Diversified Healthcare Trust (Nasdaq: DHC) reports Q2 2026 FFO up 109%

Rhea-AI Filing Summary

Diversified Healthcare Trust reported second quarter 2026 results for the quarter ended June 30, 2026. Total revenues were $365,387 (dollars in thousands) versus $382,712 a year earlier. GAAP net loss narrowed to $37,419 (thousand), or $(0.16) per share. Normalized FFO rose to $38,896 (thousand), also $0.16 per share, while consolidated NOI increased to $84,443 (thousand) and Adjusted EBITDAre to $82,082 (thousand).

Performance improved notably in the senior housing operating portfolio: same property SHOP NOI grew 37.2% year over year to $51,975 (thousand), with margins at 17.3% and occupancy at 83.1%. The Medical Office and Life Science portfolio achieved same property occupancy of 95.8% and approximately 477,000 square feet of new and renewal leasing at rents 6.7% above prior levels.

Leverage metrics strengthened, with net debt to annualized Adjusted EBITDAre improving to 7.1x and interest coverage to 2.2x. As of June 30, 2026, DHC owned a $6,262,230 (thousand) healthcare real estate portfolio of 285 properties. The company declared a quarterly common distribution of $0.01 per share and reaffirmed full year 2026 guidance, including Total NOI of $307,000–$323,000 and Normalized FFO of $135,000–$150,000 (thousands) or $0.56–$0.62 per share.

Positive

• Normalized FFO increased 109.4% year over year to $38,896 (thousand) in Q2 2026, indicating significantly stronger cash-based earnings capacity.
• Same property SHOP NOI grew 37.2% year over year to $51,975 (thousand), with margins expanding to 17.3%, reflecting improved senior housing operating performance.
• Net debt to annualized Adjusted EBITDAre improved to 7.1x from 8.7x a year earlier, demonstrating meaningful deleveraging progress.

Negative

• None.

Filing Explained

As of June 30, 2026, DHC reported liquidity against debt, including debt due in 2028.

Item 2.02 of the August 3 Form 8-K furnishes DHC’s second-quarter results and earnings presentation for the period ended June 30, 2026; the holder-facing consequence is a declared distribution that remains scheduled for payment, rather than completed payment.

DHC declared a $0.01 per share common distribution on July 9, 2026 for holders of record on July 20, 2026, with payment scheduled on or about August 13, 2026.

The presentation defines its NOI, FFO, Adjusted EBITDAre and CAD measures as non-GAAP measures and states that they do not represent cash generated by operating activities or replace GAAP net income or loss as liquidity measures.

As of June 30, 2026, reported total liquidity included available capacity on an undrawn secured revolving facility and cash and cash equivalents.

The debt schedule lists $2,442,190 thousand of principal debt, including $500,000 thousand due on February 15, 2028 and a $140,000 thousand mortgage due on March 31, 2028.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total revenues: $365,387 (thousand) Net loss: $(37,419) (thousand) Normalized FFO: $38,896 (thousand) +5 more

8 metrics

Total revenues $365,387 (thousand) For the quarter ended June 30, 2026

Net loss $(37,419) (thousand) Q2 2026, $(0.16) per common share

Normalized FFO $38,896 (thousand) Q2 2026, 109.4% year-over-year growth

Adjusted EBITDAre $82,082 (thousand) Q2 2026, 11.5% year-over-year growth

Same property SHOP NOI growth 37.2% Year-over-year increase in Q2 2026

Net debt to annualized Adjusted EBITDAre 7.1x As of the three months ended June 30, 2026

Portfolio gross book value of real estate assets $6,262,230 (thousand) Consolidated portfolio as of June 30, 2026

Quarterly common share distribution $0.01 per share Declared July 9, 2026 for payment on or about August 13, 2026

Key Terms

Cash Basis NOI, Adjusted EBITDAre, Normalized FFO, SHOP, +1 more

5 terms

Cash Basis NOI financial

"Calculation and Reconciliation of Non-GAAP Financial Measures - Cash Basis NOI"

Adjusted EBITDAre financial

"Adjusted EBITDAre was $82,082 for the three months ended June 30, 2026"

Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.

Normalized FFO financial

"Normalized FFO $ 38,896 $ 33,098 $ 21,823 for recent quarters"

Normalized FFO is a cash-focused measure of a real estate company's recurring operating performance, adjusted to remove one-time gains, losses, or unusual items so results reflect what the business typically earns. Think of it like reporting a restaurant’s average monthly sales after removing a single big catering event or a rare repair bill: it gives investors a clearer, apples-to-apples view of ongoing cash generation used to pay dividends and value the company.

SHOP financial

"SHOP is the Senior Housing Operating Portfolio segment of DHC"

ExPOR financial

"ExPOR growth of approximately 1.5%, a reduction of 70 bps from prior"

Earnings Snapshot

Total revenues: $365,387 (thousand) · Guidance included

Quarter ended June 30, 2026

Total revenues $365,387 (thousand) From $382,712 (thousand) in Q2 2025

Net loss $(37,419) (thousand) or $(0.16) per share Compared with $(91,639) (thousand) or $(0.38) per share in Q2 2025

Normalized FFO $38,896 (thousand) or $0.16 per share 109.4% year over year growth from $18,572 (thousand)

Adjusted EBITDAre $82,082 (thousand) 11.5% year over year growth

Consolidated NOI $84,443 (thousand) 20.4% year over year growth

Guidance

Full year 2026 guidance: Total NOI $307,000–$323,000, Adjusted EBITDAre $300,000–$315,000, Normalized FFO $135,000–$150,000 and Normalized FFO per share $0.56–$0.62; total recurring capital expenditures $100,000–$115,000 (all dollars in thousands).

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Available on EDGAR 08/03/2026 - 04:25 PM Accepted by SEC EDGAR 08/03/2026 - 04:24 PM Learn about SEC filing dates

FAQ

How did Diversified Healthcare Trust (DHC) perform financially in Q2 2026?

DHC generated $365,387 (thousand) of total revenues and reported a GAAP net loss of $37,419 (thousand), or $(0.16) per share. Normalized FFO improved to $38,896 (thousand), also $0.16 per share, reflecting stronger underlying cash performance.

What were Diversified Healthcare Trust (DHC) key non-GAAP metrics in Q2 2026?

Q2 2026 consolidated NOI was $84,443 (thousand) and Adjusted EBITDAre was $82,082 (thousand). Year over year, NOI grew 20.4% and Adjusted EBITDAre grew 11.5%, highlighting broad-based improvement across the portfolio.

How did DHC’s SHOP segment perform in Q2 2026?

Same property SHOP NOI rose to $51,975 (thousand), a 37.2% year-over-year increase, with NOI margins at 17.3%. Same property SHOP occupancy reached 83.1%, up 160 basis points from 81.5% a year earlier, supported by higher occupancy and pricing.

What is DHC’s full year 2026 financial guidance?

For 2026, DHC guides to total NOI of $307,000–$323,000, Adjusted EBITDAre of $300,000–$315,000, and Normalized FFO of $135,000–$150,000 (all dollars in thousands), or $0.56–$0.62 per common share, plus recurring capex of $100,000–$115,000.

What is DHC’s leverage and liquidity position as of June 30, 2026?

Net debt to annualized Adjusted EBITDAre was 7.1x, improved from 8.7x a year prior, and Adjusted EBITDAre to interest expense was 2.2x. Cash and cash equivalents totaled $116,793 (thousand), with a $150,000 secured revolving credit facility fully undrawn.

What portfolio size and composition did DHC report at June 30, 2026?

DHC owned a healthcare real estate portfolio with gross book value of about $6,262,230 (thousand), comprising 285 properties in 33 states and Washington, D.C., including 23,797 senior living units and approximately 5.6 million square feet of medical office and life science space.

What dividend did Diversified Healthcare Trust (DHC) declare for Q2 2026?

On July 9, 2026, DHC declared a quarterly common share distribution of $0.01 per share, payable on or about August 13, 2026 to shareholders of record as of July 20, 2026, corresponding to an annualized dividend rate of $0.04 per share.

0001075415false00010754152026-08-032026-08-030001075415dhc:SeniorNotesDue2042Member2026-08-032026-08-030001075415dhc:SeniorNotesDue2046Member2026-08-032026-08-03

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): August 3, 2026

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 August 3, 2026, Diversified Healthcare Trust, or the Company, issued a summary press release and a detailed earnings presentation announcing the Company's financial results for the quarter ended June 30, 2026. Copies of the Company's summary press release and detailed earnings presentation are furnished as Exhibits 99.1 and 99.2 hereto, respectively. 

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. 

(d)    Exhibits.

99.1			Summary Press Release dated August 3, 2026
99.2			Earnings Presentation dated August 3, 2026
104			Cover Page Interactive Data File. (Embedded within the Inline XBRL document.)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 

			DIVERSIFIED HEALTHCARE TRUST
			By:			/s/ Matthew C. Brown
			Name:			Matthew C. Brown
			Title:			Chief Financial Officer and Treasurer

Dated: August 3, 2026

Exhibit 99.1

FOR IMMEDIATE RELEASE

Diversified Healthcare Trust Announces Second Quarter 2026 Results

Provides Updated Full Year 2026 Financial Guidance

Newton, MA (August 3, 2026):  Diversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended June 30, 2026, and provided updated full year 2026 financial guidance, which can be found at the Quarterly Reports section of DHC's website at https://www.dhcreit.com/investors/financial-information/quarterly/default.aspx. The updated full year 2026 financial guidance is consistent with DHC's news release issued on June 1, 2026.

A conference call to discuss DHC's second quarter 2026 financial results will be held on Tuesday, August 4, 2026 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 329-4297 or (412) 317-5435 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (855) 669-9658; the replay pass code is 4724843. A live audio webcast of the conference call will also be available in a listen-only mode on DHC's website, at www.dhcreit.com. The archived webcast will be available for replay on DHC's website after the call. The transcription, recording and retransmission in any way of DHC's second quarter conference call are strictly prohibited without the prior written consent of DHC.

About Diversified Healthcare Trust:

DHC is a real estate investment trust focused on owning high-quality healthcare properties located throughout the United States. DHC’s portfolio is anchored by a strategically curated mix of senior housing, medical office and life science assets that combine high quality care, modern technology and amenity rich environments to meet rising demand across the healthcare continuum. As of June 30, 2026, DHC’s approximately $6.3 billion portfolio included 285 properties in 33 states and Washington, D.C., with 23,797 senior living units, approximately 5.6 million square feet of medical office and life science properties and occupied by approximately 250 tenants. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $37 billion in assets under management as of June 30, 2026 and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. DHC is headquartered in Newton, MA. For more information, visit www.dhcreit.com.

