Diversified Healthcare Trust (DHC) Investor presentation summary

Company highlights and outlook

• Portfolio valued at $6.3 billion, spanning 33 states and Washington, D.C., with 298 healthcare properties and ~25,000 senior living units.

• Delivered 113% total shareholder return in 2025, ranking #1 among U.S. listed REITs.

• Completed transition of 116 SHOP communities to seven third-party operators, improving occupancy and NOI.

• SHOP occupancy rose 160 bps to 81.6% in 2025, with a 45.2% increase in SHOP NOI.

• Leased 418,000 sq. ft. in Medical Office/Life Science at 12.4% higher rents than prior leases.

Financial performance and guidance

• 2026 guidance: Adjusted EBITDAre $290M–$305M, Normalized FFO $125M–$140M, NOI $297M–$313M.

• SHOP NOI expected between $175M–$185M; MOB/LS NOI $94M–$98M; NNN NOI $28M–$30M.

• Recurring CapEx projected at $100M–$115M; occupancy growth of ~300 bps and revenue growth of ~8%.

• No acquisitions planned; only 13 SHOP dispositions expected in 2026.

Strategic initiatives and capital recycling

• Sold $605M in non-core properties in 2025, with $23M more expected in 1Q26.

• Raised $868M in debt and established a $150M undrawn revolving credit facility.

• Fully redeemed 2026 zero coupon notes, releasing $850M in collateral and extending debt maturity to 2028.

• Capital recycling focused on deleveraging and portfolio quality improvement.