Diversified Healthcare Trust 8-K, filed Nov 2, 2026
Diversified Healthcare Trust (DHC)
8-K
2026-11-02
For: 2026-11-02
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Added on
November 02, 2026
About this 8-K
Diversified Healthcare Trust filed this 8-K on November 2, 2026.
Diversified Healthcare Trust reported third-quarter same property cash basis NOI up 25.6% to $77.9 million and Adjusted EBITDAre up 28.4% to $73.4 million, while updating full year 2026 Normalized FFO per share guidance to $0.46 - $0.52. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 2, 2026
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation)
| (Commission File Number) | (IRS Employer Identification No.) | |||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||||||||
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities Registered Pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name Of Each Exchange On Which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 2, 2026 , Diversified Healthcare Trust, or the Company, issued a summary press release and a detailed earnings presentation announcing the Company's financial results for the quarter ended September 30, 2026. Copies of the Company's summary press release and detailed earnings presentation are furnished as Exhibits 99.1 and 99.2 hereto, respectively.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| 99.1 | |||||
| 99.2 | |||||
| 104 | Cover Page Interactive Data File. (Embedded within the Inline XBRL document.) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DIVERSIFIED HEALTHCARE TRUST | ||||||||
| By: | /s/ Matthew C. Brown | |||||||
| Name: | Matthew C. Brown | |||||||
| Title: | Chief Financial Officer and Treasurer | |||||||
Dated: November 2, 2026
Exhibit 99.1
FOR IMMEDIATE RELEASE
Diversified Healthcare Trust Announces Third Quarter 2026 Results
Provides Updated Full Year 2026 Financial Guidance
Newton, MA (November 2, 2026): Diversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended September 30, 2026, and provided updated full year 2026 financial guidance, which can be found at the Quarterly Reports section of DHC's website at https://www.dhcreit.com/investors/financial-information/quarterly/default.aspx.
A conference call to discuss DHC's third quarter 2026 financial results will be held on Tuesday, November 3, 2026 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 329-4297 or (412) 317-5435 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (855) 669-9658; the replay pass code is 7801329. A live audio webcast of the conference call will also be available in a listen-only mode on DHC's website, at www.dhcreit.com. The archived webcast will be available for replay on DHC's website after the call. The transcription, recording and retransmission in any way of DHC's third quarter conference call are strictly prohibited without the prior written consent of DHC.
About Diversified Healthcare Trust:
DHC is a real estate investment trust focused on owning high-quality healthcare properties located throughout the United States. 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. As of September 30, 2026, DHC’s approximately $6.3 billion portfolio included 285 properties in 33 states and Washington, D.C., with 23,773 senior living units, approximately 5.6 million square feet of medical office and life science properties and occupied by approximately 250 tenants. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $37 billion in assets under management as of September 30, 2026 and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. DHC is headquartered in Newton, MA. For more information, visit www.dhcreit.com.
| Contact: | |||||
| Bryan Maher, Senior Vice President | |||||
| (617) 796-8234 | |||||
Financial Results and Supplemental Information THIRD QUARTER 2026 November 2, 2026 Exhibit 99.2
Q3 2026 2 Table of Contents Highlights and Guidance 4 Financial Statements, Debt and Leverage 9 Investments 15 Portfolio Information 20 Portfolio Information by Segment 24 Appendix 32 Warning Concerning Forward-Looking Statements 44 All amounts in this presentation are unaudited. Please refer to Non-GAAP Financial Measures and Certain Definitions for terms used throughout this document. Trading Symbols: Common Shares: DHC Senior Unsecured Notes due 2042: DHCNI Senior Unsecured Notes due 2046: DHCNL Issuer Credit Rating: Moody's: B3 Standard & Poor's: B- Investor Relations Contact: Bryan Maher, Senior Vice President (617) 796-8234 ir@dhcreit.com Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458-1634
RETURN TO TABLE OF CONTENTS Q3 2026 3 “Our third quarter results reflect the continued momentum DHC is experiencing from the strategic initiatives we have implemented over the past two years. This has translated into stronger operating and financial performance, as our same property cash basis NOI increased 25.6% year over year to $77.9 million and Adjusted EBITDAre increased 28.4% to $73.4 million. Normalized FFO increased to $0.13 per share, from $0.02 last year, keeping us on track to achieve our updated full year 2026 guidance. Within our SHOP segment, same property occupancy increased 200 basis points year over year to 84.4%, while average monthly rates grew 5.2%, driving a 50.4% increase in same property NOI and a 470 basis point expansion in NOI margins to 15.8%. These results demonstrate the continued success of our operator transition strategy and strong execution by our operating partners. We also completed the transition of seven skilled nursing facilities to a new 15-year triple net lease with operating subsidiaries of The Ensign Group, Inc., which we expect to generate first year annual rent of $8.0 million while significantly reducing our future capital expenditure requirements. Across our Medical Office and Life Science portfolio, we leased approximately 130,000 square feet at rents that were 25.2% higher than prior levels with a weighted average lease term of 9.7 years. We believe that these results reflect healthy tenant demand and the continued strength of the portfolio. Supported by these positive operating trends, as we look to 2027, we remain focused on building upon this momentum, further improving performance across our portfolio and driving sustainable earnings growth to create long-term value for our shareholders.” Christopher Bilotto, President and Chief Executive Officer Diversified Healthcare Trust Announces Third Quarter 2026 Financial Results Newton, MA (November 2, 2026): Diversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended September 30, 2026. Distribution On October 8, 2026, DHC declared a quarterly distribution on its common shares of $0.01 per share to shareholders of record as of the close of business on October 19, 2026. This distribution will be paid on or about November 12, 2026. Conference Call A conference call to discuss DHC's third quarter 2026 financial results will be held on Tuesday, November 3, 2026 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 329-4297 or (412) 317-5435 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (855) 669-9658; the replay pass code is 7801329. A live audio webcast of the conference call will also be available in a listen-only mode on DHC's website, at www.dhcreit.com. The archived webcast will be available for replay on DHC's website after the call. The transcription, recording and retransmission in any way of DHC's third quarter conference call are strictly prohibited without the prior written consent of DHC. About Diversified Healthcare Trust DHC is a real estate investment trust, or REIT, focused on owning high-quality healthcare properties located throughout the United States. 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. As of September 30, 2026, DHC’s approximately $6.3 billion portfolio included 285 properties in 33 states and Washington, D.C., with 23,773 senior living units, approximately 5.6 million square feet of medical office and life science properties and occupied by approximately 250 tenants. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $37 billion in assets under management as of September 30, 2026 and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. DHC is headquartered in Newton, MA. For more information, visit www.dhcreit.com.
RETURN TO TABLE OF CONTENTS Q3 2026 4 Highlights and Guidance
RETURN TO TABLE OF CONTENTS Q3 2026 5 • SHOP same property NOI margin increased 470 basis points to 15.8% compared to the third quarter of 2025. • Leased approximately 130,000 square feet in the Medical Office and Life Science Portfolio at weighted average rents that were 25.2% higher than prior rents with a weighted average lease term (by annualized rental income) of 9.7 years. • Medical Office and Life Science Portfolio same property occupancy declined 120 basis points sequentially, primarily due to a previously disclosed tenant vacating a property. DHC is currently evaluating strategic options for this property. Third Quarter 2026 Highlights As of and For the Three Months Ended % / Basis Points % / Basis Points September 30, 2026 June 30, 2026 Change September 30, 2025 Change Same Property Cash Basis NOI SHOP (1) $ 48,010 $ 51,975 (7.6)% $ 31,931 50.4% Medical Office and Life Science Portfolio 22,868 23,399 (2.3)% 23,237 (1.6)% All Other 7,000 6,933 1.0% 6,828 2.5% Consolidated $ 77,878 $ 82,307 (5.4)% $ 61,996 25.6% Same Property Occupancy SHOP 84.4% 83.1% 130 82.4% 200 Medical Office and Life Science Portfolio 94.5% 95.7% (120) 94.5% — Portfolio Update (dollars in thousands, unless otherwise noted) As of and For the Three Months Ended September 30, 2026, Unless Otherwise Noted Operating Update • On October 1, 2026, DHC transitioned seven SNFs from management agreements to a 15-year triple net lease. The initial annual rent under the lease is $8,000, substantially greater than the prior year's NOI, and the net lease structure is expected to significantly reduce DHC's future capital expenditure requirements. These seven communities generated $5,098 of NOI with capital expenditures of $1,572 during the twelve months ended September 30, 2026. Investing Activities Update • As of November 2, 2026, DHC was under agreement to sell a vacant medical office property for a sales price of $10,500, excluding closing costs. This property generated negative NOI of $369 during the nine months ended September 30, 2026. (1) SHOP same property NOI decreased sequentially primarily due to $2,244 of one-time expense benefits recognized in the second quarter of 2026, $1,500 of which was previously disclosed, and seasonally higher utility costs in the third quarter of 2026. Change in Non- GAAP Measures • Beginning this quarter, based on recent SEC input, Adjusted EBITDAre, Normalized FFO and CAD include incentive management fees as recognized under GAAP. Prior periods have been recast to conform to this presentation. Third quarter 2026 results include $5,374, or $0.02 per share, of incentive management fees. Guidance has been updated on the same basis.