Contact:

Bryan Maher, Senior Vice President

(617) 796-8234

Financial Results and Supplemental Information SECOND QUARTER 2026 August 3, 2026 Exhibit 99.2

Q2 2026 2 Table of Contents Highlights and Guidance 4 Financial Statements, Debt and Leverage 9 Investments 15 Portfolio Information 20 Portfolio Information by Segment 24 Appendix 32 Warning Concerning Forward-Looking Statements 44 All amounts in this presentation are unaudited. Please refer to Non-GAAP Financial Measures and Certain Definitions for terms used throughout this document. Trading Symbols: Common Shares: DHC Senior Unsecured Notes due 2042: DHCNI Senior Unsecured Notes due 2046: DHCNL Issuer Credit Rating: Moody's: B3 Standard & Poor's: B- Investor Relations Contact: Bryan Maher, Senior Vice President (617) 796-8234 ir@dhcreit.com Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458-1634

RETURN TO TABLE OF CONTENTS Q2 2026 3 “DHC's strong second quarter results reflect the meaningful progress we have made across the portfolio as the SHOP operator transitions we implemented over the past year continue to drive improved performance. Within the SHOP segment, same property NOI margins increased to 17.3%, up 390 basis points year over year and 240 basis points sequentially, supported by growth in occupancy and average monthly rate as well as reduced ExPOR. These gains reflect the disciplined execution of our operators, which helped drive same property SHOP NOI growth of 37.2% year over year to $52.0 million. Additionally, our Medical Office and Life Science Portfolio continues to perform well with same property occupancy increasing to 95.8%. Leasing activity was robust with approximately 477,000 square feet of new and renewal leasing completed in the quarter at rents that were 6.7% higher than prior levels with a 7.1 year weighted average lease term. We further strengthened DHC’s balance sheet, with net debt to annualized Adjusted EBITDAre improving to 7.1x, down from 7.8x last quarter and 8.7x a year ago. As we look ahead, we remain focused on executing operational improvements across the SHOP segment, advancing portfolio optimization initiatives and prudently deploying capital to support long-term earnings growth. The momentum we are seeing across our portfolio reinforces the confidence we have in our business plan and we remain focused on maximizing value for our shareholders.” Christopher Bilotto, President and Chief Executive Officer Diversified Healthcare Trust Announces Second Quarter 2026 Financial Results Newton, MA (August 3, 2026): Diversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended June 30, 2026. Distribution On July 9, 2026, DHC declared a quarterly distribution on its common shares of $0.01 per share to shareholders of record as of the close of business on July 20, 2026. This distribution will be paid on or about August 13, 2026. Conference Call A conference call to discuss DHC's second quarter 2026 financial results will be held on Tuesday, August 4, 2026 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 329-4297 or (412) 317-5435 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (855) 669-9658; the replay pass code is 4724843. A live audio webcast of the conference call will also be available in a listen-only mode on DHC's website, at www.dhcreit.com. The archived webcast will be available for replay on DHC's website after the call. The transcription, recording and retransmission in any way of DHC's second quarter conference call are strictly prohibited without the prior written consent of DHC. About Diversified Healthcare Trust DHC is a real estate investment trust, or REIT, focused on owning high-quality healthcare properties located throughout the United States. DHC’s portfolio is anchored by a strategically curated mix of senior housing, medical office and life science assets that combine high quality care, modern technology and amenity rich environments to meet rising demand across the healthcare continuum. As of June 30, 2026, DHC’s approximately $6.3 billion portfolio included 285 properties in 33 states and Washington, D.C., with 23,797 senior living units, approximately 5.6 million square feet of medical office and life science properties and occupied by approximately 250 tenants. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $37 billion in assets under management as of June 30, 2026 and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. DHC is headquartered in Newton, MA. For more information, visit www.dhcreit.com.

RETURN TO TABLE OF CONTENTS Q2 2026 4 Highlights and Guidance

RETURN TO TABLE OF CONTENTS Q2 2026 5 • Same property SHOP NOI margin increased to 17.3%, representing an improvement of 240 basis points sequentially and 390 basis points compared to the second quarter of 2025. • Leased approximately 477,000 square feet in the Medical Office and Life Science Portfolio at weighted average rents that were 6.7% higher than prior rents with a weighted average lease term (by annualized rental income) of 7.1 years. Second Quarter 2026 Highlights As of and For the Three Months Ended % / Basis Point % / Basis Point June 30, 2026 March 31, 2026 Change June 30, 2025 Change Same Property Cash Basis NOI SHOP $ 51,975 $ 44,321 17.3% $ 37,882 37.2% Medical Office and Life Science Portfolio 24,050 24,683 (2.6)% 24,358 (1.3)% All Other 6,933 6,892 0.6% 6,757 2.6% Consolidated $ 82,958 $ 75,896 9.3% $ 68,997 20.2% Same Property Occupancy SHOP 83.1% 82.4% 70 81.5% 160 Medical Office and Life Science Portfolio 95.8% 95.3% 50 94.7% 110 Portfolio Update (dollars in thousands) As of and For the Three Months Ended June 30, 2026, Unless Otherwise Noted • In April 2026, DHC acquired the land parcels at two SHOP communities previously subject to finance leases for an aggregate purchase price of $14,500, excluding closing costs. Investing Activities Update

RETURN TO TABLE OF CONTENTS Q2 2026 6 Second Quarter 2026 Highlights Financial Highlights $(37.4)M / $(0.16) Net Loss / Net Loss per Share $38.9M / $0.16 Normalized FFO / Normalized FFO per Share 109.4% YoY Growth $82.1M Adjusted EBITDAre 11.5% YoY Growth $84.4M Consolidated NOI 20.4% YoY Growth Same Property Operating Results 20.2% YoY Same Property Cash Basis NOI Growth 37.2% YoY Same Property SHOP NOI Growth 160 Basis Point YoY SHOP Same Property Occupancy Growth 6.2% YoY SHOP Same Property Average Monthly Rate Growth Liquidity and Leverage $266.8M Total Liquidity 7.1x Net Debt to Annualized Adjusted EBITDAre 1.6x YoY Reduction 2.2x Adjusted EBITDAre to Interest Expense 0.8x YoY Improvement $4.0B Gross Book Value of Unencumbered Properties Representing 64.6% of Portfolio • $150.0M Available on Undrawn Secured Revolving Credit Facility • $116.8M of Total Cash and Cash Equivalents

RETURN TO TABLE OF CONTENTS Q2 2026 7 Key Financial Data As of and For the Three Months Ended As of 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 Selected Income Statement Data and Non-GAAP Financial Measures: Capitalization: Total revenues $ 365,387 $ 366,471 $ 379,571 $ 388,706 $ 382,712 Total common shares 242,189,353 Net loss $ (37,419) $ (43,275) $ (21,221) $ (164,040) $ (91,639) Closing price $ 9.30 NOI $ 84,443 $ 75,915 $ 72,524 $ 63,319 $ 70,132 Equity market capitalization $ 2,252,361 Adjusted EBITDAre $ 82,082 $ 74,004 $ 72,399 $ 62,866 $ 73,613 Debt 2,442,190 FFO $ 25,817 $ 22,777 $ 4,912 $ (5,886) $ 13,577 Total market capitalization $ 4,694,551 Normalized FFO $ 38,896 $ 33,098 $ 21,823 $ 9,721 $ 18,572 CAD $ 18,516 $ 24,313 $ (3,170) $ 17,218 $ 5,167 Net Debt: Rolling four quarter CAD $ 56,877 $ 43,528 $ 45,200 $ 31,495 $ 1,470 Principal balance $ 2,442,190 Cash and cash equivalents (116,793) Per Common Share Data (Basic and Diluted): Net debt $ 2,325,397 Net loss $ (0.16) $ (0.18) $ (0.09) $ (0.68) $ (0.38) FFO $ 0.11 $ 0.09 $ 0.02 $ (0.02) $ 0.06 Normalized FFO $ 0.16 $ 0.14 $ 0.09 $ 0.04 $ 0.08 CAD $ 0.08 $ 0.10 $ (0.01) $ 0.07 $ 0.02 Rolling four quarter CAD $ 0.24 $ 0.18 $ 0.19 $ 0.13 $ 0.01 Dividends: Annualized dividend declared per common share $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.04 Annualized dividend yield (at end of period) 0.4% 0.6% 0.8% 0.9% 1.1% Normalized FFO payout ratio 6.3% 7.1% 11.1% 25.0% 12.5% CAD payout ratio 12.5% 10.0% (100.0%) 14.3% 50.0% Rolling four quarter CAD payout ratio 16.7% 22.2% 21.1% 30.8% 400.0% (dollars in thousands, except per share data) Barrington Terrace at Boynton Beach Boynton Beach, FL

RETURN TO TABLE OF CONTENTS Q2 2026 8 Full Year 2026 Guidance Low End High End Non-GAAP Financial Measures: SHOP NOI $ 185,000 $ 195,000 Medical Office / Life Science NOI (2) 94,000 98,000 All Other NOI 28,000 30,000 Total NOI $ 307,000 $ 323,000 Adjusted EBITDAre $ 300,000 $ 315,000 Normalized FFO (3) $ 135,000 $ 150,000 Normalized FFO Per Common Share (3) $ 0.56 $ 0.62 Recurring Capital Expenditures: SHOP $ 80,000 $ 90,000 Medical Office / Life Science 20,000 25,000 All Other — — Total Recurring Capital Expenditures $ 100,000 $ 115,000 Full Year 2026 Guidance (1) Reflects updated full year 2026 guidance announced in June 2026 inclusive of a $10,000 mid-point increase in each of SHOP NOI, Adjusted EBITDAre and Normalized FFO. Full year 2026 guidance is based in part on the following assumptions: • While SHOP NOI guidance is reaffirmed, mid-point Same Property SHOP NOI now reflects: ◦ Year over year occupancy growth of approximately 200 bps, a reduction of 100 bps from prior. ◦ Revenue growth of approximately 6.6%, a reduction of 140 bps from prior, and average monthly rate growth of approximately 5.5%, an increase of 20 bps from prior. ◦ Operating expense growth of approximately 2.5%, a reduction of 200 bps from prior, with ExPOR growth of approximately 1.5%, a reduction of 70 bps from prior. • Mid-point general and administrative expense of approximately $32,500. (4) • Mid-point share of EBITDAre from unconsolidated joint ventures of approximately $18,300. • Mid-point interest expense of approximately $149,000. • Weighted average shares of approximately 242 million. • No acquisitions other than two land parcels acquired in April 2026 for $14,500, excluding closing costs. • No dispositions other than 13 communities sold in March 2026 for $23,000, excluding closing costs. (1) DHC does not provide a reconciliation of non-GAAP measures that it discloses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts, or at all, including, most notably, impairment of assets, gain (loss) on sale of real estate, loss on modification or early extinguishment of debt and equity in net earnings of investees. These items that would be contained in the comparable GAAP measures are not indicative of DHC’s ongoing operations, are uncertain, depend on various factors and could have a material impact on DHC’s GAAP results for the guidance period. (2) NOI from Medical Office and Life Science properties is expected to decline from $108,130 in 2025 largely because DHC sold 31 Medical Office and Life Science properties during 2025 that contributed $12,331 of NOI during the year ended December 31, 2025. (3) Normalized FFO is expected to increase from $64,421 in 2025 largely because DHC was impacted by discount accretion of $63,241 on DHC's then senior secured notes due 2026. (4) Excludes the impact of incentive management fees, if any. (dollars in thousands, except per share data)

