8-K

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 4, 2021

DIVERSIFIED HEALTHCARE TRUST

(Exact Name of Registrant as Specified in Its Charter)

Maryland

(State or Other Jurisdiction of Incorporation) 

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

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

(Address of Principal Executive Offices) (Zip Code)

617-796-8350

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On August 4, 2021, Diversified Healthcare Trust, or the Company, issued a press release regarding the Company’s results of operations and financial condition for the quarter and six months ended June 30, 2021, and also provided certain supplemental operating and financial data for the quarter and six months ended June 30, 2021. Copies of the Company’s press release and supplemental operating and financial data are furnished as Exhibits 99.1 and 99.2 hereto, respectively.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

(d)        Exhibits.

99.1	Press Release dated August 4, 2021
99.2	Second Quarter 2021 Supplemental Operating and Financial Data
104	Cover Page Interactive Data File. (Embedded within the Inline XBRL document.)

SIGNATURES

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

DIVERSIFIED HEALTHCARE TRUST
By:	/s/ Richard W. Siedel, Jr.
Name:	Richard W. Siedel, Jr.
Title:	Chief Financial Officer and Treasurer

Date:  August 4, 2021

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Diversified Healthcare Trust Announces Second Quarter 2021 Results

Second Quarter Net Loss Attributable to Common Shareholders of $0.14 Per Share

Second Quarter Normalized FFO Attributable to Common Shareholders of $0.05 Per Share

Newton, MA (August 4, 2021):  Diversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended June 30, 2021.

“In the second quarter of 2021, we reported normalized FFO per share and adjusted EBITDAre of $0.05 and $87.8 million, respectively, both of which improved from the first quarter of 2021,” stated Jennifer Francis, President and Chief Executive Officer of Diversified Healthcare Trust. “We have made significant progress on our plan to transition 108 senior living communities from Five Star Senior Living to new managers, as we have executed agreements with four new managers representing approximately 70% of the communities to be transitioned, and we continue to expect to complete the transitions by year end. While we work to stabilize our SHOP segment, our Office Portfolio segment remains strong, with this quarter’s leasing activity at the highest level in our history. In the second quarter of 2021, we completed approximately 632,000 square feet of new and renewal leases at GAAP rents that were 5.9% higher than prior rents for the same space. We are excited about the investments we are making in our SHOP and Office portfolios and continue to believe fundamental tailwinds and the aging U.S. population bode well for future performance.”

Quarterly Results:

•Reported net loss attributable to common shareholders of $34.2 million, or $0.14 per share.

•Reported normalized funds from operations, or Normalized FFO, attributable to common shareholders of $12.2 million, or $0.05 per share.

	As of and For the Three Months Ended
	June 30, 2021	March 31, 2021	June 30, 2020
Occupancy
Office Portfolio (period end)	91.0%	92.3%	92.0%
SHOP (average day for period)	70.9%	69.5%	78.7%
Same Property Occupancy
Office Portfolio (period end)	92.3%	93.6%	93.4%
SHOP (average day for period)	71.0%	70.6%	80.7%

	Three Months Ended
	June 30, 2021	March 31, 2021	Change	June 30, 2020	Change
Same Property Cash Basis NOI (dollars in thousands)
Office Portfolio	$57,428	$57,354	0.1%	$58,171	(1.3)%
SHOP	$11,252	$4,372	157.4%	$35,229	(68.1)%
Total Consolidated Same Property Cash Basis NOI	$78,530	$71,396	10.0%	$102,986	(23.7)%

Reconciliations of net income (loss) attributable to common shareholders determined in accordance with U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, attributable to common shareholders and Normalized FFO attributable to common shareholders for the quarters ended June 30, 2021 and 2020 appear later in this press release. Reconciliations of net income (loss) attributable to common shareholders determined in accordance with GAAP to net operating income, or NOI, and Cash Basis NOI, and a reconciliation of NOI to same property NOI and a calculation of same property Cash Basis NOI, for the quarters ended June 30, 2021, March 31, 2021 and June 30, 2020, as applicable, also appear later in this press release.

Office Portfolio Segment:

•Same property Cash Basis NOI decreased compared to the second quarter of 2020 primarily resulting from increased utility expenses and decreases in occupancy, partially offset by increased parking revenue.

•DHC entered into new and renewal leases for an aggregate of 632,055 rentable square feet at weighted average rents that were 5.9% higher than prior rents for the same space.

SHOP Segment:

•Same property Cash Basis NOI decreased compared to the second quarter of 2020, primarily resulting from decreases in occupancy related to the COVID-19 pandemic, partially offset by decreases in operating expenses due to decreases in occupancy.

•As previously disclosed, all of the senior living communities in DHC's SHOP segment have completed vaccination clinics and are accepting new residents.

•On June 1, 2021, Five Star Senior Living Inc. (Nasdaq: FVE), or Five Star, announced that all of its team members at DHC's communities will be required to be fully vaccinated against COVID-19 by September 1, 2021 in order to protect Five Star's team members and residents at the communities from the ongoing threat posed by the COVID-19 virus. Five Star's team members and residents at DHC's communities continue to have access to the vaccine.

•Recent same property occupancy rates in DHC's senior housing operating portfolio, or SHOP, segment consisting of 228 communities are as follows:

	2020												2021
	Jul		Aug		Sep		Oct		Nov		Dec		Jan		Feb		Mar		Apr		May		Jun
SHOP Same Property Average Occupancy	78.3	%	76.9	%	75.8	%	74.8	%	74.1	%	72.5	%	71.0	%	70.3	%	70.5	%	70.8	%	71.2	%	71.0	%
Sequential Occupancy Change			(1.4)		(1.1)		(1.0)		(0.7)		(1.6)		(1.5)		(0.7)		0.2		0.3		0.4		(0.2)

Amending of Management Arrangements with Five Star:

As previously disclosed, on June 9, 2021 DHC amended its management arrangements with Five Star. Pursuant to the amended agreements, Five Star will continue to manage 120 of DHC's senior living communities, substantially on the terms previously disclosed, and 108 of DHC's senior living communities managed by Five Star have been or will be transitioned to other third party managers. As of August 3, 2021, DHC had executed agreements with four new third party managers to transition 76 senior living communities. Of these 76 senior living communities, 41 have been transitioned to new third party managers. DHC expects to complete the remaining transitions before year end 2021.