RETURN TO TABLE OF CONTENTS Q3 2026 6 Third Quarter 2026 Highlights Financial Highlights $(50.2)M / $(0.21) Net Loss / Net Loss per Share $30.7M / $0.13 Normalized FFO / Normalized FFO per Share 659.7% YoY Growth $73.4M Adjusted EBITDAre 28.4% YoY Growth $80.8M Consolidated NOI 27.5% YoY Growth Same Property Operating Results 25.6% YoY Same Property Cash Basis NOI Growth 50.4% YoY Same Property SHOP NOI Growth 200 Basis Points YoY SHOP Same Property Occupancy Growth 5.2% YoY SHOP Same Property Average Monthly Rate Growth Liquidity and Leverage $260.7M Total Liquidity 8.2x Net Debt to Annualized Adjusted EBITDAre 2.5x YoY Reduction 2.0x Adjusted EBITDAre to Interest Expense 0.8x YoY Improvement $4.0B Gross Book Value of Unencumbered Properties Representing 64.5% of Portfolio • $150.0M Available on Undrawn Secured Revolving Credit Facility • $110.7M of Total Cash and Cash Equivalents
RETURN TO TABLE OF CONTENTS Q3 2026 7 Key Financial Data As of and For the Three Months Ended As of 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 Selected Income Statement Data and Non-GAAP Financial Measures: Capitalization: Total revenues $ 367,670 $ 365,387 $ 366,471 $ 379,571 $ 388,706 Total common shares 242,563,534 Net loss $ (50,229) $ (37,419) $ (43,275) $ (21,221) $ (164,040) Closing price $ 7.85 NOI $ 80,763 $ 84,443 $ 75,915 $ 72,524 $ 63,319 Equity market capitalization $ 1,904,124 Adjusted EBITDAre $ 73,420 $ 72,089 $ 67,376 $ 66,725 $ 57,190 Debt 2,441,401 FFO $ 27,429 $ 25,817 $ 22,777 $ 4,912 $ (5,886) Total market capitalization $ 4,345,525 Normalized FFO $ 30,729 $ 28,903 $ 26,470 $ 16,149 $ 4,045 CAD $ 6,817 $ 8,523 $ 35,590 $ (8,844) $ 11,542 Net Debt: Rolling four quarter CAD $ 42,086 $ 46,811 $ 39,307 $ 27,295 $ 26,198 Principal balance $ 2,441,401 Cash and cash equivalents (110,659) Per Common Share Data (Basic and Diluted): Net debt $ 2,330,742 Net loss $ (0.21) $ (0.16) $ (0.18) $ (0.09) $ (0.68) FFO $ 0.11 $ 0.11 $ 0.09 $ 0.02 $ (0.02) Normalized FFO $ 0.13 $ 0.12 $ 0.11 $ 0.07 $ 0.02 CAD $ 0.03 $ 0.04 $ 0.15 $ (0.04) $ 0.05 Rolling four quarter CAD $ 0.18 $ 0.20 $ 0.16 $ 0.11 $ 0.11 Dividends: Annualized dividend paid per common share $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.04 Annualized dividend yield (at end of period) 0.5% 0.4% 0.6% 0.8% 0.9% Normalized FFO payout ratio 7.7% 8.3% 9.1% 14.3% 50.0% CAD payout ratio 33.3% 25.0% 6.7% (25.0%) 20.0% Rolling four quarter CAD payout ratio 22.2% 20.0% 25.0% 36.4% 36.4% (dollars in thousands, except per share data) Barrington Terrace at Boynton Beach Boynton Beach, FL
RETURN TO TABLE OF CONTENTS Q3 2026 8 (1) DHC does not reconcile the non-GAAP measures in its annual guidance or long term outlook because significant information, most notably impairment of assets, gain (loss) on sale of real estate, loss on modification or early extinguishment of debt and equity in net earnings of investees, is not available without unreasonable efforts, or at all. These items are not indicative of DHC’s ongoing operations, are uncertain and could materially impact DHC’s GAAP results for the guidance period. (2) Beginning with the third quarter of 2026, Adjusted EBITDAre and Normalized FFO include estimated incentive management fees recognized under GAAP, if any. DHC’s previously issued guidance excluded this fee. (3) Reflects the impact of the estimated full year 2026 incentive management fee of $29,300, or $0.12 per share, as of September 30, 2026. $0.46 - $0.52 Normalized FFO per Common Share (2) (3) $110,700 - $125,700 Normalized FFO (2) (3) $275,700 - $290,700 Adjusted EBITDAre (2) (3) $312,000 - $328,000 Same Property NOI $90,000 - $105,000 Recurring Capital Expenditures DHC Updates Full Year 2026 Guidance (1) (dollars and shares in thousands, except per share data) Previous Estimated Incentive Change Updated Guidance Management Fee (3) Mid-point Guidance (3) Same Property NOI by Segment SHOP $185,000 - $195,000 $5,000 $190,000 - $200,000 Medical Office and Life Science Portfolio $94,000 - $98,000 $— $94,000 - $98,000 All Other $28,000 - $30,000 $— $28,000 - $30,000 Adjusted EBITDAre and Normalized FFO Adjusted EBITDAre (2) $300,000 - $315,000 $29,300 ($24,300) $275,700 - $290,700 Normalized FFO (2) $135,000 - $150,000 $29,300 ($24,300) $110,700 - $125,700 Normalized FFO per Share (2) $0.56 - $0.62 $0.12 ($0.10) $0.46 - $0.52 Recurring Capital Expenditures by Segment SHOP $80,000 - $90,000 ($10,000) $70,000 - $80,000 Medical Office and Life Science Portfolio $20,000 - $25,000 $— $20,000 - $25,000 All Other $— $— $— Same Property SHOP NOI Drivers (Approximate): Previous Updated Occupancy +200 bps +200 bps Revenue +6.6% +6.3% Average monthly rate +5.5% +5.6% Operating expenses +2.5% +2.3% ExPOR +1.5% +1.7% Other Assumptions (Approximate): Mid-point General and administrative expense $61,800 Incentive management fee (included in G&A) (3) $29,300 Unconsolidated JVs EBITDAre $18,300 Interest expense $149,000 Weighted average shares 242,000
RETURN TO TABLE OF CONTENTS Q3 2026 9 Financial Statements, Debt and Leverage
RETURN TO TABLE OF CONTENTS Q3 2026 10 September 30, 2026 December 31, 2025 ASSETS Real estate properties $ 5,959,833 $ 5,948,806 Accumulated depreciation (2,242,018) (2,089,906) Total real estate properties, net 3,717,815 3,858,900 Investments in unconsolidated joint ventures 122,978 120,126 Assets of properties held for sale 31,563 23,085 Cash and cash equivalents 110,659 105,407 Restricted cash 20,287 16,392 Equity method investment — 27,200 Acquired real estate leases and other intangible assets, net 17,559 20,663 Other assets, net 168,545 189,477 Total assets $ 4,189,406 $ 4,361,250 LIABILITIES AND SHAREHOLDERS' EQUITY Secured revolving credit facility $ — $ — Senior secured notes, net 366,517 365,005 Senior unsecured notes, net 1,582,826 1,580,726 Secured debt and finance leases, net 454,709 455,093 Liabilities of properties held for sale 327 3,426 Accrued interest 24,624 30,683 Other liabilities 230,521 260,749 Total liabilities 2,659,524 2,695,682 Commitments and contingencies Total shareholders' equity 1,529,882 1,665,568 Total liabilities and shareholders' equity $ 4,189,406 $ 4,361,250 Condensed Consolidated Balance Sheets (dollars in thousands) Overture at Plano Plano, TX
RETURN TO TABLE OF CONTENTS Q3 2026 11 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2026 2025 2026 2025 Revenues: Rental income $ 47,748 $ 55,316 $ 144,460 $ 169,041 Residents fees and services 319,922 333,390 955,068 989,241 Total revenues 367,670 388,706 1,099,528 1,158,282 Expenses: Property operating expenses 286,907 325,387 858,407 952,293 Depreciation and amortization 62,862 65,324 188,318 199,915 General and administrative (1) 14,643 12,789 48,014 32,966 Acquisition and certain other transaction related costs 3,300 1,158 10,079 1,257 Impairment of assets 14,543 93,243 14,543 162,708 Total expenses 382,255 497,901 1,119,361 1,349,139 (Loss) gain on sale of real estate (893) 1,260 (2,729) 103,971 Gain on insurance recoveries — — — 7,522 Interest income and other expenses 431 (774) 922 4,307 Interest expense (37,164) (48,886) (111,292) (157,643) Loss on modification or early extinguishment of debt — (11,191) — (40,388) Loss before income taxes and equity in net earnings of investees (52,211) (168,786) (132,932) (273,088) Income tax expense (724) (337) (2,643) (1,229) Equity in net earnings of investees 2,706 5,083 4,652 9,652 Net loss $ (50,229) $ (164,040) $ (130,923) $ (264,665) Weighted average common shares outstanding (basic and diluted) 240,980 240,385 240,809 240,160 Net loss per common share (basic and diluted) $ (0.21) $ (0.68) $ (0.54) $ (1.10) Condensed Consolidated Statements of Income (Loss) (amounts in thousands, except per share data) (1) DHC recognized incentive management fees of $5,374 and $5,676 during the three months ended September 30, 2026 and 2025, respectively, and $21,995 and $12,231 during the nine months ended September 30, 2026 and 2025, respectively. The Pointe at Deerfield Deerfield Beach, FL
RETURN TO TABLE OF CONTENTS Q3 2026 12 Interest Principal Maturity Due at Years to Secured By Rate Balance Date Maturity Maturity Secured Floating Rate Debt: $150,000 revolving credit facility (1) 14 properties 6.500% $ — 6/11/2029 $ — 2.7 Mortgage (2) 14 properties 6.413% 140,000 3/31/2028 138,578 1.5 Weighted average / subtotal 6.413% 140,000 138,578 1.5 Unsecured Fixed Rate Debt: Senior unsecured notes due 2028 N/A 4.750% 500,000 2/15/2028 500,000 1.4 Senior unsecured notes due 2031 N/A 4.375% 500,000 3/1/2031 500,000 4.4 Senior unsecured notes due 2042 N/A 5.625% 350,000 8/1/2042 350,000 15.8 Senior unsecured notes due 2046 N/A 6.250% 250,000 2/1/2046 250,000 19.4 Weighted average / subtotal 5.059% 1,600,000 1,600,000 8.3 Secured Fixed Rate Debt: Senior secured notes due 2030 (3) 36 properties 7.250% 375,000 10/15/2030 375,000 4.0 Mortgage Four properties 6.572% 62,709 6/7/2030 58,211 3.7 Mortgage Eight properties 6.864% 120,000 6/11/2034 120,000 7.7 Mortgages (4) Seven properties 6.220% 108,873 5/1/2035 101,724 8.6 Mortgages (5) Two properties 6.360% 30,284 6/1/2035 27,361 8.7 Mortgage One property 6.444% 4,535 7/6/2043 37 16.8 Weighted average / subtotal 6.962% 701,401 682,333 5.6 Weighted average / total 5.688% $ 2,441,401 $ 2,420,911 7.1 Debt Summary (dollars in thousands) As of September 30, 2026 (1) DHC is required to pay interest on borrowings under this facility at a rate of daily SOFR plus a premium, which was 2.50% per annum. DHC also pays an unused commitment fee of 25 to 35 basis points per annum based on amounts outstanding under this facility. DHC has two six-month extension options for the maturity date of this facility, subject to satisfaction of certain conditions and payment of an extension fee. (2) This mortgage loan requires that interest be paid at an annual rate of Term SOFR plus a premium of 2.50%, with interest-only payments through April 2027, and DHC has two six-month extension options for the interest-only period, subject to satisfaction of certain conditions. In connection with this mortgage loan, DHC has purchased an interest rate cap for $147 through March 2027 with a Term SOFR strike rate equal to 4.50%. DHC has two one-year extension options for the maturity date of this mortgage, subject to satisfaction of certain conditions and payment of an extension fee. (3) These notes are secured by first-priority liens on the equity interests of subsidiaries owning 36 properties. (4) These mortgage loans require interest-only payments through May 2030. (5) These mortgage loans require interest-only payments through June 2028.