RETURN TO TABLE OF CONTENTS Q2 2026 9 Financial Statements, Debt and Leverage

RETURN TO TABLE OF CONTENTS Q2 2026 10 June 30, 2026 December 31, 2025 ASSETS Real estate properties $ 5,994,658 $ 5,948,806 Accumulated depreciation (2,198,094) (2,089,906) Total real estate properties, net 3,796,564 3,858,900 Investments in unconsolidated joint ventures 120,872 120,126 Assets of properties held for sale — 23,085 Cash and cash equivalents 116,793 105,407 Restricted cash 19,403 16,392 Equity method investment — 27,200 Acquired real estate leases and other intangible assets, net 18,462 20,663 Other assets, net 166,604 189,477 Total assets $ 4,238,698 $ 4,361,250 LIABILITIES AND SHAREHOLDERS' EQUITY Secured revolving credit facility $ — $ — Senior secured notes, net 366,019 365,005 Senior unsecured notes, net 1,582,127 1,580,726 Secured debt and finance leases, net 454,688 455,093 Liabilities of properties held for sale — 3,426 Accrued interest 29,195 30,683 Other liabilities 223,838 260,749 Total liabilities 2,655,867 2,695,682 Commitments and contingencies Total shareholders' equity 1,582,831 1,665,568 Total liabilities and shareholders' equity $ 4,238,698 $ 4,361,250 Condensed Consolidated Balance Sheets (dollars in thousands) Overture at Plano Plano, TX

RETURN TO TABLE OF CONTENTS Q2 2026 11 For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Revenues: Rental income $ 47,466 $ 55,167 $ 96,712 $ 113,725 Residents fees and services 317,921 327,545 635,146 655,851 Total revenues 365,387 382,712 731,858 769,576 Expenses: Property operating expenses 280,944 312,580 571,500 626,906 Depreciation and amortization 62,542 66,266 125,456 134,591 General and administrative (1) 19,333 11,177 33,371 20,177 Acquisition and certain other transaction related costs 3,086 75 6,779 99 Impairment of assets — 30,993 — 69,465 Total expenses 365,905 421,091 737,106 851,238 (Loss) gain on sale of real estate (629) (7,429) (1,836) 102,711 Gain on insurance recoveries — — — 7,522 Interest and other income 258 2,982 491 5,081 Interest expense (37,083) (50,926) (74,128) (108,757) Loss on modification or early extinguishment of debt — (126) — (29,197) Loss before income taxes and equity in net earnings of investees (37,972) (93,878) (80,721) (104,302) Income tax expense (1,297) (843) (1,919) (892) Equity in net earnings of investees 1,850 3,082 1,946 4,569 Net loss $ (37,419) $ (91,639) $ (80,694) $ (100,625) Weighted average common shares outstanding (basic and diluted) 240,749 240,132 240,722 240,045 Net loss per common share (basic and diluted) $ (0.16) $ (0.38) $ (0.34) $ (0.42) Condensed Consolidated Statements of Income (Loss) (amounts in thousands, except per share data) (1) DHC recognized incentive management fees of $9,993 and $4,148 during the three months ended June 30, 2026 and 2025, respectively, and $16,621 and $6,555 during the six months ended June 30, 2026 and 2025, respectively. The Pointe at Deerfield Deerfield Beach, FL

RETURN TO TABLE OF CONTENTS Q2 2026 12 Interest Principal Maturity Due at Years to Secured By Rate Balance Date Maturity Maturity Secured Floating Rate Debt: $150,000 revolving credit facility (1) 14 properties 6.280% $ — 6/11/2029 $ — 3.0 Mortgage (2) 14 properties 6.152% 140,000 3/31/2028 138,578 1.8 Weighted average / subtotal 6.152% 140,000 138,578 1.8 Unsecured Fixed Rate Debt: Senior unsecured notes due 2028 N/A 4.750% 500,000 2/15/2028 500,000 1.6 Senior unsecured notes due 2031 N/A 4.375% 500,000 3/1/2031 500,000 4.7 Senior unsecured notes due 2042 N/A 5.625% 350,000 8/1/2042 350,000 16.1 Senior unsecured notes due 2046 N/A 6.250% 250,000 2/1/2046 250,000 19.6 Weighted average / subtotal 5.059% 1,600,000 1,600,000 8.6 Secured Fixed Rate Debt: Senior secured notes due 2030 (3) 36 properties 7.250% 375,000 10/15/2030 375,000 4.3 Mortgage Four properties 6.572% 62,969 6/7/2030 58,211 3.9 Mortgage Eight properties 6.864% 120,000 6/11/2034 120,000 8.0 Mortgages (4) Seven properties 6.220% 108,873 5/1/2035 101,724 8.8 Mortgages (5) Two properties 6.360% 30,284 6/1/2035 27,361 8.9 Mortgage One property 6.444% 5,064 7/6/2043 41 17.0 Weighted average / subtotal 6.962% 702,190 682,337 5.9 Weighted average / total 5.673% $ 2,442,190 $ 2,420,915 7.4 Debt Summary (dollars in thousands) As of June 30, 2026 (1) DHC is required to pay interest on borrowings under this facility at a rate of daily SOFR plus a premium, which was 2.50% per annum. DHC also pays an unused commitment fee of 25 to 35 basis points per annum based on amounts outstanding under this facility. DHC has two six-month extension options for the maturity date of this facility, subject to satisfaction of certain conditions and payment of an extension fee. (2) This mortgage loan requires that interest be paid at an annual rate of Term SOFR plus a premium of 2.50%, with interest-only payments through April 2027, and DHC has two six-month extension options for the interest-only period, subject to satisfaction of certain conditions. In connection with this mortgage loan, DHC has purchased an interest rate cap for $147 through March 2027 with a Term SOFR strike rate equal to 4.50%. DHC has two one-year extension options for the maturity date of this mortgage, subject to satisfaction of certain conditions and payment of an extension fee. (3) These notes are secured by first-priority liens on the equity interests of subsidiaries owning 36 properties. (4) These mortgage loans require interest-only payments through May 2030. (5) These mortgage loans require interest-only payments through June 2028.

RETURN TO TABLE OF CONTENTS Q2 2026 13 Pr in ci p al $139,063 $500,000 $500,000 $600,000 $618 $2,249 $1,560 $1,857 $435,123 $1,962 $2,089 $2,223 $122,367 $133,079 Secured Floating Rate Debt Unsecured Fixed Rate Debt Secured Fixed Rate Debt 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 Debt Maturity Schedule (dollars in thousands) As of June 30, 2026 (1) Represents amount outstanding under DHC's $140,000 mortgage loan. DHC has two one-year extension options for the maturity date of this mortgage loan, subject to satisfaction of certain conditions and payment of an extension fee. (2) DHC had no outstanding borrowings under its $150,000 secured revolving credit facility. This facility matures in 2029, with two six-month extension options, subject to satisfaction of certain conditions and payment of an extension fee. (1) (2)

RETURN TO TABLE OF CONTENTS Q2 2026 14 Leverage Ratios, Coverage Ratios and Bond Covenants As of and For the Three Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Leverage Ratios: Net debt / total gross assets 36.1% 36.2% 36.3% 38.1% 37.3% Net debt / gross book value of real estate assets 37.1% 37.3% 37.3% 38.7% 37.9% Secured debt / total assets 19.9% 19.8% 19.4% 25.2% 23.4% Variable rate debt / net debt 6.0% 6.0% 6.0% 5.4% 5.4% Coverage Ratios: Net debt / annualized Adjusted EBITDAre 7.1x 7.8x 8.1x 10.0x 8.7x Adjusted EBITDAre / interest expense 2.2x 2.0x 1.5x 1.3x 1.4x As of and For the Trailing Twelve Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Bond Covenants: Maintenance Covenant Total unencumbered assets / unsecured debt - required minimum 150.0% 257.8% 254.2% 256.1% 212.5% 238.6% Incurrence Covenants Total debt / adjusted total assets - allowable maximum 60.0% 37.5% 37.7% 37.5% 40.7% 38.9% Secured debt / adjusted total assets - allowable maximum 40.0% 12.9% 13.0% 13.0% 17.3% 16.0% Consolidated income available for debt service / debt service - required minimum 1.50x 1.76x 1.76x 1.80x 1.78x 2.20x

RETURN TO TABLE OF CONTENTS Q2 2026 15 Investments

RETURN TO TABLE OF CONTENTS Q2 2026 16 (dollars and sq. ft. in thousands, except per sq. ft. and unit data) Summary of Capital Expenditures For the Three Months Ended For the Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Recurring Capital Expenditures: SHOP fixed assets and capital improvements $ 16,292 $ 14,193 $ 18,236 $ 33,306 $ 24,283 $ 30,485 $ 45,398 Medical Office and Life Science Portfolio lease related costs 5,293 3,532 14,370 4,961 3,528 8,825 7,375 Medical Office and Life Science Portfolio building improvements 1,343 1,003 2,465 2,295 1,518 2,346 3,042 Subtotal Medical Office and Life Science Portfolio 6,636 4,535 16,835 7,256 5,046 11,171 10,417 Total recurring capital expenditures $ 22,928 $ 18,728 $ 35,071 $ 40,562 $ 29,329 $ 41,656 $ 55,815 SHOP avg. units managed during period 22,521 22,895 24,062 24,889 24,939 22,843 24,925 Medical Office and Life Science Portfolio avg. sq. ft. during period 5,558 5,558 6,245 7,166 7,510 5,558 7,677 SHOP fixed assets and capital improvements per avg. unit managed $ 723 $ 620 $ 758 $ 1,338 $ 974 $ 1,335 $ 1,821 Medical Office and Life Science Portfolio building improvements per avg. sq. ft. $ 0.24 $ 0.18 $ 0.39 $ 0.32 $ 0.20 $ 0.42 $ 0.40 Development, Redevelopment and Other Activities: SHOP $ 2,812 $ 2,981 $ 2,101 $ 1,865 $ 4,660 $ 5,793 $ 10,228 Medical Office and Life Science Portfolio 63 121 133 175 — 184 — Total development, redevelopment and other activities $ 2,875 $ 3,102 $ 2,234 $ 2,040 $ 4,660 $ 5,977 $ 10,228 Capital Expenditures by Segment: SHOP $ 19,104 $ 17,174 $ 20,337 $ 35,171 $ 28,943 $ 36,278 $ 55,626 Medical Office and Life Science Portfolio 6,699 4,656 16,968 7,431 5,046 11,355 10,417 Total capital expenditures $ 25,803 $ 21,830 $ 37,305 $ 42,602 $ 33,989 $ 47,633 $ 66,043

RETURN TO TABLE OF CONTENTS Q2 2026 17 DHC does not have any significant ongoing redevelopments for this segment as of June 30, 2026. (1) Reflects units prior to redevelopment. Redevelopment Information (dollars in thousands) Medical Office and Life Science Portfolio As of June 30, 2026 Property Number of Estimated Total Costs Estimated Project Scope of Project Location Type Units (1) Project Costs Incurred Completion Date Pueblo Norte Senior Living SNF to Memory Care unit conversion and common area renovations Scottsdale, AZ IL/AL 205 $ 26,840 $ 24,232 Q1 2027 Residences of Chevy Chase Common area renovations and Independent Living to Assisted Living unit conversion Chevy Chase, MD IL/AL 310 9,600 6,762 Q4 2026 $ 36,440 $ 30,994 SHOP

RETURN TO TABLE OF CONTENTS Q2 2026 18 Property Acquisitions / Dispositions Information Since January 1, 2026 Date Acquired Location Segment Number of Properties Units Gross Purchase Price April 2026 (1) Lexington, KY SHOP — — $ 14,500 (dollars in thousands) Gross Sales Date Sold Location Segment Number of Properties Units Gross Sales Price Price Per Unit Occupancy (2) March 2026 (3) Various SHOP 13 669 $ 23,000 $ 34.4 79.6 % Acquisitions Dispositions (1) Reflects acquisition of two DHC land parcels previously subject to finance leases, pursuant to DHC's exercise of a purchase option. (2) Occupancy is presented for the one month ended prior to the date of sale. (3) NOI for these 13 communities was $(1,441) and $(3,006) for the six months ended June 30, 2026 and year ended December 31, 2025, respectively.