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Liquidity and Financing Activities:

•As of June 30, 2021, DHC had approximately $908.1 million of cash and cash equivalents and restricted cash.

•As of June 30, 2021, DHC's ratio of consolidated income available for debt service to debt service was below the 1.5x incurrence requirement under DHC's revolving credit facility and its public debt covenants, as the effects of the COVID-19 pandemic continued to adversely impact DHC's operations. DHC is prohibited from incurring additional debt while this ratio is below 1.5x.

•In June 2021, DHC redeemed all of its outstanding 6.75% senior notes due 2021 for a redemption price equal to the principal amount of $300.0 million plus accrued and unpaid interest of $10.1 million, using a portion of the net proceeds from its issuance in February 2021 of $500.0 million aggregate principal amount of its 4.375% senior notes due 2031 and cash on hand. Following this redemption in June 2021, DHC's next tranche of senior notes does not mature until May 2024 when all $250.0 million of its outstanding 4.750% senior notes are due.

Disposition Activities:

•In April 2021, DHC sold four life science and medical office properties for a sales price of $95.5 million, excluding closing costs.

Conference Call:

At 10:00 a.m. Eastern Time tomorrow morning, President and Chief Executive Officer, Jennifer Francis, and Chief Financial Officer and Treasurer, Richard Siedel, will host a conference call to discuss DHC's second quarter 2021 financial results. The conference call telephone number is (877) 329-4297. Participants calling from outside the United States and Canada should dial (412) 317-5435. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. on Thursday, August 12, 2021. To access the replay, dial (412) 317-0088. The replay pass code is 10157585.

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

Supplemental Data:

A copy of DHC's Second Quarter 2021 Supplemental Operating and Financial Data is available for download at DHC's website, www.dhcreit.com. DHC's website is not incorporated as part of this press release.

DHC is a real estate investment trust, or REIT, focused on owning high-quality healthcare properties located throughout the United States. DHC seeks diversification across the health services spectrum: by care delivery and practice type, by scientific research disciplines, and by property type and location. As of June 30, 2021, DHC’s $8.2 billion portfolio included 392 properties in 36 states and Washington, D.C., occupied by approximately 600 tenants, and totaling approximately 10.9 million square feet of life science and medical office properties and more than 27,000 senior living units. DHC is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, MA. To learn more about DHC, visit www.dhcreit.com.

Non-GAAP Financial Measures:

DHC presents certain "non-GAAP financial measures" within the meaning of applicable rules of the Securities and Exchange Commission, or SEC, including FFO attributable to common shareholders, Normalized FFO attributable to common shareholders, NOI, Cash Basis NOI, same property NOI, same property Cash Basis NOI, earnings before interest, income tax, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, and Adjusted EBITDAre for the three and six

3

months ended June 30, 2021 and 2020, as well as certain of these measures for the prior three quarters. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) or net income (loss) attributable to common shareholders as indicators of DHC's operating performance or as measures of DHC's liquidity. These measures should be considered in conjunction with net income (loss) and net income (loss) attributable to common shareholders as presented in DHC's 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) and net income (loss) attributable to common shareholders. DHC believes these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization, they may facilitate a comparison of DHC's operating performance between periods and with other REITs and, in the case of NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of DHC's properties.

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

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DIVERSIFIED HEALTHCARE TRUST

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(amounts in thousands, except per share data)

(unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Revenues:
Rental income	$	102,394	$	106,207	$	205,152	$	216,705
Residents fees and services	243,947		304,104		503,913		636,073
Total revenues	346,341		410,311		709,065		852,778
Expenses:
Property operating expenses	264,632		301,915		552,023		618,500
Depreciation and amortization	67,888		68,825		134,041		137,255
General and administrative	9,126		7,312		16,668		16,144
Acquisition and certain other transaction related costs	12,071		87		12,071		750
Impairment of assets	—		31,175		(174)		42,409
Total expenses	353,717		409,314		714,629		815,058
Gain (loss) on sale of properties	30,760		(168)		30,638		2,614
Gains and losses on equity securities, net	(3,849)		11,974		(12,188)		2,031
Interest and other income (1)	16,038		7,736		18,873		7,874
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $3,017, $1,617, $5,829 and $3,126, respectively)	(67,657)		(43,974)		(127,748)		(85,624)
Gain on lease termination	—		—		—		22,896
Loss on early extinguishment of debt	(370)		(181)		(2,410)		(427)
Loss from continuing operations before income tax expense	(32,454)		(23,616)		(98,399)		(12,916)
Income tax expense	(191)		(1,126)		(429)		(683)
Net loss	(32,645)		(24,742)		(98,828)		(13,599)
Net income attributable to noncontrolling interest	(1,577)		(1,330)		(2,899)		(2,738)
Net loss attributable to common shareholders	$	(34,222)	$	(26,072)	$	(101,727)	$	(16,337)
Weighted average common shares outstanding (basic)	237,871		237,700		237,853		237,684
Weighted average common shares outstanding (diluted)	237,871		237,700		237,853		237,684
Per common share amounts (basic and diluted):
Net loss attributable to common shareholders	$	(0.14)	$	(0.11)	$	(0.43)	$	(0.07)

(1)    DHC recognized funds received under the Coronavirus Aid, Relief, and Economic Security Act of $15,748 and $7,346 during the three months ended June 30, 2021 and 2020, respectively, and $18,181 and $7,346 during the six months ended June 30, 2021 and 2020, respectively.

