8-K - DHC - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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): February 24, 2021

DIVERSIFIED HEALTHCARE TRUST

(Exact Name of Registrant as Specified in Its Charter)

Maryland

(State or Other Jurisdiction of Incorporation)

001-15319	04-3445278
(Commission File Number)	(IRS Employer Identification No.)

Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634

(Address of Principal Executive Offices) (Zip Code)

617-796-8350

(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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title Of Each Class	Trading Symbol(s)	Name Of Each Exchange On Which Registered
Common Shares of Beneficial Interest	DHC	The Nasdaq Stock Market LLC
5.625% Senior Notes due 2042	DHCNI	The Nasdaq Stock Market LLC
6.25% Senior Notes due 2046	DHCNL	The Nasdaq Stock Market LLC

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 February 24, 2021, Diversified Healthcare Trust, or the Company, issued a press release regarding the Company’s results of operations and financial condition for the quarter and year ended December 31, 2020, and also provided certain supplemental operating and financial data for the quarter and year ended December 31, 2020. Copies of the Company’s press release and supplemental operating and financial data are furnished as Exhibits 99.1 and 99.2 hereto, respectively.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

99.1	Press Release dated February 24, 2021
99.2	Fourth Quarter 2020 Supplemental Operating and Financial Data
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/ Richard W. Siedel, Jr.
Name:	Richard W. Siedel, Jr.
Title:	Chief Financial Officer and Treasurer

Date: February 24, 2021

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

Diversified Healthcare Trust Announces Fourth Quarter 2020 Results

Fourth Quarter Net Loss Attributable to Common Shareholders of $0.07 Per Share

Fourth Quarter Normalized FFO Attributable to Common Shareholders of $0.09 Per Share

Newton, MA (February 24, 2021): Diversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended December 31, 2020.

“The commencement of vaccine distribution in December of 2020 marked a major milestone in the early stages of the senior living industry recovery,” stated Jennifer Francis, President and Chief Operating Officer of Diversified Healthcare Trust. “As of February 20, 2021, we are pleased that our operator has vaccinated over 23,500 total residents and staff in our SHOP communities, including over 14,500 residents and staff who have received both doses of the vaccine, and we expect our operator to largely conclude the vaccination clinic program by the end of the first quarter of 2021. Additionally, in our Office segment, we reported another strong quarter of rent collections, which were 99% of quarterly obligations, and our rent deferrals remain modest at just 0.4% of annualized revenues. Subsequent to quarter end, DHC took several critical steps to preserve liquidity as we amended our credit facility to secure waivers of most financial covenants through June 2022, and completed a $500 million senior notes offering which effectively addressed all of our significant maturities into 2024.”

Quarterly Results:

•Reported net loss attributable to common shareholders of $16.2 million, or $0.07 per share.

•Reported normalized funds from operations, or Normalized FFO, attributable to common shareholders of $20.5 million, or $0.09 per share.

	As of and For the Three Months Ended
	December 31, 2020	September 30, 2020	December 31, 2019
Occupancy
Office Portfolio (period end)	91.4%	91.3%	92.2%
SHOP (average day period)	72.2%	75.2%	83.3%
	Three Months Ended
	December 31, 2020	December 31, 2019	Change
Same Property Cash Basis NOI
Office Portfolio	$56,869	$56,851	0.0%
SHOP	$13,508	$47,205	(71.4)%
Total Consolidated Same Property Cash Basis NOI	$79,598	$117,107	(32.0)%
SHOP Same Property Pro Forma EBITDARM	$35,294	$60,237	(41.4)%

Reconciliations of net income (loss) attributable to common shareholders determined in accordance with U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, attributable to common shareholders and Normalized FFO attributable to common shareholders for the quarters ended December 31, 2020 and 2019 appear later in this press release. Reconciliations of net income (loss) attributable to common shareholders determined in accordance with GAAP to net operating income, or NOI, and Cash Basis NOI, and a reconciliation of NOI to same property NOI and a calculation of same property Cash Basis NOI, for the quarters ended December 31, 2020 and 2019, also appear later in this press release. Reconciliations of net income (loss) determined in accordance with GAAP to pro forma earnings before interest, taxes, depreciation, amortization, impairment of assets, gains or losses on sale of properties, gains or losses on early extinguishment of debt, rent and management fees, or EBITDARM, and a reconciliation of pro forma EBITDARM to same property pro forma EBITDARM and a calculation of same property pro forma EBITDARM, for the quarters ended December 31, 2020 and 2019, appear later in this press release as well.

Office Segment:

•Same Property Cash Basis NOI increased slightly compared to the fourth quarter of 2019 primarily resulting from lower bad debt recognized in the fourth quarter of 2020, offset by decreased parking revenue related to the COVID-19 pandemic.

•DHC entered into new and renewal leases for an aggregate of 413,528 rentable square feet at weighted average rents that were 7.9% lower than prior rents for the same space.

•DHC collected approximately 99% of rents due during the fourth quarter of 2020 after giving effect to rent deferrals.

SHOP Segment: As of February 20, 2021, approximately 99% of DHC's communities were currently accepting new residents. Recent same property occupancy rates in DHC's senior housing operating portfolio, or SHOP, segment consisting of 217 communities are as follows:

	2020																								2021
	Jan		Feb		Mar		Apr		May		Jun		Jul		Aug		Sep		Oct		Nov		Dec		Jan
SHOP Same Property Average Occupancy	83.9	%	83.6	%	83.5	%	80.9	%	79.2	%	78.2	%	77.1	%	75.8	%	74.7	%	73.9	%	73.1	%	71.2	%	69.8	%
Sequential Occupancy Change			(0.3)		(0.1)		(2.6)		(1.7)		(1.0)		(1.1)		(1.3)		(1.1)		(0.8)		(0.8)		(1.9)		(1.4)

•Same Property Cash Basis NOI decreased compared to the fourth quarter of 2019, primarily resulting from decreased rental income due to the conversion of DHC's previously existing leasing arrangements with Five Star Senior Living Inc. (Nasdaq: FVE), or Five Star, to management arrangements as part of the restructuring of DHC's business arrangements with Five Star, or the Restructuring Transaction, on January 1, 2020 and the results from the converted managed communities for the 2020 period being less than DHC's rental income for these communities for the 2019 period, along with the decline in results from the communities that were managed for both periods presented. DHC's results from managed communities were adversely impacted by decreases in occupancy and increases in operating expenses on a per resident basis related to the COVID-19 pandemic.

•As of February 20, 2021, approximately 23,500 total residents and staff, or more than 87% of residents and more than 43% of staff, of DHC's senior living communities have received one or more doses of the vaccine, including over 14,500 residents and staff who have received both doses of the vaccine.

Disposition Activities:

•In October 2020, DHC sold three senior living communities for a sales price of $46.0 million, excluding closing costs.

•In November 2020, DHC sold one senior living community for a sales price of $3.0 million, excluding closing costs.

•In December 2020, DHC sold one medical office property, two life science properties and three senior living communities for aggregate sales prices of $3.9 million, $7.9 million, and $11.5 million, respectively, excluding closing costs.

•In February 2021, DHC sold one medical office property for a sales price of $9.0 million, excluding closing costs.

•As of February 23, 2021, DHC had four properties under an agreement to sell for a sales price of approximately $95.5 million, excluding closing costs. This sale is subject to various conditions; as a result, this sale may not occur, it may be delayed or the terms may change.

Liquidity and Financing Activities:

•As of December 31, 2020, DHC had approximately $74.4 million of cash and cash equivalents, and $1.0 billion available to borrow under its revolving credit facility.

•As previously announced, in January 2021, DHC amended the agreements governing its revolving credit and $200.0 million term loan facilities. The key terms of the amendments include:

•certain financial covenants under the revolving credit and term loan facilities have been waived through June 30, 2022;

•DHC has an additional option to extend the maturity of the revolving credit facility to January 2024;

•the revolving credit facility commitments have been reduced from $1.0 billion to $800.0 million;

•DHC has pledged the equity interests of certain of its subsidiaries which own properties with an undepreciated book value of $1.4 billion as of December 31, 2020, and has agreed to provide first mortgage liens on 91 medical office and life science properties owned by these subsidiaries to secure its obligations under the credit and term loan facilities;

•the interest rate premiums over LIBOR under the credit and term loan facilities increased by up to 30 basis points;

•DHC has the ability to fund up to $250.0 million of capital expenditures, as defined, per year, which amount increased to $350.0 million per year following DHC's repayment of its $200.0 million term loan in February 2021;

•certain other covenants and conditions, including restrictions on DHC's ability to make distributions, to incur debt and to acquire real property (in each case subject to various exceptions), and the requirement that DHC maintain a minimum liquidity of $200.0 million, remain in place through the waiver period; and

•DHC is generally required to apply any net cash proceeds from dispositions or debt refinancings to repay its senior notes due in December 2021, its $200.0 million term loan and any outstanding borrowings under its revolving credit facility.

•Also as previously announced, in February 2021, DHC issued $500.0 million aggregate principal amount of its 4.375% senior notes due 2031 in an underwritten public offering. These notes are guaranteed by all of DHC's subsidiaries, except for certain excluded subsidiaries. DHC used a portion of the net proceeds from this offering to prepay in full its $200.0 million term loan and plans to use the remaining net proceeds to redeem the $300.0 million principal amount outstanding of its 6.75% Senior Notes due 2021 in June 2021, when the notes become redeemable with no prepayment premium.

Conference Call:

At 10:00 a.m. Eastern Time tomorrow morning, President and Chief Operating Officer, Jennifer Francis, and Chief Financial Officer and Treasurer, Richard Siedel, will host a conference call to discuss DHC's fourth quarter 2020 financial results. The conference call telephone number is (877) 329-4297. Participants calling from outside the United States and Canada should dial (412) 317-5435. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. on Thursday, March 4, 2021. To access the replay, dial (412) 317-0088. The replay pass code is 10150783.

A live audio webcast of the conference call will also be available in a listen-only mode on DHC's website, www.dhcreit.com. Participants wanting to access the webcast should visit DHC's website about five minutes before the call. The archived webcast will be available for replay on DHC's website following the call for about one week. The transcription, recording and retransmission in any way of DHC's fourth quarter conference call are strictly prohibited without the prior written consent of DHC.

Supplemental Data:

A copy of DHC's Fourth Quarter 2020 Supplemental Operating and Financial Data is available for download at DHC's website, www.dhcreit.com. DHC's website is not incorporated as part of this press release.

DHC is a real estate investment trust, or REIT, that owns medical office and life science properties, senior living communities and wellness centers throughout the United States. DHC is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company that is headquartered in Newton, MA.

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 FFO attributable to common shareholders, Normalized FFO attributable to common shareholders, 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, pro forma EBITDARM and same property pro forma EBITDARM for the three months and years ended December 31, 2020 and 2019. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) or net income (loss) attributable to common shareholders 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) and net income (loss) attributable to common shareholders as presented in DHC's 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) and net income (loss) attributable to common shareholders. 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.

Please see the pages attached hereto for a more detailed statement of DHC's operating results and financial condition, and for an explanation of DHC's calculation of FFO attributable to common shareholders, Normalized FFO attributable to common shareholders, NOI, Cash Basis NOI, same property NOI, same property Cash Basis NOI, EBITDA, EBITDAre, Adjusted EBITDAre, pro forma EBITDARM and same property pro forma EBITDARM and a reconciliation of those amounts to amounts determined in accordance with GAAP.

DIVERSIFIED HEALTHCARE TRUST

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(amounts in thousands, except per share data)

(unaudited)

	Three Months Ended December 31,				Year Ended December 31,
	2020		2019		2020		2019
Revenues:
Rental income	$	106,272	$	147,209	$	427,215	$	606,558
Residents fees and services	278,637		108,830		1,204,811		433,597
Total revenues	384,909		256,039		1,632,026		1,040,155
Expenses:
Property operating expenses	302,207		126,572		1,236,357		489,070
Depreciation and amortization	65,681		69,503		270,147		289,025
General and administrative	7,461		8,741		30,593		37,028
Acquisition and certain other transaction related costs	11		1,893		814		13,102
Impairment of assets	361		73,683		106,972		115,201
Total expenses	375,721		280,392		1,644,883		943,426
Gain on sale of properties	4,084		17,803		6,487		39,696
Dividend income	—		—		—		1,846
Gains and losses on equity securities, net	19,565		(422)		34,106		(41,898)
Interest and other income (1)	10,213		351		18,221		941
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $2,448, $1,440, $8,022 and $6,032, respectively)	(57,768)		(43,272)		(201,483)		(180,112)
Gain on lease termination	—		—		22,896		—
Loss on early extinguishment of debt	—		(27)		(427)		(44)
Loss from continuing operations before income tax expense and equity in (losses) earnings of an investee	(14,718)		(49,920)		(133,057)		(82,842)
Income tax expense	(202)		(483)		(1,250)		(436)
Equity in (losses) earnings of an investee	—		(217)		—		400
Net loss	(14,920)		(50,620)		(134,307)		(82,878)
Net income attributable to noncontrolling interest	(1,308)		(1,077)		(5,146)		(5,356)
Net loss attributable to common shareholders	$	(16,228)	$	(51,697)	$	(139,453)	$	(88,234)
Weighted average common shares outstanding (basic)	237,834		237,659		237,739		237,604
Weighted average common shares outstanding (diluted)	237,834		237,659		237,739		237,604
Per common share amounts (basic and diluted):
Net loss attributable to common shareholders	$	(0.07)	$	(0.22)	$	(0.59)	$	(0.37)

(1) DHC recognized $10,139 and $17,485 of funds received under the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, during the three months and year ended December 31, 2020, respectively.

