Diversified Healthcare Trust · NASDAQ:DHC
Diversified Healthcare Trust — Q3 2026 Earnings Presentation
44 slides from Diversified Healthcare Trust's earnings presentation, Nov 2, 2026
Slide 1: Financial Results and Supplemental Information
Financial Results and Supplemental Information THIRD QUARTER 2026 November 2, 2026
Slide 2: Table of Contents
Table of Contents Highlights and Guidance 4 Financial Statements, Debt and Leverage 9 Trading Symbols: Common Shares: DHC Investments 15 Senior Unsecured Notes due 2042: DHCNI Senior Unsecured Notes due 2046: DHCNL Issuer Credit Rating: Moody's: B3 Portfolio Information 20 Standard & Poor's: B- Inve
Slide 3: Announces Third Quarter 2026 Financial Results
Diversified Healthcare Trust Announces Third Quarter 2026 Financial Results “Our third quarter results reflect the continued momentum DHC is Newton, MA (November 2, 2026): Diversified Healthcare Trust (Nasdaq: DHC) today announced its experiencing from the strategic initiatives we have implemented o
Slide 4: Highlights and Guidance
Highlights and Guidance RETURN TO TABLE OF CONTENTS Q3 2026 4
Slide 5: Third Quarter 2026 Highlights
Third Quarter 2026 Highlights As of and For the Three Months Ended September 30, 2026, Unless Otherwise Noted (dollars in thousands, unless otherwise noted) • Beginning this quarter, based on recent SEC input, Adjusted EBITDAre, Normalized FFO and CAD include incentive management fees as recognized
Slide 6: Third Quarter 2026 Highlights
Third Quarter 2026 Highlights Financial Highlights $30.7M / $0.13 $73.4M $80.8M $(50.2)M / $(0.21) Normalized FFO / Adjusted EBITDAre Consolidated NOI Normalized FFO per Share Net Loss / Net Loss per Share 28.4% 27.5% 659.7% YoY Growth YoY Growth YoY Growth Same Property Operating Results 25.6% 50.4
Slide 7: Key Financial Data
Key Financial Data (dollars in thousands, except per share data) As of and For the Three Months Ended As of 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 Selected Income Statement Data and Non-GAAP Financial Measures: Capitalization: Total revenues $ 367,670 $ 365,387 $ 366,471 $ 379,
Slide 8: DHC Updates Full Year 2026 Guidance
DHC Updates Full Year 2026 Guidance (1) (dollars and shares in thousands, except per share data) $0.46 - $0.52 $275,700 - $290,700 $312,000 - $328,000 $90,000 - $105,000 $110,700 - $125,700 Normalized FFO Recurring Capital Normalized FFO (2) (3) Adjusted EBITDAre (2) (3) Same Property NOI per Common
Slide 9: Financial Statements, Debt and Leverage
Financial Statements, Debt and Leverage RETURN TO TABLE OF CONTENTS Q3 2026 9
Slide 10: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (dollars in thousands) September 30, 2026 December 31, 2025 ASSETS Real estate properties $ 5,959,833 $ 5,948,806 Accumulated depreciation (2,242,018) (2,089,906) Total real estate properties, net 3,717,815 3,858,900 Investments in unconsolidated joint ventures
Slide 11: Condensed Consolidated Statements of Income (Loss)
Condensed Consolidated Statements of Income (Loss) (amounts in thousands, except per share data) For the Three Months Ended For the Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Revenues: Rental income $ 47,748 $ 55,316 $ 144,460 $ 169,041 Residents fees and services 319,922 333,
Slide 12: Debt Summary
Debt Summary As of September 30, 2026 (dollars in thousands) Interest Principal Maturity Due at Years to Secured By Rate Balance Date Maturity Maturity Secured Floating Rate Debt: $150,000 revolving credit facility (1) 14 properties 6.500% $ — 6/11/2029 $ — 2.7 (1) DHC is required to pay interest on
Slide 13: Debt Maturity Schedule
Debt Maturity Schedule As of September 30, 2026 (dollars in thousands) (1) (2) Secured Floating Rate Debt Unsecured Fixed Rate Debt Secured Fixed Rate Debt $800,000 $700,000 $1,542 $132,766 $600,000 $1,940 $500,000 Principal $400,000 $500,000 $300,000 $600,000 $500,000 $435,102 $200,000 $100,000 $13
Slide 14: Leverage Ratios, Coverage Ratios and Bond Covenants