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DIVERSIFIED HEALTHCARE TRUST

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

(amounts in thousands, except per share data)

(unaudited)

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net loss attributable to common shareholders	$	(34,222)	$	(26,072)	$	(101,727)	$	(16,337)
Depreciation and amortization	67,888		68,825		134,041		137,255
(Gain) loss on sale of properties	(30,760)		168		(30,638)		(2,614)
Impairment of assets	—		31,175		(174)		42,409
Losses (gains) on equity securities, net	3,849		(11,974)		12,188		(2,031)
FFO adjustments attributable to noncontrolling interest	(5,275)		(5,275)		(10,548)		(10,550)
Adjustments to reflect DHC's share of FFO attributable to an equity method investment	(3,005)		1,601		(969)		(2,814)
FFO attributable to common shareholders	(1,525)		58,448		2,173		145,318
Acquisition and certain other transaction related costs	12,071		87		12,071		750
Gain on lease termination	—		—		—		(22,896)
Loss on early extinguishment of debt	370		181		2,410		427
Adjustments to reflect DHC's share of Normalized FFO attributable to an equity method investment	1,299		993		1,384		9,127
Normalized FFO attributable to common shareholders	$	12,215	$	59,709	$	18,038	$	132,726
Weighted average common shares outstanding (basic)	237,871		237,700		237,853		237,684
Weighted average common shares outstanding (diluted)	237,871		237,700		237,853		237,684
Per common share data (basic and diluted):
Net loss attributable to common shareholders	$	(0.14)	$	(0.11)	$	(0.43)	$	(0.07)
FFO attributable to common shareholders	$	(0.01)	$	0.25	$	0.01	$	0.61
Normalized FFO attributable to common shareholders	$	0.05	$	0.25	$	0.08	$	0.56
Distributions declared	$	0.01	$	0.01	$	0.02	$	0.16

(1)      DHC calculates FFO attributable to common shareholders and Normalized FFO attributable to common shareholders as shown above. FFO attributable to common shareholders is calculated on the basis defined by the National Association of Real Estate Investment Trusts, or Nareit, which is net income (loss) attributable to common shareholders, calculated in accordance with GAAP, excluding any gain or loss on sale of properties, loss on impairment of real estate assets and gains or losses on equity securities, net, if any, including adjustments to reflect DHC's proportionate share of FFO of DHC's equity method investment in Five Star, plus real estate depreciation and amortization and minus FFO adjustments attributable to noncontrolling interest, as well as certain other adjustments currently not applicable to DHC. In calculating Normalized FFO attributable to common shareholders, DHC adjusts for the items shown above. FFO attributable to common shareholders and Normalized FFO attributable to common shareholders are among the factors considered by DHC's Board of Trustees when determining the amount of distributions to its shareholders. Other factors include, but are not limited to, requirements to maintain DHC's qualification for taxation as a REIT, limitations in the agreements governing DHC's debt, the availability to DHC of debt and equity capital, DHC's expectation of its future capital requirements and operating performance, and DHC's expected needs for and availability of cash to pay its obligations. Other real estate companies and REITs may calculate FFO attributable to common shareholders and Normalized FFO attributable to common shareholders differently than DHC does.

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DIVERSIFIED HEALTHCARE TRUST

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

(dollars in thousands)

(unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Calculation of NOI and Cash Basis NOI:
Revenues:
Rental income	$	102,394	$	106,207	$	205,152	$	216,705
Residents fees and services	243,947		304,104		503,913		636,073
Total revenues	346,341		410,311		709,065		852,778
Property operating expenses	(264,632)		(301,915)		(552,023)		(618,500)
NOI	81,709		108,396		157,042		234,278
Non-cash straight line rent adjustments included in rental income	(1,321)		(1,385)		(2,125)		(2,538)
Lease value amortization included in rental income	(1,849)		(1,830)		(3,715)		(3,703)
Non-cash amortization included in property operating expenses	(199)		(199)		(398)		(398)
Cash Basis NOI	$	78,340	$	104,982	$	150,804	$	227,639
Reconciliation of Net Income (Loss) Attributable to Common Shareholders to NOI and Cash Basis NOI:
Net loss attributable to common shareholders	$	(34,222)	$	(26,072)	$	(101,727)	$	(16,337)
Net income attributable to noncontrolling interest	1,577		1,330		2,899		2,738
Net loss	(32,645)		(24,742)		(98,828)		(13,599)
Income tax expense	191		1,126		429		683
Loss on early extinguishment of debt	370		181		2,410		427
Gain on lease termination	—		—		—		(22,896)
Interest expense	67,657		43,974		127,748		85,624
Interest and other income	(16,038)		(7,736)		(18,873)		(7,874)
Losses (gains) on equity securities, net	3,849		(11,974)		12,188		(2,031)
(Gain) loss on sale of properties	(30,760)		168		(30,638)		(2,614)
Impairment of assets	—		31,175		(174)		42,409
Acquisition and certain other transaction related costs	12,071		87		12,071		750
General and administrative	9,126		7,312		16,668		16,144
Depreciation and amortization	67,888		68,825		134,041		137,255
NOI	81,709		108,396		157,042		234,278
Non-cash straight line rent adjustments included in rental income	(1,321)		(1,385)		(2,125)		(2,538)
Lease value amortization included in rental income	(1,849)		(1,830)		(3,715)		(3,703)
Non-cash amortization included in property operating expenses	(199)		(199)		(398)		(398)
Cash Basis NOI	$	78,340	$	104,982	$	150,804	$	227,639

(1)    The calculations of NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI exclude certain components of net income (loss) attributable to common shareholders in order to provide results that are more closely related to DHC's property level results of operations. DHC calculates NOI and Cash Basis NOI as shown above and same property NOI and same property Cash Basis NOI as shown below. DHC defines NOI as income from its real estate less its property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that DHC records as depreciation and amortization. DHC defines Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization, lease termination fee amortization, if any, and non-cash amortization included in property operating expenses. DHC calculates same property NOI and same property Cash Basis NOI in the same manner that it calculates the corresponding NOI and Cash Basis NOI amounts, except that it only includes same properties in calculating same property NOI and same property Cash Basis NOI. DHC uses NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI to evaluate individual and company wide property level performance. Other real estate companies and REITs may calculate NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI differently than DHC does.

