taxation as a REIT, limitations in the agreements governing our debt, the availability to us of debt and equity capital, our expectation of our
future capital requirements and operating performance and our expected needs for and availability of cash to pay our obligations. Other real estate companies and REITs may calculate FFO and Normalized FFO
differently than we do.
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 Cash Basis NOI, earnings before interest, income tax, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, Adjusted EBITDAre, funds from operations, or FFO, and normalized
funds from operations, or Normalized FFO, and cash available for distribution, or CAD. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered
alternatives to net income (loss) as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income (loss) as presented in our consolidated
statements of income (loss). We consider these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss). We believe these measures provide
useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization, they may facilitate a comparison of our operating performance between periods and
with other REITs and, in the case of NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level
may help both investors and management to understand the operations of our properties.
DEFINITIONS OF CERTAIN NON-GAAP FINANCIAL MEASURES
Cash Available for Distribution
We calculate CAD as shown on page 42. We define CAD as Normalized FFO minus our proportionate share of Normalized FFO from unconsolidated joint venture properties and our former equity method investment,
plus cash flow distributions received from our unconsolidated joint ventures and equity method investment, if any, recurring real estate related capital expenditures, adjustments for other non-cash and nonrecurring
items, certain amounts excluded from Normalized FFO but settled in cash, and paid incentive management fees, if any, as well as certain other adjustments currently not applicable to us. CAD is among the factors
considered by our Board of Trustees when determining the amount of distributions to our shareholders. Other real estate companies and REITs may calculate CAD differently than we do.
EBITDA, EBITDAre and Adjusted EBITDAre
We calculate EBITDA, EBITDAre and Adjusted EBITDAre as shown on page 40. EBITDAre is calculated on the basis defined by the National Association of Real Estate Investment Trusts, or Nareit, which is EBITDA,
excluding any gain or loss on sale of properties, equity in net earnings or losses of investees, loss on impairment of real estate assets, if any, and including adjustments to reflect our proportionate share of Adjusted
EBITDAre from unconsolidated joint venture properties and prior to the wind-down of AlerisLife Inc.'s business, our proportionate share of EBITDAre of our former equity method investment, as well as certain other
adjustments currently not applicable to us. In calculating Adjusted EBITDAre, we adjust for the items shown on page 40. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre
differently than we do.

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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 and modified gross leases, and
excludes lease value amortization. Amounts of annualized rental income for DHC's medical office and life science properties also exclude leases that expired on
March 31, 2026 and 100% of rents pursuant to existing leases as of March 31, 2026 from the medical office and life science properties owned by unconsolidated
joint ventures in which DHC owns an equity interest.
ExpPOR: The average expenses generated per occupied room per month at Seniors Housing Operating properties.
GAAP: GAAP is U.S. generally accepted accounting principles.
Gross sales price: Gross sales price excludes closing costs.
Health System Affiliated: Medical outpatient properties are considered affiliated with a health system if one or more of the following conditions are met: i) the
property is defined as On-Campus, ii) a majority of the property is leased by a health system entity, iii) the property includes an ambulatory surgery center with a
hospital partnership interest, or iv) at least 50% of the property’s annualized rental income in aggregate is from a) leases with hospital systems or direct
subsidiaries of a hospital systems, b) leases with tenants that self-report affiliations with hospital systems, c) leases with tenants that are members of network of
providers with at least ten locations, d) leases with tenants where a majority of care providers served by the leased premises are listed as providers by a hospital
system, or e) leases with physician groups that are either employed, directly or indirectly by a health system, or have a significant clinical and financial affiliation
with a health system.
Incentive management fees: Incentive management fees are estimated and accrued during the applicable measurement period. Actual incentive management
fees will be calculated based on common share total return, as defined in DHC's business management agreement, for the three year period ending December
31 of the applicable calendar year, are included in general and administrative expense in DHC's condensed consolidated statements of income (loss) and will be
payable to RMR in January of the following calendar year.
Interest rate: Interest rate includes the effect of mark to market accounting for certain assumed mortgages and premiums and discounts on certain mortgages
and secured and unsecured notes; excludes effects of debt issuance costs and the unused fee on DHC's secured revolving credit facility. Interest rate reflects the
impact of interest rate caps, as applicable.
Leverage: Leverage is calculated by dividing net debt by annualized adjusted EBITDAre.
Life Science Lab & R&D: Properties with specialized laboratory or research and development spaces utilized for pharmaceutical, biotechnology and medical
device research, development or manufacturing.
CERTAIN DEFINITIONS