RETURN TO TABLE OF CONTENTS Q3 2026 13 Pr in ci p al $139,063 $500,000 $500,000 $600,000 $314 $2,232 $1,542 $1,837 $435,102 $1,940 $2,065 $2,199 $122,341 $132,766 Secured Floating Rate Debt Unsecured Fixed Rate Debt Secured Fixed Rate Debt 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 Debt Maturity Schedule (dollars in thousands) As of September 30, 2026 (1) Represents amount outstanding under DHC's $140,000 mortgage loan. DHC has two one-year extension options for the maturity date of this mortgage loan, subject to satisfaction of certain conditions and payment of an extension fee. (2) DHC had no outstanding borrowings under its $150,000 secured revolving credit facility. This facility matures in 2029, with two six-month extension options, subject to satisfaction of certain conditions and payment of an extension fee. (1) (2)
RETURN TO TABLE OF CONTENTS Q3 2026 14 Leverage Ratios, Coverage Ratios and Bond Covenants As of and For the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Leverage Ratios: Net debt / total gross assets 36.2% 36.1% 36.2% 36.3% 38.1% Net debt / gross book value of real estate assets 37.1% 37.1% 37.3% 37.3% 38.7% Secured debt / total assets 20.1% 19.9% 19.8% 19.4% 25.2% Variable rate debt / net debt 6.0% 6.0% 6.0% 6.0% 5.4% Coverage Ratios: Net debt / annualized Adjusted EBITDAre (1) (2) 8.2x 7.9x 8.6x 8.7x 10.7x Adjusted EBITDAre / interest expense (1) (3) 2.0x 1.9x 1.8x 1.4x 1.2x As of and For the Trailing Twelve Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Bond Covenants: Maintenance Covenant Total unencumbered assets / unsecured debt - required minimum 150.0% 257.2% 257.8% 254.2% 256.1% 212.5% Incurrence Covenants Total debt / adjusted total assets - allowable maximum 60.0% 37.5% 37.5% 37.7% 37.5% 40.7% Secured debt / adjusted total assets - allowable maximum 40.0% 12.9% 12.9% 13.0% 13.0% 17.3% Consolidated income available for debt service / debt service - required minimum 1.50x 1.84x 1.76x 1.76x 1.80x 1.78x (1) Prior period coverage ratios have been recast to reflect incentive management fees, if any, accrued during the periods presented. (2) The impact of estimated incentive management fees accrued on annualized Adjusted EBITDAre was $29,300, or 0.8x, for the three months ended September 30, 2026, $33,240, or 0.8x, for the three months ended June 30, 2026, $26,511, or 0.8x, for the three months ended March 31, 2026, $17,905, or 0.6x, for the three months ended December 31, 2025 and $16,309, or 0.7x, for the three months ended September 30, 2025. (3) The impact of estimated incentive management fees accrued on Adjusted EBITDAre was $5,374, or 0.1x, for the three months ended September 30, 2026, $9,993, or 0.3x, for the three months ended June 30, 2026, $6,628, or 0.2x, for the three months ended March 31, 2026, $5,674, or 0.1x, for the three months ended December 31, 2025 and $5,676, or 0.1x, for the three months ended September 30, 2025.
RETURN TO TABLE OF CONTENTS Q3 2026 15 Investments
RETURN TO TABLE OF CONTENTS Q3 2026 16 (dollars and sq. ft. in thousands, except per sq. ft. and unit data) Summary of Capital Expenditures For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Recurring Capital Expenditures: SHOP fixed assets and capital improvements $ 19,865 $ 16,292 $ 14,193 $ 18,236 $ 33,306 $ 50,350 $ 78,704 Medical Office and Life Science Portfolio lease related costs 3,485 5,293 3,532 14,370 4,961 12,310 12,336 Medical Office and Life Science Portfolio building improvements 2,796 1,343 1,003 2,465 2,295 5,142 5,337 Subtotal Medical Office and Life Science Portfolio 6,281 6,636 4,535 16,835 7,256 17,452 17,673 Total recurring capital expenditures $ 26,146 $ 22,928 $ 18,728 $ 35,071 $ 40,562 $ 67,802 $ 96,377 SHOP avg. units managed during period 22,457 22,521 22,895 24,062 24,889 22,831 24,942 Medical Office and Life Science Portfolio avg. sq. ft. during period 5,558 5,558 5,558 6,245 7,166 5,558 7,442 SHOP fixed assets and capital improvements per avg. unit managed $ 885 $ 723 $ 620 $ 758 $ 1,338 $ 2,205 $ 3,155 Medical Office and Life Science Portfolio building improvements per avg. sq. ft. $ 0.50 $ 0.24 $ 0.18 $ 0.39 $ 0.32 $ 0.93 $ 0.72 Development, Redevelopment and Other Activities: SHOP $ 2,748 $ 2,812 $ 2,981 $ 2,101 $ 1,865 $ 8,541 $ 12,093 Medical Office and Life Science Portfolio — 63 121 133 175 184 175 Total development, redevelopment and other activities $ 2,748 $ 2,875 $ 3,102 $ 2,234 $ 2,040 $ 8,725 $ 12,268 Capital Expenditures by Segment: SHOP $ 22,613 $ 19,104 $ 17,174 $ 20,337 $ 35,171 $ 58,891 $ 90,797 Medical Office and Life Science Portfolio 6,281 6,699 4,656 16,968 7,431 17,636 17,848 Total capital expenditures $ 28,894 $ 25,803 $ 21,830 $ 37,305 $ 42,602 $ 76,527 $ 108,645
RETURN TO TABLE OF CONTENTS Q3 2026 17 DHC does not have any significant ongoing redevelopments for this segment as of September 30, 2026. (1) Reflects units prior to redevelopment. Redevelopment Information (dollars in thousands) Medical Office and Life Science Portfolio As of September 30, 2026 Property Number of Estimated Total Costs Estimated Project Scope of Project Location Type Units (1) Project Costs Incurred Completion Date Pueblo Norte Senior Living SNF to Memory Care unit conversion and common area renovations Scottsdale, AZ IL/AL 205 $ 26,840 $ 24,885 Q1 2027 Residences of Chevy Chase Common area renovations and Independent Living to Assisted Living unit conversion Chevy Chase, MD IL/AL 310 9,600 7,922 Q4 2026 $ 36,440 $ 32,807 SHOP
RETURN TO TABLE OF CONTENTS Q3 2026 18 Property Acquisitions / Dispositions Information Since January 1, 2026 Date Acquired Location Segment Number of Properties Units Gross Purchase Price April 2026 (1) Lexington, KY SHOP — — $ 14,500 (dollars in thousands, except gross sales price per unit or square foot) Gross Sales Date Sold Location Segment Number of Properties Units Gross Sales Price Price Per Unit Occupancy (2) March 2026 (3) Various SHOP 13 669 $ 23,000 $ 34,380 79.6 % Acquisitions Dispositions (1) Reflects acquisition of two DHC land parcels previously subject to finance leases, pursuant to DHC's exercise of a purchase option. (2) Occupancy is presented for the one month ended prior to the date of sale. (3) NOI for these 13 communities was $(1,341) and $(3,006) for the nine months ended September 30, 2026 and year ended December 31, 2025, respectively. Estimated Gross Sales Price Location Segment Number of Properties Square Feet Gross Sales Price Per Square Foot Occupancy Durham, NC Medical Office and Life Science Portfolio 1 126,225 $ 10,500 $ 83.18 Vacant Under Agreement to Sell (as of November 2, 2026)
RETURN TO TABLE OF CONTENTS Q3 2026 19 Investments in Unconsolidated Joint Ventures (1) (2) (dollars in thousands) Weighted DHC Number of Average Lease DHC Carrying Value Joint Venture Location Property Type Properties Square Feet Occupancy Term (Years) Ownership of Investment FFO EBITDAre Seaport Innovation LLC Boston, MA Life Science 1 1,134,479 99.9% 17.5 10% $ 75,196 $ 11,731 $ 26,399 The LSMD Fund REIT LLC Various Medical Office / Life Science 10 1,068,763 98.6% 4.7 20% 47,782 4,463 10,009 Total / weighted average 11 2,203,242 99.3% 13.4 $ 122,978 $ 16,194 $ 36,408 Investments in Unconsolidated Joint Ventures Unconsolidated Debt (4) DHC DHC Share of Joint Venture Type Secured by Interest Rate Maturity Date Principal Balance (3) Ownership Principal Balance Seaport Innovation LLC Fixed Rate - interest only One property 5.596% 9/1/2030 $ 1,000,000 10% $ 100,000 The LSMD Fund REIT LLC Fixed Rate - interest only Nine properties 3.457% 2/11/2032 189,800 20% 37,960 The LSMD Fund REIT LLC Floating Rate - interest only (5) One property 5.713% 11/7/2028 272,100 20% 54,420 Total / weighted average 5.414% $ 1,461,900 $ 192,380 (1) DHC's property list, including properties owned by these unconsolidated joint ventures, is available on DHC's website. (2) Amounts shown on this page reflect 100% ownership interest of this joint venture, not DHC's proportionate share thereof unless otherwise noted. (3) Reflects the entire balance of the debt secured by the properties. DHC provides certain limited recourse guarantees on the debt secured by the Seaport Innovation LLC property, with its liability limited to $100,000. The debt secured by The LSMD Fund REIT LLC properties is non-recourse to DHC. (4) The LSMD Fund REIT LLC's $272,100 mortgage loan due 2028 is presented on a pro forma basis to reflect the October 2026 refinancing. In October 2026, The LSMD Fund REIT LLC used the net proceeds from its $272,100 loan to repay its $266,825 loan in full, which was scheduled to mature in February 2027. (5) This mortgage loan requires that interest be paid at an annual rate of Term SOFR plus a premium of 1.80%. The LSMD Fund REIT LLC purchased interest rate swaps for an aggregate of $564 through October 2028 with Term SOFR fixed rates of 4.50%. The LSMD Fund REIT LLC has three one-year extension options for the maturity date of this mortgage loan, subject to satisfaction of certain conditions and payment of an extension fee. As of and For the Three Months Ended September 30, 2026, Unless Otherwise Noted