DIVERSIFIED HEALTHCARE TRUST

FUNDS FROM OPERATIONS AND NORMALIZED FUNDS FROM OPERATIONS ATTRIBUTABLE TO COMMON SHAREHOLDERS

(amounts in thousands, except per share data)

(unaudited)

Calculation of FFO and Normalized FFO Attributable to Common Shareholders(1):

	Three Months Ended December 31,				Year Ended December 31,
	2020		2019		2020		2019
Net loss attributable to common shareholders	$	(16,228)	$	(51,697)	$	(139,453)	$	(88,234)
Depreciation and amortization	65,681		69,503		270,147		289,025
Gain on sale of properties	(4,084)		(17,803)		(6,487)		(39,696)
Impairment of assets	361		73,683		106,972		115,201
Gains and losses on equity securities, net	(19,565)		422		(34,106)		41,898
FFO adjustments attributable to noncontrolling interest	(5,275)		(5,276)		(21,100)		(21,147)
FFO attributable to common shareholders	20,890		68,832		175,973		297,047
Acquisition and certain other transaction related costs	11		1,893		814		13,102
Costs and payment obligations related to compliance assessment at one of DHC's senior living communities	(402)		—		5,770		—
Gain on lease termination	—		—		(22,896)		—
Loss on early extinguishment of debt	—		27		427		44
Normalized FFO attributable to common shareholders	$	20,499	$	70,752	$	160,088	$	310,193
Weighted average common shares outstanding (basic)	237,834		237,659		237,739		237,604
Weighted average common shares outstanding (diluted)	237,834		237,659		237,739		237,604
Per common share data (basic and diluted):
Net loss attributable to common shareholders	$	(0.07)	$	(0.22)	$	(0.59)	$	(0.37)
FFO attributable to common shareholders	$	0.09	$	0.29	$	0.74	$	1.25
Normalized FFO attributable to common shareholders	$	0.09	$	0.30	$	0.67	$	1.31
Distributions declared	$	0.01	$	0.15	$	0.18	$	0.84

(1) DHC calculates FFO attributable to common shareholders and Normalized FFO attributable to common shareholders as shown above. FFO attributable to common shareholders is calculated on the basis defined by the National Association of Real Estate Investment Trusts, or Nareit, which is net income (loss) attributable to common shareholders, calculated in accordance with GAAP, excluding any gain or loss on sale of properties, loss on impairment of real estate assets and gains or losses on equity securities, net, if any, plus real estate depreciation and amortization and minus FFO adjustments attributable to noncontrolling interest, as well as certain other adjustments currently not applicable to DHC. In calculating Normalized FFO attributable to common shareholders, DHC adjusts for the items shown above and includes business management incentive 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 DHC's 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 attributable to common shareholders and Normalized FFO attributable to common shareholders 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 attributable to common shareholders and Normalized FFO attributable to common shareholders differently than DHC does.

DIVERSIFIED HEALTHCARE TRUST

CALCULATION AND RECONCILIATION OF NOI AND CASH BASIS NOI (1)

(dollars in thousands)

(unaudited)

	Three Months Ended December 31,				Year Ended December 31,
	2020		2019		2020		2019
Calculation of NOI and Cash Basis NOI:
Revenues:
Rental income	$	106,272	$	147,209	$	427,215	$	606,558
Residents fees and services	278,637		108,830		1,204,811		433,597
Total revenues	384,909		256,039		1,632,026		1,040,155
Property operating expenses	(302,207)		(126,572)		(1,236,357)		(489,070)
NOI	82,702		129,467		395,669		551,085
Non-cash straight line rent adjustments	(3,040)		(958)		(6,069)		(4,508)
Lease value amortization	(1,846)		(1,869)		(7,405)		(6,791)
Non-cash amortization included in property operating expenses	(200)		(200)		(797)		(797)
Cash Basis NOI	$	77,616	$	126,440	$	381,398	$	538,989
Reconciliation of Net Income (Loss) Attributable to Common Shareholders to NOI and Cash Basis NOI:
Net loss attributable to common shareholders	$	(16,228)	$	(51,697)	$	(139,453)	$	(88,234)
Net income attributable to noncontrolling interest	1,308		1,077		5,146		5,356
Net loss	(14,920)		(50,620)		(134,307)		(82,878)
Equity in losses (earnings) of an investee	—		217		—		(400)
Income tax expense	202		483		1,250		436
Loss on early extinguishment of debt	—		27		427		44
Gain on lease termination	—		—		(22,896)		—
Interest expense	57,768		43,272		201,483		180,112
Interest and other income	(10,213)		(351)		(18,221)		(941)
Gains and losses on equity securities, net	(19,565)		422		(34,106)		41,898
Dividend income	—		—		—		(1,846)
Gain on sale of properties	(4,084)		(17,803)		(6,487)		(39,696)
Impairment of assets	361		73,683		106,972		115,201
Acquisition and certain other transaction related costs	11		1,893		814		13,102
General and administrative	7,461		8,741		30,593		37,028
Depreciation and amortization	65,681		69,503		270,147		289,025
NOI	82,702		129,467		395,669		551,085
Non-cash straight line rent adjustments	(3,040)		(958)		(6,069)		(4,508)
Lease value amortization	(1,846)		(1,869)		(7,405)		(6,791)
Non-cash amortization included in property operating expenses	(200)		(200)		(797)		(797)
Cash Basis NOI	$	77,616	$	126,440	$	381,398	$	538,989

(1) The calculations of NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI exclude certain components of net income (loss) attributable to common shareholders in order to provide results that are more closely related to DHC's property level results of operations. DHC calculates NOI and Cash Basis NOI as shown above and same property NOI and same property Cash Basis NOI as shown below. DHC defines NOI as income from its real estate less its property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that DHC records as depreciation and amortization. DHC defines Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization, lease termination fee amortization, 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.

DIVERSIFIED HEALTHCARE TRUST

Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment (1)

(dollars in thousands)

(unaudited)

Office Portfolio	For the Three Months Ended
Calculation of NOI and Cash Basis NOI:	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Rental income	$	94,850	$	94,235	$	95,510	$	98,770	$	97,400
Property operating expenses	(32,709)		(33,448)		(30,893)		(32,706)		(33,462)
NOI	$	62,141	$	60,787	$	64,617	$	66,064	$	63,938
NOI	$	62,141	$	60,787	$	64,617	$	66,064	$	63,938
Less:
Non-cash straight line rent adjustments	1,114		438		1,306		1,074		845
Lease value amortization	1,790		1,800		1,775		1,818		1,813
Non-cash amortization included in property operating expenses	200		199		199		199		200
Cash Basis NOI	$	59,037	$	58,350	$	61,337	$	62,973	$	61,080
Reconciliation of NOI to Same Property NOI:
NOI	$	62,141	$	60,787	$	64,617	$	66,064	$	63,938
Less:
NOI not included in same property	2,534		2,881		3,736		4,205		4,535
Same property NOI (2)	$	59,607	$	57,906	$	60,881	$	61,859	$	59,403
Reconciliation of Same Property NOI to Same Property Cash Basis NOI:
Same property NOI (2)	$	59,607	$	57,906	$	60,881	$	61,859	$	59,403
Less:
Non-cash straight line rent adjustments	761		115		750		685		602
Lease value amortization	1,791		1,801		1,774		1,782		1,766
Non-cash amortization included in property operating expenses	186		186		186		186		184
Same property cash basis NOI (2)	$	56,869	$	55,804	$	58,171	$	59,206	$	56,851

(1)See page 7 for the calculation of NOI and a reconciliation of net income (loss) attributable to common shareholders determined in accordance with GAAP to that amount. See footnote 1 on page 7 of this press release for a definition of NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI, and page 4 for a description of why management believes they are appropriate supplemental measures and a description of how management uses these measures.

(2)Consists of properties owned and in service continuously since October 1, 2019, including DHC's life science property owned in a joint venture arrangement in which DHC owns a 55% equity interest; excludes properties classified as held for sale or out of service undergoing redevelopment, if any.

DIVERSIFIED HEALTHCARE TRUST

Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment (1)

(dollars in thousands)

(unaudited)

SHOP (2)	For the Three Months Ended
Calculation of NOI and Cash Basis NOI:	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Residents fees and services / rental income	$	278,637	$	290,101	$	304,104	$	331,969	$	141,277
Property operating expenses	(269,498)		(282,202)		(271,022)		(283,879)		(93,110)
NOI	$	9,139	$	7,899	$	33,082	$	48,090	$	48,167
NOI	$	9,139	$	7,899	$	33,082	$	48,090	$	48,167
Less:
Non-cash straight line rent adjustments	—		—		—		—		—
Lease value amortization	—		—		—		—		—
Non-cash amortization included in property operating expenses	—		—		—		—		—
Cash Basis NOI	$	9,139	$	7,899	$	33,082	$	48,090	$	48,167
Reconciliation of NOI to Same Property NOI:
NOI	$	9,139	$	7,899	$	33,082	$	48,090	$	48,167
Less:
NOI not included in same property	(4,369)		(5,580)		(2,293)		(1,755)		962
Same property NOI (3)	$	13,508	$	13,479	$	35,375	$	49,845	$	47,205
Reconciliation of Same Property NOI to Same Property Cash Basis NOI:
Same property NOI (3)	$	13,508	$	13,479	$	35,375	$	49,845	$	47,205
Less:
Non-cash straight line rent adjustments	—		—		—		—		—
Lease value amortization	—		—		—		—		—
Non-cash amortization included in property operating expenses	—		—		—		—		—
Same property cash basis NOI (3)	$	13,508	$	13,479	$	35,375	$	49,845	$	47,205

(2)Not all periods presented are comparable. Pursuant to the Restructuring Transaction, effective January 1, 2020, the previously existing master leases and management and pooling agreements between DHC and Five Star were terminated and replaced with new management and related agreements, or the Five Star management agreements, for all of DHC's senior living communities operated by Five Star.

(3)Consists of properties owned and which have been operated by the same operator continuously since October 1, 2019; excludes properties classified as held for sale or closed, if any.

DIVERSIFIED HEALTHCARE TRUST

Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment (1)

(dollars in thousands)

(unaudited)

Consolidated	For the Three Months Ended
Calculation of NOI and Cash Basis NOI:	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Rental income / residents fees and services	$	384,909	$	394,339	$	410,311	$	442,467	$	256,039
Property operating expenses	(302,207)		(315,650)		(301,915)		(316,585)		(126,572)
NOI	$	82,702	$	78,689	$	108,396	$	125,882	$	129,467
NOI	$	82,702	$	78,689	$	108,396	$	125,882	$	129,467
Less:
Non-cash straight line rent adjustments	3,040		491		1,385		1,153		958
Lease value amortization	1,846		1,856		1,830		1,873		1,869
Non-cash amortization included in property operating expenses	200		199		199		199		200
Cash Basis NOI	$	77,616	$	76,143	$	104,982	$	122,657	$	126,440
Reconciliation of NOI to Same Property NOI:
NOI	$	82,702	$	78,689	$	108,396	$	125,882	$	129,467
Less:
NOI not included in same property	(1,617)		(1,740)		2,403		3,410		9,642
Same property NOI (2)	$	84,319	$	80,429	$	105,993	$	122,472	$	119,825
Reconciliation of Same Property NOI to Same Property Cash Basis NOI:
Same property NOI (2)	$	84,319	$	80,429	$	105,993	$	122,472	$	119,825
Less:
Non-cash straight line rent adjustments	2,689		185		846		780		713
Lease value amortization	1,846		1,856		1,829		1,837		1,821
Non-cash amortization included in property operating expenses	186		186		186		186		184
Same property cash basis NOI (2)	$	79,598	$	78,202	$	103,132	$	119,669	$	117,107

(2)Consists of properties owned, in service and operated by the same operator continuously since October 1, 2019, including DHC's life science property owned in a joint venture arrangement in which DHC owns a 55% equity interest; excludes properties classified as held for sale, closed or out of service undergoing redevelopment, if any.

DIVERSIFIED HEALTHCARE TRUST

CALCULATION AND RECONCILIATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre

(dollars in thousands)

(unaudited)

Calculation and Reconciliation of EBITDA, EBITDAre and Adjusted EBITDAre(1):

	Three Months Ended December 31,
	2020		2019
Net loss	$	(14,920)	$	(50,620)
Interest expense	57,768		43,272
Income tax expense	202		483
Depreciation and amortization	65,681		69,503
EBITDA	108,731		62,638
Gain on sale of properties	(4,084)		(17,803)
Impairment of assets	361		73,683
EBITDAre	105,008		118,518
General and administrative expense paid in common shares	402		248
Acquisition and certain other transaction related costs	11		1,893
Loss on early extinguishment of debt	—		27
Costs and payment obligations related to compliance assessment at one of DHC's senior living communities	(402)		—
(Gains) losses on equity securities, net	(19,565)		422
Adjusted EBITDAre	$	85,454	$	121,108

(1) DHC calculates EBITDA, EBITDAre and Adjusted EBITDAre as shown above. EBITDAre is calculated on the basis defined by Nareit, which is EBITDA, excluding any gain or loss on sale of properties and impairment of assets, if any, as well as certain other adjustments currently not applicable to DHC. In calculating Adjusted EBITDAre, DHC adjusts for the items shown above and includes business management incentive fees, if any, only in the fourth quarter versus the quarter when they are recognized as expense in accordance with GAAP due to their quarterly volatility not necessarily being indicative of DHC's 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. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than DHC does.