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DIVERSIFIED HEALTHCARE TRUST

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

(dollars in thousands)

(unaudited)

Office Portfolio	For the Three Months Ended
Calculation of NOI and Cash Basis NOI:	6/30/2021		3/31/2021		12/31/2020		9/30/2020		6/30/2020
Rental income	$	92,804	$	93,323	$	94,850	$	94,235	$	95,510
Property operating expenses	(31,321)		(31,293)		(32,709)		(33,448)		(30,893)
NOI	$	61,483	$	62,030	$	62,141	$	60,787	$	64,617
NOI	$	61,483	$	62,030	$	62,141	$	60,787	$	64,617
Less:
Non-cash straight line rent adjustments included in rental income	1,597		1,083		1,114		438		1,306
Lease value amortization included in rental income	1,833		1,822		1,790		1,800		1,775
Non-cash amortization included in property operating expenses	199		199		200		199		199
Cash Basis NOI	$	57,854	$	58,926	$	59,037	$	58,350	$	61,337
Reconciliation of NOI to Same Property NOI:
NOI	$	61,483	$	62,030	$	62,141	$	60,787	$	64,617
Less:
NOI of properties not included in same property results	697		1,909		2,534		2,881		3,736
Same Property NOI (2)	$	60,786	$	60,121	$	59,607	$	57,906	$	60,881
Reconciliation of Same Property NOI to Same Property Cash Basis NOI:
Same Property NOI (2)	$	60,786	$	60,121	$	59,607	$	57,906	$	60,881
Less:
Non-cash straight line rent adjustments included in rental income	1,335		755		761		115		750
Lease value amortization included in rental income	1,833		1,822		1,791		1,801		1,774
Non-cash amortization included in property operating expenses	190		190		186		186		186
Same Property Cash Basis NOI (2)	$	57,428	$	57,354	$	56,869	$	55,804	$	58,171

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

(2)Consists of properties owned and in service continuously since April 1, 2020, including the life science property owned in a joint venture arrangement in which DHC owns a 55% equity interest; excludes properties classified as held for sale or out of service undergoing redevelopment, if any.

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DIVERSIFIED HEALTHCARE TRUST

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

(dollars in thousands)

(unaudited)

SHOP	For the Three Months Ended
Calculation of NOI and Cash Basis NOI:	6/30/2021		3/31/2021		12/31/2020		9/30/2020		6/30/2020
Residents fees and services	$	243,947	$	259,966	$	278,637	$	290,101	$	304,104
Property operating expenses	(233,311)		(256,098)		(269,498)		(282,202)		(271,022)
NOI	$	10,636	$	3,868	$	9,139	$	7,899	$	33,082
NOI	$	10,636	$	3,868	$	9,139	$	7,899	$	33,082
Less:
Non-cash straight line rent adjustments	—		—		—		—		—
Lease value amortization	—		—		—		—		—
Non-cash amortization included in property operating expenses	—		—		—		—		—
Cash Basis NOI	$	10,636	$	3,868	$	9,139	$	7,899	$	33,082
Reconciliation of NOI to Same Property NOI:
NOI	$	10,636	$	3,868	$	9,139	$	7,899	$	33,082
Less:
NOI of properties not included in same property results	(616)		(504)		(3,504)		(5,372)		(2,147)
Same Property NOI (2)	$	11,252	$	4,372	$	12,643	$	13,271	$	35,229
Reconciliation of Same Property NOI to Same Property Cash Basis NOI:
Same Property NOI (2)	$	11,252	$	4,372	$	12,643	$	13,271	$	35,229
Less:
Non-cash straight line rent adjustments	—		—		—		—		—
Lease value amortization	—		—		—		—		—
Non-cash amortization included in property operating expenses	—		—		—		—		—
Same Property Cash Basis NOI (2)	$	11,252	$	4,372	$	12,643	$	13,271	$	35,229

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

(2)Consists of properties owned and which have been operated by the same operator continuously since April 1, 2020; excludes properties classified as held for sale or closed, if any.

9

DIVERSIFIED HEALTHCARE TRUST

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

(dollars in thousands)

(unaudited)

Consolidated	For the Three Months Ended
Calculation of NOI and Cash Basis NOI:	6/30/2021		3/31/2021		12/31/2020		9/30/2020		6/30/2020
Rental income / residents fees and services	$	346,341	$	362,724	$	384,909	$	394,339	$	410,311
Property operating expenses	(264,632)		(287,391)		(302,207)		(315,650)		(301,915)
NOI	$	81,709	$	75,333	$	82,702	$	78,689	$	108,396
NOI	$	81,709	$	75,333	$	82,702	$	78,689	$	108,396
Less:
Non-cash straight line rent adjustments included in rental income	1,321		804		3,040		491		1,385
Lease value amortization included in rental income	1,849		1,866		1,846		1,856		1,830
Non-cash amortization included in property operating expenses	199		199		200		199		199
Cash Basis NOI	$	78,340	$	72,464	$	77,616	$	76,143	$	104,982
Reconciliation of NOI to Same Property NOI:
NOI	$	81,709	$	75,333	$	82,702	$	78,689	$	108,396
Less:
NOI of properties not included in same property results	81		1,405		(752)		(1,532)		2,549
Same Property NOI (2)	$	81,628	$	73,928	$	83,454	$	80,221	$	105,847
Reconciliation of Same Property NOI to Same Property Cash Basis NOI:
Same Property NOI (2)	$	81,628	$	73,928	$	83,454	$	80,221	$	105,847
Less:
Non-cash straight line rent adjustments included in rental income	1,059		476		2,689		185		846
Lease value amortization included in rental income	1,849		1,866		1,846		1,856		1,829
Non-cash amortization included in property operating expenses	190		190		186		186		186
Same Property Cash Basis NOI (2)	$	78,530	$	71,396	$	78,733	$	77,994	$	102,986

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

(2)Consists of properties owned, in service and operated by the same operator continuously since April 1, 2020, including the life science property owned in a joint venture arrangement in which DHC owns a 55% equity interest; excludes properties classified as held for sale, closed or out of service undergoing redevelopment, if any.

10

DIVERSIFIED HEALTHCARE TRUST

CALCULATION AND RECONCILIATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre

(dollars in thousands)

(unaudited)

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

	Three Months Ended June 30,
	2021		2020
Net loss	$	(32,645)	$	(24,742)
Interest expense	67,657		43,974
Income tax expense	191		1,126
Depreciation and amortization	67,888		68,825
EBITDA	103,091		89,183
(Gain) loss on sale of properties	(30,760)		168
Impairment of assets	—		31,175
Adjustments to reflect DHC's share of EBITDAre attributable to an equity method investment	(2,673)		1,705
EBITDAre	69,658		122,231
General and administrative expense paid in common shares	675		415
Acquisition and certain other transaction related costs	12,071		87
Loss on early extinguishment of debt	370		181
Losses (gains) on equity securities, net	3,849		(11,974)
Adjustments to reflect DHC's share of Adjusted EBITDAre attributable to an equity method investment	1,166		700
Adjusted EBITDAre	$	87,789	$	111,640

(1)    DHC calculates EBITDA, EBITDAre and Adjusted EBITDAre as shown above. EBITDAre is calculated on the basis defined by Nareit, which is EBITDA, excluding gains or losses on the sale of properties, impairment of assets, if any, including adjustments to reflect DHC's proportionate share of EBITDAre of DHC's equity method investment in Five Star, as well as certain other adjustments currently not applicable to DHC. In calculating Adjusted EBITDAre, DHC adjusts for the items shown above. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than DHC does.