RETURN TO TABLE OF CONTENTS Q2 2026 19 Investments in Unconsolidated Joint Ventures (1) (2) (dollars in thousands) Weighted DHC Number of Average Lease DHC Carrying Value Joint Venture Location Property Type Properties Square Feet Occupancy Term (Years) Ownership of Investment FFO EBITDAre Seaport Innovation LLC Boston, MA Life Science 1 1,134,479 99.9% 17.7 10% $ 74,134 $ 11,795 $ 26,304 The LSMD Fund REIT LLC Various Medical Office / Life Science 10 1,068,763 98.6% 4.9 20% 46,738 3,673 9,135 Total / weighted average 11 2,203,242 99.2% 13.6 $ 120,872 $ 15,468 $ 35,439 Investments in Unconsolidated Joint Ventures Unconsolidated Debt DHC DHC Share of Joint Venture Type Secured by Interest Rate Maturity Date Principal Balance (3) Ownership Principal Balance Seaport Innovation LLC Fixed Rate - interest only One property 5.596% 9/1/2030 $ 1,000,000 10% $ 100,000 The LSMD Fund REIT LLC Fixed Rate - interest only Nine properties 3.457% 2/11/2032 189,800 20% 37,960 The LSMD Fund REIT LLC Floating Rate - interest only (4) One property 5.525% 2/9/2027 266,825 20% 53,365 Total / weighted average 5.232% $ 1,456,625 $ 191,325 (1) DHC's property list, including properties owned by these unconsolidated joint ventures, is available on DHC's website. (2) Amounts shown on this page reflect 100% ownership interest of this joint venture, not DHC's proportionate share thereof unless otherwise stated. (3) Reflects the entire balance of the debt secured by the properties. DHC provides certain limited recourse guarantees on the debt secured by the Seaport Innovation LLC property, with its liability limited to $100,000. The debt secured by The LSMD Fund REIT LLC properties is non-recourse to DHC. (4) This mortgage loan requires that interest be paid at an annual rate of SOFR plus a premium of 1.90%. The joint venture purchased an interest rate cap effective through February 2027 with a SOFR strike rate of approximately 5.94%. As of and For the Three Months Ended June 30, 2026

RETURN TO TABLE OF CONTENTS Q2 2026 20 Portfolio Information

RETURN TO TABLE OF CONTENTS Q2 2026 21 Portfolio Summary Medical Office and Life Science Portfolio All Other Triple Net Leased Medical Life Senior Living DHC SHOP Office Science Total Communities Wellness Centers Total Consolidated Number of properties 199 54 13 67 9 10 19 285 Square feet N/A 4,371 1,187 5,558 N/A 812 812 6,370 Units 22,469 N/A N/A N/A 1,328 N/A 1,328 23,797 Occupancy 82.5% 90.1% 100.0% 92.2% 100.0% 100.0% Gross Book Value of Real Estate Assets: Encumbered $ 1,593,354 $ 200,250 $ 130,742 $ 330,992 $ 82,829 $ 208,110 $ 290,939 $ 2,215,285 Unencumbered 2,816,047 865,879 292,686 1,158,565 72,333 — 72,333 4,046,945 Total $ 4,409,401 $ 1,066,129 $ 423,428 $ 1,489,557 $ 155,162 $ 208,110 $ 363,272 $ 6,262,230 % of Total 70.4% 17.0% 6.8% 23.8% 2.5% 3.3% 5.8% 100.0% Unencumbered % of Total 63.9 % 81.2 % 69.1 % 77.8 % 46.6 % — % 19.9 % 64.6 % Selected Income Statement and Non-GAAP Measures Data: Revenues $ 317,921 $ 28,152 $ 11,964 $ 40,116 $ 3,447 $ 3,903 $ 7,350 $ 365,387 % of Total revenues 87.0% 7.7% 3.3% 11.0% 0.9% 1.1% 2.0% 100.0% NOI $ 53,495 $ 15,928 $ 7,781 $ 23,709 $ 3,446 $ 3,793 $ 7,239 $ 84,443 % of Total NOI 63.4% 18.9% 9.2% 28.1% 4.1% 4.4% 8.5% 100.0% Cash Basis NOI $ 53,495 $ 16,136 $ 7,529 $ 23,665 $ 3,517 $ 3,555 $ 7,072 $ 84,232 % of Total Cash Basis NOI 63.5% 19.2% 8.9% 28.1% 4.2% 4.2% 8.4% 100.0% (dollars and sq. ft. in thousands) As of and For the Three Months Ended June 30, 2026

RETURN TO TABLE OF CONTENTS Q2 2026 22 Consolidated Results by Segment As of and For the Three Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 SHOP Properties 199 199 212 229 230 Units 22,469 22,573 23,217 24,906 24,872 Occupancy 82.5 % 81.7 % 81.6 % 81.5 % 80.6 % Average monthly rate $ 5,693 $ 5,613 $ 5,497 $ 5,472 $ 5,440 Average monthly rate % change to current period 1.4 % 3.6 % 4.0 % 4.7 % Revenues $ 317,921 $ 317,225 $ 323,414 $ 333,390 $ 327,545 NOI / Cash Basis NOI $ 53,495 $ 43,626 $ 36,193 $ 29,620 $ 36,615 NOI / Cash Basis NOI Margin % 16.8 % 13.8 % 11.2 % 8.9 % 11.2 % NOI / Cash Basis NOI % change to current period 22.6 % 47.8 % 80.6 % 46.1 % Medical Office and Life Science Portfolio Properties 67 67 67 88 92 Square feet 5,558 5,558 5,558 6,931 7,400 Occupancy 92.2 % 91.8 % 91.2 % 86.6 % 82.9 % Revenues $ 40,116 $ 41,895 $ 47,789 $ 48,201 $ 48,056 NOI $ 23,709 $ 25,064 $ 28,112 $ 26,675 $ 26,487 NOI Margin % 59.1 % 59.8 % 58.8 % 55.3 % 55.1 % NOI % change to current period (5.4) % (15.7) % (11.1) % (10.5) % Cash Basis NOI $ 23,665 $ 24,353 $ 26,525 $ 26,251 $ 26,735 Cash Basis NOI Margin % 58.8 % 58.8 % 57.2 % 54.7 % 55.1 % Cash Basis NOI % change to current period (2.8) % (10.8) % (9.9) % (11.5) % All Other Properties 19 19 19 18 19 Square feet 812 812 812 812 812 Units 1,328 1,328 1,328 1,180 1,180 Revenues $ 7,350 $ 7,351 $ 8,368 $ 7,115 $ 7,111 NOI $ 7,239 $ 7,225 $ 8,219 $ 7,024 $ 7,030 NOI Margin % 98.5 % 98.3 % 98.2 % 98.7 % 98.9 % NOI % change to current period 0.2 % (11.9) % 3.1 % 3.0 % Cash Basis NOI $ 7,072 $ 7,031 $ 8,035 $ 6,828 $ 6,757 Cash Basis NOI Margin % 98.5 % 98.2 % 98.2 % 98.7 % 98.8 % Cash Basis NOI % change to current period 0.6 % (12.0) % 3.6 % 4.7 % (dollars and sq. ft. in thousands, except average monthly rate)

RETURN TO TABLE OF CONTENTS Q2 2026 23 Same Property Results by Segment As of and For the Three Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 SHOP Properties 184 184 184 184 184 Units 21,124 21,124 21,124 21,124 21,124 Occupancy 83.1 % 82.4 % 82.4 % 82.4 % 81.5 % Average monthly rate $ 5,715 $ 5,656 $ 5,480 $ 5,414 $ 5,380 Average monthly rate % change to current period 1.0 % 4.3 % 5.6 % 6.2 % Revenues $ 301,189 $ 296,504 $ 288,190 $ 287,516 $ 282,464 NOI / Cash Basis NOI $ 51,975 $ 44,321 $ 38,291 $ 31,931 $ 37,882 NOI / Cash Basis NOI Margin % 17.3 % 14.9 % 13.3 % 11.1 % 13.4 % NOI / Cash Basis NOI % change to current period 17.3 % 35.7 % 62.8 % 37.2 % Medical Office and Life Science Portfolio Properties 65 65 65 65 65 Square feet 5,349 5,349 5,349 5,349 5,349 Occupancy 95.8 % 95.3 % 94.7 % 94.6 % 94.7 % Revenues $ 40,080 $ 41,849 $ 40,388 $ 40,761 $ 39,869 NOI $ 24,068 $ 25,368 $ 24,203 $ 24,116 $ 24,100 NOI Margin % 60.0 % 60.6 % 59.9 % 59.2 % 60.4 % NOI % change to current period (5.1) % (0.6) % (0.2) % (0.1) % Cash Basis NOI $ 24,050 $ 24,683 $ 24,134 $ 23,893 $ 24,358 Cash Basis NOI Margin % 59.8 % 59.7 % 59.6 % 58.7 % 60.5 % Cash Basis NOI % change to current period (2.6) % (0.3) % 0.7 % (1.3) % All Other Properties 18 18 18 18 18 Square feet 812 812 812 812 812 Units 1,180 1,180 1,180 1,180 1,180 Revenues $ 7,165 $ 7,165 $ 8,306 $ 7,115 $ 7,111 NOI $ 7,054 $ 7,039 $ 8,157 $ 7,024 $ 7,030 NOI Margin % 98.5 % 98.2 % 98.2 % 98.7 % 98.9 % NOI % change to current period 0.2 % (13.5) % 0.4 % 0.3 % Cash Basis NOI $ 6,933 $ 6,892 $ 7,991 $ 6,828 $ 6,757 Cash Basis NOI Margin % 98.4 % 98.2 % 98.2 % 98.7 % 98.8 % Cash Basis NOI % change to current period 0.6 % (13.2) % 1.5 % 2.6 % (dollars and sq. ft. in thousands, except average monthly rate)