DIVERSIFIED HEALTHCARE TRUST

SHOP SEGMENT - CALCULATION AND RECONCILIATION OF

PRO FORMA EBITDARM AND SAME PROPERTY PRO FORMA EBITDARM (1)

(amounts in thousands)

(unaudited)

		Three Months Ended
		12/31/2020			9/30/2020		6/30/2020			3/31/2020		12/31/2019
		SHOP			SHOP		SHOP			SHOP		SHOP		Restructuring Transaction			Pro Forma
Revenues:
Rental income		$	—		$	—	$	—		$	—	$	32,447	$	(32,447)	(2)	$	—
Residents fees and services		278,637			290,101		304,104			331,969		108,830		225,074		(2)	333,904
Total revenues		278,637			290,101		304,104			331,969		141,277		192,627			333,904
Expenses:
Property operating expenses		269,498			282,202		271,022			283,879		93,110		199,075		(2) (3)	292,185
Depreciation and amortization		30,739			31,570		33,773			33,042		32,557		—			32,557
Impairment of assets		(107)			62,868		30,637			5,016		56,781		—			56,781
Total expenses		300,130			376,640		335,432			321,937		182,448		199,075			381,523
Loss on sale of properties		(417)			(42)		(168)			—		—		—			—
Interest and other income		10,139		(4)	—		7,346		(4)	—		—		—			—
Interest expense		(547)			(552)		(560)			(564)		(577)		—			(577)
Net (loss) income		(12,318)			(87,133)		(24,710)			9,468		(41,748)		(6,448)			(48,196)
Add (less):	Interest expense	547			552		560			564							577
	Depreciation and amortization	30,739			31,570		33,773			33,042							32,557
	Management fees	13,932			14,505		15,205			16,598							16,695
	Impairment of assets	(107)			62,868		30,637			5,016							56,781
	Loss on sale of properties	417			42		168			—							—
EBITDARM		33,210			22,404		55,633			64,688							58,414
Less: EBITDARM not included in same property		(2,084)			(4,312)		(160)			(64)							(1,823)
Same property EBITDARM		$	35,294		$	26,716	$	55,793		$	64,752						$	60,237

(1) DHC's SHOP segment includes both communities leased to Five Star and operated for its account under management agreements with Five Star as of and during the three months ended December 31, 2019. Pursuant to the Restructuring Transaction, DHC's previously existing master leases and management and pooling agreements with Five Star were terminated and replaced with the Five Star management agreements, effective as of January 1, 2020. Under the Five Star management agreements, management fees are 5% of resident fees and services revenues. DHC believes pro forma EBITDARM is a meaningful transitional supplemental performance measure as it presents historical community level operating results regardless of the form of contractual arrangements and removes the impact of changes in the agreements, including rents and management fees, between DHC and Five Star during the periods presented. The table above presents pro forma resident fees and services revenues and pro forma EBITDARM as if all the DHC owned communities operated by Five Star were pursuant to the current management arrangements throughout all periods presented. This presentation is provided to assist in understanding community level operating results. A reconciliation of the pro forma EBITDARM amounts from amounts determined in accordance with GAAP is also included. Other real estate companies and REITs may calculate EBITDARM differently than DHC does.

(2) Adjustments include property level residents fees and services revenues and property operating expenses and exclude rental income for the previously leased senior living communities for the three months ended December 31, 2019.

(3) For the three months ended December 31, 2019, adjustments to property operating expenses also include adjustments to reflect management fees equal to 5% of gross revenues pursuant to the Five Star management agreements and a consistent allocation of costs for all communities.

(4) DHC recognized $10,139 and $7,346 of funds received under the CARES Act during the three months ended December 31, 2020 and June 30, 2020, respectively.

DIVERSIFIED HEALTHCARE TRUST

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

(unaudited)

	December 31, 2020		December 31, 2019
Assets
Real estate properties	$	7,410,730	$	7,461,586
Accumulated depreciation	(1,694,901)		(1,570,801)
Total real estate properties, net	5,715,829		5,890,785
Assets of properties held for sale	112,437		209,570
Cash and cash equivalents	74,417		37,357
Restricted cash	16,432		14,867
Acquired real estate leases and other intangible assets, net	286,513		337,875
Other assets, net	270,796		163,372
Total assets	$	6,476,424	$	6,653,826
Liabilities and Equity
Unsecured revolving credit facility	$	—	$	537,500
Unsecured term loans, net	199,049		448,741
Senior unsecured notes, net	2,608,189		1,820,681
Secured debt and finance leases, net	691,573		694,739
Liabilities of properties held for sale	3,525		6,758
Accrued interest	23,772		24,060
Assumed real estate lease obligations, net	67,830		76,705
Other liabilities	263,264		167,592
Total liabilities	3,857,202		3,776,776
Total equity	2,619,222		2,877,050
Total liabilities and equity	$	6,476,424	$	6,653,826

Warning Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever DHC uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, "will", “may” and negatives or derivatives of these or similar expressions, DHC is making forward-looking statements. These forward-looking statements are based upon DHC's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by DHC's forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond DHC's control. For example,

•Ms. Francis states in this press release that, as of February 20, 2021, DHC's operator has vaccinated over 23,500 total residents and staff and DHC expects its operators to largely conclude the vaccination clinic program by the end of the first quarter of 2021. However, the availability and rate of vaccinations may not continue at the current pace and may be delayed, including for reasons beyond the control of DHC's operator. Further, even if the vaccinations are widely distributed and administered, the senior living industry may not recover to pre-pandemic levels for an extended period or at all if market preferences and practices result in older adults utilizing less services of the type offered at DHC's communities, such as seniors forgoing relocating to DHC's communities,

•Ms. Francis's statements regarding DHC's rent collections in its Office segment and the several critical steps DHC took to preserve liquidity may imply that DHC will continue to achieve similar or better financial results. However, if the COVID-19 pandemic and resulting economic downturn do not improve or worsen, DHC's tenants', manager's and operators' businesses, operations and liquidity may be significantly negatively impacted, which could be detrimental to DHC's tenants' ability or willingness to pay rents to DHC or to DHC's manager's ability to generate DHC's minimum returns for sustained periods. In addition, although DHC has taken steps to enhance its ability to maintain sufficient liquidity, unanticipated events, such as emergencies in addition to, or as an expansion of, the current impact of the COVID-19 pandemic, may require DHC to expend amounts not currently planned,

•DHC amended the agreement governing its revolving credit facility in January 2021 to obtain waivers from compliance with certain financial covenants. However, continued availability of borrowings under DHC's revolving credit facility is subject to its satisfying certain other financial covenants and other credit facility conditions, which DHC may be unable to satisfy, despite the amendment,

•DHC has classified certain properties as held for sale as of December 31, 2020. This may imply that all of the properties that DHC has classified as held for sale will be sold; however, any such sales may not occur and DHC may incur losses with respect to such sales, and

•As of February 23, 2021, DHC had four properties under an agreement to sell for a sales price of approximately $95.5 million, excluding closing costs. This sale is subject to conditions and the sale may not occur, may be delayed and the terms may change.

The information contained in DHC's filings with the SEC, including under “Risk Factors” in DHC's periodic reports, or incorporated therein, identifies important factors that could cause DHC's actual results to differ materially from those stated in or implied by DHC's forward-looking statements. DHC's filings with the SEC are available on the SEC's website at www.sec.gov. You should not place undue reliance upon 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.

Contact:
Michael Kodesch, Director, Investor Relations
(617) 796-8234
www.dhcreit.com

(END)

dhc123120supplemental

FOURTH QUARTER 2020 Supplemental Operating and Financial Data ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. Exhibit 99.2 Muse at Torrey Pines San Diego, CA

Supplemental Q4 2020 2 CORPORATE INFORMATION Company Profile......................................................................................................................................................................................................................................................... 3 Investor Information................................................................................................................................................................................................................................................... 4 Research Coverage..................................................................................................................................................................................................................................................... 5 FINANCIALS Key Financial Data...................................................................................................................................................................................................................................................... 6 Condensed Consolidated Balance Sheets................................................................................................................................................................................................................. 7 Consolidated Statements of Income (Loss)............................................................................................................................................................................................................... 8 Consolidated Statements of Income (Loss) (Additional Data)................................................................................................................................................................................... 9 Debt Summary............................................................................................................................................................................................................................................................ 10 Debt Maturity Schedule............................................................................................................................................................................................................................................. 11 Leverage Ratios, Coverage Ratios and Public Debt Covenants................................................................................................................................................................................ 12 Summary of Capital Expenditures.............................................................................................................................................................................................................................. 13 Office Portfolio Redevelopment Information as of December 31, 2020.................................................................................................................................................................. 14 Property Acquisitions / Dispositions Information Since January 1, 2020.................................................................................................................................................................. 15 Calculation and Reconciliation of NOI and Cash Basis NOI...................................................................................................................................................................................... 16 NOI and Cash Basis NOI............................................................................................................................................................................................................................................ 17 Same Property NOI and Cash Basis NOI................................................................................................................................................................................................................... 18 Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment........................................................................... 19 Calculation and Reconciliation of EBITDA, EBITDAre and Adjusted EBITDAre....................................................................................................................................................... 23 Calculation and Reconciliation of FFO and Normalized FFO Attributable to Common Shareholders.................................................................................................................... 24 PORTFOLIO INFORMATION Portfolio Summary by Geographic Diversification and Property Type..................................................................................................................................................................... 25 Portfolio Summary...................................................................................................................................................................................................................................................... 26 Occupancy and Same Property Occupancy............................................................................................................................................................................................................... 27 Unit Count and Rent Coverage.................................................................................................................................................................................................................................. 28 Office Portfolio and Same Property - Results of Operations.................................................................................................................................................................................... 29 SHOP Segment and Same Property - Results of Operations.................................................................................................................................................................................... 32 SHOP Segment and Same Property - Transitional Pro Forma EBITDARM............................................................................................................................................................... 33 Office Portfolio Leasing Summary.............................................................................................................................................................................................................................. 35 Tenants Representing 1% or More of Total Annualized Rental Income................................................................................................................................................................... 36 Office Portfolio Lease Expiration Schedule............................................................................................................................................................................................................... 37 Non-Segment Lease Expiration Schedule.................................................................................................................................................................................................................. 38 NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS.............................................................................................................................................................................. 39 WARNING CONCERNING FORWARD-LOOKING STATEMENTS.................................................................................................................................................................................. 42 Please refer to Non-GAAP Financial Measures and Certain Definitions beginning on page 39 for terms used throughout this document. Table of Contents

Supplemental Q4 2020 3 The Company: Diversified Healthcare Trust, or DHC, we, our or us, is a real estate investment trust, or REIT, which owns healthcare related properties including medical office and life science buildings, senior living communities and wellness centers located throughout the U.S. DHC is a component of 129 market indices and it comprises more than 1% of the following indices as of December 31, 2020: BI North America Healthcare REIT Valuation Peers (BIHLCRNP), Bloomberg Real Estate Investment Trust Mid Cap Index (BBREMIDC) and the Bloomberg Real Estate Investment Trust Healthcare Index (BBREHLTH). Management: DHC is managed by The RMR Group LLC, or RMR LLC, the majority owned operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), or RMR Inc. RMR is an alternative asset management company that is focused on commercial real estate and related businesses. RMR primarily provides management services to publicly traded real estate companies, privately held real estate funds and real estate related operating businesses. As of December 31, 2020, RMR had $32.0 billion of real estate assets under management and the combined RMR managed companies had approximately $10 billion of annual revenues, nearly 2,100 properties and approximately 43,000 employees. We believe 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. We also believe RMR provides management services to us at costs that are lower than we would have to pay for similar quality services if we were self managed. Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458-1634 (t) (617) 796-8350 Stock Exchange Listing: Nasdaq Trading Symbols: Common Shares: DHC Senior Unsecured Notes due 2042: DHCNI Senior Unsecured Notes due 2046: DHCNL Company Profile RETURN TO TABLE OF CONTENTS

Supplemental Q4 2020 4 Board of Trustees: Jennifer B. Clark John L. Harrington Lisa Harris Jones Managing Trustee Independent Trustee Lead Independent Trustee Daniel F. LePage Adam D. Portnoy Jeffrey P. Somers Independent Trustee Chair of the Board & Managing Trustee Independent Trustee Executive Officers: Jennifer F. Francis Richard W. Siedel, Jr. President & Chief Operating Officer Chief Financial Officer & Treasurer Contact Information: Investor Relations Inquiries Diversified Healthcare Trust Financial, investor and media inquiries should be directed to Two Newton Place Michael Kodesch, Director, Investor Relations, at 255 Washington Street, Suite 300 (617) 796-8234, or mkodesch@dhcreit.com Newton, MA 02458-1634 (t) (617) 796-8350 (email) info@dhcreit.com (website) www.dhcreit.com Investor Information RETURN TO TABLE OF CONTENTS Vertex Pharmaceuticals Boston, MA

Supplemental Q4 2020 5 Equity Research Coverage: B. Riley Securities, Inc. BofA Securities Colliers Securities LLC Bryan Maher Joshua Dennerlein Kyle Bauser (646) 885-5423 (646) 855-1681 (612) 376-4191 bmaher@brileyfin.com joshua.dennerlein@bofa.com kyle.bauser@colliers.com JMP Securities Morgan Stanley Raymond James Aaron Hecht Vikram Malhotra Jonathan Hughes (415) 835-3963 (212) 761-7064 (727) 567-2438 ahecht@jmpsecurities.com vikram.malhotra@morganstanley.com jonathan.hughes@raymondjames.com RBC Capital Markets Wells Fargo Securities Michael Carroll Todd Stender (440) 715-2649 (562) 637-1371 michael.carroll@rbccm.com todd.stender@wellsfargo.com Rating Agencies: Moody’s Investors Service S & P Global Lori Marks Michael Souers (212) 553-1098 (212) 438-2508 lori.marks@moodys.com michael.souers@spglobal.com Research Coverage RETURN TO TABLE OF CONTENTS 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.