Leverage Ratios, Coverage Ratios and Bond Covenants As of and For the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Leverage Ratios: Net debt / total gross assets 36.2% 36.1% 36.2% 36.3% 38.1% Net debt / gross book value of real estate assets 37.1% 37.1% 37.3% 37.3% 38.7% Sec
Slide 15: Investments
Investments RETURN TO TABLE OF CONTENTS Q3 2026 15
Slide 16: Summary of Capital Expenditures
Summary of Capital Expenditures (dollars and sq. ft. in thousands, except per sq. ft. and unit data) For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Recurring Capital Expenditures: SHOP fixed assets and capital improvements
Slide 17: Redevelopment Information
Redevelopment Information As of September 30, 2026 (dollars in thousands) SHOP 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 reno
Slide 18: Property Acquisitions / Dispositions Information Since January 1, 2026
Property Acquisitions / Dispositions Information Since January 1, 2026 (dollars in thousands, except gross sales price per unit or square foot) Acquisitions Date Acquired Location Segment Number of Properties Units Gross Purchase Price April 2026 (1) Lexington, KY SHOP — — $ 14,500 Dispositions Gros
Slide 19: Investments in Unconsolidated Joint Ventures
Investments in Unconsolidated Joint Ventures (1) (2) As of and For the Three Months Ended September 30, 2026, Unless Otherwise Noted (dollars in thousands) Investments in Unconsolidated Joint Ventures Weighted DHC Number of Average Lease DHC Carrying Value Joint Venture Location Property Type Proper
Slide 20: Portfolio Information
Portfolio Information RETURN TO TABLE OF CONTENTS Q3 2026 20
Slide 21: Portfolio Summary
Portfolio Summary As of and For the Three Months Ended September 30, 2026 (dollars and sq. ft. in thousands) Medical Office and Life Science Portfolio All Other Triple Net Leased Medical Life Senior Living DHC SHOP (1) Office Science Total Communities (1) Wellness Centers Total Consolidated Number o
Slide 22: Consolidated Results by Segment
Consolidated Results by Segment (dollars and sq. ft. in thousands, except average monthly rate) As of and For the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 SHOP Properties 199 199 199 212 229 Units 22,445 22,469 22,573 23,217 24,906 Occupancy 83.8 % 82.5 % 81.7 % 81.6 % 8
Slide 23: Same Property Results by Segment
Same Property Results by Segment (dollars and sq. ft. in thousands, except average monthly rate) As of and For the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 SHOP Properties 184 184 184 184 184 Units 21,100 21,100 21,100 21,100 21,100 Occupancy 84.4 % 83.1 % 82.4 % 82.4 %
Slide 24: Portfolio Information by Segment
Portfolio Information by Segment RETURN TO TABLE OF CONTENTS Q3 2026 24
Slide 25: Same Property SHOP Summary
Same Property SHOP Summary As of and For the Three Months Ended September 30, 2026, Unless Otherwise Noted (dollars in thousands, except average monthly rate) Units by Geographic Concentration NOI by Manager VA: 4.8% Remaining: 13.4% CO: 4.9% GA: 5.1% Discovery Senior Living: 28.5% Phoenix Senior Li
Slide 26: SHOP Summary by Manager
SHOP Summary by Manager As of and For the Three Months Ended September 30, 2026 (dollars in thousands) 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 Vari
Slide 27: Same Property SHOP Results of Operations by Location
Same Property SHOP Results of Operations by Location (dollars in thousands, except average monthly rate) As of and For the Three Months Ended NOI Occupancy Average Monthly Rate Number of % Basis Points % Markets Properties 9/30/2026 9/30/2025 Change 9/30/2026 9/30/2025 Change 9/30/2026 9/30/2025 Cha
Slide 28: Medical Office and Life Science Portfolio - Leasing Summary
Medical Office and Life Science Portfolio - Leasing Summary (1) (dollars and sq. ft. in thousands, except per sq. ft. data) As of and For the As of and For the Three Months Ended Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 Properties 67 67 67 67 88 67 Total square
Slide 29: Medical Office and Life Science Portfolio - Lease Expiration Schedule