RETURN TO TABLE OF CONTENTS Q3 2026 20 Portfolio Information
RETURN TO TABLE OF CONTENTS Q3 2026 21 Portfolio Summary Medical Office and Life Science Portfolio All Other Triple Net Leased Medical Life Senior Living DHC SHOP (1) Office Science Total Communities (1) Wellness Centers Total Consolidated Number of properties 199 54 13 67 9 10 19 285 Square feet N/A 4,371 1,187 5,558 N/A 812 812 6,370 Units 22,445 N/A N/A N/A 1,328 N/A 1,328 23,773 Occupancy 83.8% 86.7% 94.7% 88.4% 100.0% 100.0% Gross Book Value of Real Estate Assets: Encumbered $ 1,602,607 $ 200,233 $ 130,741 $ 330,974 $ 83,024 $ 208,110 $ 291,134 $ 2,224,715 Unencumbered 2,829,479 853,887 293,876 1,147,763 72,333 — 72,333 4,049,575 Total $ 4,432,086 $ 1,054,120 $ 424,617 $ 1,478,737 $ 155,357 $ 208,110 $ 363,467 $ 6,274,290 % of Total 70.6% 16.8% 6.8% 23.6% 2.5% 3.3% 5.8% 100.0% Unencumbered % of Total 63.8 % 81.0 % 69.2 % 77.6 % 46.6 % — % 19.9 % 64.5 % Selected Income Statement and Non-GAAP Measures Data: Revenues $ 319,922 $ 29,132 $ 11,265 $ 40,397 $ 3,445 $ 3,906 $ 7,351 $ 367,670 % of Total revenues 87.0% 7.9% 3.1% 11.0% 0.9% 1.1% 2.0% 100.0% NOI $ 49,661 $ 16,400 $ 7,471 $ 23,871 $ 3,445 $ 3,786 $ 7,231 $ 80,763 % of Total NOI 61.5% 20.3% 9.3% 29.6% 4.3% 4.6% 8.9% 100.0% Cash Basis NOI $ 49,661 $ 15,190 $ 7,165 $ 22,355 $ 3,539 $ 3,595 $ 7,134 $ 79,150 % of Total Cash Basis NOI 62.7% 19.2% 9.1% 28.3% 4.5% 4.5% 9.0% 100.0% (dollars and sq. ft. in thousands) As of and For the Three Months Ended September 30, 2026 (1) Triple net leased senior living communities include, beginning in October 2026, seven SNFs with 807 units that were formerly under management agreements and transitioned to a triple net lease. As of September 30, 2026, these seven communities were included within DHC's SHOP segment and had unencumbered gross book value of real estate assets of $60,336. These seven communities had revenues of $23,101 and $68,355, and NOI of $1,341 and $4,420, during the three and nine months ended September 30, 2026, respectively.
RETURN TO TABLE OF CONTENTS Q3 2026 22 Consolidated Results by Segment As of and For the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 SHOP Properties 199 199 199 212 229 Units 22,445 22,469 22,573 23,217 24,906 Occupancy 83.8 % 82.5 % 81.7 % 81.6 % 81.5 % Average monthly rate $ 5,670 $ 5,693 $ 5,613 $ 5,497 $ 5,472 Average monthly rate % change to current period (0.4) % 1.0 % 3.1 % 3.6 % Revenues $ 319,922 $ 317,921 $ 317,225 $ 323,414 $ 333,390 NOI / Cash Basis NOI $ 49,661 $ 53,495 $ 43,626 $ 36,193 $ 29,620 NOI / Cash Basis NOI Margin % 15.5 % 16.8 % 13.8 % 11.2 % 8.9 % NOI / Cash Basis NOI % change to current period (7.2) % 13.8 % 37.2 % 67.7 % Medical Office and Life Science Portfolio Properties 67 67 67 67 88 Square feet 5,558 5,558 5,558 5,558 6,931 Occupancy 88.4 % 92.2 % 91.8 % 91.2 % 86.6 % Revenues $ 40,397 $ 40,116 $ 41,895 $ 47,789 $ 48,201 NOI $ 23,871 $ 23,709 $ 25,064 $ 28,112 $ 26,675 NOI Margin % 59.1 % 59.1 % 59.8 % 58.8 % 55.3 % NOI % change to current period 0.7 % (4.8) % (15.1) % (10.5) % Cash Basis NOI $ 22,355 $ 23,665 $ 24,353 $ 26,525 $ 26,251 Cash Basis NOI Margin % 57.2 % 58.8 % 58.8 % 57.2 % 54.7 % Cash Basis NOI % change to current period (5.5) % (8.2) % (15.7) % (14.8) % All Other Properties 19 19 19 19 18 Square feet 812 812 812 812 812 Units 1,328 1,328 1,328 1,328 1,180 Revenues $ 7,351 $ 7,350 $ 7,351 $ 8,368 $ 7,115 NOI $ 7,231 $ 7,239 $ 7,225 $ 8,219 $ 7,024 NOI Margin % 98.4 % 98.5 % 98.3 % 98.2 % 98.7 % NOI % change to current period (0.1) % 0.1 % (12.0) % 2.9 % Cash Basis NOI $ 7,134 $ 7,072 $ 7,031 $ 8,035 $ 6,828 Cash Basis NOI Margin % 98.3 % 98.5 % 98.2 % 98.2 % 98.7 % Cash Basis NOI % change to current period 0.9 % 1.5 % (11.2) % 4.5 % (dollars and sq. ft. in thousands, except average monthly rate)
RETURN TO TABLE OF CONTENTS Q3 2026 23 Same Property Results by Segment As of and For the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 SHOP Properties 184 184 184 184 184 Units 21,100 21,100 21,100 21,100 21,100 Occupancy 84.4 % 83.1 % 82.4 % 82.4 % 82.4 % Average monthly rate $ 5,696 $ 5,715 $ 5,656 $ 5,480 $ 5,414 Average monthly rate % change to current period (0.3) % 0.7 % 3.9 % 5.2 % Revenues $ 304,267 $ 301,189 $ 296,504 $ 288,190 $ 287,516 NOI / Cash Basis NOI $ 48,010 $ 51,975 $ 44,321 $ 38,291 $ 31,931 NOI / Cash Basis NOI Margin % 15.8 % 17.3 % 14.9 % 13.3 % 11.1 % NOI / Cash Basis NOI % change to current period (7.6) % 8.3 % 25.4 % 50.4 % Medical Office and Life Science Portfolio Properties 64 64 64 64 64 Square feet 5,200 5,200 5,200 5,200 5,200 Occupancy 94.5 % 95.7 % 95.2 % 94.6 % 94.5 % Revenues $ 40,476 $ 39,199 $ 40,957 $ 39,537 $ 39,856 NOI $ 24,359 $ 23,480 $ 24,791 $ 23,637 $ 23,523 NOI Margin % 60.2 % 59.9 % 60.5 % 59.8 % 59.0 % NOI % change to current period 3.7 % (1.7) % 3.1 % 3.6 % Cash Basis NOI $ 22,868 $ 23,399 $ 24,043 $ 23,506 $ 23,237 Cash Basis NOI Margin % 58.4 % 59.6 % 59.5 % 59.4 % 58.5 % Cash Basis NOI % change to current period (2.3) % (4.9) % (2.7) % (1.6) % All Other Properties 18 18 18 18 18 Square feet 812 812 812 812 812 Units 1,180 1,180 1,180 1,180 1,180 Revenues $ 7,166 $ 7,165 $ 7,165 $ 8,306 $ 7,115 NOI $ 7,046 $ 7,054 $ 7,039 $ 8,157 $ 7,024 NOI Margin % 98.3 % 98.5 % 98.2 % 98.2 % 98.7 % NOI % change to current period (0.1) % 0.1 % (13.6) % 0.3 % Cash Basis NOI $ 7,000 $ 6,933 $ 6,892 $ 7,991 $ 6,828 Cash Basis NOI Margin % 98.3 % 98.4 % 98.2 % 98.2 % 98.7 % Cash Basis NOI % change to current period 1.0 % 1.6 % (12.4) % 2.5 % (dollars and sq. ft. in thousands, except average monthly rate)
RETURN TO TABLE OF CONTENTS Q3 2026 24 Portfolio Information by Segment
RETURN TO TABLE OF CONTENTS Q3 2026 25 82.4% 82.4% 82.4% 83.1% 84.4% $5,414 $5,480 $5,656 $5,715 $5,696 Occupancy Average Monthly Rate Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $5,000 $5,250 $5,500 $5,750 $6,000 75.0% 77.5% 80.0% 82.5% 85.0% Occupancy and Average Monthly Rate Units by Geographic Concentration Same Property SHOP Summary (dollars in thousands, except average monthly rate) Discovery Senior Living: 28.5% Sinceri Senior Living: 20.2% Stellar Senior Living: 9.1% WellQuest Living: 8.4% Tutera Senior Living: 7.1% Charter Senior Living: 6.7% Phoenix Senior Living: 6.6% Remaining: 13.4% NOI by Manager NOI and NOI Margin $31,931 $38,291 $44,321 $51,975 $48,010 11.1% 13.3% 14.9% 17.3% 15.8% NOI NOI Margin Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $— $15,000 $30,000 $45,000 $60,000 10.0% 12.5% 15.0% 17.5% 20.0% FL: 18.4% TX: 8.5% NC: 6.0% MD: 5.6% GA: 5.1% CO: 4.9% VA: 4.8% Remaining: 46.7% As of and For the Three Months Ended September 30, 2026, Unless Otherwise Noted
RETURN TO TABLE OF CONTENTS Q3 2026 26 SHOP Summary by Manager Number of Units Independent Number of Living and % of Total Top 10 Managers Location Properties Active Adult Assisted Living Memory Care Skilled Nursing Total NOI NOI 1 Discovery Senior Living Various (7 States) 44 2,117 2,368 621 — 5,106 $ 13,663 27.5% 2 Sinceri Senior Living Various (11 States) 38 4,352 2,525 371 — 7,248 9,758 19.6% 3 Stellar Senior Living (1) AZ/CO/NM/TX 14 732 380 131 744 1,987 4,739 9.5% 4 WellQuest Living CA/NV 5 494 276 21 — 791 4,044 8.1% 5 Charter Senior Living FL/IL/MD/TN/VA/WI 30 — 1,337 421 — 1,758 3,578 7.2% 6 Tutera Senior Living IL/IN/KS/TN 18 1,526 286 129 — 1,941 3,476 7.0% 7 Phoenix Senior Living AL/AR/KY/MO/NC/SC 26 339 1,045 252 164 1,800 3,159 6.4% 8 Northstar Senior Living AZ/CA 7 — 119 279 — 398 1,348 2.7% 9 Oaks Senior Living (2) GA 3 — 159 105 — 264 1,296 2.6% 10 Ciel Senior Living NY 1 195 75 36 — 306 1,108 2.2% Remaining (2) Various 13 209 541 96 — 846 3,492 7.2% Total 199 9,964 9,111 2,462 908 22,445 $ 49,661 100.0% % of Total 44.4% 40.6% 11.0% 4.0% 100.0% (dollars in thousands) As of and For the Three Months Ended September 30, 2026 (1) On October 1, 2026, DHC transitioned seven SNFs with 807 units from management agreements with Stellar Senior Living LLC and entered into a 15-year triple net lease with operating subsidiaries of The Ensign Group, Inc. NOI for these seven communities for the three months ended September 30, 2026 was $1,341. (2) In September 2026, DHC provided notice to terminate its management agreements with Oaks Senior Living, LLC and Oaks-CaraVita Senior Care, LLC and expects to transition management of six communities with 486 units to a new manager as early as in the fourth quarter of 2026. NOI for these six communities for the three months ended September 30, 2026 was $1,721.
