Diversified Healthcare Trust (DHC) Investor presentation summary

Portfolio overview and strategy

• Owns $6.2 billion in healthcare real estate across 33 states and D.C., with 285 properties and ~24,000 senior living units, diversified among senior housing, medical office, and life science assets.

• Focuses on environments that elevate quality of life, enable essential care, and support healthcare innovation, targeting durable, risk-adjusted returns.

• SHOP segment supported by 14 operators and ~250 tenants in the medical office and life science portfolio.

• Strategic capital recycling and targeted property sales have improved asset quality and balance sheet strength.

• Prudent financial management and demographic tailwinds drive long-term demand and value creation.

Financial performance and guidance

• Delivered total shareholder returns of ~247% since January 2025, outperforming REIT indices.

• 2026 guidance: Adjusted EBITDAre $290–305M, Normalized FFO $125–140M, total NOI $297–313M, and recurring CapEx $100–115M.

• SHOP segment 2026 NOI expected to grow 29.3%, with occupancy up 300 bps and revenue up 8%.

• Moody’s upgraded credit rating to B3 with a positive outlook in April 2026.

• Leverage improved to 8.8x, with $271.8M in near-term liquidity and $4B in unencumbered assets.

SHOP segment initiatives and performance

• SHOP segment NOI grew 13.5% in 1Q26, with occupancy up 110 bps to 82.4% and average monthly rates up 5.9%.

• Operational improvements include personalized care, workflow automation, and enhanced lead tracking.

• Capital recycling focuses on ROI projects, repositioning underutilized assets, and exiting low-growth markets.

• Margin expansion driven by RevPOR and occupancy growth, with continued focus on cost control.

• Recent capital projects delivered high ROI and improved market appeal, supporting faster leasing and rent premiums.