Supplemental Q4 2020 6 (1) Beginning in the second quarter of 2020, we reduced our quarterly cash distribution rate to $0.01 per common share ($0.04 per common share annually) to conserve capital in response to uncertain economic conditions as a result of the COVID-19 pandemic. Key Financial Data RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Selected Balance Sheet Data: Total gross assets $ 8,171,325 $ 8,186,982 $ 8,266,767 $ 8,316,051 $ 8,224,627 Total assets $ 6,476,424 $ 6,535,118 $ 6,600,523 $ 6,703,723 $ 6,653,826 Total liabilities $ 3,857,202 $ 3,893,412 $ 3,845,683 $ 3,916,554 $ 3,776,776 Total equity $ 2,619,222 $ 2,641,706 $ 2,754,840 $ 2,787,169 $ 2,877,050 Selected Income Statement Data: Total revenues $ 384,909 $ 394,339 $ 410,311 $ 442,467 $ 256,039 Net (loss) income $ (14,920) $ (105,788) $ (24,742) $ 11,143 $ (50,620) Net (loss) income attributable to common shareholders $ (16,228) $ (106,888) $ (26,072) $ 9,735 $ (51,697) NOI $ 82,702 $ 78,689 $ 108,396 $ 125,882 $ 129,467 Adjusted EBITDAre $ 85,454 $ 78,509 $ 109,235 $ 117,437 $ 121,108 FFO attributable to common shareholders $ 20,890 $ 6,951 $ 56,847 $ 91,285 $ 68,832 Normalized FFO attributable to common shareholders $ 20,499 $ 13,176 $ 57,115 $ 69,298 $ 70,752 Per Common Share Data (basic and diluted): Net (loss) income attributable to common shareholders $ (0.07) $ (0.45) $ (0.11) $ 0.04 $ (0.22) FFO attributable to common shareholders $ 0.09 $ 0.03 $ 0.24 $ 0.38 $ 0.29 Normalized FFO attributable to common shareholders $ 0.09 $ 0.06 $ 0.24 $ 0.29 $ 0.30 Dividends: Annualized dividend declared per common share (1) $ 0.04 $ 0.04 $ 0.04 $ 0.60 $ 0.60 Annualized dividend yield (at end of period) 1.0 % 1.1 % 0.9 % 16.5 % 7.1 % Normalized FFO attributable to common shareholders payout ratio 11.1 % 16.7 % 4.2 % 51.7 % 50.0 % (dollars in thousands, except per share data)

Supplemental Q4 2020 7 As of As of December 31, 2020 December 31, 2019 Assets Real estate properties: Land $ 789,125 $ 793,123 Buildings and improvements 6,621,605 6,668,463 Total real estate properties, gross 7,410,730 7,461,586 Accumulated depreciation (1,694,901) (1,570,801) Total real estate properties, net 5,715,829 5,890,785 Assets of properties held for sale 112,437 209,570 Cash and cash equivalents 74,417 37,357 Restricted cash 16,432 14,867 Acquired real estate leases and other intangible assets, net 286,513 337,875 Other assets, net 270,796 163,372 Total assets $ 6,476,424 $ 6,653,826 Liabilities and Equity Unsecured revolving credit facility $ — $ 537,500 Unsecured term loans, net 199,049 448,741 Senior unsecured notes, net 2,608,189 1,820,681 Secured debt and finance leases, net 691,573 694,739 Liabilities of properties held for sale 3,525 6,758 Accrued interest 23,772 24,060 Assumed real estate lease obligations, net 67,830 76,705 Other liabilities 263,264 167,592 Total liabilities 3,857,202 3,776,776 Commitments and contingencies Equity: Equity attributable to common shareholders: Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 238,268,478 and 237,897,163 shares issued and outstanding, respectively 2,383 2,379 Additional paid in capital 4,613,904 4,612,511 Cumulative net income 1,913,109 2,052,562 Cumulative distributions (4,033,559) (3,930,933) Total equity attributable to common shareholders 2,495,837 2,736,519 Noncontrolling interest: Total equity attributable to noncontrolling interest 123,385 140,531 Total equity 2,619,222 2,877,050 Total liabilities and equity $ 6,476,424 $ 6,653,826 Condensed Consolidated Balance Sheets (dollars in thousands, except share data) RETURN TO TABLE OF CONTENTS Cedars-Sinai Medical Center Los Angeles, CA

Supplemental Q4 2020 8 For the Three Months Ended December 31, For the Year Ended December 31, 2020 2019 2020 2019 Revenues: Rental income $ 106,272 $ 147,209 $ 427,215 $ 606,558 Residents fees and services 278,637 108,830 1,204,811 433,597 Total revenues 384,909 256,039 1,632,026 1,040,155 Expenses: Property operating expenses 302,207 126,572 1,236,357 489,070 Depreciation and amortization 65,681 69,503 270,147 289,025 General and administrative 7,461 8,741 30,593 37,028 Acquisition and certain other transaction related costs 11 1,893 814 13,102 Impairment of assets 361 73,683 106,972 115,201 Total expenses 375,721 280,392 1,644,883 943,426 Gain on sale of properties 4,084 17,803 6,487 39,696 Dividend income — — — 1,846 Gains and losses on equity securities, net 19,565 (422) 34,106 (41,898) Interest and other income (1) 10,213 351 18,221 941 Interest expense (including net amortization of debt premiums, discounts and issuance costs of $2,448, $1,440, $8,022 and $6,032, respectively) (57,768) (43,272) (201,483) (180,112) Gain on lease termination — — 22,896 — Loss on early extinguishment of debt — (27) (427) (44) Loss from continuing operations before income tax expense and equity in (losses) earnings of an investee (14,718) (49,920) (133,057) (82,842) Income tax expense (202) (483) (1,250) (436) Equity in (losses) earnings of an investee — (217) — 400 Net loss (14,920) (50,620) (134,307) (82,878) Net income attributable to noncontrolling interest (1,308) (1,077) (5,146) (5,356) Net loss attributable to common shareholders $ (16,228) $ (51,697) $ (139,453) $ (88,234) Weighted average common shares outstanding (basic) 237,834 237,659 237,739 237,604 Weighted average common shares outstanding (diluted) 237,834 237,659 237,739 237,604 Per common share data (basic and diluted): Net loss attributable to common shareholders $ (0.07) $ (0.22) $ (0.59) $ (0.37) (1) See footnote (1) on following page. Consolidated Statements of Income (Loss) (amounts in thousands, except per share data) RETURN TO TABLE OF CONTENTS 549 Albany Street Boston, MA

Supplemental Q4 2020 9 For the Three Months Ended December 31, For the Year Ended December 31, 2020 2019 2020 2019 Additional Data: General and administrative expenses / total assets (at end of period) 0.1 % 0.1 % 0.5 % 0.6 % Straight line rent included in rental income $ 3,040 $ 958 $ 6,069 $ 4,508 Lease value amortization included in rental income $ 1,846 $ 1,869 $ 7,405 $ 6,791 Non-cash share based compensation $ 402 $ 248 $ 1,568 $ 1,388 Non-cash amortization included in property operating expenses $ 200 $ 200 $ 797 $ 797 Non-cash amortization included in general and administrative expenses $ 743 $ 743 $ 2,974 $ 2,974 Costs and payment obligations related to compliance assessment at one of our senior living communities $ (402) $ — $ 5,770 $ — CARES Act (1) $ 10,139 $ — $ 17,485 $ — Consolidated Statements of Income (Loss) (Additional Data) (dollars in thousands) RETURN TO TABLE OF CONTENTS (1) We recognized as other income $10,139 and $17,485 of funds received under the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, with respect to our SHOP segment for the three months and year ended December 31, 2020, respectively.

Supplemental Q4 2020 10 Coupon Interest Principal Maturity Due at Years to Rate Rate (1) Balance (2) Date Maturity Maturity Floating Rate Debt: Revolving credit facility (3) (4) 2.550 % 2.550 % $ — 1/15/2022 $ — 1.0 Term loan (4) (5) 2.750 % 2.750 % 200,000 9/28/2022 200,000 1.7 Weighted average rate / total unsecured floating rate debt 2.750 % 2.750 % $ 200,000 $ 200,000 1.7 Unsecured Fixed Rate Debt: (6) Senior unsecured notes due 2021 6.750 % 7.000 % $ 300,000 12/15/2021 $ 300,000 1.0 Senior unsecured notes due 2024 4.750 % 4.790 % 250,000 5/1/2024 250,000 3.3 Senior unsecured notes due 2025 (7) 9.750 % 9.750 % 1,000,000 6/15/2025 1,000,000 4.5 Senior unsecured notes due 2028 4.750 % 4.966 % 500,000 2/15/2028 500,000 7.1 Senior unsecured notes due 2042 5.625 % 5.625 % 350,000 8/1/2042 350,000 21.6 Senior unsecured notes due 2046 6.250 % 6.250 % 250,000 2/1/2046 250,000 25.1 Weighted average rate / total unsecured fixed rate debt 7.120 % 7.193 % $ 2,650,000 $ 2,650,000 8.7 Weighted average rate / total unsecured debt 6.814 % 6.881 % $ 2,850,000 $ 2,850,000 8.2 Secured Fixed Rate Debt: Mortgage - secured by 1 property 6.280 % 5.170 % $ 11,838 7/1/2022 $ 10,744 1.5 Mortgage - secured by 1 property 4.850 % 3.790 % 10,724 10/1/2022 10,287 1.8 Mortgage - secured by 2 properties 5.750 % 5.110 % 15,805 10/6/2022 15,182 1.8 Mortgage - secured by 1 property 6.640 % 4.920 % 15,646 6/1/2023 14,522 2.4 Finance leases - 2 properties 7.700 % 7.700 % 7,811 4/30/2026 155 5.3 Mortgages - secured by 1 property (8) 3.530 % 3.530 % 620,000 8/6/2026 620,000 5.6 Mortgage - secured by 1 property 4.444 % 4.444 % 10,470 7/1/2043 1,698 22.5 Weighted average rate / total secured fixed rate debt 3.779 % 3.690 % $ 692,294 $ 672,588 5.6 Weighted average rate / total debt 6.221 % 6.258 % $ 3,542,294 $ 3,522,588 7.7 Debt Summary (dollars in thousands) RETURN TO TABLE OF CONTENTS As of December 31, 2020 (1) Includes the effect of mark to market accounting for certain assumed mortgages and premiums and discounts on certain mortgages and unsecured notes. Excludes effects of debt issuance costs. (2) The principal balances are the amounts stated in the contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts. (3) Represents amount outstanding under our revolving credit facility. Interest rate is as of December 31, 2020 and excludes the 30 basis points facility fee. Upon payment of an extension fee and our meeting certain conditions, we have two, one-year options which, if both are executed, would extend the maturity date of our revolving credit facility to January 2024. (4) In January 2021, we amended the agreements governing our revolving credit facility and $200,000 term loan, or our credit agreements, to, among other things, obtain waivers of certain financial covenants through June 30, 2022. Pursuant to this amendment, the revolving credit facility capacity was reduced from $1,000,000 to $800,000 and the interest rate premiums over LIBOR were increased by up to 30 basis points. (5) We prepaid our $200,000 term loan in February 2021. (6) In February 2021, we issued $500,000 aggregate principal amount of our 4.375% senior notes due 2031 in an underwritten public offering. We are required, pursuant to the terms of the amended credit agreements, to use the net proceeds from this offering to prepay our $200,000 term loan that was scheduled to mature in September 2022 and which we prepaid in February 2021 and redeem the $300,000 principal amount outstanding of our senior notes due 2021 in June 2021, when the notes become redeemable with no prepayment penalty. (7) We have the option to redeem all or a portion of our senior unsecured notes due 2025 at any time on or after June 15, 2022 at set redemption prices. Our senior unsecured notes due 2025 are guaranteed by all of our subsidiaries, except for our foreign subsidiaries and certain other excluded subsidiaries. (8) The life science property encumbered by these mortgages is owned in a joint venture arrangement in which we own a 55% equity interest. The principal amounts listed in the table for these debts have not been adjusted to reflect the equity interests in the joint venture that we do not own.

Supplemental Q4 2020 11 $200,000 $300,000 $250,000 $1,000,000 $500,000 $600,000 $3,159 $39,067 $16,413 $1,834 $2,001 $620,904 $302 $315 $330 $7,969 Unsecured Floating Rate Debt Unsecured Fixed Rate Debt Secured Fixed Rate Debt 2021 2022 2023 2024 2025 2026 2027 2028 2029 Thereafter $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 Debt Maturity Schedule (1) (1) (1) (3) (2) RETURN TO TABLE OF CONTENTS (dollars in thousands) As of December 31, 2020 (1) (1) Represents Secured Fixed Rate Debt payments. (2) Represents amount outstanding under our $200,000 term loan as of December 31, 2020. We prepaid our $200,000 term loan in February 2021. Our revolving credit facility also matures in 2022; we had no outstanding borrowings under this facility as of December 31, 2020. Upon payment of an extension fee and our meeting certain conditions, we have two, one-year options which, if both are executed, would extend the maturity date of our revolving credit facility to January 2024. (3) Includes $7,811 of finance lease obligations due through April 2026. (1) (1)

Supplemental Q4 2020 12 Leverage Ratios, Coverage Ratios and Public Debt Covenants RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Leverage Ratios: Net debt / total gross assets 42.4 % 42.3 % 41.9 % 42.2 % 42.5 % Net debt / gross book value of real estate assets 42.2 % 42.0 % 41.6 % 41.8 % 41.5 % Secured debt / total assets 10.7 % 10.6 % 10.5 % 10.4 % 10.5 % Variable rate debt / net debt 5.8 % 5.8 % 5.8 % 29.5 % 28.2 % Coverage Ratios: Net debt / annualized Adjusted EBITDAre 10.3 x 10.9 x 7.9 x 7.4 x 7.3 x Adjusted EBITDAre / interest expense 1.5 x 1.4 x 2.5 x 2.8 x 2.8 x As of and For the Trailing Twelve Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Public Debt Covenants: Maintenance Covenant Total unencumbered assets / unsecured debt - required minimum 150.0% 246.6 % 247.0 % 249.3 % 247.0 % 247.4 % Incurrence Covenants Total debt / adjusted total assets - allowable maximum 60.0% 42.5 % 42.4 % 42.1 % 42.4 % 42.4 % Secured debt / adjusted total assets - allowable maximum 40.0% 8.3 % 8.3 % 8.2 % 8.2 % 8.4 % Consolidated income available for debt service / debt service - required minimum 1.50x 1.98 x 2.31 x 2.76 x 2.86 x 2.90 x Vertex Pharmaceuticals Boston, MA