RETURN TO TABLE OF CONTENTS Q3 2026 27 Same Property SHOP Results of Operations by Location As of and For the Three Months Ended September 30, 2026 Top 10 Core-Based Statistical Areas Number of Properties NOI % of Total 1 Washington, DC 6 $ 3,389 7.1% 2 Miami, FL 10 3,010 6.3% 3 Tampa, FL 2 2,526 5.3% 4 Raleigh, NC 5 2,185 4.6% 5 New York, NY 3 2,120 4.4% 6 Atlanta, GA 9 2,073 4.3% 7 Sacramento, CA 3 2,034 4.2% 8 San Diego, CA 3 1,971 4.1% 9 Baltimore, MD 5 1,772 3.7% 10 Charlotte, NC 9 1,603 3.3% Other markets 129 25,327 52.7% Total 184 $ 48,010 100.0% As of and For the Three Months Ended NOI Occupancy Average Monthly Rate Number of % Basis Points % Markets Properties 9/30/2026 9/30/2025 Change 9/30/2026 9/30/2025 Change 9/30/2026 9/30/2025 Change Primary 80 $ 28,091 $ 18,813 49.3 % 84.0% 81.6% 240 $ 5,697 $ 5,450 4.5 % Secondary 81 15,665 10,093 55.2 % 84.5% 82.8% 170 $ 5,453 $ 5,174 5.4 % Other 23 4,254 3,025 40.6 % 86.2% 85.9% 30 $ 6,678 $ 6,160 8.4 % Total / Average 184 $ 48,010 $ 31,931 50.4 % 84.4% 82.4% 200 $ 5,696 $ 5,414 5.2 % (dollars in thousands, except average monthly rate) The Remington Club San Diego, CA
RETURN TO TABLE OF CONTENTS Q3 2026 28 Medical Office and Life Science Portfolio - Leasing Summary (1) (1) The leasing summary on this page is based on leases entered into during the periods indicated. (2) Represents percent difference in prior rents charged for same space or, in the case of vacant space acquired, market rental rates for similar space in the building at the date of acquisition. Rents include estimated recurring expense reimbursements paid to DHC, exclude lease value amortization and are net of lease concessions. As of and For the As of and For the Three Months Ended Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 Properties 67 67 67 67 88 67 Total square feet 5,558 5,558 5,558 5,558 6,931 5,558 Occupancy 88.4 % 92.2 % 91.8 % 91.2 % 86.6 % 88.4 % Leasing Activity (sq. ft.): New leases 65 33 113 24 10 211 Renewals 65 444 56 57 76 565 Total 130 477 169 81 86 776 % Change in GAAP Rent: (2) New leases 33.5 % 46.3 % 15.7 % 10.0 % 29.8 % 24.2 % Renewals 17.7 % 4.4 % 5.1 % 7.1 % 6.9 % 5.6 % Total 25.2 % 6.7 % 12.0 % 7.9 % 9.1 % 10.2 % Weighted Average Lease Term (years): New leases 13.9 9.6 10.1 7.4 7.5 11.0 Renewals 5.5 6.9 8.2 8.4 6.6 6.9 Total 9.7 7.1 9.5 8.2 6.7 8.0 Leasing Costs and Concession Commitments: New leases $ 3,144 $ 337 $ 3,815 $ 1,603 $ 601 $ 7,296 Renewals 668 9,136 1,228 1,878 1,793 11,032 Total $ 3,812 $ 9,473 $ 5,043 $ 3,481 $ 2,394 $ 18,328 Leasing Costs and Concession Commitments per Sq. Ft.: New leases $ 48.60 $ 10.35 $ 33.80 $ 64.67 $ 62.74 $ 34.72 Renewals $ 10.33 $ 20.57 $ 21.78 $ 33.38 $ 23.46 $ 19.52 Total $ 29.47 $ 19.87 $ 29.79 $ 42.95 $ 27.84 $ 23.64 Leasing Costs and Concession Commitments per Sq. Ft. per Year: New leases $ 3.49 $ 1.08 $ 3.35 $ 8.74 $ 8.42 $ 3.16 Renewals $ 1.89 $ 2.98 $ 2.66 $ 3.96 $ 3.54 $ 2.83 Total $ 3.02 $ 2.80 $ 3.14 $ 5.26 $ 4.14 $ 2.94 (dollars and sq. ft. in thousands, except per sq. ft. data)
RETURN TO TABLE OF CONTENTS Q3 2026 29 Medical Office and Life Science Portfolio - Lease Expiration Schedule (dollars in thousands) As of September 30, 2026 Annualized Rental Income Expiring Year Medical Office Life Science Total % of Total Cumulative % of Total 2026 (1) $ 1,109 $ 2,193 $ 3,302 2.1% 2.1% 2027 9,039 — 9,039 5.8% 7.9% 2028 19,998 11,776 31,774 20.3% 28.2% 2029 11,871 4,183 16,054 10.3% 38.5% 2030 6,430 5,287 11,717 7.5% 46.0% Thereafter 62,062 22,435 84,497 54.0% 100.0% Total $ 110,509 $ 45,874 $ 156,383 100.0% Weighted average remaining lease term (years) 5.1 5.2 5.1 Square Feet with Leases Expiring Year Medical Office Life Science Total % of Total Cumulative % of Total 2026 (1) 30,510 75,920 106,430 2.2% 2.2% 2027 293,527 — 293,527 6.0% 8.2% 2028 947,505 105,462 1,052,967 21.4% 29.6% 2029 305,892 182,232 488,124 9.9% 39.5% 2030 212,041 295,376 507,417 10.3% 49.8% Thereafter 2,001,118 465,201 2,466,319 50.2% 100.0% Total 3,790,593 1,124,191 4,914,784 100.0% Weighted average remaining lease term (years) 4.8 5.3 4.9 (1) Includes one tenant at a life science property that is expected to vacate such property, with annualized rental income of $2,193 and leased square feet of 75,920.
RETURN TO TABLE OF CONTENTS Q3 2026 30 % of Total Cumulative % of Total Annualized Annualized Annualized Number of Number of Rental Income Rental Income Rental Income Year Properties Units or Square Feet Expiring Expiring Expiring 2026 — — $ — —% —% 2027 — — — —% —% 2028 — — — —% —% 2029 1 155 units 547 1.8% 1.8% 2030 5 277 units and 129,600 square feet 5,062 16.7% 18.5% Thereafter (1) (2) 13 896 units and 682,646 square feet 24,732 81.5% 100.0% Total 19 $ 30,341 100.0% Weighted average remaining lease term (years) 10.7 All Other - Lease Expiration Schedule Life Time, Inc. Tampa, FL (dollars in thousands) As of September 30, 2026 (1) In April 2026, Stellar Senior Living LLC exercised its renewal option to extend its lease through 2037. The tenant's annual rent will be adjusted to a fair market rate effective August 2027 pursuant to the terms of the lease. This rent amount has not yet been finalized and therefore the current annualized rental income is reflected. (2) On October 1, 2026, DHC transitioned seven SNFs with 807 units from management agreements with Stellar Senior Living LLC and entered into a 15-year triple net lease with operating subsidiaries of The Ensign Group, Inc. The initial annual rent is $8,000 and the lease provides annual rent increases based on the Consumer Price Index. Annualized rental income under this lease is not yet included in the table above as the lease start date was October 1, 2026.