Medical Office and Life Science Portfolio - Lease Expiration Schedule As of September 30, 2026 (dollars in thousands) Annualized Rental Income Expiring Year Medical Office Life Science Total % of Total Cumulative % of Total 2026 (1) $ 1,109 $ 2,193 $ 3,302 2.1% 2.1% 2027 9,039 — 9,039 5.8% 7.9% 2028
Slide 30: All Other - Lease Expiration Schedule
All Other - Lease Expiration Schedule As of September 30, 2026 (dollars in thousands) % 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 — — $ — —% —% 202
Slide 31: Tenants Representing 1% Or More of Total Annualized Rental Income
Tenants Representing 1% Or More of Total Annualized Rental Income As of September 30, 2026 (dollars in thousands) Annualized % of Annualized Tenant Property Type Rental Income Rental Income Expiration 1 Advocate Aurora Health Inc. Medical Office $ 16,939 9.1% 2031 2 Life Time, Inc. Wellness Centers
Slide 32: Appendix
Appendix RETURN TO TABLE OF CONTENTS Q3 2026 32
Slide 33: Calculation and Reconciliation of Non-GAAP Financial Measures
Calculation and Reconciliation of Non-GAAP Financial Measures (dollars in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Calculation of NOI and Cash Basis NOI: Rental income $ 47,748 $ 47,466 $ 49,246 $ 56,157 $
Slide 34: Reconciliation of Non-GAAP Financial Measures - NOI
Calculation and Reconciliation of Non-GAAP Financial Measures - NOI (dollars in thousands) For the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 SHOP Revenues $ 319,922 $ 317,921 $ 317,225 $ 323,414 $ 333,390 Property operating expenses (270,261) (264,426) (273,599) (287,221)
Slide 35: Reconciliation of Non-GAAP Financial Measures - Cash Basis NOI
Calculation and Reconciliation of Non-GAAP Financial Measures - Cash Basis NOI (dollars in thousands) For the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 SHOP NOI $ 49,661 $ 53,495 $ 43,626 $ 36,193 $ 29,620 Non-cash adjustments — — — — — Cash Basis NOI 49,661 53,495 43,626
Slide 36: Calculation and Reconciliation of Non-GAAP Financial Measures
Calculation and Reconciliation of Non-GAAP Financial Measures (dollars in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Net loss $ (50,229) $ (37,419) $ (43,275) $ (21,221) $ (164,040) $ (130,923) $ (264,665) In
Slide 37: Calculation and Reconciliation of Non-GAAP Financial Measures
Calculation and Reconciliation of Non-GAAP Financial Measures (dollars in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Net loss $ (50,229) $ (37,419) $ (43,275) $ (21,221) $ (164,040) $ (130,923) $ (264,665) De
Slide 38: Calculation and Reconciliation of Non-GAAP Financial Measures
Calculation and Reconciliation of Non-GAAP Financial Measures (amounts in thousands, except per share data) For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Normalized FFO $ 30,729 $ 28,903 $ 26,470 $ 16,149 $ 4,045 $ 86,102
Slide 39: Company Profile, Research Coverage and Governance Information
Company Profile, Research Coverage and Governance Information Officers Board of Trustees Christopher J. Bilotto Matthew C. Brown Christopher J. Bilotto Alan L. Felder Lisa Harris Jones President and Chief Financial Officer and Treasurer Managing Trustee Lead Independent Trustee Independent Trustee C
Slide 40: Non-GAAP Financial Measures and Certain Definitions
Non-GAAP Financial Measures and Certain Definitions 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, sam
Slide 41: Non-GAAP Financial Measures and Certain Definitions (Continued)
Non-GAAP Financial Measures and Certain Definitions (Continued) 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 as
Slide 42: Non-GAAP Financial Measures and Certain Definitions (Continued)
Non-GAAP Financial Measures and Certain Definitions (Continued) 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
Slide 43: Non-GAAP Financial Measures and Certain Definitions (Continued)
Non-GAAP Financial Measures and Certain Definitions (Continued) 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
Slide 44: Warning Concerning Forward-Looking Statements
Warning Concerning Forward-Looking Statements 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”,
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