Supplemental Q4 2020 13 (1) Data for the 2020 periods include all senior living communities in our SHOP segment. The three months ended December 31, 2019 exclude SHOP properties leased during those periods. Pursuant to the restructuring of our business arrangements with Five Star, or the Restructuring Transaction, effective January 1, 2020, our previously existing master leases and management and pooling agreements with Five Star were terminated and replaced with new management and related agreements, or the New Management Agreements, for all of our senior living communities operated by Five Star. (2) From time to time we invest in revenue producing capital improvements at certain of our triple net leased senior living communities. As a result, annual rents payable to us increase pursuant to the terms of the applicable leases. These capital improvements are not included in the table on this page. (dollars and sq. ft. in thousands, except per sq. ft. and unit data) Summary of Capital Expenditures RETURN TO TABLE OF CONTENTS For the Three Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Office Portfolio lease related costs $ 6,071 $ 4,411 $ 3,918 $ 4,964 $ 9,631 Office Portfolio building improvements 6,756 4,990 3,708 2,665 7,502 SHOP fixed assets and capital improvements (1) 27,035 15,988 8,505 12,918 5,400 Recurring capital expenditures $ 39,862 $ 25,389 $ 16,131 $ 20,547 $ 22,533 Office Portfolio avg. sq. ft. during period 11,428 11,621 11,693 11,798 12,029 SHOP avg. units managed for our account during period (1) 27,601 28,290 28,654 28,987 10,253 Office Portfolio building improvements per avg. sq. ft. during period $ 0.59 $ 0.43 $ 0.32 $ 0.23 $ 0.62 SHOP fixed assets and capital improvements per avg. unit during period (1) $ 979 $ 565 $ 297 $ 446 $ 527 Development, redevelopment and other activities - Office Portfolio $ 17,655 $ 14,832 $ 14,941 $ 8,214 $ 7,199 Development, redevelopment and other activities - SHOP 7,172 4,927 6,570 8,429 21,091 Total development, redevelopment and other activities (2) $ 24,827 $ 19,759 $ 21,511 $ 16,643 $ 28,290

Supplemental Q4 2020 14 Project Location Type of Property Square Feet (1) Estimated Project Costs (2) Total Costs Incurred as of December 31, 2020 Estimated Completion (3) Muse at Torrey Pines San Diego, CA Life Science 185,978 $ 113.6 $ 54.9 Substantially Complete (4) 4 Maguire Road Lexington, MA Life Science 53,905 $ 19.2 $ 1.0 Q4 2021 1415 West 3rd Street Tempe, AZ Life Science 82,257 $ 11.4 $ 0.5 Q2 2021 Rendering of Muse at Torrey Pines (1) Represents estimated square footage upon project completion. (2) Project costs include estimated leasing capital up to stabilization. (3) Estimated completion date can depend on various factors, including when lease agreements are signed with tenants. Therefore, the actual completion date may vary. (4) Physical improvements made at this project are substantially complete as of December 31, 2020 and we expect to incur substantial leasing costs in 2021 to lease the available space. Office Portfolio Redevelopment Information as of December 31, 2020 (dollars in millions) RETURN TO TABLE OF CONTENTS

Supplemental Q4 2020 15 Property Acquisitions / Dispositions Information Since January 1, 2020 Acquisitions: We have not acquired any properties since January 1, 2020. Dispositions: (1) Date Sold Location Type of Property Number of Buildings Gross Sales Price 1/27/2020 Various, LA Medical Office 6 $ 5,925 2/25/2020 Horsham, PA Medical Office 1 2,900 3/18/2020 Austin, TX Medical Office 1 8,779 4/1/2020 Various, CA Senior Living 3 47,000 6/10/2020 Columbia, SC Medical Office 1 3,550 7/8/2020 Victoria, TX Medical Office 1 2,072 7/13/2020 Wallingford, CT Medical Office 1 625 8/1/2020 Various, MS Senior Living 2 2,500 9/22/2020 Hattiesburg, MS Medical Office 1 7,250 10/22/2020 Various Senior Living 3 46,000 11/1/2020 North Platte, NE Senior Living 1 3,000 12/7/2020 Dewitt, NY Medical Office 1 3,875 12/10/2020 Solon, OH Life Science 2 7,917 12/17/2020 Various, WI Senior Living 3 11,500 2/23/2021 Plymouth Meeting, PA Medical Office 1 9,000 Total Dispositions 28 $ 161,893 (dollars in thousands) RETURN TO TABLE OF CONTENTS (1) As of February 23, 2021, we have four properties under an agreement to sell for a sales price of approximately $95,500, excluding closing costs. This sale is subject to various conditions; as a result, this sale may not occur, it may be delayed or the terms may change.

Supplemental Q4 2020 16 Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Year Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 12/31/2020 12/31/2019 Calculation of NOI and Cash Basis NOI: Revenues: Rental income $ 106,272 $ 104,238 $ 106,207 $ 110,498 $ 147,209 $ 427,215 $ 606,558 Residents fees and services 278,637 290,101 304,104 331,969 108,830 1,204,811 433,597 Total revenues 384,909 394,339 410,311 442,467 256,039 1,632,026 1,040,155 Property operating expenses (302,207) (315,650) (301,915) (316,585) (126,572) (1,236,357) (489,070) NOI 82,702 78,689 108,396 125,882 129,467 395,669 551,085 Non-cash straight line rent adjustments (3,040) (491) (1,385) (1,153) (958) (6,069) (4,508) Lease value amortization (1,846) (1,856) (1,830) (1,873) (1,869) (7,405) (6,791) Non-cash amortization included in property operating expenses (200) (199) (199) (199) (200) (797) (797) Cash Basis NOI $ 77,616 $ 76,143 $ 104,982 $ 122,657 $ 126,440 $ 381,398 $ 538,989 Reconciliation of Net Income (Loss) to NOI and Cash Basis NOI: Net (loss) income $ (14,920) $ (105,788) $ (24,742) $ 11,143 $ (50,620) $ (134,307) $ (82,878) Equity in losses (earnings) of an investee — — — — 217 — (400) Income tax expense (benefit) 202 365 1,126 (443) 483 1,250 436 Loss on early extinguishment of debt — — 181 246 27 427 44 Gain on lease termination — — — (22,896) — (22,896) — Interest expense 57,768 58,091 43,974 41,650 43,272 201,483 180,112 Interest and other income (10,213) (134) (7,736) (138) (351) (18,221) (941) (Gains) losses on equity investments, net (19,565) (12,510) (11,974) 9,943 422 (34,106) 41,898 Dividend income — — — — — — (1,846) (Gain) loss on sale of properties (4,084) 211 168 (2,782) (17,803) (6,487) (39,696) Impairment of assets 361 64,202 31,175 11,234 73,683 106,972 115,201 Acquisition and certain other transaction related costs 11 53 87 663 1,893 814 13,102 General and administrative 7,461 6,988 7,312 8,832 8,741 30,593 37,028 Depreciation and amortization 65,681 67,211 68,825 68,430 69,503 270,147 289,025 NOI 82,702 78,689 108,396 125,882 129,467 395,669 551,085 Non-cash straight line rent adjustments (3,040) (491) (1,385) (1,153) (958) (6,069) (4,508) Lease value amortization (1,846) (1,856) (1,830) (1,873) (1,869) (7,405) (6,791) Non-cash amortization included in property operating expenses (200) (199) (199) (199) (200) (797) (797) Cash Basis NOI $ 77,616 $ 76,143 $ 104,982 $ 122,657 $ 126,440 $ 381,398 $ 538,989

Supplemental Q4 2020 17 For the Three Months Ended For the Year Ended 12/31/2020 12/31/2019 % Change 12/31/2020 12/31/2019 % Change NOI: Life Science $ 32,862 $ 33,285 (1.3) % $ 133,724 $ 144,525 (7.5) % Medical Office 29,279 30,653 (4.5) % 119,885 128,143 (6.4) % Total Office Portfolio 62,141 63,938 (2.8) % 253,609 272,668 (7.0) % SHOP 9,139 48,167 (81.0) % 98,210 214,773 (54.3) % Non-Segment 11,422 17,362 (34.2) % 43,850 63,644 (31.1) % Total $ 82,702 $ 129,467 (36.1) % $ 395,669 $ 551,085 (28.2) % Cash Basis NOI: Life Science $ 30,287 $ 31,131 (2.7) % $ 123,283 $ 135,306 (8.9) % Medical Office 28,750 29,949 (4.0) % 118,414 126,000 (6.0) % Total Office Portfolio 59,037 61,080 (3.3) % 241,697 261,306 (7.5) % SHOP 9,139 48,167 (81.0) % 98,210 214,773 (54.3) % Non-Segment 9,440 17,193 (45.1) % 41,491 62,910 (34.0) % Total $ 77,616 $ 126,440 (38.6) % $ 381,398 $ 538,989 (29.2) % NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS

Supplemental Q4 2020 18 Same Property NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Year Ended 12/31/2020 12/31/2019 % Change 12/31/2020 12/31/2019 % Change NOI: Life Science $ 30,803 $ 30,292 1.7 % $ 123,387 $ 123,457 (0.1) % Medical Office 28,804 29,111 (1.1) % 116,866 119,609 (2.3) % Total Office Portfolio 59,607 59,403 0.3 % 240,253 243,066 (1.2) % SHOP 13,508 47,205 (71.4) % 112,423 207,573 (45.8) % Non-Segment 11,204 13,217 (15.2) % 40,753 45,607 (10.6) % Total $ 84,319 $ 119,825 (29.6) % $ 393,429 $ 496,246 (20.7) % Cash Basis NOI: Life Science $ 28,606 $ 28,449 0.6 % $ 114,299 $ 114,307 (0.0) % Medical Office 28,263 28,402 (0.5) % 115,755 117,237 (1.3) % Total Office Portfolio 56,869 56,851 0.0 % 230,054 231,544 (0.6) % SHOP 13,508 47,205 (71.4) % 112,423 207,573 (45.8) % Non-Segment 9,221 13,051 (29.3) % 38,343 44,884 (14.6) % Total $ 79,598 $ 117,107 (32.0) % $ 380,820 $ 484,001 (21.3) %

Supplemental Q4 2020 19 Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment RETURN TO TABLE OF CONTENTS (dollars in thousands) Office Portfolio For the Three Months Ended Calculation of NOI and Cash Basis NOI: 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Rental income $ 94,850 $ 94,235 $ 95,510 $ 98,770 $ 97,400 Property operating expenses (32,709) (33,448) (30,893) (32,706) (33,462) NOI $ 62,141 $ 60,787 $ 64,617 $ 66,064 $ 63,938 NOI $ 62,141 $ 60,787 $ 64,617 $ 66,064 $ 63,938 Less: Non-cash straight line rent adjustments 1,114 438 1,306 1,074 845 Lease value amortization 1,790 1,800 1,775 1,818 1,813 Non-cash amortization included in property operating expenses 200 199 199 199 200 Cash Basis NOI $ 59,037 $ 58,350 $ 61,337 $ 62,973 $ 61,080 Reconciliation of NOI to Same Property NOI: NOI $ 62,141 $ 60,787 $ 64,617 $ 66,064 $ 63,938 Less: NOI not included in same property 2,534 2,881 3,736 4,205 4,535 Same property NOI $ 59,607 $ 57,906 $ 60,881 $ 61,859 $ 59,403 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same property NOI $ 59,607 $ 57,906 $ 60,881 $ 61,859 $ 59,403 Less: Non-cash straight line rent adjustments 761 115 750 685 602 Lease value amortization 1,791 1,801 1,774 1,782 1,766 Non-cash amortization included in property operating expenses 186 186 186 186 184 Same property cash basis NOI $ 56,869 $ 55,804 $ 58,171 $ 59,206 $ 56,851

Supplemental Q4 2020 20 Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment (continued) RETURN TO TABLE OF CONTENTS (dollars in thousands) SHOP (1) For the Three Months Ended Calculation of NOI and Cash Basis NOI: 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Residents fees and services / rental income $ 278,637 $ 290,101 $ 304,104 $ 331,969 $ 141,277 Property operating expenses (269,498) (282,202) (271,022) (283,879) (93,110) NOI $ 9,139 $ 7,899 $ 33,082 $ 48,090 $ 48,167 NOI $ 9,139 $ 7,899 $ 33,082 $ 48,090 $ 48,167 Less: Non-cash straight line rent adjustments — — — — — Lease value amortization — — — — — Non-cash amortization included in property operating expenses — — — — — Cash Basis NOI $ 9,139 $ 7,899 $ 33,082 $ 48,090 $ 48,167 Reconciliation of NOI to Same Property NOI: NOI $ 9,139 $ 7,899 $ 33,082 $ 48,090 $ 48,167 Less: NOI not included in same property (4,369) (5,580) (2,293) (1,755) 962 Same property NOI $ 13,508 $ 13,479 $ 35,375 $ 49,845 $ 47,205 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same property NOI $ 13,508 $ 13,479 $ 35,375 $ 49,845 $ 47,205 Less: Non-cash straight line rent adjustments — — — — — Lease value amortization — — — — — Non-cash amortization included in property operating expenses — — — — — Same property cash basis NOI $ 13,508 $ 13,479 $ 35,375 $ 49,845 $ 47,205 (1) The three months ended December 31, 2019 are not comparable due to the Restructuring Transaction. See pages 33 - 34 for additional information.