RETURN TO TABLE OF CONTENTS Q3 2026 31 As of September 30, 2026 Tenants Representing 1% Or More of Total Annualized Rental Income (dollars in thousands) Annualized % of Annualized Tenant Property Type Rental Income Rental Income Expiration 1 Advocate Aurora Health Inc. Medical Office $ 16,939 9.1% 2031 2 Life Time, Inc. Wellness Centers 12,285 6.6% 2040 - 2044 3 Alamar Biosciences, Inc. Life Science 6,902 3.7% 2034 4 Sonova Holding AG Life Science 5,626 3.0% 2036 5 KSQ Therapeutics, Inc. Life Science 5,617 3.0% 2032 6 Stratford Retirement, LLC Senior Living 5,232 2.8% 2033 7 Stellar Senior Living LLC (1) Senior Living 4,841 2.6% 2037 8 The Children’s Hospital Corporation Medical Office 4,372 2.3% 2028 9 Tokio Marine Holdings, Inc. Medical Office 3,941 2.1% 2026 - 2033 10 McKesson Corporation Medical Office 3,918 2.1% 2028 - 2030 11 AbbVie Inc. Life Science 3,713 2.0% 2030 12 Revvity, Inc. Life Science 3,681 2.0% 2028 13 Hawai'i Pacific Health Medical Office 3,617 1.9% 2029 - 2036 14 New York University Medical Office 3,539 1.9% 2027 - 2032 15 HCA Healthcare, Inc. Medical Office 3,441 1.8% 2028 - 2033 16 Medtronic, Inc. Medical Office 3,261 1.7% 2028 17 Sentara Health Medical Office 3,009 1.6% 2027 - 2032 18 Orthofix Medical Inc. Life Science 2,817 1.5% 2037 19 University of Kansas Hospital Authority Medical Office 2,536 1.4% 2027 - 2028 20 Cytek BioSciences, Inc. Life Science 2,339 1.3% 2029 21 THINK Surgical, Inc. (2) Life Science 2,193 1.2% 2026 22 Covenant Care California, LLC Senior Living 2,082 1.1% 2030 23 Covenant Health System Medical Office 1,978 1.1% 2034 24 Raven Defense Corporation Medical Office 1,950 1.0% 2036 All Other Tenants (3) 76,895 41.2% Total Tenants $ 186,724 100.0% 2904 Orchard Parkway San Jose, CA (1) In April 2026, Stellar Senior Living LLC exercised its renewal option to extend its lease through 2037. The tenant's annual rent will be adjusted to a fair market rate effective August 2027 pursuant to the terms of the lease. This rent amount has not yet been finalized and therefore the current annualized rental income is reflected. (2) Tenant is expected to vacate the property it leases and DHC is currently evaluating strategic options for the property. (3) On October 1, 2026, DHC transitioned seven SNFs with 807 units from management agreements with Stellar Senior Living LLC and entered into a 15-year triple net lease with operating subsidiaries of The Ensign Group, Inc. Annualized rental income of $8,000 under this lease is not yet included in the table above as the lease start date was October 1, 2026.
RETURN TO TABLE OF CONTENTS Q3 2026 32 Appendix
RETURN TO TABLE OF CONTENTS Q3 2026 33 For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Calculation of NOI and Cash Basis NOI: Rental income $ 47,748 $ 47,466 $ 49,246 $ 56,157 $ 55,316 $ 144,460 $ 169,041 Residents fees and services 319,922 317,921 317,225 323,414 333,390 955,068 989,241 Total revenues 367,670 365,387 366,471 379,571 388,706 1,099,528 1,158,282 Property operating expenses (286,907) (280,944) (290,556) (307,047) (325,387) (858,407) (952,293) NOI 80,763 84,443 75,915 72,524 63,319 241,121 205,989 Non-cash adjustments (1,613) (211) (905) (1,771) (620) (2,729) (1,873) Cash Basis NOI $ 79,150 $ 84,232 $ 75,010 $ 70,753 $ 62,699 $ 238,392 $ 204,116 Reconciliation of Net Loss to NOI and Cash Basis NOI: Net loss $ (50,229) $ (37,419) $ (43,275) $ (21,221) $ (164,040) $ (130,923) $ (264,665) Equity in net earnings of investees (2,706) (1,850) (96) (27,108) (5,083) (4,652) (9,652) Income tax expense 724 1,297 622 514 337 2,643 1,229 Loss on modification or early extinguishment of debt — — — 2,138 11,191 — 40,388 Interest expense 37,164 37,083 37,045 46,855 48,886 111,292 157,643 Interest income and other expenses (431) (258) (233) (1,532) 774 (922) (4,307) Gain on insurance recoveries — — — — — — (7,522) Loss (gain) on sale of real estate 893 629 1,207 (13,759) (1,260) 2,729 (103,971) Impairment of assets 14,543 — — 2,994 93,243 14,543 162,708 Acquisition and certain other transaction related costs 3,300 3,086 3,693 9,099 1,158 10,079 1,257 General and administrative 14,643 19,333 14,038 12,536 12,789 48,014 32,966 Depreciation and amortization 62,862 62,542 62,914 62,008 65,324 188,318 199,915 NOI 80,763 84,443 75,915 72,524 63,319 241,121 205,989 Non-cash adjustments (1,613) (211) (905) (1,771) (620) (2,729) (1,873) Cash Basis NOI $ 79,150 $ 84,232 $ 75,010 $ 70,753 $ 62,699 $ 238,392 $ 204,116 Calculation and Reconciliation of Non-GAAP Financial Measures (dollars in thousands)
RETURN TO TABLE OF CONTENTS Q3 2026 34 For the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 SHOP Revenues $ 319,922 $ 317,921 $ 317,225 $ 323,414 $ 333,390 Property operating expenses (270,261) (264,426) (273,599) (287,221) (303,770) NOI 49,661 53,495 43,626 36,193 29,620 NOI of properties not included in same property results (1,651) (1,520) 695 2,098 2,311 Same property NOI $ 48,010 $ 51,975 $ 44,321 $ 38,291 $ 31,931 Medical Office and Life Science Portfolio Revenues $ 40,397 $ 40,116 $ 41,895 $ 47,789 $ 48,201 Property operating expenses (16,526) (16,407) (16,831) (19,677) (21,526) NOI 23,871 23,709 25,064 28,112 26,675 NOI of properties not included in same property results 488 (229) (273) (4,475) (3,152) Same property NOI $ 24,359 $ 23,480 $ 24,791 $ 23,637 $ 23,523 All Other Revenues $ 7,351 $ 7,350 $ 7,351 $ 8,368 $ 7,115 Property operating expenses (120) (111) (126) (149) (91) NOI 7,231 7,239 7,225 8,219 7,024 NOI of properties not included in same property results (185) (185) (186) (62) — Same property NOI $ 7,046 $ 7,054 $ 7,039 $ 8,157 $ 7,024 Total Revenues $ 367,670 $ 365,387 $ 366,471 $ 379,571 $ 388,706 Property operating expenses (286,907) (280,944) (290,556) (307,047) (325,387) NOI 80,763 84,443 75,915 72,524 63,319 NOI of properties not included in same property results (1,348) (1,934) 236 (2,439) (841) Same property NOI $ 79,415 $ 82,509 $ 76,151 $ 70,085 $ 62,478 (dollars in thousands) Calculation and Reconciliation of Non-GAAP Financial Measures - NOI
RETURN TO TABLE OF CONTENTS Q3 2026 35 For the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 SHOP NOI $ 49,661 $ 53,495 $ 43,626 $ 36,193 $ 29,620 Non-cash adjustments — — — — — Cash Basis NOI 49,661 53,495 43,626 36,193 29,620 Cash Basis NOI of properties not included in same property results (1,651) (1,520) 695 2,098 2,311 Same property Cash Basis NOI $ 48,010 $ 51,975 $ 44,321 $ 38,291 $ 31,931 Medical Office and Life Science Portfolio NOI $ 23,871 $ 23,709 $ 25,064 $ 28,112 $ 26,675 Non-cash adjustments (1,516) (44) (711) (1,587) (424) Cash Basis NOI 22,355 23,665 24,353 26,525 26,251 Cash Basis NOI of properties not included in same property results 513 (266) (310) (3,019) (3,014) Same property Cash Basis NOI $ 22,868 $ 23,399 $ 24,043 $ 23,506 $ 23,237 All Other NOI $ 7,231 $ 7,239 $ 7,225 $ 8,219 $ 7,024 Non-cash adjustments (97) (167) (194) (184) (196) Cash Basis NOI 7,134 7,072 7,031 8,035 6,828 Cash Basis NOI of properties not included in same property results (134) (139) (139) (44) — Same property Cash Basis NOI $ 7,000 $ 6,933 $ 6,892 $ 7,991 $ 6,828 Total NOI $ 80,763 $ 84,443 $ 75,915 $ 72,524 $ 63,319 Non-cash adjustments (1,613) (211) (905) (1,771) (620) Cash Basis NOI 79,150 84,232 75,010 70,753 62,699 Cash Basis NOI of properties not included in same property results (1,272) (1,925) 246 (965) (703) Same property Cash Basis NOI $ 77,878 $ 82,307 $ 75,256 $ 69,788 $ 61,996 (dollars in thousands) Calculation and Reconciliation of Non-GAAP Financial Measures - Cash Basis NOI
RETURN TO TABLE OF CONTENTS Q3 2026 36 For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Net loss $ (50,229) $ (37,419) $ (43,275) $ (21,221) $ (164,040) $ (130,923) $ (264,665) Interest expense 37,164 37,083 37,045 46,855 48,886 111,292 157,643 Income tax expense 724 1,297 622 514 337 2,643 1,229 Depreciation and amortization 62,862 62,542 62,914 62,008 65,324 188,318 199,915 EBITDA 50,521 63,503 57,306 88,156 (49,493) 171,330 94,122 Loss (gain) on sale of real estate 893 629 1,207 (13,759) (1,260) 2,729 (103,971) Impairment of assets 14,543 — — 2,994 93,243 14,543 162,708 Equity in net earnings of investees (2,706) (1,850) (96) (27,108) (5,083) (4,652) (9,652) Share of EBITDAre from unconsolidated joint ventures 4,642 4,457 4,549 4,612 4,511 13,648 13,468 Adjustments to reflect DHC's share of EBITDAre attributable to a former equity method investment — — — — 4,831 — 7,922 EBITDAre 67,893 66,739 62,966 54,895 46,749 197,598 164,597 General and administrative expense paid in common shares 2,227 2,264 717 593 1,164 5,208 2,818 Acquisition and certain other transaction related costs 3,300 3,086 3,693 9,099 1,158 10,079 1,257 Gain on insurance recoveries — — — — — — (7,522) Loss on modification or early extinguishment of debt — — — 2,138 11,191 — 40,388 Adjustments to reflect DHC's share of Adjusted EBITDAre attributable to a former equity method investment — — — — (3,072) — (2,181) Adjusted EBITDAre (1) $ 73,420 $ 72,089 $ 67,376 $ 66,725 $ 57,190 $ 212,885 $ 199,357 Calculation and Reconciliation of Non-GAAP Financial Measures (dollars in thousands) (1) Beginning with the third quarter of 2026, DHC revised its calculation of Adjusted EBITDAre to include estimated incentive management fees recognized under GAAP, if any. Prior periods presented have been recast to conform to the current presentation. Adjusted EBITDAre includes incentive management fees of $5,374 for the three months ended September 30, 2026, $9,993 for the three months ended June 30, 2026, $6,628 for the three months ended March 31, 2026, $5,674 for the three months ended December 31, 2025, $5,676 for the three months ended September 30, 2025, $21,995 for the nine months ended September 30, 2026 and $12,231 for the nine months ended September 30, 2025.