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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 similar tenants. DHC's medical office and life science
property leases include some triple net leases where, in addition to paying fixed rents, the tenants assume the obligation to operate and maintain the properties
at their expense, and some net and modified gross leases where DHC is responsible for the operation and maintenance of the properties and DHC charges
tenants for some or all of the property operating costs. A small percentage of DHC's medical office and life science property leases are full-service leases where
DHC receives fixed rent from its tenants and no reimbursement for its property operating costs.
Medical Support: Medical office properties that are leased to medical related businesses such as medical device and healthcare supply, health system corporate
administration, physician groups and health insurance. Properties that are only partially clinical outpatient space are also included.
MOB: Medical Office Building, including outpatient medical and medical support properties.
NNN: Triple net leased.
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 undergoing
redevelopment, (ii) space which is leased but is not occupied or is being offered for sublease by tenants and (iii) space being fitted out for occupancy.
On-Campus: A medical outpatient property that is physically located within the boundaries of a hospital campus or the land parcel is adjacent to or directly
across from a hospital campus.
Outpatient Medical: Properties offering ambulatory medical services such as primary and secondary care, outpatient surgery, diagnostic procedures,
rehabilitation and other ancillary patient care services. These properties are frequently affiliated with a health system and may or may not be located on a hospital
campus. These properties were either originally constructed or subsequently renovated specifically for use by healthcare professionals to provide services to
patients.
Rent coverage: Rent coverage is calculated using the annualized operating cash flows from DHC's triple net lease tenants' operations of DHC's properties,
before subordinated charges, if any, divided by annualized rental income. DHC has not independently verified tenant operating data.
Research Support: Properties that are leased to pharmaceutical, biotechnology and medical device businesses that provide research and administrative support
to other laboratory or R&D facilities.
CERTAIN DEFINITIONS (Continued)

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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 properties classified as held for sale, closed or out of service, if any, and medical office and life science properties
owned by unconsolidated joint ventures in which DHC owns an equity interest. Properties are included in same property once stabilized for the full period in
both comparison periods presented. As of and for the year ended March 31, 2026, same property consists of properties owned, in service and reported in the
same segment since January 1, 2025; excludes properties classified as held for sale, closed or out of service, if any, planned dispositions and medical office and
life science properties owned by unconsolidated joint ventures in which DHC owns an equity interest. Properties are included in same property once stabilized
for the full period in both comparison periods presented.
Secondary markets: Secondary markets are made up of 68 large CBSAs in the United States that are not included in the primary markets. Data for secondary
markets is often presented aggregated.
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 the communities.
Properties in this segment include independent living communities, assisted living communities, active adult rental communities and SNFs.
SNF: SNF is a skilled nursing facility.
Square feet: Square feet measurements are subject to modest changes when space is periodically remeasured or reconfigured for new tenants. Square feet for
prior periods exclude space remeasurements made subsequent to those periods. Excludes data from medical office and life science properties owned by
unconsolidated joint ventures in which DHC owns an equity interest.
Triple net leased senior living communities: Triple net leased senior living communities include independent and assisted living communities and SNFs.
Unit count: Unit count is by the type of living units at DHC's senior living communities within its SHOP segment.
WALT: Weighted average lease term by annualized rental income.
CERTAIN DEFINITIONS (Continued)