Supplemental Q4 2020 21 Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment (continued) RETURN TO TABLE OF CONTENTS (dollars in thousands) Non-Segment For the Three Months Ended Calculation of NOI and Cash Basis NOI: 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Rental income $ 11,422 $ 10,003 $ 10,697 $ 11,728 $ 17,362 Property operating expenses — — — — — NOI $ 11,422 $ 10,003 $ 10,697 $ 11,728 $ 17,362 NOI $ 11,422 $ 10,003 $ 10,697 $ 11,728 $ 17,362 Less: Non-cash straight line rent adjustments 1,926 53 79 79 113 Lease value amortization 56 56 55 55 56 Non-cash amortization included in property operating expenses — — — — — Cash Basis NOI $ 9,440 $ 9,894 $ 10,563 $ 11,594 $ 17,193 Reconciliation of NOI to Same Property NOI: NOI $ 11,422 $ 10,003 $ 10,697 $ 11,728 $ 17,362 Less: NOI not included in same property 218 959 960 960 4,145 Same property NOI $ 11,204 $ 9,044 $ 9,737 $ 10,768 $ 13,217 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same property NOI $ 11,204 $ 9,044 $ 9,737 $ 10,768 $ 13,217 Less: Non-cash straight line rent adjustments 1,928 70 96 95 111 Lease value amortization 55 55 55 55 55 Non-cash amortization included in property operating expenses — — — — — Same property cash basis NOI $ 9,221 $ 8,919 $ 9,586 $ 10,618 $ 13,051

Supplemental Q4 2020 22 Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment (continued) RETURN TO TABLE OF CONTENTS (dollars in thousands) Consolidated For the Three Months Ended Calculation of NOI and Cash Basis NOI: 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Rental income / residents fees and services $ 384,909 $ 394,339 $ 410,311 $ 442,467 $ 256,039 Property operating expenses (302,207) (315,650) (301,915) (316,585) (126,572) NOI $ 82,702 $ 78,689 $ 108,396 $ 125,882 $ 129,467 NOI $ 82,702 $ 78,689 $ 108,396 $ 125,882 $ 129,467 Less: Non-cash straight line rent adjustments 3,040 491 1,385 1,153 958 Lease value amortization 1,846 1,856 1,830 1,873 1,869 Non-cash amortization included in property operating expenses 200 199 199 199 200 Cash Basis NOI $ 77,616 $ 76,143 $ 104,982 $ 122,657 $ 126,440 Reconciliation of NOI to Same Property NOI: NOI $ 82,702 $ 78,689 $ 108,396 $ 125,882 $ 129,467 Less: NOI not included in same property (1,617) (1,740) 2,403 3,410 9,642 Same property NOI $ 84,319 $ 80,429 $ 105,993 $ 122,472 $ 119,825 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same property NOI $ 84,319 $ 80,429 $ 105,993 $ 122,472 $ 119,825 Less: Non-cash straight line rent adjustments 2,689 185 846 780 713 Lease value amortization 1,846 1,856 1,829 1,837 1,821 Non-cash amortization included in property operating expenses 186 186 186 186 184 Same property cash basis NOI $ 79,598 $ 78,202 $ 103,132 $ 119,669 $ 117,107

Supplemental Q4 2020 23 Calculation and Reconciliation of EBITDA, EBITDAre and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 12/31/2020 12/31/2019 Net (loss) income $ (14,920) $ (105,788) $ (24,742) $ 11,143 $ (50,620) $ (134,307) $ (82,878) Interest expense 57,768 58,091 43,974 41,650 43,272 201,483 180,112 Income tax expense (benefit) 202 365 1,126 (443) 483 1,250 436 Depreciation and amortization 65,681 67,211 68,825 68,430 69,503 270,147 289,025 EBITDA 108,731 19,879 89,183 120,780 62,638 338,573 386,695 (Gain) loss on sale of properties (4,084) 211 168 (2,782) (17,803) (6,487) (39,696) Impairment of assets 361 64,202 31,175 11,234 73,683 106,972 115,201 EBITDAre 105,008 84,292 120,526 129,232 118,518 439,058 462,200 General and administrative expense paid in common shares 402 502 415 249 248 1,568 1,388 Acquisition and certain other transaction related costs 11 53 87 663 1,893 814 13,102 Gain on lease termination — — — (22,896) — (22,896) — Loss on early extinguishment of debt — — 181 246 27 427 44 Costs and payment obligations related to compliance assessment at one of our senior living communities (402) 6,172 — — — 5,770 — (Gains) losses on equity securities, net (19,565) (12,510) (11,974) 9,943 422 (34,106) 41,898 Adjusted EBITDAre $ 85,454 $ 78,509 $ 109,235 $ 117,437 $ 121,108 $ 390,635 $ 518,632 RETURN TO TABLE OF CONTENTS

Supplemental Q4 2020 24 Calculation and Reconciliation of FFO and Normalized FFO Attributable to Common Shareholders (amounts in thousands, except per share data) RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Year Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 12/31/2020 12/31/2019 Net (loss) income attributable to common shareholders $ (16,228) $ (106,888) $ (26,072) $ 9,735 $ (51,697) $ (139,453) $ (88,234) Depreciation and amortization 65,681 67,211 68,825 68,430 69,503 270,147 289,025 (Gain) loss on sale of properties (4,084) 211 168 (2,782) (17,803) (6,487) (39,696) Impairment of assets 361 64,202 31,175 11,234 73,683 106,972 115,201 (Gains) losses on equity securities, net (19,565) (12,510) (11,974) 9,943 422 (34,106) 41,898 FFO adjustments attributable to noncontrolling interest (5,275) (5,275) (5,275) (5,275) (5,276) (21,100) (21,147) FFO attributable to common shareholders 20,890 6,951 56,847 91,285 68,832 175,973 297,047 Acquisition and certain other transaction related costs 11 53 87 663 1,893 814 13,102 Costs and payment obligations related to compliance assessment at one of our senior living communities (402) 6,172 — — — 5,770 — Gain on lease termination — — — (22,896) — (22,896) — Loss on early extinguishment of debt — — 181 246 27 427 44 Normalized FFO attributable to common shareholders $ 20,499 $ 13,176 $ 57,115 $ 69,298 $ 70,752 $ 160,088 $ 310,193 Weighted average common shares outstanding (basic) 237,834 237,752 237,700 237,669 237,659 237,739 237,604 Weighted average common shares outstanding (diluted) 237,834 237,752 237,700 237,669 237,659 237,739 237,604 Per Common Share Data (basic and diluted): Net (loss) income attributable to common shareholders $ (0.07) $ (0.45) $ (0.11) $ 0.04 $ (0.22) $ (0.59) $ (0.37) FFO attributable to common shareholders $ 0.09 $ 0.03 $ 0.24 $ 0.38 $ 0.29 $ 0.74 $ 1.25 Normalized FFO attributable to common shareholders $ 0.09 $ 0.06 $ 0.24 $ 0.29 $ 0.30 $ 0.67 $ 1.31

Supplemental Q4 2020 25 (based on Gross Book Value of Real Estate Assets as of December 31, 2020) (based on Q4 2020 NOI) (1) Senior living communities are categorized by the type of living units which constitute a majority of the living units at the community. (2) Memory care communities are classified as assisted living communities. (1) (2) SNFs: <1% Portfolio Summary by Geographic Diversification and Property Type Geographic Diversification Property Type RETURN TO TABLE OF CONTENTS Eagles Landing Senior Living Stockbridge, GA

Supplemental Q4 2020 26 Portfolio Summary RETURN TO TABLE OF CONTENTS (dollars in thousands, except investment per unit or square foot) As of December 31, 2020 Number of Properties Square Feet or Number of Units Gross Book Value of Real Estate Assets (1) % of Total Gross Book Value of Real Estate Assets Investment Per Square Foot or Unit (2) % of Q4 2020 Total Revenues % of Q4 2020 Total NOI Q4 2020 Q4 2020 Revenues (3) NOI (3) Life science 32 4,327,559 $ 1,924,965 23.4 % $ 445 $ 44,735 11.6 % $ 32,862 39.7 % Medical office 91 6,954,498 1,838,962 22.4 % $ 264 50,115 13.0 % 29,279 35.4 % Subtotal Office Portfolio (4) 123 11,282,057 sq. ft. 3,763,927 45.8 % $ 334 94,850 24.6 % 62,141 75.1 % SHOP 235 26,969 units 4,027,717 49.0 % $ 149,346 278,637 72.4 % 9,139 11.1 % Other triple net leased senior living communities 29 2,366 units 248,985 3.0 % $ 105,235 8,525 2.2 % 8,525 10.3 % Wellness centers 10 812,000 sq. ft. 178,110 2.2 % $ 219 2,897 0.8 % 2,897 3.5 % Total 397 $ 8,218,739 100.0 % $ 384,909 100.0 % $ 82,702 100.0 % (1) Includes 15 properties with gross book value of real estate assets of $114,778, which are classified as held for sale in our condensed consolidated balance sheet as of December 31, 2020. (2) Represents gross book value of real estate assets divided by number of rentable square feet or living units, as applicable, at December 31, 2020. (3) Includes $6,505 of revenues and $(2,333) of NOI from properties that we sold and $9,868 of revenues and $1,355 of NOI from properties classified as held for sale in our condensed consolidated balance sheet as of December 31, 2020. (4) Our 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 we are responsible for the operation and maintenance of the properties and we charge tenants for some or all of the property operating costs. A small percentage of our medical office and life science property leases are full-service leases where we receive fixed rent from our tenants and no reimbursement for our property operating costs.

Supplemental Q4 2020 27 Occupancy RETURN TO TABLE OF CONTENTS As of and For the Twelve Months Ended (1) 9/30/2020 6/30/2020 3/31/2020 12/31/2019 9/30/2019 Life science 91.3 % 93.7 % 94.3 % 94.2 % 94.5 % Medical office 91.2 % 91.0 % 91.6 % 91.0 % 90.9 % Weighted average occupancy Office Portfolio (2) 91.3 % 92.0 % 92.6 % 92.2 % 92.3 % SHOP (3) (4) 80.0 % 82.7 % 84.1 % 84.4 % 84.6 % Other triple net leased senior living communities (5) 83.4 % 85.4 % 86.8 % 87.3 % 87.8 % (1) Operating data for the multi-tenant office portfolio is presented as of the end of the period shown; operating data for other tenants is presented for the 12 month period ended on the dates shown, or the most recent prior 12 month period for which tenant and manager operating results are available to us. Excludes data for our wellness centers. (2) Life science and medical office occupancy data is as of quarter end and 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. Office Portfolio weighted average occupancy by square feet as of December 31, 2020 was 91.4%. (3) Includes senior living communities we owned and that were operated by Five Star during the periods presented, including seven communities closed during the three months ended December 31, 2020. Occupancy for the 12 month period ended or, if shorter, from the date of acquisition through December 31, 2020, was 77.2%. (4) Pursuant to the Restructuring Transaction, effective January 1, 2020, our previously existing master leases and management and pooling agreements with Five Star were terminated and replaced with the New Management Agreements. (5) Excludes data for periods prior to our ownership of certain properties, as well as properties sold or classified as held for sale, or for which there was a transfer of operations during the periods presented. (6) Same property occupancy includes those properties classified as same property for the three months ended December 31, 2020 for all periods presented. (7) Life science and medical office same property occupancy data is as of quarter end and includes (i) space which is leased but is not occupied or is being offered for sublease by tenants and (ii) space being fitted out for occupancy. Office Portfolio weighted average same property occupancy by square feet as of December 31, 2020 was 93.7%. (8) Same property occupancy for the 12 month period ended or, if shorter, from the date of acquisition through December 31, 2020, was 77.9%. All tenant operating data presented is based upon the operating results provided by our tenants for the indicated periods. We report our operating data one quarter in arrears as this is the most recent prior period for which tenant operating results are available to us from our tenants. We have not independently verified tenant operating data. As of and For the Twelve Months Ended (1) 9/30/2020 6/30/2020 3/31/2020 12/31/2019 9/30/2019 Life science 96.7 % 97.5 % 97.5 % 97.4 % 97.5 % Medical office 91.0 % 91.0 % 91.6 % 91.5 % 91.3 % Weighted average occupancy Office Portfolio (7) 93.0 % 93.4 % 93.7 % 93.6 % 93.6 % SHOP (8) 80.8 % 83.1 % 84.6 % 85.1 % 85.4 % Other triple net leased senior living communities 83.4 % 85.4 % 86.8 % 87.3 % 87.8 % Same Property Occupancy (6)

Supplemental Q4 2020 28 Unit Count and Rent Coverage Rent Coverage (2): As of and For the Twelve Months Ended 9/30/2020 6/30/2020 3/31/2020 12/31/2019 9/30/2019 Other triple net leased senior living communities 1.61 x 1.63 x 1.66 x 1.69 x 1.71 x Wellness centers (3) 1.32 x 1.59 x 2.15 x 2.29 x 2.29 x Total 1.52 x 1.62 x 1.81 x 1.87 x 1.88 x (1) Unit count is by the type of living units at our senior living communities within our SHOP segment. (2) Excludes data for periods prior to our ownership of certain properties, as well as properties sold or classified as held for sale, or for which there was a transfer of operations from one operator to another during the periods presented. (3) Excludes rent coverage for a tenant of six wellness centers that was in default under the applicable leases with us on December 31, 2020. All tenant operating data presented is based upon the operating results provided by our tenants for the indicated periods. We report our operating data one quarter in arrears as this is the most recent prior period for which tenant operating results are available to us from our tenants. We have not independently verified tenant operating data. Assisted Living units: 10,671: 40% Independent Living and Active Adult units: 10,418: 39% SNF units: 2,957: 11% Memory Care units: 2,923: 10% RETURN TO TABLE OF CONTENTS SHOP Unit Count as of December 31, 2020 (1):

Supplemental Q4 2020 29 (1) Prior periods exclude space remeasurements made subsequent to those periods. (2) Occupancy 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. (3) Occupancy includes (i) space which is leased but is not occupied or is being offered for sublease by tenants and (ii) space being fitted out for occupancy. RETURN TO TABLE OF CONTENTS OFFICE PORTFOLIO - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended December 31, 2020 As of and For the Three Months Ended December 31, 2019 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 32 91 123 34 104 138 Square Feet (1) 4,328 6,954 11,282 4,532 7,346 11,878 Occupancy (2) 92.4 % 90.9 % 91.4 % 94.2 % 91.0 % 92.2 % Rental Income $ 44,735 $ 50,115 $ 94,850 $ 45,379 $ 52,021 $ 97,400 NOI $ 32,862 $ 29,279 $ 62,141 $ 33,285 $ 30,653 $ 63,938 Cash Basis NOI $ 30,287 $ 28,750 $ 59,037 $ 31,131 $ 29,949 $ 61,080 NOI Margin % 73.5 % 58.4 % 65.5 % 73.3 % 58.9 % 65.6 % Cash Basis NOI Margin % 71.7 % 57.9 % 64.2 % 71.9 % 58.2 % 64.5 % NOI % Change (1.3) % (4.5) % (2.8) % Cash Basis NOI % Change (2.7) % (4.0) % (3.3) % OFFICE PORTFOLIO SAME PROPERTY - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended December 31, 2020 As of and For the Three Months Ended December 31, 2019 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 25 88 113 25 88 113 Square Feet (1) 3,807 6,797 10,604 3,802 6,797 10,599 Occupancy (3) 99.2 % 90.6 % 93.7 % 97.4 % 91.5 % 93.6 % Rental Income $ 42,032 $ 49,262 $ 91,294 $ 41,713 $ 49,279 $ 90,992 NOI $ 30,803 $ 28,804 $ 59,607 $ 30,292 $ 29,111 $ 59,403 Cash Basis NOI $ 28,606 $ 28,263 $ 56,869 $ 28,449 $ 28,402 $ 56,851 NOI Margin % 73.3 % 58.5 % 65.3 % 72.6 % 59.1 % 65.3 % Cash Basis NOI Margin % 71.7 % 57.9 % 64.1 % 71.2 % 58.3 % 64.1 % NOI % Change 1.7 % (1.1) % 0.3 % Cash Basis NOI % Change 0.6 % (0.5) % 0.0 % Office Portfolio and Same Property - Results of Operations Three Months Ended December 31, 2020 and 2019