11

DIVERSIFIED HEALTHCARE TRUST

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

(unaudited)

	June 30, 2021		December 31, 2020
Assets
Real estate properties	$	7,524,938	$	7,410,730
Accumulated depreciation	(1,792,472)		(1,694,901)
Total real estate properties, net	5,732,466		5,715,829
Assets of properties held for sale	—		112,437
Cash and cash equivalents	849,079		74,417
Restricted cash	59,010		16,432
Acquired real estate leases and other intangible assets, net	263,657		286,513
Other assets, net	275,640		270,796
Total assets	$	7,179,852	$	6,476,424
Liabilities and Equity
Revolving credit facility	$	800,000	$	—
Term loan, net	—		199,049
Senior unsecured notes, net	2,803,497		2,608,189
Secured debt and finance leases, net	689,895		691,573
Liabilities of properties held for sale	—		3,525
Accrued interest	32,690		23,772
Assumed real estate lease obligations, net	63,487		67,830
Other liabilities	285,134		263,264
Total liabilities	4,674,703		3,857,202
Total equity	2,505,149		2,619,222
Total liabilities and equity	$	7,179,852	$	6,476,424

12

Warning Concerning Forward-Looking Statements

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

•Ms. Francis's statement regarding DHC's significant progress on its plan to transition 108 senior living communities to new managers may imply that DHC's senior living communities will achieve similar or better results of operations with the new managers. However, the results of operations for the 108 senior living communities being transitioned may not improve under the management of new managers as a result of the transition as DHC currently expects, and the results of operations of any or all of DHC’s senior living communities may decline, including for reasons beyond DHC’s, the new managers’ or Five Star’s control. This may also imply that DHC will successfully complete these transitions on the timing it expects. However, these transitions are subject to various matters and the timing may be delayed or some or all of the transitions may not occur,

•DHC may be unable to identify new managers for the 32 remaining senior living communities to be transitioned from Five Star that DHC believes are sufficiently qualified or may be unable to reach agreement with any such managers on management terms before year end 2021 or at all, and any agreement DHC may reach with any such managers may not be on the terms DHC currently expects or desires, and may not be equal to or more favorable to DHC than the terms of DHC's current management arrangements with Five Star, and further, these transitions may not be successful and the managers may not be able to manage DHC's senior living communities profitably or increase DHC's returns,

•Ms. Francis's statements regarding DHC's leasing activity for the Office Portfolio segment may imply that DHC will continue to achieve similar or better leasing results. However, leasing activity depends on various factors, including market conditions, timing of lease negotiations, competition and other factors, such as the severity and duration of the COVID-19 pandemic and its economic impact. As a result, DHC may not realize similar leasing results in future periods and its leasing activities may decline,

•Ms. Francis's statements regarding DHC's portfolio investments and positive industry trends may imply that DHC's business and operating results will benefit as a result. However, DHC may not realize the benefits it expects from these investments and the positive industry trends may not continue,

•Although DHC has obtained a waiver from compliance with certain financial covenants under its credit agreement through June 30, 2022, if DHC's operating results and financial condition are further significantly and adversely impacted by current economic conditions or otherwise, it may fail to comply with the terms of the waiver and other requirements under its credit agreement, and DHC may also fail to satisfy certain financial requirements under the agreements governing its public debt. For example, DHC's ratio of consolidated income available for debt service to debt service was below the 1.5x incurrence requirement under its revolving credit facility and its public debt covenants as of June 30, 2021, and DHC cannot be certain how long this ratio will remain below 1.5x. DHC is prohibited from incurring additional debt while this ratio is below 1.5x, but is not required to repay outstanding debt as a result of failure to comply with this requirement. DHC is currently fully drawn under its revolving credit facility and could also be required to repay its outstanding debt as a result of non-compliance with certain other requirements of its credit agreement or the agreements governing its public debt. DHC may therefore experience future liquidity constraints, as it is prohibited from incurring additional debt under its credit agreement or otherwise for failure to comply with the requirements of its credit agreement or the agreements governing its public debt, and DHC will be limited to its cash on hand or be forced to raise additional sources of capital or take other measures to maintain adequate liquidity, and

•If the duration and severity of the COVID-19 pandemic and its impacts on DHC and its managers and operators significantly worsen for a sustained period, DHC may be required to utilize all or a significant portion of its cash and cash equivalents to fund its business and operations, which may reduce or eliminate the financial flexibility DHC believes it has.

13

The information contained in DHC's filings with the SEC, including under “Risk Factors” in DHC's periodic reports, or incorporated therein, identifies important factors that could cause DHC's actual results to differ materially from those stated in or implied by DHC's forward-looking statements. DHC's filings with the SEC are available on the SEC's website at www.sec.gov. You should not place undue reliance upon forward-looking statements. Except as required by law, DHC does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.