RETURN TO TABLE OF CONTENTS Q3 2026 37 For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Net loss $ (50,229) $ (37,419) $ (43,275) $ (21,221) $ (164,040) $ (130,923) $ (264,665) Depreciation and amortization 62,862 62,542 62,914 62,008 65,324 188,318 199,915 Loss (gain) on sale of real estate 893 629 1,207 (13,759) (1,260) 2,729 (103,971) Impairment of assets 14,543 — — 2,994 93,243 14,543 162,708 Equity in net earnings of investees (2,706) (1,850) (96) (27,108) (5,083) (4,652) (9,652) Share of FFO from unconsolidated joint ventures 2,066 1,915 2,027 1,998 2,199 6,008 7,651 Adjustments to reflect DHC's share of FFO attributable to a former equity method investment — — — — 3,731 — 5,699 FFO 27,429 25,817 22,777 4,912 (5,886) 76,023 (2,315) Acquisition and certain other transaction related costs 3,300 3,086 3,693 9,099 1,158 10,079 1,257 Gain on insurance recoveries — — — — — — (7,522) Loss on modification or early extinguishment of debt — — — 2,138 11,191 — 40,388 Adjustments to reflect DHC's share of Normalized FFO attributable to a former equity method investment — — — — (2,418) — (1,441) Normalized FFO (1) $ 30,729 $ 28,903 $ 26,470 $ 16,149 $ 4,045 $ 86,102 $ 30,367 Calculation and Reconciliation of Non-GAAP Financial Measures (dollars in thousands) (1) Beginning with the third quarter of 2026, DHC revised its calculation of Normalized FFO to include estimated incentive management fees recognized under GAAP, if any. Prior periods presented have been recast to conform to the current presentation. Normalized FFO includes incentive management fees of $5,374 for the three months ended September 30, 2026, $9,993 for the three months ended June 30, 2026, $6,628 for the three months ended March 31, 2026, $5,674 for the three months ended December 31, 2025, $5,676 for the three months ended September 30, 2025, $21,995 for the nine months ended September 30, 2026 and $12,231 for the nine months ended September 30, 2025.
RETURN TO TABLE OF CONTENTS Q3 2026 38 (amounts in thousands, except per share data) For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Normalized FFO $ 30,729 $ 28,903 $ 26,470 $ 16,149 $ 4,045 $ 86,102 $ 30,367 General and administrative expense paid in common shares 2,227 2,264 717 593 1,164 5,208 2,818 Non-cash interest expense 2,306 2,309 2,329 11,848 20,121 6,944 66,094 Non-cash amortization included in expenses (943) (943) (943) (942) (943) (2,829) (2,828) Non-cash straight line rent adjustments included in rental income 105 204 (57) (203) (450) 252 (759) Lease value amortization included in rental income 5 29 29 30 29 63 83 Recurring capital expenditures (26,146) (22,928) (18,728) (35,071) (40,562) (67,802) (96,377) Share of FFO from unconsolidated joint ventures (2,066) (1,915) (2,027) (1,998) (2,199) (6,008) (7,651) Adjustments to reflect DHC's share of FFO and Normalized FFO attributable to a former equity method investment — — — — (1,313) — (4,258) Unconsolidated joint venture distributions (1) 600 600 600 750 28,250 1,800 28,250 Former equity method investment distribution — — 27,200 — 3,400 27,200 20,400 CAD (2) $ 6,817 $ 8,523 $ 35,590 $ (8,844) $ 11,542 $ 50,930 $ 36,139 Weighted average common shares outstanding (basic and diluted) 240,980 240,749 240,689 240,662 240,385 240,809 240,160 Per common share data (basic and diluted): Net loss $ (0.21) $ (0.16) $ (0.18) $ (0.09) $ (0.68) $ (0.54) $ (1.10) FFO $ 0.11 $ 0.11 $ 0.09 $ 0.02 $ (0.02) $ 0.32 $ (0.01) Normalized FFO (3) $ 0.13 $ 0.12 $ 0.11 $ 0.07 $ 0.02 $ 0.36 $ 0.13 CAD (3) $ 0.03 $ 0.04 $ 0.15 $ (0.04) $ 0.05 $ 0.21 $ 0.15 (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) Beginning with the third quarter of 2026, DHC revised its calculation of CAD to include estimated incentive management fees recognized under GAAP, if any. Prior periods presented have been recast to conform to the current presentation and as a result CAD for the three months ended March 31, 2026 does not include a deduction for the January 2026 incentive fee payment to RMR. CAD includes incentive management fees of $5,374 for the three months ended September 30, 2026, $9,993 for the three months ended June 30, 2026, $6,628 for the three months ended March 31, 2026, $5,674 for the three months ended December 31, 2025, $5,676 for the three months ended September 30, 2025, $21,995 for the nine months ended September 30, 2026 and $12,231 for the nine months ended September 30, 2025. (3) The impact of estimated incentive management fees recognized on Normalized FFO and CAD per share was $0.02 for the three months ended September 30, 2026, $0.04 for the three months ended June 30, 2026, $0.03 for the three months ended March 31, 2026, $0.02 for the three months ended December 31, 2025, $0.02 for the three months ended September 30, 2025, $0.09 for the nine months ended September 30, 2026 and $0.05 for the nine months ended September 30, 2025. Calculation and Reconciliation of Non-GAAP Financial Measures
RETURN TO TABLE OF CONTENTS Q3 2026 39 Management: DHC is managed by The RMR Group (Nasdaq: RMR). RMR is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. As of September 30, 2026, RMR had approximately $37 billion in assets under management and 40 years of institutional experience in buying, selling, financing and operating CRE. DHC believes that being managed by RMR is a competitive advantage for DHC because of RMR’s depth of management and experience in the real estate industry. DHC also believes RMR provides management services to it at a lower cost than it would have to pay for similar quality services if it were self managed. Company Profile, Research Coverage and Governance Information Board of Trustees Christopher J. Bilotto Alan L. Felder Lisa Harris Jones Managing Trustee Lead Independent Trustee Independent Trustee Phyllis M. Hollis Dawn K. Neher Adam D. Portnoy Independent Trustee Independent Trustee Chair of the Board and Managing Trustee Jeffrey P. Somers Independent Trustee Equity Research Coverage B. Riley Securities, Inc. Citizens Freedom Finance Global PLC John Massocca Aaron Hecht Zhiger Kurmet jmassocca@brileysecurities.com aaron.hecht@citizensbank.com zhiger.kurmet@fbroker.kz (646) 885-5424 (415) 835-3963 (708) 297-6150 Maxim Group RBC Capital Markets Michael Diana Michael Carroll mdiana@maximgrp.com michael.carroll@rbccm.com (212) 895-3641 (440) 715-2649 Rating Agencies and Issuer Ratings Moody’s Investors Service S&P Global Samantha Stevens Diandra Prutton samantha.stevens@moodys.com diandra.prutton@spglobal.com (212) 553-0264 (917) 231-4054 DHC is followed by the equity research analysts and its publicly held debt is rated by the rating agencies listed on this page. Please note that any opinions, estimates or forecasts regarding DHC's performance made by these analysts or agencies do not represent opinions, forecasts or predictions of DHC or its management. DHC does not by its reference on this page imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts or agencies. Officers Christopher J. Bilotto Matthew C. Brown President and Chief Financial Officer and Treasurer Chief Executive Officer
RETURN TO TABLE OF CONTENTS Q3 2026 40 Non-GAAP Financial Measures: DHC presents certain "non-GAAP financial measures" within the meaning of applicable rules of the Securities and Exchange Commission, or SEC, including net operating income, or NOI, Cash Basis NOI, same property NOI, same property Cash Basis NOI, earnings before interest, income tax, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, Adjusted EBITDAre, funds from operations, or FFO, 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 DHC's operating performance or as measures of DHC's liquidity. These measures should be considered in conjunction with net income (loss) as presented in DHC's condensed consolidated statements of income (loss). DHC considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss). DHC believes 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 DHC's 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 DHC's properties. 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 DHC's property level results of operations. DHC calculates NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI as shown on pages 33 - 35. DHC defines NOI as income from its real estate less its property operating expenses. NOI excludes depreciation and amortization. DHC defines 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. DHC calculates same property NOI and same property Cash Basis NOI in the same manner that it calculates the corresponding NOI and Cash Basis NOI amounts, except that it only includes same properties in calculating same property NOI and same property Cash Basis NOI. DHC uses 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 DHC does. EBITDA, EBITDAre and Adjusted EBITDAre: DHC calculates EBITDA, EBITDAre and Adjusted EBITDAre as shown on page 36. 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 real estate, equity in net earnings or losses of investees, loss on impairment of real estate assets, if any, and including adjustments to reflect DHC's proportionate share of Adjusted EBITDAre from unconsolidated joint venture properties and prior to the wind-down of AlerisLife's business, DHC's proportionate share of EBITDAre of DHC's former equity method investment, as well as certain other adjustments currently not applicable to DHC. In calculating Adjusted EBITDAre, DHC adjusts for the items shown on page 36. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than DHC does. FFO and Normalized FFO: DHC calculates FFO and Normalized FFO as shown on page 37. 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 real estate, 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 DHC's proportionate share of FFO from DHC's unconsolidated joint venture properties and prior to the wind-down of AlerisLife's business, DHC's proportionate share of FFO of DHC's former equity method investment, plus real estate depreciation and amortization of consolidated properties, as well as certain other adjustments currently not applicable to DHC. In calculating Normalized FFO, DHC adjusts for the items shown on page 37, including adjustments for such items related to DHC's unconsolidated joint ventures, if any. FFO and Normalized FFO are among the factors considered by DHC's Board of Trustees when determining the amount of distributions to its shareholders. Other factors include, but are not limited to, requirements to maintain DHC's qualification for taxation as a REIT, limitations in the agreements governing DHC's debt, the availability to DHC of debt and equity capital, DHC's expectation of its future capital requirements and operating performance and DHC's expected needs for and availability of cash to pay its obligations. Other real estate companies and REITs may calculate FFO and Normalized FFO differently than DHC does. Cash Available for Distribution: DHC calculates CAD as shown on page 38. DHC defines CAD as Normalized FFO minus DHC's proportionate share of Normalized FFO from unconsolidated joint venture properties and its former equity method investment, plus cash flow distributions received from DHC's unconsolidated joint ventures and former equity method investment, if any, recurring real estate related capital expenditures, adjustments for other non- cash and nonrecurring items and certain amounts excluded from Normalized FFO but settled in cash, as well as certain other adjustments currently not applicable to DHC. CAD is among the factors considered by DHC's Board of Trustees when determining the amount of distributions to DHC's shareholders. Other real estate companies and REITs may calculate CAD differently than DHC does. Non-GAAP Financial Measures and Certain Definitions