RETURN TO TABLE OF CONTENTS Q2 2026 24 Portfolio Information by Segment

RETURN TO TABLE OF CONTENTS Q2 2026 25 81.5% 82.4% 82.4% 82.4% 83.1% $5,380 $5,414 $5,480 $5,656 $5,715 Occupancy Average Monthly Rate Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $5,000 $5,250 $5,500 $5,750 $6,000 75.0% 77.5% 80.0% 82.5% 85.0% Occupancy and Average Monthly Rate Units by Geographic Concentration Same Property SHOP Summary (dollars in thousands, except average monthly rate) Discovery Senior Living: 32.4% Sinceri Senior Living: 18.7% Stellar Senior Living: 9.7% Tutera Senior Living: 7.6% WellQuest Living: 7.6% Phoenix Senior Living: 7.5% Charter Senior Living: 7.0% Remaining: 9.5% NOI by Manager NOI and NOI Margin $37,882 $31,931 $38,291 $44,321 $51,975 13.4% 11.1% 13.3% 14.9% 17.3% NOI NOI Margin Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $— $15,000 $30,000 $45,000 $60,000 10.0% 12.5% 15.0% 17.5% 20.0% FL: 18.4% TX: 8.5% NC: 6.0% MD: 5.6% GA: 5.1% CO: 4.9% VA: 4.8% Remaining: 46.7% As of and For the Three Months Ended June 30, 2026, Unless Otherwise Noted

RETURN TO TABLE OF CONTENTS Q2 2026 26 SHOP Summary by Manager Number of Units Independent Number of Living and % of Total Top 10 Managers Location Properties Active Adult Assisted Living Memory Care Skilled Nursing Total NOI NOI 1 Discovery Senior Living Various (7 States) 44 2,117 2,368 621 — 5,106 $ 16,855 31.5% 2 Sinceri Senior Living Various (11 States) 38 4,350 2,553 370 — 7,273 10,342 19.3% 3 Stellar Senior Living AZ/CO/NM/TX 14 731 381 131 744 1,987 5,480 10.2% 4 Tutera Senior Living IL/IN/KS/TN 18 1,526 285 129 — 1,940 5,211 9.7% 5 Charter Senior Living FL/IL/MD/TN/VA/WI 30 — 1,337 421 — 1,758 4,160 7.8% 6 WellQuest Living CA/NV 5 494 276 21 — 791 3,944 7.4% 7 Phoenix Senior Living AL/AR/KY/MO/NC/SC 26 339 1,045 252 164 1,800 3,874 7.2% 8 Northstar Senior Living AZ/CA 7 — 119 279 — 398 1,322 2.5% 9 Oaks Senior Living GA 3 — 159 105 — 264 1,246 2.3% 10 Ciel Senior Living NY 1 195 75 36 — 306 1,014 1.9% Remaining Various 13 209 541 96 — 846 47 0.2% Total 199 9,961 9,139 2,461 908 22,469 $ 53,495 100.0% % of Total 44.3% 40.7% 11.0% 4.0% 100.0% (dollars in thousands) As of and For the Three Months Ended June 30, 2026

RETURN TO TABLE OF CONTENTS Q2 2026 27 Same Property SHOP Results of Operations by Location As of and For the Three Months Ended June 30, 2026 Top 10 Core-Based Statistical Areas Number of Properties NOI % of Total 1 Washington, DC 6 $ 3,780 7.3% 2 Miami, FL 10 3,065 5.9% 3 Tampa, FL 2 2,621 5.0% 4 Raleigh, NC 5 2,411 4.6% 5 New York, NY 3 2,310 4.4% 6 Atlanta, GA 9 2,268 4.4% 7 Sacramento, CA 3 2,140 4.1% 8 Charlotte, NC 9 1,979 3.8% 9 Baltimore, MD 5 1,975 3.8% 10 San Diego, CA 3 1,789 3.4% Other markets 129 27,637 53.3% Total 184 $ 51,975 100.0% As of and For the Three Months Ended NOI Occupancy Average Monthly Rate Number of % Basis Point % Markets Properties 6/30/2026 6/30/2025 Change 6/30/2026 6/30/2025 Change 6/30/2026 6/30/2025 Change Primary 80 $ 30,985 $ 23,068 34.3 % 82.4% 80.7% 170 $ 5,725 $ 5,417 5.7 % Secondary 82 17,902 12,877 39.0 % 83.6% 82.2% 140 $ 5,467 $ 5,146 6.2 % Other 22 3,088 1,937 59.4 % 85.8% 83.3% 250 $ 6,696 $ 6,150 8.9 % Total / Average 184 $ 51,975 $ 37,882 37.2 % 83.1% 81.5% 160 $ 5,715 $ 5,380 6.2 % (dollars in thousands, except average monthly rate) The Remington Club San Diego, CA

RETURN TO TABLE OF CONTENTS Q2 2026 28 Medical Office and Life Science Portfolio - Leasing Summary (1) (1) The leasing summary on this page is based on leases entered into during the periods indicated. (2) Represents percent difference in prior rents charged for same space or, in the case of vacant space acquired, market rental rates for similar space in the building at the date of acquisition. Rents include estimated recurring expense reimbursements paid to DHC, exclude lease value amortization and are net of lease concessions. As of and For the As of and For the Three Months Ended Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 Properties 67 67 67 88 92 67 Total square feet 5,558 5,558 5,558 6,931 7,400 5,558 Occupancy 92.2 % 91.8 % 91.2 % 86.6 % 82.9 % 92.2 % Leasing Activity (sq. ft.): New leases 33 113 24 10 4 146 Renewals 444 56 57 76 102 500 Total 477 169 81 86 106 646 % Change in GAAP Rent: (2) New leases 46.3 % 15.7 % 10.0 % 29.8 % (1.9) % 21.3 % Renewals 4.4 % 5.1 % 7.1 % 6.9 % 12.0 % 4.5 % Total 6.7 % 12.0 % 7.9 % 9.1 % 11.5 % 8.1 % Weighted Average Lease Term (years): New leases 9.6 10.1 7.4 7.5 6.2 10.0 Renewals 6.9 8.2 8.4 6.6 7.1 7.1 Total 7.1 9.5 8.2 6.7 7.0 7.8 Leasing Costs and Concession Commitments: New leases $ 337 $ 3,815 $ 1,603 $ 601 $ 165 $ 4,152 Renewals 9,136 1,228 1,878 1,793 2,214 10,364 Total $ 9,473 $ 5,043 $ 3,481 $ 2,394 $ 2,379 $ 14,516 Leasing Costs and Concession Commitments per Sq. Ft.: New leases $ 10.35 $ 33.80 $ 64.67 $ 62.74 $ 36.62 $ 28.55 Renewals $ 20.57 $ 21.78 $ 33.38 $ 23.46 $ 21.75 $ 20.71 Total $ 19.87 $ 29.79 $ 42.95 $ 27.84 $ 22.38 $ 22.47 Leasing Costs and Concession Commitments per Sq. Ft. per Year: New leases $ 1.08 $ 3.35 $ 8.74 $ 8.42 $ 5.91 $ 2.86 Renewals $ 2.98 $ 2.66 $ 3.96 $ 3.54 $ 3.08 $ 2.94 Total $ 2.80 $ 3.14 $ 5.26 $ 4.14 $ 3.18 $ 2.90 (dollars and sq. ft. in thousands, except per sq. ft. data)

RETURN TO TABLE OF CONTENTS Q2 2026 29 As of June 30, 2026 Tenants Representing 1% Or More of Total Annualized Rental Income (dollars in thousands) Annualized % of Annualized Tenant Property Type Rental Income Rental Income Expiration 1 Advocate Aurora Health Medical Office $ 16,939 8.7% 2031 2 Life Time Athletic Wellness Centers 12,285 6.3% 2040 - 2044 3 Alamar Biosciences, Inc. Life Science 6,902 3.6% 2034 4 Sonova Holding AG Life Science 5,626 2.9% 2036 5 KSQ Therapeutics, Inc. Life Science 5,617 2.9% 2032 6 Stratford Retirement, LLC Senior Living 5,232 2.7% 2033 7 Stellar Senior Living LLC (1) Senior Living 4,841 2.5% 2037 8 Boston Children's Hospital Medical Office 4,372 2.3% 2028 9 Tokio Marine Holdings Inc. Medical Office 3,941 2.0% 2026 - 2033 10 McKesson Corporation Medical Office 3,918 2.0% 2028 - 2030 11 United Healthcare Services, Inc. (2) Medical Office 3,731 1.9% 2026 12 AbbVie Inc. Life Science 3,713 1.9% 2030 13 Revvity, Inc. Life Science 3,681 1.9% 2028 14 Hawaii Pacific Health Medical Office 3,617 1.9% 2029 - 2036 15 HCA Holdings Inc. Medical Office 3,438 1.8% 2027 - 2031 16 New York University Medical Office 3,347 1.7% 2026 - 2031 17 Medtronic, Inc. Medical Office 3,261 1.7% 2028 18 Ultragenyx Pharmaceutical Inc. (2) Life Science 3,154 1.6% 2026 19 Raven Defense Corporation Medical Office 3,103 1.6% 2036 20 Sentara Health Medical Office 3,009 1.6% 2027 - 2032 21 Orthofix Medical Inc. Life Science 2,817 1.5% 2037 22 The University of Kansas Health System Medical Office 2,536 1.3% 2027 - 2028 23 Cytek BioSciences, Inc. Life Science 2,339 1.2% 2029 24 Think Surgical, Inc. (2) Life Science 2,193 1.1% 2026 25 Covenant Care California, LLC Senior Living 2,082 1.1% 2030 26 Covenant Health System Medical Office 1,978 1.0% 2034 All Other Tenants 75,962 39.3% Total Tenants $ 193,634 100.0% 2904 Orchard Parkway San Jose, CA (1) In April 2026, Stellar Senior Living LLC exercised its renewal option to extend its lease through 2037. The tenant's annual rent will be adjusted to a fair market rate effective August 2027 pursuant to the terms of the lease. This rent amount has not yet been finalized and therefore the current annualized rental income is reflected. (2) Tenant has vacated or is expected to vacate and DHC is currently evaluating strategic options for the property.

RETURN TO TABLE OF CONTENTS Q2 2026 30 Medical Office and Life Science Portfolio - Lease Expiration Schedule (dollars in thousands) As of June 30, 2026 Annualized Rental Income Expiring Year Medical Office Life Science Total % of Total Cumulative % of Total 2026 (1) $ 6,220 $ 5,346 $ 11,566 7.1% 7.1% 2027 9,466 — 9,466 5.8% 12.9% 2028 19,994 11,776 31,770 19.5% 32.4% 2029 11,831 4,183 16,014 9.8% 42.2% 2030 6,919 5,287 12,206 7.5% 49.7% Thereafter 59,835 22,436 82,271 50.3% 100.0% Total $ 114,265 $ 49,028 $ 163,293 100.0% Weighted average remaining lease term 4.9 years 5.1 years 5.0 years Square Feet with Leases Expiring Year Medical Office Life Science Total % of Total Cumulative % of Total 2026 (2) 227,404 138,968 366,372 7.1% 7.1% 2027 308,571 — 308,571 6.0% 13.1% 2028 947,204 105,462 1,052,666 20.5% 33.6% 2029 312,582 182,232 494,814 9.7% 43.3% 2030 244,427 295,376 539,803 10.5% 53.8% Thereafter 1,897,218 465,201 2,362,419 46.2% 100.0% Total 3,937,406 1,187,239 5,124,645 100.0% Weighted average remaining lease term 4.6 years 5.2 years 4.7 years (1) Includes two tenants who vacated on June 30, 2026, with an aggregate annualized rental income of $6,885. Excluding these two tenants, the annualized rental income expiring in 2026 is $4,681. (2) Includes two tenants who vacated on June 30, 2026, with an aggregate leased square feet of 212,767. Excluding these two tenants, the square footage with leases expiring in 2026 is 153,605.