Contact:

Michael Kodesch, Director, Investor Relations

(617) 796-8234

www.dhcreit.com

(END)

14

EX-99.2

Five Star Premier Residences of Reno Reno, NV SECOND QUARTER 2021 Supplemental Operating and Financial Data ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. Exhibit 99.2

Supplemental Q2 2021 2 CORPORATE INFORMATION Company Profile....................................................................................................................................................................................................................................................... 3 Investor Information................................................................................................................................................................................................................................................ 4 Research Coverage.................................................................................................................................................................................................................................................. 5 FINANCIALS Key Financial Data.................................................................................................................................................................................................................................................... 6 Condensed Consolidated Balance Sheets.......................................................................................................................................................................................................... 7 Condensed Consolidated Statements of Income (Loss)................................................................................................................................................................................... 8 Condensed Consolidated Statements of Income (Loss) (Additional Data)................................................................................................................................................... 9 Debt Summary.......................................................................................................................................................................................................................................................... 10 Debt Maturity Schedule.......................................................................................................................................................................................................................................... 11 Leverage Ratios, Coverage Ratios and Public Debt Covenants..................................................................................................................................................................... 12 Summary of Capital Expenditures........................................................................................................................................................................................................................ 13 Office Portfolio Redevelopment Information as of June 30, 2021................................................................................................................................................................. 14 Property Acquisitions / Dispositions Information Since January 1, 2021...................................................................................................................................................... 15 Calculation and Reconciliation of NOI and Cash Basis NOI............................................................................................................................................................................ 16 NOI and Cash Basis NOI........................................................................................................................................................................................................................................ 17 Same Property NOI and Cash Basis NOI............................................................................................................................................................................................................ 18 Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment...................................................... 19 Calculation and Reconciliation of EBITDA, EBITDAre and Adjusted EBITDAre.......................................................................................................................................... 23 Calculation and Reconciliation of FFO and Normalized FFO Attributable to Common Shareholders................................................................................................... 24 PORTFOLIO INFORMATION Portfolio Summary by Geographic Diversification and Property Type.......................................................................................................................................................... 25 Portfolio Summary................................................................................................................................................................................................................................................... 26 SHOP Unit Count..................................................................................................................................................................................................................................................... 27 Rent Coverage and Occupancy............................................................................................................................................................................................................................. 28 Office Portfolio and Same Property - Results of Operations.......................................................................................................................................................................... 29 SHOP Segment and Same Property - Results of Operations.......................................................................................................................................................................... 32 SHOP Segment and Same Property - Five Star Retained and Operator Transition Communities Results of Operations.................................................................. 33 Office Portfolio Leasing Summary........................................................................................................................................................................................................................ 35 Tenants Representing 1% or More of Total Annualized Rental Income........................................................................................................................................................ 36 Office Portfolio Lease Expiration Schedule........................................................................................................................................................................................................ 37 Non-Segment Lease Expiration Schedule........................................................................................................................................................................................................... 38 NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS............................................................................................................................................................................. 39 WARNING CONCERNING FORWARD-LOOKING STATEMENTS.................................................................................................................................................................................. 43 Please refer to Non-GAAP Financial Measures and Certain Definitions beginning on page 39 for terms used throughout this document. Table of Contents

Supplemental Q2 2021 3 The Company: Diversified Healthcare Trust, or DHC, we, our or us, is a real estate investment trust, or REIT, which owns healthcare related properties including medical office and life science buildings, senior living communities and wellness centers located throughout the U.S. DHC is included in 141 market indices and comprises more than 1% of the following indices as of June 30, 2021: BI North America Healthcare REIT Valuation Peers (BIHLCRNP), BI NA Healthcare REIT — Competitive (BIHLCRNC), Invesco S&P SmallCap Financials ETF INAV Index (PSCFIV) and the Invesco S&P SmallCap 600 Pure Value ETF INAV Index (RZVIV). Management: DHC is managed by The RMR Group LLC, or RMR LLC, the majority owned operating subsidiary of The RMR Group Inc. (Nasdaq: RMR). RMR is an alternative asset management company that is focused on commercial real estate and related businesses. RMR primarily provides management services to publicly traded real estate companies, privately held real estate funds and real estate related operating businesses. As of June 30, 2021, RMR had $32.4 billion of real estate assets under management and the combined RMR managed companies had approximately $10 billion of annual revenues, nearly 2,100 properties and approximately 42,000 employees. We believe that being managed by RMR is a competitive advantage for DHC because of RMR’s depth of management and experience in the real estate industry. We also believe RMR provides management services to us at costs that are lower than we would have to pay for similar quality services if we were self managed. Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458-1634 (t) (617) 796-8350 Stock Exchange Listing: Nasdaq Trading Symbols: Common Shares: DHC Senior Unsecured Notes due 2042: DHCNI Senior Unsecured Notes due 2046: DHCNL Company Profile RETURN TO TABLE OF CONTENTS

Supplemental Q2 2021 4 Board of Trustees: Jennifer F. Francis John L. Harrington Lisa Harris Jones Managing Trustee Independent Trustee Lead Independent Trustee Daniel F. LePage Adam D. Portnoy Jeffrey P. Somers Independent Trustee Chair of the Board & Managing Trustee Independent Trustee Executive Officers: Jennifer F. Francis Richard W. Siedel, Jr. President and Chief Executive Officer Chief Financial Officer and Treasurer Contact Information: Investor Relations Inquiries Diversified Healthcare Trust Financial, investor and media inquiries should be directed to Two Newton Place Michael Kodesch, Director, Investor Relations, at 255 Washington Street, Suite 300 (617) 796-8234, or mkodesch@dhcreit.com Newton, MA 02458-1634 (t) (617) 796-8350 (email) info@dhcreit.com (website) www.dhcreit.com Investor Information RETURN TO TABLE OF CONTENTS 7909 Parklane Road Columbia, SC

Supplemental Q2 2021 5 Equity Research Coverage: B. Riley Securities, Inc. BofA Securities Colliers Securities LLC Bryan Maher Joshua Dennerlein David Toti (646) 885-5423 (646) 855-1681 (401) 488-4797 bmaher@brileyfin.com joshua.dennerlein@bofa.com david.toti@colliers.com JMP Securities Morgan Stanley RBC Capital Markets Aaron Hecht Vikram Malhotra Michael Carroll (415) 835-3963 (212) 761-7064 (440) 715-2649 ahecht@jmpsecurities.com vikram.malhotra@morganstanley.com michael.carroll@rbccm.com Wells Fargo Securities Todd Stender (562) 637-1371 todd.stender@wellsfargo.com Rating Agencies: Moody’s Investors Service S & P Global Lori Marks Michael Souers (212) 553-1098 (212) 438-2508 lori.marks@moodys.com michael.souers@spglobal.com Research Coverage RETURN TO TABLE OF CONTENTS DHC is followed by the equity research analysts and its publicly held debt is rated by the rating agencies listed on this page. Please note that any opinions, estimates or forecasts regarding DHC's performance made by these analysts or agencies do not represent opinions, forecasts or predictions of DHC or its management. DHC does not by its reference on this page imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts or agencies.