Supplemental Q4 2020 30 (1) Prior periods exclude space remeasurements made subsequent to those periods. (2) Occupancy 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. (3) Occupancy includes (i) space which is leased but is not occupied or is being offered for sublease by tenants and (ii) space being fitted out for occupancy. Office Portfolio and Same Property - Results of Operations (continued) RETURN TO TABLE OF CONTENTS OFFICE PORTFOLIO - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Year Ended December 31, 2020 As of and For the Year Ended December 31, 2019 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 32 91 123 34 104 138 Square Feet (1) 4,328 6,954 11,282 4,532 7,346 11,878 Occupancy (2) 92.4 % 90.9 % 91.4 % 94.2 % 91.0 % 92.2 % Rental Income $ 181,437 $ 201,928 $ 383,365 $ 192,531 $ 212,485 $ 405,016 NOI $ 133,724 $ 119,885 $ 253,609 $ 144,525 $ 128,143 $ 272,668 Cash Basis NOI $ 123,283 $ 118,414 $ 241,697 $ 135,306 $ 126,000 $ 261,306 NOI Margin % 73.7 % 59.4 % 66.2 % 75.1 % 60.3 % 67.3 % Cash Basis NOI Margin % 71.9 % 58.9 % 64.9 % 73.7 % 59.8 % 66.2 % NOI % Change (7.5) % (6.4) % (7.0) % Cash Basis NOI % Change (8.9) % (6.0) % (7.5) % OFFICE PORTFOLIO SAME PROPERTY - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Year Ended December 31, 2020 As of and For the Year Ended December 31, 2019 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 25 88 113 25 88 113 Square Feet (1) 3,807 6,797 10,604 3,802 6,797 10,599 Occupancy (3) 99.2 % 90.6 % 93.7 % 97.4 % 91.5 % 93.6 % Rental Income $ 168,310 $ 196,066 $ 364,376 $ 167,444 $ 198,212 $ 365,656 NOI $ 123,387 $ 116,866 $ 240,253 $ 123,457 $ 119,609 $ 243,066 Cash Basis NOI $ 114,299 $ 115,755 $ 230,054 $ 114,307 $ 117,237 $ 231,544 NOI Margin % 73.3 % 59.6 % 65.9 % 73.7 % 60.3 % 66.5 % Cash Basis NOI Margin % 71.6 % 59.2 % 64.8 % 72.1 % 59.7 % 65.3 % NOI % Change (0.1) % (2.3) % (1.2) % Cash Basis NOI % Change (0.0) % (1.3) % (0.6) % Years Ended December 31, 2020 and 2019

Supplemental Q4 2020 31 (1) Prior periods exclude space remeasurements made subsequent to those periods. (2) Occupancy 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. (3) Same property includes those properties classified as same property for the three months ended December 31, 2020 for all periods presented. (4) Occupancy includes (i) space which is leased but is not occupied or is being offered for sublease by tenants and (ii) space being fitted out for occupancy. RETURN TO TABLE OF CONTENTS OFFICE PORTFOLIO - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Number of Buildings 123 126 129 130 138 Square Feet (1) 11,282 11,573 11,668 11,718 11,878 Occupancy (2) 91.4 % 91.3 % 92.0 % 92.6 % 92.2 % Rental Income $ 94,850 $ 94,235 $ 95,510 $ 98,770 $ 97,400 NOI $ 62,141 $ 60,787 $ 64,617 $ 66,064 $ 63,938 Cash Basis NOI $ 59,037 $ 58,350 $ 61,337 $ 62,973 $ 61,080 NOI Margin % 65.5 % 64.5 % 67.7 % 66.9 % 65.6 % Cash Basis NOI Margin % 64.2 % 63.4 % 66.4 % 65.7 % 64.5 % Sequential NOI % Change 2.2 % (5.9) % (2.2) % 3.3 % Sequential Cash Basis NOI % Change 1.2 % (4.9) % (2.6) % 3.1 % Year Over Year NOI % Change (2.8) % Year Over Year Cash Basis NOI % Change (3.3) % OFFICE PORTFOLIO SAME PROPERTY - RESULTS OF OPERATIONS (3) (dollars and sq. ft. in thousands) As of and For the Three Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Number of Buildings 113 113 113 113 113 Square Feet (1) 10,604 10,599 10,599 10,599 10,599 Occupancy (4) 93.7 % 93.0 % 93.4 % 93.7 % 93.6 % Rental Income $ 91,294 $ 90,013 $ 90,337 $ 92,732 $ 90,992 NOI $ 59,607 $ 57,906 $ 60,881 $ 61,859 $ 59,403 Cash Basis NOI $ 56,869 $ 55,804 $ 58,171 $ 59,206 $ 56,851 NOI Margin % 65.3 % 64.3 % 67.4 % 66.7 % 65.3 % Cash Basis NOI Margin % 64.1 % 63.3 % 66.2 % 65.6 % 64.1 % Sequential NOI % Change 2.9 % (4.9) % (1.6) % 4.1 % Sequential Cash Basis NOI % Change 1.9 % (4.1) % (1.7) % 4.1 % Year Over Year NOI % Change 0.3 % Year Over Year Cash Basis NOI % Change 0.0 % Office Portfolio and Same Property - Results of Operations (continued) Trailing Five Quarters

Supplemental Q4 2020 32 SHOP Segment and Same Property - Results of Operations RETURN TO TABLE OF CONTENTS SHOP SEGMENT - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Three Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Number of Properties (1) 235 239 241 244 244 Number of Units (1) 26,969 28,232 28,348 28,960 29,013 Occupancy (1) 72.2 % 75.2 % 78.7 % 82.7 % 83.3 % Average Monthly Rate (1) $ 4,541 $ 4,508 $ 4,496 $ 4,571 $ 4,536 Year Over Year Average Monthly Rate % Change 0.1 % Residents Fees and Services $ 278,637 $ 290,101 $ 304,104 $ 331,969 $ 108,830 Rental Income — — — — 32,447 Property Operating Expenses (269,498) (282,202) (271,022) (283,879) (93,110) NOI $ 9,139 $ 7,899 $ 33,082 $ 48,090 $ 48,167 NOI Margin % 3.3 % 2.7 % 10.9 % 14.5 % 34.1 % Sequential NOI % Change 15.7 % (76.1) % (31.2) % (0.2) % Year Over Year NOI % Change (81.0) % SHOP SEGMENT SAME PROPERTY - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Three Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Number of Properties 217 217 217 217 217 Number of Units 25,982 25,982 25,982 25,982 25,982 Occupancy 72.7 % 75.9 % 79.5 % 83.7 % 84.3 % Average Monthly Rate $ 4,547 $ 4,516 $ 4,503 $ 4,583 $ 4,554 Year Over Year Average Monthly Rate % Change (0.2) % Residents Fees and Services $ 264,099 $ 269,675 $ 282,698 $ 303,112 $ 102,512 Rental Income — — — — 31,686 Property Operating Expenses (250,591) (256,196) (247,323) (253,267) (86,993) NOI $ 13,508 $ 13,479 $ 35,375 $ 49,845 $ 47,205 NOI Margin % 5.1 % 5.0 % 12.5 % 16.4 % 35.2 % Sequential NOI % Change 0.2 % (61.9) % (29.0) % 5.6 % Year Over Year NOI % Change (71.4) % (1) Includes all senior living communities operated by Five Star during the periods presented, including seven communities closed during the three months ended December 31, 2020. Pursuant to the Restructuring Transaction, effective January 1, 2020, our previously existing master leases and management and pooling agreements with Five Star were terminated and replaced with the New Management Agreements. Please refer to the tables on page 33 for pro forma resident fees and services and pro forma EBITDARM in our SHOP segment, which treat the senior living communities in our SHOP segment as if all our owned communities operated by Five Star were pursuant to the current management arrangements throughout all periods presented.

Supplemental Q4 2020 33 SHOP Segment and Same Property - Transitional Pro Forma EBITDARM RETURN TO TABLE OF CONTENTS (dollars in thousands, except average monthly rate) SHOP SEGMENT - TRANSITIONAL PRO FORMA EBITDARM As of and For the Three Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Number of Properties 235 239 241 244 244 Number of Units 26,969 28,232 28,348 28,960 29,013 Occupancy 72.2 % 75.2 % 78.7 % 82.7 % 83.3 % Average Monthly Rate $ 4,541 $ 4,508 $ 4,496 $ 4,571 $ 4,536 Year Over Year Average Monthly Rate % Change 0.1 % Residents Fees and Services $ 278,637 $ 290,101 $ 304,104 $ 331,969 $ 333,904 Sequential Residents Fees and Services % Change (4.0) % (4.6) % (8.4) % (0.6) % Year Over Year Residents Fees and Services % Change (16.6) % EBITDARM (1) $ 33,210 $ 22,404 $ 55,633 $ 64,688 $ 58,414 Sequential EBITDARM % Change 48.2 % (59.7) % (14.0) % 10.7 % Year Over Year EBITDARM % Change (43.1) % SHOP SEGMENT SAME PROPERTY - TRANSITIONAL PRO FORMA EBITDARM As of and For the Three Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Number of Properties 217 217 217 217 217 Number of Units 25,982 25,982 25,982 25,982 25,982 Occupancy 72.7 % 75.9 % 79.5 % 83.7 % 84.3 % Average Monthly Rate $ 4,547 $ 4,516 $ 4,503 $ 4,583 $ 4,554 Year Over Year Average Monthly Rate % Change (0.2) % Residents Fees and Services $ 264,099 $ 269,675 $ 282,698 $ 303,112 $ 307,069 Sequential Residents Fees and Services % Change (2.1) % (4.6) % (6.7) % (1.3) % Year Over Year Residents Fees and Services % Change (14.0) % EBITDARM (2) $ 35,294 $ 26,716 $ 55,793 $ 64,752 $ 60,237 Sequential EBITDARM % Change 32.1 % (52.1) % (13.8) % 7.5 % Year Over Year EBITDARM % Change (41.4) % (1) Includes $10,139 and $7,346 of funds received under the CARES Act during the three months ended December 31, 2020 and June 30, 2020, respectively. (2) Includes $8,917 and $6,669 of funds received under the CARES Act during the three months ended December 31, 2020 and June 30, 2020, respectively. See page 34 for calculation and reconciliation of Pro Forma EBITDARM and Non-GAAP Financial Measures and Certain Definitions on page 39 for a definition of EBITDARM.

Supplemental Q4 2020 34 SHOP Segment and Same Property - Calculation and Reconciliation of Pro Forma EBITDARM (continued) (dollars in thousands) (1) Pursuant to the Restructuring Transaction, effective January 1, 2020, our previously existing master leases and management and pooling agreements with Five Star were terminated and replaced with the New Management Agreements. As a result, operating results of the previously leased communities will be included in our operating results and have been included in the pro forma results for the three months ended December 31, 2019. Adjustments include property level residents fees and services and property operating expenses and exclude rental income for the previously leased senior living communities for the three months ended December 31, 2019. (2) For the three months ended December 31, 2019, adjustments to property operating expenses also include adjustments to reflect management fees equal to 5% of gross revenues pursuant to the New Management Agreements and a consistent allocation of costs for all communities. (3) We recognized $10,139 and $7,346 of funds received under the CARES Act during the three months ended December 31, 2020 and June 30, 2020, respectively. Three Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 SHOP SHOP SHOP SHOP SHOP Restructuring Transaction Pro Forma Revenues: Rental income $ — $ — $ — $ — $ 32,447 $ (32,447) (1) $ — Residents fees and services 278,637 290,101 304,104 331,969 108,830 225,074 (1) 333,904 Total revenues 278,637 290,101 304,104 331,969 141,277 192,627 333,904 Expenses: Property operating expenses 269,498 282,202 271,022 283,879 93,110 199,075 (1) (2) 292,185 Depreciation and amortization 30,739 31,570 33,773 33,042 32,557 — 32,557 Impairment of assets (107) 62,868 30,637 5,016 56,781 — 56,781 Total expenses 300,130 376,640 335,432 321,937 182,448 199,075 381,523 Loss on sale of properties (417) (42) (168) — — — — Interest and other income 10,139 (3) — 7,346 (3) — — — — Interest expense (547) (552) (560) (564) (577) — (577) Net (loss) income (12,318) (87,133) (24,710) 9,468 (41,748) (6,448) (48,196) Add (less): Interest expense 547 552 560 564 577 Depreciation and amortization 30,739 31,570 33,773 33,042 32,557 Management fees 13,932 14,505 15,205 16,598 16,695 Impairment of assets (107) 62,868 30,637 5,016 56,781 Loss on sale of properties 417 42 168 — — EBITDARM 33,210 22,404 55,633 64,688 58,414 Less: EBITDARM not included in same property (2,084) (4,312) (160) (64) (1,823) Same property EBITDARM $ 35,294 $ 26,716 $ 55,793 $ 64,752 $ 60,237 RETURN TO TABLE OF CONTENTS