RETURN TO TABLE OF CONTENTS Q2 2026 31 % of Total Cumulative % of Total Annualized Annualized Annualized Number of Number of Rental Income Rental Income Rental Income Year Properties Units or Square Feet Expiring Expiring Expiring 2026 — — $ — —% —% 2027 — — — —% —% 2028 — — — —% —% 2029 1 155 units 547 1.8% 1.8% 2030 5 277 units and 129,600 square feet 5,062 16.7% 18.5% Thereafter (1) 13 896 units and 682,646 square feet 24,732 81.5% 100.0% Total 19 $ 30,341 100.0% Weighted average remaining lease term 11.0 years All Other - Lease Expiration Schedule Life Time Fitness Tampa, FL (dollars in thousands) As of June 30, 2026 (1) In April 2026, Stellar Senior Living LLC exercised its renewal option to extend its lease through 2037. The tenant's annual rent will be adjusted to a fair market rate effective August 2027 pursuant to the terms of the lease. This rent amount has not yet been finalized and therefore the current annualized rental income is reflected.

RETURN TO TABLE OF CONTENTS Q2 2026 32 Appendix

RETURN TO TABLE OF CONTENTS Q2 2026 33 For the Three Months Ended For the Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Calculation of NOI and Cash Basis NOI: Rental income $ 47,466 $ 49,246 $ 56,157 $ 55,316 $ 55,167 $ 96,712 $ 113,725 Residents fees and services 317,921 317,225 323,414 333,390 327,545 635,146 655,851 Total revenues 365,387 366,471 379,571 388,706 382,712 731,858 769,576 Property operating expenses (280,944) (290,556) (307,047) (325,387) (312,580) (571,500) (626,906) NOI 84,443 75,915 72,524 63,319 70,132 160,358 142,670 Non-cash adjustments (211) (905) (1,771) (620) (25) (1,116) (1,253) Cash Basis NOI $ 84,232 $ 75,010 $ 70,753 $ 62,699 $ 70,107 $ 159,242 $ 141,417 Reconciliation of Net Loss to NOI and Cash Basis NOI: Net loss $ (37,419) $ (43,275) $ (21,221) $ (164,040) $ (91,639) $ (80,694) $ (100,625) Equity in net earnings of investees (1,850) (96) (27,108) (5,083) (3,082) (1,946) (4,569) Income tax expense 1,297 622 514 337 843 1,919 892 Loss on modification or early extinguishment of debt — — 2,138 11,191 126 — 29,197 Interest expense 37,083 37,045 46,855 48,886 50,926 74,128 108,757 Interest and other income (258) (233) (1,532) 774 (2,982) (491) (5,081) Gain on insurance recoveries — — — — — — (7,522) Loss (gain) on sale of real estate 629 1,207 (13,759) (1,260) 7,429 1,836 (102,711) Impairment of assets — — 2,994 93,243 30,993 — 69,465 Acquisition and certain other transaction related costs 3,086 3,693 9,099 1,158 75 6,779 99 General and administrative 19,333 14,038 12,536 12,789 11,177 33,371 20,177 Depreciation and amortization 62,542 62,914 62,008 65,324 66,266 125,456 134,591 NOI 84,443 75,915 72,524 63,319 70,132 160,358 142,670 Non-cash adjustments (211) (905) (1,771) (620) (25) (1,116) (1,253) Cash Basis NOI $ 84,232 $ 75,010 $ 70,753 $ 62,699 $ 70,107 $ 159,242 $ 141,417 Calculation and Reconciliation of Non-GAAP Financial Measures (dollars in thousands)

RETURN TO TABLE OF CONTENTS Q2 2026 34 For the Three Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 SHOP Revenues $ 317,921 $ 317,225 $ 323,414 $ 333,390 $ 327,545 Property operating expenses (264,426) (273,599) (287,221) (303,770) (290,930) NOI 53,495 43,626 36,193 29,620 36,615 NOI of properties not included in same property results (1,520) 695 2,098 2,311 1,267 Same property NOI $ 51,975 $ 44,321 $ 38,291 $ 31,931 $ 37,882 Medical Office and Life Science Portfolio Revenues $ 40,116 $ 41,895 $ 47,789 $ 48,201 $ 48,056 Property operating expenses (16,407) (16,831) (19,677) (21,526) (21,569) NOI 23,709 25,064 28,112 26,675 26,487 NOI of properties not included in same property results 359 304 (3,909) (2,559) (2,387) Same property NOI $ 24,068 $ 25,368 $ 24,203 $ 24,116 $ 24,100 All Other Revenues $ 7,350 $ 7,351 $ 8,368 $ 7,115 $ 7,111 Property operating expenses (111) (126) (149) (91) (81) NOI 7,239 7,225 8,219 7,024 7,030 NOI of properties not included in same property results (185) (186) (62) — — Same property NOI $ 7,054 $ 7,039 $ 8,157 $ 7,024 $ 7,030 Total Revenues $ 365,387 $ 366,471 $ 379,571 $ 388,706 $ 382,712 Property operating expenses (280,944) (290,556) (307,047) (325,387) (312,580) NOI 84,443 75,915 72,524 63,319 70,132 NOI of properties not included in same property results (1,346) 813 (1,873) (248) (1,120) Same property NOI $ 83,097 $ 76,728 $ 70,651 $ 63,071 $ 69,012 (dollars in thousands) Calculation and Reconciliation of Non-GAAP Financial Measures - NOI

RETURN TO TABLE OF CONTENTS Q2 2026 35 For the Three Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 SHOP NOI $ 53,495 $ 43,626 $ 36,193 $ 29,620 $ 36,615 Non-cash adjustments — — — — — Cash Basis NOI 53,495 43,626 36,193 29,620 36,615 Cash Basis NOI of properties not included in same property results (1,520) 695 2,098 2,311 1,267 Same property Cash Basis NOI $ 51,975 $ 44,321 $ 38,291 $ 31,931 $ 37,882 Medical Office and Life Science Portfolio NOI $ 23,709 $ 25,064 $ 28,112 $ 26,675 $ 26,487 Non-cash adjustments (44) (711) (1,587) (424) 248 Cash Basis NOI 23,665 24,353 26,525 26,251 26,735 Cash Basis NOI of properties not included in same property results 385 330 (2,391) (2,358) (2,377) Same property Cash Basis NOI $ 24,050 $ 24,683 $ 24,134 $ 23,893 $ 24,358 All Other NOI $ 7,239 $ 7,225 $ 8,219 $ 7,024 $ 7,030 Non-cash adjustments (167) (194) (184) (196) (273) Cash Basis NOI 7,072 7,031 8,035 6,828 6,757 Cash Basis NOI of properties not included in same property results (139) (139) (44) — — Same property Cash Basis NOI $ 6,933 $ 6,892 $ 7,991 $ 6,828 $ 6,757 Total NOI $ 84,443 $ 75,915 $ 72,524 $ 63,319 $ 70,132 Non-cash adjustments (211) (905) (1,771) (620) (25) Cash Basis NOI 84,232 75,010 70,753 62,699 70,107 Cash Basis NOI of properties not included in same property results (1,274) 886 (337) (47) (1,110) Same property Cash Basis NOI $ 82,958 $ 75,896 $ 70,416 $ 62,652 $ 68,997 (dollars in thousands) Calculation and Reconciliation of Non-GAAP Financial Measures - Cash Basis NOI

RETURN TO TABLE OF CONTENTS Q2 2026 36 For the Three Months Ended For the Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Net loss $ (37,419) $ (43,275) $ (21,221) $ (164,040) $ (91,639) $ (80,694) $ (100,625) Interest expense 37,083 37,045 46,855 48,886 50,926 74,128 108,757 Income tax expense 1,297 622 514 337 843 1,919 892 Depreciation and amortization 62,542 62,914 62,008 65,324 66,266 125,456 134,591 EBITDA 63,503 57,306 88,156 (49,493) 26,396 120,809 143,615 Loss (gain) on sale of real estate 629 1,207 (13,759) (1,260) 7,429 1,836 (102,711) Impairment of assets — — 2,994 93,243 30,993 — 69,465 Equity in net earnings of investees (1,850) (96) (27,108) (5,083) (3,082) (1,946) (4,569) Share of EBITDAre from unconsolidated joint ventures 4,457 4,549 4,612 4,511 4,463 9,006 8,957 Adjustments to reflect DHC's share of EBITDAre attributable to a former equity method investment — — — 4,831 1,502 — 3,091 EBITDAre 66,739 62,966 54,895 46,749 67,701 129,705 117,848 General and administrative expense paid in common shares 2,264 717 593 1,164 1,062 2,981 1,654 Incentive management fees 9,993 6,628 5,674 5,676 4,148 16,621 6,555 Acquisition and certain other transaction related costs 3,086 3,693 9,099 1,158 75 6,779 99 Gain on insurance recoveries — — — — — — (7,522) Loss on modification or early extinguishment of debt — — 2,138 11,191 126 — 29,197 Adjustments to reflect DHC's share of Adjusted EBITDAre attributable to a former equity method investment — — — (3,072) 501 — 891 Adjusted EBITDAre $ 82,082 $ 74,004 $ 72,399 $ 62,866 $ 73,613 $ 156,086 $ 148,722 Calculation and Reconciliation of Non-GAAP Financial Measures (dollars in thousands)

RETURN TO TABLE OF CONTENTS Q2 2026 37 For the Three Months Ended For the Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Net loss $ (37,419) $ (43,275) $ (21,221) $ (164,040) $ (91,639) $ (80,694) $ (100,625) Depreciation and amortization 62,542 62,914 62,008 65,324 66,266 125,456 134,591 Loss (gain) on sale of real estate 629 1,207 (13,759) (1,260) 7,429 1,836 (102,711) Impairment of assets — — 2,994 93,243 30,993 — 69,465 Equity in net earnings of investees (1,850) (96) (27,108) (5,083) (3,082) (1,946) (4,569) Share of FFO from unconsolidated joint ventures 1,915 2,027 1,998 2,199 2,715 3,942 5,452 Adjustments to reflect DHC's share of FFO attributable to a former equity method investment — — — 3,731 895 — 1,968 FFO 25,817 22,777 4,912 (5,886) 13,577 48,594 3,571 Incentive management fees 9,993 6,628 5,674 5,676 4,148 16,621 6,555 Acquisition and certain other transaction related costs 3,086 3,693 9,099 1,158 75 6,779 99 Gain on insurance recoveries — — — — — — (7,522) Loss on modification or early extinguishment of debt — — 2,138 11,191 126 — 29,197 Adjustments to reflect DHC's share of Normalized FFO attributable to a former equity method investment — — — (2,418) 646 — 977 Normalized FFO $ 38,896 $ 33,098 $ 21,823 $ 9,721 $ 18,572 $ 71,994 $ 32,877 Calculation and Reconciliation of Non-GAAP Financial Measures (dollars in thousands)