Supplemental Q2 2021 6 Key Financial Data RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Selected Balance Sheet Data: Total gross assets $ 8,972,324 $ 9,285,312 $ 8,171,325 $ 8,186,982 $ 8,266,767 Total assets $ 7,179,852 $ 7,542,706 $ 6,476,424 $ 6,535,118 $ 6,600,523 Total liabilities $ 4,674,703 $ 4,997,516 $ 3,857,202 $ 3,893,412 $ 3,845,683 Total equity $ 2,505,149 $ 2,545,190 $ 2,619,222 $ 2,641,706 $ 2,754,840 Selected Income Statement Data: Total revenues $ 346,341 $ 362,724 $ 384,909 $ 394,339 $ 410,311 Net loss $ (32,645) $ (66,183) $ (14,920) $ (105,788) $ (24,742) Net loss attributable to common shareholders $ (34,222) $ (67,505) $ (16,228) $ (106,888) $ (26,072) NOI $ 81,709 $ 75,333 $ 82,702 $ 78,689 $ 108,396 Adjusted EBITDAre $ 87,789 $ 73,203 $ 87,218 $ 80,828 $ 111,640 FFO attributable to common shareholders $ (1,525) $ 3,698 $ 22,633 $ 8,861 $ 58,448 Normalized FFO attributable to common shareholders $ 12,215 $ 5,823 $ 22,254 $ 15,134 $ 59,709 Per Common Share Data (basic and diluted): Net loss attributable to common shareholders $ (0.14) $ (0.28) $ (0.07) $ (0.45) $ (0.11) FFO attributable to common shareholders $ (0.01) $ 0.02 $ 0.10 $ 0.04 $ 0.25 Normalized FFO attributable to common shareholders $ 0.05 $ 0.02 $ 0.09 $ 0.06 $ 0.25 Dividends: Annualized dividend declared per common share $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.04 Annualized dividend yield (at end of period) 1.0 % 0.8 % 1.0 % 1.1 % 0.9 % Normalized FFO attributable to common shareholders payout ratio 20.0 % 50.0 % 11.1 % 16.7 % 4.0 % (dollars in thousands, except per share data) The Forum at Pueblo Norte 7090 East Mescal Street Scottsdale, AZ

Supplemental Q2 2021 7 8301, 8401 & 8501 Golden Valley Road Golden Valley, MN As of As of June 30, 2021 December 31, 2020 Assets Real estate properties: Land $ 793,261 $ 789,125 Buildings and improvements 6,731,677 6,621,605 Total real estate properties, gross 7,524,938 7,410,730 Accumulated depreciation (1,792,472) (1,694,901) Total real estate properties, net 5,732,466 5,715,829 Assets of properties held for sale — 112,437 Cash and cash equivalents 849,079 74,417 Restricted cash 59,010 16,432 Acquired real estate leases and other intangible assets, net 263,657 286,513 Other assets, net 275,640 270,796 Total assets $ 7,179,852 $ 6,476,424 Liabilities and Equity Revolving credit facility $ 800,000 $ — Term loan, net — 199,049 Senior unsecured notes, net 2,803,497 2,608,189 Secured debt and finance leases, net 689,895 691,573 Liabilities of properties held for sale — 3,525 Accrued interest 32,690 23,772 Assumed real estate lease obligations, net 63,487 67,830 Other liabilities 285,134 263,264 Total liabilities 4,674,703 3,857,202 Commitments and contingencies Equity: Equity attributable to common shareholders: Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 238,374,572 and 238,268,478 shares issued and outstanding, respectively 2,384 2,383 Additional paid in capital 4,614,748 4,613,904 Cumulative net income 1,811,382 1,913,109 Cumulative distributions (4,038,325) (4,033,559) Total equity attributable to common shareholders 2,390,189 2,495,837 Noncontrolling interest: Total equity attributable to noncontrolling interest 114,960 123,385 Total equity 2,505,149 2,619,222 Total liabilities and equity $ 7,179,852 $ 6,476,424 Condensed Consolidated Balance Sheets (dollars in thousands, except share data) RETURN TO TABLE OF CONTENTS

Supplemental Q2 2021 8 For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Revenues: Rental income $ 102,394 $ 106,207 $ 205,152 $ 216,705 Residents fees and services 243,947 304,104 503,913 636,073 Total revenues 346,341 410,311 709,065 852,778 Expenses: Property operating expenses 264,632 301,915 552,023 618,500 Depreciation and amortization 67,888 68,825 134,041 137,255 General and administrative 9,126 7,312 16,668 16,144 Acquisition and certain other transaction related costs 12,071 87 12,071 750 Impairment of assets — 31,175 (174) 42,409 Total expenses 353,717 409,314 714,629 815,058 Gain (loss) on sale of properties 30,760 (168) 30,638 2,614 Gains and losses on equity securities, net (3,849) 11,974 (12,188) 2,031 Interest and other income (1) 16,038 7,736 18,873 7,874 Interest expense (including net amortization of debt premiums, discounts and issuance costs of $3,017, $1,617, $5,829 and $3,126, respectively) (67,657) (43,974) (127,748) (85,624) Gain on lease termination — — — 22,896 Loss on early extinguishment of debt (370) (181) (2,410) (427) Loss from continuing operations before income tax expense (32,454) (23,616) (98,399) (12,916) Income tax expense (191) (1,126) (429) (683) Net loss (32,645) (24,742) (98,828) (13,599) Net income attributable to noncontrolling interest (1,577) (1,330) (2,899) (2,738) Net loss attributable to common shareholders $ (34,222) $ (26,072) $ (101,727) $ (16,337) Weighted average common shares outstanding (basic) 237,871 237,700 237,853 237,684 Weighted average common shares outstanding (diluted) 237,871 237,700 237,853 237,684 Per common share data (basic and diluted): Net loss attributable to common shareholders $ (0.14) $ (0.11) $ (0.43) $ (0.07) (1) See footnote on the following page. Condensed Consolidated Statements of Income (Loss) (amounts in thousands, except per share data) RETURN TO TABLE OF CONTENTS