Supplemental Q4 2020 35 Office Portfolio Leasing Summary (1) Square feet measurements are subject to modest changes when space is periodically remeasured or reconfigured for new tenants. (2) Occupancy 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. (3) Includes commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent. (4) Weighted based on annualized rental income pursuant to existing leases as of December 31, 2020. The leasing summary on this page is based on leases entered into during the periods indicated. (dollars and sq. ft. in thousands, except per sq. ft. data) RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Buildings 123 126 129 130 138 Total sq. ft. (1) 11,282 11,573 11,668 11,718 11,878 Occupancy (2) 91.4 % 91.3 % 92.0 % 92.6 % 92.2 % Leasing Activity (sq. ft.): New leases 113 67 8 73 126 Renewals 300 135 52 229 268 Total 413 202 60 302 394 Rental Rate on New and Renewed Leases per Sq. Ft.: New leases $ 25.10 $ 42.62 $ 36.78 $ 39.52 $ 26.77 Renewals $ 23.38 $ 28.58 $ 37.83 $ 10.15 $ 28.58 Average net annual rent $ 23.85 $ 33.21 $ 37.70 $ 17.26 $ 28.00 Leasing Costs and Concession Commitments (3): New leases $ 7,017 $ 3,632 $ 379 $ 5,805 $ 7,486 Renewals 2,794 1,331 343 1,380 5,548 Total $ 9,811 $ 4,963 $ 722 $ 7,185 $ 13,034 Leasing Costs and Concession Commitments per Sq. Ft. (3): New leases $ 62.00 $ 54.57 $ 50.17 $ 79.33 $ 59.17 Renewals $ 9.30 $ 9.85 $ 6.62 $ 6.02 $ 20.76 All new and renewed leases $ 23.73 $ 24.60 $ 12.16 $ 23.77 $ 33.10 Weighted Average Lease Term (years) (4): New leases 7.5 8.8 7.2 9.4 9.6 Renewals 4.5 5.7 5.8 5.7 8.8 All new and renewed leases 5.4 7.0 6.0 7.7 9.0 Leasing Costs and Concession Commitments per Sq. Ft. per Year (3): New leases $ 8.30 $ 6.20 $ 7.01 $ 8.48 $ 6.14 Renewals $ 2.07 $ 1.73 $ 1.13 $ 1.05 $ 2.36 All new and renewed leases $ 4.43 $ 3.51 $ 2.02 $ 3.07 $ 3.66

Supplemental Q4 2020 36 As of December 31, 2020 (1) The life science property leased by this tenant is owned in a joint venture arrangement in which we own a 55% equity interest. Rental income presented includes 100% of rental income consistent with GAAP. (2) Includes NOI for the three months ended December 31, 2020, annualized, from senior living communities in our SHOP segment. Tenants Representing 1% Or More of Total Annualized Rental Income RETURN TO TABLE OF CONTENTS (dollars in thousands) % of Annualized Annualized Rental Tenant Facility Type Rental Income Income Expiration 1 Vertex Pharmaceuticals Inc. (1) Life science $ 97,340 22.0 % 2028 2 Advocate Aurora Health Medical office 16,896 3.8 % 2024 3 Cedars-Sinai Medical Center Medical office 16,308 3.7 % 2021 - 2032 4 Brookdale Senior Living, Inc. Senior living 9,446 2.1 % 2032 5 Life Time Athletic Wellness center 9,105 2.1 % 2040 6 Ology Bioservices, Inc. Life science 8,324 1.9 % 2041 7 HCA Holdings Inc. Medical office 6,934 1.6 % 2021 - 2029 8 Medtronic, Inc. Medical office 5,666 1.3 % 2022 9 IQVIA Holdings Inc. Life science 5,316 1.2 % 2023 10 Stratford Retirement, LLC Senior living 4,592 1.0 % 2033 11 Boston Children's Hospital Medical office 4,533 1.0 % 2028 12 Oaks Senior Living, LLC Senior living 4,523 1.0 % 2024 - 2030 All Other Tenants (2) 254,082 57.3 % 2021 - 2035 Total Tenants $ 443,065 100.0 %

Supplemental Q4 2020 37 Office Portfolio Lease Expiration Schedule (1) Includes data from our life science property owned in a joint venture arrangement in which we own a 55% equity interest. RETURN TO TABLE OF CONTENTS (dollars in thousands) As of December 31, 2020 Office Portfolio Annualized Rental Income Expiring Year Annualized Rental Income (1) Percent of Total Annualized Rental Income Expiring Cumulative Percentage of Annualized Rental Income Expiring 2021 $ 32,656 8.8 % 8.8 % 2022 36,804 9.9 % 18.7 % 2023 20,655 5.6 % 24.3 % 2024 49,720 13.4 % 37.7 % 2025 25,935 7.0 % 44.7 % 2026 22,936 6.2 % 50.9 % 2027 12,262 3.3 % 54.2 % 2028 117,402 31.7 % 85.9 % 2029 10,442 2.8 % 88.7 % 2030 and thereafter 41,770 11.3 % 100.0 % Total $ 370,582 100.0 % Average remaining lease term for our office portfolio (weighted by annualized rental income): 5.9 years Office Portfolio Square Feet with Leases Expiring Year Square Feet (1) Percent of Total Square Feet Expiring Cumulative Percentage of Total Square Feet Expiring 2021 910,418 8.8 % 8.8 % 2022 1,310,305 12.7 % 21.5 % 2023 1,025,560 9.9 % 31.4 % 2024 1,818,870 17.6 % 49.0 % 2025 1,012,725 9.8 % 58.8 % 2026 737,389 7.1 % 65.9 % 2027 491,519 4.8 % 70.7 % 2028 1,549,478 15.0 % 85.7 % 2029 233,567 2.3 % 88.0 % 2030 and thereafter 1,226,491 12.0 % 100.0 % Total 10,316,322 100.0 %

Supplemental Q4 2020 38 Non-Segment Annualized Rental Income Expiring Year Number of Properties Number of Units or Square Feet Annualized Rental Income Percent of Total Annualized Rental Income Expiring Cumulative Percentage of Annualized Rental Income Expiring 2021 — — $ — — % — % 2022 — — — — % — % 2023 (1) 6 354,000 sq. ft. — — % — % 2024 2 180 units 2,885 8.0 % 8.0 % 2025 — — — — % 8.0 % 2026 — — — — % 8.0 % 2027 4 511 units 4,218 11.7 % 19.7 % 2028 — — — — % 19.7 % 2029 1 155 units 547 1.5 % 21.2 % 2030 and thereafter 26 1,520 units and 458,000 sq. ft. 28,277 78.8 % 100.0 % Total 39 $ 35,927 100.0 % (1) Excludes $7,929 of annualized rental income from our leases with Starmark Holdings, LLC for six wellness centers. As of December 31, 2020, the tenant was in default on its obligations to us under the leases. Non-Segment Lease Expiration Schedule As of December 31, 2020 (dollars in thousands) RETURN TO TABLE OF CONTENTS

Supplemental Q4 2020 39 Non-GAAP Financial Measures We present certain "non-GAAP financial measures" within the meaning of applicable rules of the 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, pro forma earnings before interest, taxes, depreciation, amortization, impairment of assets, gains or losses on sale of properties, gains or losses on extinguishment of debt, rent and management fees, or EBITDARM, same property pro forma EBITDARM, funds from operations attributable to common shareholders, or FFO attributable to common shareholders, and normalized funds from operations attributable to common shareholders, or Normalized FFO attributable to common shareholders. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) or net income (loss) attributable to common shareholders as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income (loss) and net income (loss) attributable to common shareholders 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) and net income (loss) attributable to common shareholders. 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. 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 on pages 16 through 22. We define NOI as income from our real estate less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that we record as depreciation and amortization. We define Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization, lease termination fee amortization, 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. EBITDA, EBITDAre, Adjusted EBITDAre and EBITDARM We calculate EBITDA, EBITDAre and Adjusted EBITDAre as shown on page 23. EBITDAre is calculated on the basis defined by the National Association of Real Estate Investment Trusts, or Nareit, which is EBITDA, excluding gains or losses on the sale of properties, impairment of assets, if any, as well as certain other adjustments currently not applicable to us. In calculating Adjusted EBITDAre, we adjust for the items shown on page 23 and include business management incentive fees, if any, only in the fourth quarter versus the quarter when they are recognized as 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. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than we do. Our SHOP segment includes both communities leased to Five Star and operated for our account under management agreements with Five Star as of and during the three months and year ended December 31, 2019. Pursuant to the Restructuring Transaction, our previously existing master leases and management and pooling agreements with Five Star were terminated and replaced with the New Management Agreements, effective as of January 1, 2020. Under the New Management Agreements, management fees are 5% of resident fees and services revenues. We believe pro forma EBITDARM is a meaningful transitional supplemental performance measure as it presents historical community level operating results regardless of the form of contractual arrangements and removes the impact of changes in the agreements (rents and management fees) between us and Five Star during the periods presented. The table on page 33 presents pro forma resident fees and services revenues and pro forma EBITDARM as if the communities had been managed for our account throughout all periods presented to assist in understanding community level operating results and a reconciliation of those amounts from amounts determined in accordance with GAAP. Other real estate companies and REITs may calculate EBITDARM differently than we do. FFO and Normalized FFO Attributable to Common Shareholders We calculate FFO attributable to common shareholders and Normalized FFO attributable to common shareholders as shown on page 24. FFO attributable to common shareholders is calculated on the basis defined by Nareit, which is net income (loss) attributable to common shareholders, calculated in accordance with GAAP, excluding any gain or loss on sale of properties, loss on impairment of real estate assets and gains or losses on equity securities, net, if any, plus real estate depreciation and amortization and minus FFO adjustments attributable to noncontrolling interest, as well as certain other adjustments currently not applicable to us. In calculating Normalized FFO attributable to common shareholders, we adjust for the items shown on page 24 and include business management incentive 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 attributable to common shareholders and Normalized FFO attributable to common shareholders 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 attributable to common shareholders and Normalized FFO attributable to common shareholders differently than we do. Non-GAAP Financial Measures and Certain Definitions RETURN TO TABLE OF CONTENTS

Supplemental Q4 2020 40 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. Annualized dividend yield Annualized dividend yield is the annualized dividend declared during the applicable period divided by the closing price of DHC's common shares on The Nasdaq Stock Market LLC at the end of the relevant period. Annualized rental income Annualized rental income is based on rents pursuant to existing leases as of December 31, 2020. Annualized rental income includes estimated percentage rents, straight line rent adjustments and estimated recurring expense reimbursements for certain net and modified gross leases; excludes lease value amortization at certain of our medical office and life science properties and wellness centers. Annualized rental income amounts for our medical office and life science properties also include 100% of rental income as reported under GAAP from our life science property owned in a joint venture arrangement in which we own a 55% equity interest. Average monthly rate Average monthly rate is calculated by taking the average daily rate, which is defined as total residents fees and services divided by occupied units during the period, and multiplying it by 30 days. 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 fee amortization, 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 early extinguishment of debt, determined together with debt service for the applicable period. Development, redevelopment and other activities Development, redevelopment and other activities generally include capital expenditures that reposition a property or result in new sources of revenue. 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 writedowns, if any. Gross purchase price Gross purchase price includes assumed debt, if any, and excludes acquisition costs and purchase price allocation adjustments, if any. Gross sales price Gross sales price excludes closing costs. Incurrence covenants Incurrence covenants are financial covenants which we are required to comply with in order to incur additional debt under our revolving credit facility and the indentures governing our senior unsecured notes. 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. Non-GAAP Financial Measures and Certain Definitions (Continued) RETURN TO TABLE OF CONTENTS

Supplemental Q4 2020 41 Maintenance covenant Our maintenance covenant is a financial covenant which we are required to comply with on a quarterly basis pursuant to the indentures governing our senior unsecured notes. Net debt Net debt is total debt less cash. NOI margin % NOI margin % is defined as NOI as a percentage of rental income. Non-Segment Non-Segment operations consists of triple net leased senior living communities that are leased to third party operators other than Five Star and wellness centers, and any other income or expenses that are not attributable to a specific reporting segment. Office Portfolio Office 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. Rent coverage Rent coverage is calculated as operating cash flows from our tenants' facility operations of our properties, before subordinated charges, if any, divided by rent payable to us. Same Property For the three months ended December 31, 2020, same property consists of properties owned, in service and operated by the same operator continuously since October 1, 2019, including our life science property owned in a joint venture arrangement in which we own a 55% equity interest; excludes properties classified as held for sale, closed or out of service undergoing redevelopment, if any. For the year ended December 31, 2020, same property consists of properties owned, in service and operated by the same operator continuously since January 1, 2019, including our life science property owned in a joint venture arrangement in which we own a 55% equity interest; excludes properties classified as held for sale, closed or out of service undergoing redevelopment, if any. SHOP SHOP, or Senior Housing Operating Portfolio, consists of managed senior living communities that provide short term and long term residential living and in some cases care and other services for residents where we pay fees to the operator to manage the communities for our account. Properties in this segment include independent living communities, assisted living communities, active adult rental communities and SNFs. Pursuant to the Restructuring Transaction, the previously existing master leases and management and pooling agreements between us and Five Star were terminated and replaced with the New Management Agreements as of January 1, 2020. Prior to January 1, 2020, these senior living communities were either managed for our account by Five Star or triple net leased to Five Star. SNF SNF is a skilled nursing facility. 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 exclude 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. Non-GAAP Financial Measures and Certain Definitions (Continued) RETURN TO TABLE OF CONTENTS

Supplemental Q4 2020 42 This presentation of supplemental operating and financial data may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever we use words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, we are making forward-looking statements. These forward-looking statements are based upon our present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by our forward-looking statements. Forward- looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. The information contained in our filings with the SEC, including under “Risk Factors” in our periodic reports, or incorporated therein, identifies important factors that could cause our actual results to differ materially from those stated in or implied by our forward-looking statements. Our filings with the SEC are available on the SEC's website at www.sec.gov. You should not place undue reliance upon forward-looking statements. Except as required by law, we do 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 RETURN TO TABLE OF CONTENTS