RETURN TO TABLE OF CONTENTS Q2 2026 38 (amounts in thousands, except per share data) For the Three Months Ended For the Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Normalized FFO $ 38,896 $ 33,098 $ 21,823 $ 9,721 $ 18,572 $ 71,994 $ 32,877 General and administrative expense paid in common shares 2,264 717 593 1,164 1,062 2,981 1,654 Non-cash interest expense 2,309 2,329 11,848 20,121 19,886 4,638 45,973 Non-cash amortization included in expenses (943) (943) (942) (943) (942) (1,886) (1,885) Non-cash straight line rent adjustments included in rental income 204 (57) (203) (450) 146 147 (309) Lease value amortization included in rental income 29 29 30 29 28 58 54 Recurring capital expenditures (22,928) (18,728) (35,071) (40,562) (29,329) (41,656) (55,815) Share of FFO from unconsolidated joint ventures (1,915) (2,027) (1,998) (2,199) (2,715) (3,942) (5,452) Adjustments to reflect DHC's share of FFO and Normalized FFO attributable to a former equity method investment — — — (1,313) (1,541) — (2,945) Unconsolidated joint venture distributions (1) 600 600 750 28,250 — 1,200 — Former equity method investment distribution — 27,200 — 3,400 — 27,200 17,000 Incentive management fees (2) — (17,905) — — — (17,905) — CAD $ 18,516 $ 24,313 $ (3,170) $ 17,218 $ 5,167 $ 42,829 $ 31,152 Weighted average common shares outstanding (basic and diluted) 240,749 240,689 240,662 240,385 240,132 240,722 240,045 Per common share data (basic and diluted): Net loss $ (0.16) $ (0.18) $ (0.09) $ (0.68) $ (0.38) $ (0.34) $ (0.42) FFO $ 0.11 $ 0.09 $ 0.02 $ (0.02) $ 0.06 $ 0.20 $ 0.01 Normalized FFO $ 0.16 $ 0.14 $ 0.09 $ 0.04 $ 0.08 $ 0.30 $ 0.14 CAD $ 0.08 $ 0.10 $ (0.01) $ 0.07 $ 0.02 $ 0.18 $ 0.13 (1) In August 2025, DHC received a cash distribution of $28,000 from the Seaport Innovation LLC joint venture in connection with the refinancing of such joint venture's prior mortgage loan. (2) In January 2026, DHC paid RMR an incentive management fee of $17,905 incurred for the year ended December 31, 2025. Calculation and Reconciliation of Non-GAAP Financial Measures

RETURN TO TABLE OF CONTENTS Q2 2026 39 Management: DHC is managed by The RMR Group (Nasdaq: RMR). The RMR Group is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. As of June 30, 2026, RMR had over $37 billion in assets under management and 40 years of institutional experience in buying, selling, financing and operating CRE. DHC believes that being managed by RMR is a competitive advantage for DHC because of RMR’s depth of management and experience in the real estate industry. DHC also believes RMR provides management services to it at a lower cost than it would have to pay for similar quality services if it were self managed. Company Profile, Research Coverage and Governance Information Board of Trustees Christopher J. Bilotto Alan L. Felder Lisa Harris Jones Managing Trustee Lead Independent Trustee Independent Trustee Phyllis M. Hollis Dawn K. Neher Adam D. Portnoy Independent Trustee Independent Trustee Chair of the Board and Managing Trustee Jeffrey P. Somers Independent Trustee Equity Research Coverage B. Riley Securities, Inc. Citizens Freedom Finance Global PLC John Massocca Aaron Hecht Zhiger Kurmet jmassocca@brileysecurities.com aaron.hecht@citizensbank.com zhiger.kurmet@fbroker.kz (646) 885-5424 (415) 835-3963 (708) 297-6150 Maxim Group RBC Capital Markets Michael Diana Michael Carroll mdiana@maximgrp.com michael.carroll@rbccm.com (212) 895-3641 (440) 715-2649 Rating Agencies and Issuer Ratings Moody’s Investors Service S & P Global Christian Azzi Diandra Prutton christian.azzi@moodys.com diandra.prutton@spglobal.com (212) 553-9342 (917) 231-4054 DHC is followed by the equity research analysts and its publicly held debt is rated by the rating agencies listed on this page. Please note that any opinions, estimates or forecasts regarding DHC's performance made by these analysts or agencies do not represent opinions, forecasts or predictions of DHC or its management. DHC does not by its reference on this page imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts or agencies. Officers Christopher J. Bilotto Matthew C. Brown Anthony Paula President and Chief Financial Officer and Vice President Chief Executive Officer Treasurer

RETURN TO TABLE OF CONTENTS Q2 2026 40 Non-GAAP Financial Measures: DHC presents certain "non-GAAP financial measures" within the meaning of applicable rules of the Securities and Exchange Commission, or SEC, including net operating income, or NOI, Cash Basis NOI, same property NOI, same property Cash Basis NOI, earnings before interest, income tax, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, Adjusted EBITDAre, funds from operations, or FFO, normalized funds from operations, or Normalized FFO, and cash available for distribution, or CAD. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) as indicators of DHC's operating performance or as measures of DHC's liquidity. These measures should be considered in conjunction with net income (loss) as presented in DHC's condensed consolidated statements of income (loss). DHC considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss). DHC believes these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization, they may facilitate a comparison of DHC's operating performance between periods and with other REITs and, in the case of NOI, Cash Basis NOI, same property NOI, and same property Cash Basis NOI reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of DHC's properties. NOI, Cash Basis NOI, Same Property NOI, and Same Property Cash Basis NOI: The calculations of NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI exclude certain components of net income (loss) in order to provide results that are more closely related to DHC's property level results of operations. DHC calculates NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI as shown on pages 33 - 35. DHC defines NOI as income from its real estate less its property operating expenses. NOI excludes depreciation and amortization. DHC defines Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization, lease termination fees, if any, and non-cash amortization included in property operating expenses. DHC calculates same property NOI and same property Cash Basis NOI in the same manner that it calculates the corresponding NOI and Cash Basis NOI amounts, except that it only includes same properties in calculating same property NOI and same property Cash Basis NOI. DHC uses NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI to evaluate individual and company-wide property level performance. Other real estate companies and REITs may calculate NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI differently than DHC does. EBITDA, EBITDAre and Adjusted EBITDAre: DHC calculates EBITDA, EBITDAre and Adjusted EBITDAre as shown on page 36. EBITDAre is calculated on the basis defined by the National Association of Real Estate Investment Trusts, or Nareit, which is EBITDA, excluding any gain or loss on sale of real estate, equity in net earnings or losses of investees, loss on impairment of real estate assets, if any, and including adjustments to reflect DHC's proportionate share of Adjusted EBITDAre from unconsolidated joint venture properties and prior to the wind-down of AlerisLife's business, DHC's proportionate share of EBITDAre of DHC's former equity method investment, as well as certain other adjustments currently not applicable to DHC. In calculating Adjusted EBITDAre, DHC adjusts for the items shown on page 36. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than DHC does. FFO and Normalized FFO: DHC calculates FFO and Normalized FFO as shown on page 37. FFO is calculated on the basis defined by Nareit, which is net income (loss), calculated in accordance with GAAP, excluding any gain or loss on sale of real estate, equity in net earnings or losses of investees, loss on impairment of real estate assets, gains or losses on equity securities, net, if any, and including adjustments to reflect DHC's proportionate share of FFO from DHC's unconsolidated joint venture properties and prior to the wind-down of AlerisLife's business, DHC's proportionate share of FFO of DHC's former equity method investment, plus real estate depreciation and amortization of consolidated properties, as well as certain other adjustments currently not applicable to DHC. In calculating Normalized FFO, DHC adjusts for the items shown on page 37, including similar adjustments for DHC's unconsolidated joint ventures and incentive management fees, if any. FFO and Normalized FFO are among the factors considered by DHC's Board of Trustees when determining the amount of distributions to its shareholders. Other factors include, but are not limited to, requirements to maintain DHC's qualification for taxation as a REIT, limitations in the agreements governing DHC's debt, the availability to DHC of debt and equity capital, DHC's expectation of its future capital requirements and operating performance and DHC's expected needs for and availability of cash to pay its obligations. Other real estate companies and REITs may calculate FFO and Normalized FFO differently than DHC does. Cash Available for Distribution: DHC calculates CAD as shown on page 38. DHC defines CAD as Normalized FFO minus DHC's proportionate share of Normalized FFO from unconsolidated joint venture properties and its former equity method investment, plus cash flow distributions received from DHC's unconsolidated joint ventures and former equity method investment, if any, recurring real estate related capital expenditures, adjustments for other non- cash and nonrecurring items, certain amounts excluded from Normalized FFO but settled in cash, and paid incentive management fees, if any, as well as certain other adjustments currently not applicable to DHC. CAD is among the factors considered by DHC's Board of Trustees when determining the amount of distributions to DHC's shareholders. Other real estate companies and REITs may calculate CAD differently than DHC does. Non-GAAP Financial Measures and Certain Definitions

RETURN TO TABLE OF CONTENTS Q2 2026 41 Adjusted total assets - Adjusted total assets is the original cost of real estate assets calculated in accordance with GAAP before depreciation and after impairment write downs, if any, and excludes accounts receivable and intangible assets. AlerisLife - AlerisLife means AlerisLife Inc. All Other - All Other operations consists of triple net leased wellness centers and senior living communities that are leased to third party operators from which DHC receives rents, and any other revenue or expenses that are not attributable to a specific reportable segment. Annualized dividend yield - Annualized dividend yield is the annualized dividend declared during the applicable period divided by the closing price of DHC's common shares at the end of the relevant period. Annualized rental income - Annualized rental income is based on rents pursuant to existing leases as of June 30, 2026. Annualized rental income includes estimated percentage rents, straight line rent adjustments and estimated recurring expense reimbursements for certain net and modified gross leases, and excludes lease value amortization. Amounts of annualized rental income for DHC's medical office and life science properties also exclude leases that expired on June 30, 2026 and 100% of rents pursuant to existing leases as of June 30, 2026 from the medical office and life science properties owned by unconsolidated joint ventures in which DHC owns an equity interest. Average monthly rate - Average monthly rate reflects the average monthly residents fees and services per occupied unit for the period presented. The average monthly rate is calculated based on the actual number of days during the period. Building improvements - Building improvements generally include expenditures to replace obsolete building components that extend the useful life of existing assets or other improvements to increase the marketability of the property. Cash basis NOI margin % - Cash basis NOI margin % is defined as cash basis NOI as a percentage of cash basis rental income. Cash basis rental income excludes non-cash straight line rent adjustments, lease value amortization and lease termination fees, if any. Consolidated income available for debt service - Consolidated income available for debt service is earnings from operations excluding interest expense, depreciation and amortization, taxes, loss on asset impairment, gains or losses on equity securities, gains or losses on sales of properties and modification or early extinguishment of debt, determined together with debt service for the applicable period. Core-Based Statistical Areas - Core-Based Statistical Areas, or CBSAs, are geographic regions that identify areas as either metropolitan or micropolitan or neither. The Office of Management and Budget defined CBSAs in 2000. CBSAs are reclassified in every census using a combination of data and census information. Development, redevelopment and other activities - Development, redevelopment and other activities generally include capital expenditures that reposition a property or result in change of use or new sources of revenue. From time to time DHC invests in revenue producing capital improvements at certain of its triple net leased senior living communities. As a result, annual rents payable to DHC increase pursuant to the terms of the applicable leases. These capital improvements are not included in DHC's development, redevelopment and other activities. Estimated completion date - Estimated completion date can depend on various factors, including when lease agreements are signed with tenants in DHC's Medical Office and Life Science Portfolio. Therefore, the actual completion date may vary. Estimated project costs - Estimated project costs include estimated construction costs and leasing capital up to stabilization. Non-GAAP Financial Measures and Certain Definitions (Continued)