RETURN TO TABLE OF CONTENTS Q3 2026 41 Adjusted total assets - Adjusted total assets is the original cost of real estate assets calculated in accordance with GAAP before depreciation and after impairment write downs, if any, and excludes accounts receivable and intangible assets. AlerisLife - AlerisLife means AlerisLife Inc. All Other - All Other operations consists of triple net leased wellness centers and senior living communities that are leased to third party operators from which DHC receives rents, and any other revenue or expenses that are not attributable to a specific reportable segment. Annualized Adjusted EBITDAre - Annualized Adjusted EBITDAre is Adjusted EBITDAre for the applicable quarter, excluding items that are determined on an annual basis and recognized during that quarter, such as incentive management fees and percentage rent, multiplied by four, and then adjusted to include the estimated amount of those annual items for the calendar year. The estimated amount of an annual item for the calendar year is its year to date amount, through the last day of the applicable quarter, annualized. These items, if any, are calculated annually and recognized based on estimates that may increase, decrease or reverse during the year. For that reason, DHC believes this calculation better reflects a full year of these items rather than multiplying a single quarter’s amount by four. Annualized Adjusted EBITDAre is used to calculate net debt / annualized Adjusted EBITDAre. Annualized dividend yield - Annualized dividend yield is the annualized dividend paid during the applicable period divided by the closing price of DHC's common shares at the end of the relevant period. Annualized rental income - Annualized rental income is based on rents pursuant to existing leases as of September 30, 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 September 30, 2026 and 100% of rents pursuant to existing leases as of September 30, 2026 from the medical office and life science properties owned by unconsolidated joint ventures in which DHC owns an equity interest. Average monthly rate - Average monthly rate reflects the average monthly residents fees and services per occupied unit for the period presented. The average monthly rate is calculated based on the actual number of days during the period. Building improvements - Building improvements generally include expenditures to replace obsolete building components that extend the useful life of existing assets or other improvements to increase the marketability of the property. Cash basis NOI margin % - Cash basis NOI margin % is defined as cash basis NOI as a percentage of cash basis rental income. Cash basis rental income excludes non-cash straight line rent adjustments, lease value amortization and lease termination fees, if any. Consolidated income available for debt service - Consolidated income available for debt service is earnings from operations excluding interest expense, depreciation and amortization, taxes, loss on asset impairment, gains or losses on equity securities, gains or losses on sales of properties and modification or early extinguishment of debt, determined together with debt service for the applicable period. Core-Based Statistical Areas - Core-Based Statistical Areas, or CBSAs, are geographic regions that identify areas as either metropolitan or micropolitan or neither. The Office of Management and Budget defined CBSAs in 2000. CBSAs are reclassified in every census using a combination of data and census information. Development, redevelopment and other activities - Development, redevelopment and other activities generally include capital expenditures that reposition a property or result in change of use or new sources of revenue. From time to time, DHC invests in revenue producing capital improvements at certain of its triple net leased senior living communities. As a result, annual rents payable to DHC increase pursuant to the terms of the applicable leases. These capital improvements are not included in DHC's development, redevelopment and other activities. Estimated completion date - Estimated completion date can depend on various factors, including when lease agreements are signed with tenants in DHC's Medical Office and Life Science Portfolio. Therefore, the actual completion date may vary. Estimated project costs - Estimated project costs include estimated construction costs and leasing capital up to stabilization. Non-GAAP Financial Measures and Certain Definitions (Continued)
RETURN TO TABLE OF CONTENTS Q3 2026 42 ExPOR - ExPOR, or expenses per occupied room, is calculated by dividing total operating expenses by the number of occupied units for the period presented. GAAP - GAAP is U.S. generally accepted accounting principles. Gross book value of real estate assets - Gross book value of real estate assets is real estate assets at cost plus certain acquisition costs, before depreciation and purchase price allocations, less impairment write downs, if any. Gross sales price - Gross sales price excludes closing costs. 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. Incurrence covenants - Incurrence covenants are financial covenants which DHC is required to comply with in order to incur debt under its secured revolving credit facility and senior secured and unsecured notes indentures and their supplements. Interest rate - Interest rate is the rate stated in, or determined pursuant to, the contract terms and 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. Lease related costs - Lease related costs generally include capital expenditures to improve tenants’ space or amounts paid directly to tenants to improve their space and leasing related costs, such as brokerage commissions and tenant inducements. Leasing costs and concession commitments - Leasing costs and concession commitments include commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent. Maintenance covenant - DHC's maintenance covenant is a financial covenant which it is required to comply with on a quarterly basis pursuant to the indentures governing DHC's senior secured and unsecured notes. 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. Net debt - Net debt is the total outstanding principal of DHC's debt less cash and cash equivalents. NOI margin % - NOI margin % is defined as NOI as a percentage of rental income or residents fees and services, as appropriate. Non-cash adjustments - Non-cash adjustments include straight line adjustments, lease value amortization, lease termination fees and other non-cash amortization included in property operating expenses, if any. Non-GAAP Financial Measures and Certain Definitions (Continued)
RETURN TO TABLE OF CONTENTS Q3 2026 43 Non-cash interest expense - Non-cash interest expense includes the amortization of debt discounts, premiums, issuance costs and interest rate caps. 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. Primary markets - Primary markets are made up of 31 of the largest CBSAs in the United States. Data for primary markets is often presented aggregated. Principal balance - Principal balances are the amounts stated in the contracts less the principal amount of any repayments made. In accordance with GAAP, DHC's carrying values and recorded interest expense may be different because of market conditions at the time DHC assumed certain of these debts. The principal balance of DHC's secured revolving credit facility includes amounts outstanding as of the date presented, if any. Rolling four quarter CAD - Rolling four quarter CAD represents CAD for the preceding twelve month period as of the respective quarter end date. Same property - As of and for the three months ended September 30, 2026, same property consists of properties owned, in service and reported in the same segment since July 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, memory care communities and SNFs. SNF - SNF is a skilled nursing facility. SOFR - SOFR is secured overnight financing rate. 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. Term SOFR - Term SOFR is the one‑month term secured overnight financing rate. Total gross assets - Total gross assets is total assets plus accumulated depreciation. Total unencumbered assets - Total unencumbered assets is the original cost of real estate assets not encumbered by mortgage debt calculated in accordance with GAAP before depreciation and after impairment write downs, if any, and excludes accounts receivable and intangible assets. Triple net leased senior living communities - Triple net leased senior living communities include independent and assisted living communities and SNFs. Weighted average lease term - Weighted average lease term is weighted based on annualized rental income pursuant to existing leases as of September 30, 2026. YoY - YoY refers to year over year comparison to the same period in the previous year. Non-GAAP Financial Measures and Certain Definitions (Continued)
RETURN TO TABLE OF CONTENTS Q3 2026 44 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: tenant demand and strength of DHC's portfolio; transition of SHOP communities, including the timing thereof; property dispositions; DHC's momentum, performance trends and earnings growth; creation of long-term value for DHC's shareholders; DHC's 2026 guidance and related assumptions, including with respect to SHOP NOI growth; DHC’s potential exercise of extension options for the maturity date of the applicable debt instruments; DHC's expectations with respect to, and its ability to continue to fund, capital expenditures; and DHC's redevelopment activities and plans. 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; DHC's ability to transition senior living communities on the expected timeline and/or with the anticipated transition costs; the continuing impact of changing market practices on DHC and its managers and other operators and tenants, such as 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; 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; risks and uncertainties regarding the costs and timing of development, redevelopment and repositioning activities, including as a result of inflation, interest rates, 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 secured 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 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 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 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