RETURN TO TABLE OF CONTENTS Q2 2026 42 ExPOR - ExPOR, or expenses per occupied room, is calculated by dividing total operating expenses by the number of occupied units for the period presented. GAAP - GAAP is U.S. generally accepted accounting principles. Gross book value of real estate assets - Gross book value of real estate assets is real estate assets at cost plus certain acquisition costs, before depreciation and purchase price allocations, less impairment writedowns, if any. Gross sales price - Gross sales price excludes closing costs. Incentive management fees - Incentive management fees are estimated and accrued during the applicable measurement period. Actual incentive management fees will be calculated based on common share total return, as defined in DHC's business management agreement, for the three year period ending December 31 of the applicable calendar year, are included in general and administrative expense in DHC's condensed consolidated statements of income (loss) and will be payable to RMR in January of the following calendar year. Incurrence covenants - Incurrence covenants are financial covenants which DHC is required to comply with in order to incur debt under its secured revolving credit facility and senior secured and unsecured notes indentures and their supplements. Interest rate - Interest rate is the rate stated in, or determined pursuant to, the contract terms and includes the effect of mark to market accounting for certain assumed mortgages and premiums and discounts on certain mortgages and secured and unsecured notes; excludes effects of debt issuance costs and the unused fee on DHC's secured revolving credit facility. Interest rate reflects the impact of interest rate caps, as applicable. Lease related costs - Lease related costs generally include capital expenditures to improve tenants’ space or amounts paid directly to tenants to improve their space and leasing related costs, such as brokerage commissions and tenant inducements. Leasing costs and concession commitments - Leasing costs and concession commitments include commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent. Maintenance covenant - DHC's maintenance covenant is a financial covenant which it is required to comply with on a quarterly basis pursuant to the indentures governing DHC's senior secured and unsecured notes. Net debt - Net debt is the total outstanding principal of DHC's debt less cash and cash equivalents. NOI margin % - NOI margin % is defined as NOI as a percentage of rental income or residents fees and services, as appropriate. Non-cash adjustments - Non-cash adjustments include straight line adjustments, lease value amortization, lease termination fees and other non-cash amortization included in property operating expenses, if any. Non-cash interest expense - Non-cash interest expense includes the amortization of debt discounts, premiums, issuance costs and interest rate caps. Occupancy - Occupancy for DHC's SHOP segment is presented for the duration of the period shown; occupancy for DHC's Medical Office and Life Science Portfolio is presented as of the end of the period shown. Medical office and life science occupancy data includes (i) out of service assets undergoing redevelopment, (ii) space which is leased but is not occupied or is being offered for sublease by tenants and (iii) space being fitted out for occupancy. Non-GAAP Financial Measures and Certain Definitions (Continued)

RETURN TO TABLE OF CONTENTS Q2 2026 43 Medical Office and Life Science Portfolio - Medical Office and Life Science Portfolio consists of medical office properties leased to medical providers and other medical related businesses, as well as life science properties leased to biotech laboratories and other similar tenants. DHC's medical office and life science property leases include some triple net leases where, in addition to paying fixed rents, the tenants assume the obligation to operate and maintain the properties at their expense, and some net and modified gross leases where DHC is responsible for the operation and maintenance of the properties and DHC charges tenants for some or all of the property operating costs. A small percentage of DHC's medical office and life science property leases are full-service leases where DHC receives fixed rent from its tenants and no reimbursement for its property operating costs. Primary markets - Primary markets are made up of 31 of the largest CBSAs in the United States. Data for primary markets is often presented aggregated. Principal balance - Principal balances are the amounts stated in the contracts less the principal amount of any repayments made. In accordance with GAAP, DHC's carrying values and recorded interest expense may be different because of market conditions at the time DHC assumed certain of these debts. The principal balance of DHC's secured revolving credit facility includes amounts outstanding as of the date presented, if any. Rolling four quarter CAD - Rolling four quarter CAD represents CAD for the preceding twelve month period as of the respective quarter end date. Same Property - As of and for the three months ended June 30, 2026, same property consists of properties owned, in service and reported in the same segment since April 1, 2025; excludes properties classified as held for sale, closed or out of service, if any, planned dispositions and medical office and life science properties owned by unconsolidated joint ventures in which DHC owns an equity interest. Properties are included in same property once stabilized for the full period in both comparison periods presented. Secondary markets - Secondary markets are made up of 68 large CBSAs in the United States that are not included in the primary markets. Data for secondary markets is often presented aggregated. SHOP - SHOP, or Senior Housing Operating Portfolio, consists of senior living communities managed by third party senior living managers that provide short term and long term residential living and in some cases care and other services for residents where DHC pays fees to the managers to operate the communities. Properties in this segment include independent living communities, assisted living communities, active adult rental communities and SNFs. SNF - SNF is a skilled nursing facility. SOFR - SOFR is secured overnight financing rate. Square feet - Square feet measurements are subject to modest changes when space is periodically remeasured or reconfigured for new tenants. Square feet for prior periods exclude space remeasurements made subsequent to those periods. Excludes data from medical office and life science properties owned by unconsolidated joint ventures in which DHC owns an equity interest. Term SOFR - Term SOFR is the one-month term secured overnight financing rate. Total gross assets - Total gross assets is total assets plus accumulated depreciation. Total unencumbered assets - Total unencumbered assets is the original cost of real estate assets not encumbered by mortgage debt calculated in accordance with GAAP before depreciation and after impairment write downs, if any, and excludes accounts receivable and intangible assets. Triple net leased senior living communities - Triple net leased senior living communities include independent and assisted living communities and SNFs. Weighted average lease term - Weighted average lease term is weighted based on annualized rental income pursuant to existing leases as of June 30, 2026. Non-GAAP Financial Measures and Certain Definitions (Continued)

RETURN TO TABLE OF CONTENTS Q2 2026 44 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about: DHC's executing on operational improvements in its SHOP portfolio, advancing portfolio optimization initiatives and prudently deploying capital to support long-term earnings growth; DHC's momentum and performance trends; DHC's focus on maximizing value for its shareholders; DHC's 2026 guidance and related assumptions, including with respect to SHOP NOI growth; DHC’s potential exercise of extension options for the maturity date of the applicable debt instruments; DHC's ability to continue to fund capital expenditures in accordance with its business plan; and DHC's redevelopment activities and plans. Forward-looking statements reflect DHC's current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause DHC's actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. Some of the risks, uncertainties and other factors that may cause DHC's actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following: the impact of unfavorable market and commercial real estate industry conditions due to possible reduced demand for healthcare related space and senior living communities, uncertainties surrounding interest rates, wage and commodity price inflation, supply chain disruptions, volatility in the public debt and equity markets, changing tariffs and trade policies and related uncertainty, geopolitical instability and tensions, pandemics, any U.S. government shutdown, economic downturns or a possible recession, labor market conditions or changes in real estate utilization, among other things, on DHC and its managers and other operators and tenants; DHC's senior living operators' abilities to successfully and profitably operate the communities they manage for DHC; the continuing impact of changing market practices on DHC and its managers and other operators and tenants, such as reduced demand for leased medical office, life science and other space of DHC and residencies at senior living communities and increased operating costs; the financial strength of DHC's managers and other operators and tenants; whether the aging U.S. population and increasing life spans of seniors will increase the demand for senior living communities and other medical and healthcare related properties and healthcare services; whether DHC’s tenants will renew or extend their leases or whether DHC will obtain replacement tenants on terms as favorable to DHC as its prior leases; the likelihood that DHC's tenants and residents will pay rent or be negatively impacted by continuing unfavorable market and commercial real estate industry conditions; DHC’s managers’ abilities to increase or maintain rates charged to residents of DHC’s senior living communities and manage operating costs for those communities; DHC's ability to increase or maintain occupancy at its properties on terms desirable to DHC; DHC's ability to increase rents when its leases expire or renew; costs DHC incurs and concessions it grants to lease its properties; risk and uncertainties regarding the costs and timing of development, redevelopment and repositioning activities, including as a result of inflation, cost overruns, tariffs, supply chain challenges, labor shortages, construction delays or inability to obtain necessary permits or volatility in the commercial real estate markets; DHC's ability to manage its capital expenditures and other operating costs effectively and to maintain and enhance its properties and their appeal to tenants and residents; DHC's ability to effectively raise and balance its use of debt and equity capital; DHC's ability to purchase cost effective interest rate caps; DHC’s ability to comply with the financial covenants under its debt agreements; DHC's ability to make required payments on its debt; DHC's ability to maintain sufficient liquidity, including the availability of borrowings under its secured revolving credit facility, and otherwise manage leverage; DHC's credit ratings; DHC’s ability to sell properties at prices or returns it targets, and the timing of such sales; DHC's ability to sell additional equity interests in, or contribute additional properties to, its existing joint ventures, or enter into additional real estate joint ventures or to attract co-venturers and benefit from DHC's existing joint ventures or any real estate joint ventures it may enter into; DHC's ability to acquire, develop, redevelop or reposition properties that realize its targeted returns; DHC’s ability to pay distributions to its shareholders and to maintain or increase the amount of such distributions; the ability of RMR to successfully manage DHC; competition in the real estate industry, particularly in those markets in which DHC’s properties are located; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; compliance with, and changes to, federal, state and local laws and regulations, accounting rules, tax laws and similar matters; exposure to litigation and regulatory and government proceedings due to the nature of the senior living and other health and wellness related service businesses; actual and potential conflicts of interest with DHC's related parties, including DHC’s Managing Trustees, RMR, ABP Trust and others affiliated with them; limitations imposed by and DHC’s ability to satisfy complex rules to maintain DHC’s qualification for taxation as a REIT for U.S. federal income tax purposes; acts of terrorism, war or other hostilities, outbreaks of pandemics or other public health safety events or conditions, global climate change or other manmade or natural disasters beyond DHC’s control; and other matters. These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in DHC's periodic filings. The information contained in DHC's filings with the SEC, including under the caption “Risk Factors” in its periodic reports, or incorporated therein, identifies important factors that could cause differences from the forward-looking statements in this presentation. DHC's filings with the SEC are available on the SEC's website at www.sec.gov. You should not place undue reliance upon DHC's forward-looking statements. Except as required by law, DHC does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise. Warning Concerning Forward-Looking Statements

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