Supplemental Q2 2021 9 For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Additional Data: General and administrative expenses / total assets (at end of period) 0.1 % 0.1 % 0.2 % 0.2 % Non-cash straight line rent adjustments included in rental income $ 1,321 $ 1,385 $ 2,125 $ 2,538 Lease value amortization included in rental income $ 1,849 $ 1,830 $ 3,715 $ 3,703 Non-cash share based compensation $ 675 $ 415 $ 903 $ 664 Non-cash amortization included in property operating expenses $ 199 $ 199 $ 398 $ 398 Non-cash amortization included in general and administrative expenses $ 743 $ 743 $ 1,487 $ 1,487 CARES Act (1) $ 15,748 $ 7,346 $ 18,181 $ 7,346 Condensed Consolidated Statements of Income (Loss) (Additional Data) (dollars in thousands) RETURN TO TABLE OF CONTENTS (1) We recognized as other income funds received under the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, in our SHOP segment of $15,748 and $7,346 during the three months ended June 30, 2021 and 2020, respectively, and $18,181 and $7,346 during the six months ended June 30, 2021 and 2020, respectively.

Supplemental Q2 2021 10 Coupon Interest Principal Maturity Due at Years to Rate Rate Balance Date Maturity Maturity Floating Rate Debt: Revolving credit facility (1) (2) 2.850 % 2.850 % $ 800,000 1/15/2022 $ 800,000 0.5 Weighted average rate / total floating rate debt 2.850 % 2.850 % $ 800,000 $ 800,000 0.5 Unsecured Fixed Rate Debt: Senior unsecured notes due 2024 4.750 % 4.790 % $ 250,000 5/1/2024 $ 250,000 2.8 Senior unsecured notes due 2025 (3) 9.750 % 9.750 % 1,000,000 6/15/2025 1,000,000 4.0 Senior unsecured notes due 2028 4.750 % 4.966 % 500,000 2/15/2028 500,000 6.6 Senior unsecured notes due 2031 4.375 % 4.375 % 500,000 3/1/2031 500,000 9.7 Senior unsecured notes due 2042 5.625 % 5.625 % 350,000 8/1/2042 350,000 21.1 Senior unsecured notes due 2046 6.250 % 6.250 % 250,000 2/1/2046 250,000 24.6 Weighted average rate / total unsecured fixed rate debt 6.678 % 6.719 % $ 2,850,000 $ 2,850,000 9.2 Weighted average rate / total floating and unsecured fixed rate debt 5.839 % 5.871 % $ 3,650,000 $ 3,650,000 7.3 Secured Fixed Rate Debt: Mortgage - secured by 1 property 6.280 % 5.170 % $ 11,485 7/1/2022 $ 10,744 1.0 Mortgage - secured by 1 property 4.850 % 3.790 % 10,603 10/1/2022 10,287 1.3 Mortgage - secured by 2 properties 5.750 % 5.110 % 15,632 10/6/2022 15,182 1.3 Mortgage - secured by 1 property 6.640 % 4.920 % 15,427 6/1/2023 14,522 1.9 Finance leases - 2 properties 7.700 % 7.700 % 7,234 4/30/2026 155 4.8 Mortgages - secured by 1 property (4) 3.530 % 3.530 % 620,000 8/6/2026 620,000 5.1 Mortgage - secured by 1 property 4.444 % 4.444 % 10,355 7/1/2043 1,698 22.0 Weighted average rate / total secured fixed rate debt 3.773 % 3.685 % $ 690,736 $ 672,588 5.1 Weighted average rate / total debt 5.510 % 5.523 % $ 4,340,736 $ 4,322,588 7.0 Debt Summary (dollars in thousands) RETURN TO TABLE OF CONTENTS As of June 30, 2021 (1) Upon payment of an extension fee and our meeting certain conditions, we have two, one-year options which, if both are executed, would extend the maturity date of our revolving credit facility to January 2024. (2) We pledged certain equity interests of subsidiaries owning properties to secure our obligations under the agreement governing our revolving credit facility and agreed to provide first mortgage liens on 62 of our medical office and life science properties. (3) We have the option to redeem all or a portion of our senior unsecured notes due 2025 at any time on or after June 15, 2022 at set redemption prices. (4) The life science property encumbered by these mortgages is owned in a joint venture arrangement in which we own a 55% equity interest. The principal amounts listed in the table for these debts have not been adjusted to reflect the equity interests in the joint venture that we do not own.

Supplemental Q2 2021 11 $800,000 $0 $250,000 $1,000,000 $500,000 $1,100,000 $1,601 $39,067 $16,413 $1,834 $2,001 $620,904 $302 $315 $330 $7,969 Floating Rate Debt Unsecured Fixed Rate Debt Secured Fixed Rate Debt 2021 2022 2023 2024 2025 2026 2027 2028 2029 Thereafter $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 Debt Maturity Schedule (1) (1) (1) (3) (2) RETURN TO TABLE OF CONTENTS (dollars in thousands) As of June 30, 2021 (1) (1) Represents Secured Fixed Rate Debt payments. (2) Represents outstanding borrowings under our revolving credit facility as of June 30, 2021. Upon payment of an extension fee and our meeting certain conditions, we have two, one-year options which, if both are executed, would extend the maturity date of our revolving credit facility to January 2024. (3) Includes $7,234 of finance lease obligations due through April 2026. (1) (1)

Supplemental Q2 2021 12 Leverage Ratios, Coverage Ratios and Public Debt Covenants RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Leverage Ratios: Net debt / total gross assets 38.9 % 40.9 % 42.4 % 42.3 % 41.9 % Net debt / gross book value of real estate assets 42.5 % 46.0 % 42.2 % 42.0 % 41.6 % Secured debt / total assets 9.6 % 9.2 % 10.7 % 10.6 % 10.5 % Variable rate debt / net debt 22.9 % 21.1 % 5.8 % 5.8 % 5.8 % Coverage Ratios: Net debt / annualized Adjusted EBITDAre 9.9 x 12.9 x 10.1 x 10.6 x 7.7 x Adjusted EBITDAre / interest expense 1.3 x 1.2 x 1.5 x 1.4 x 2.5 x As of and For the Trailing Twelve Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Public Debt Covenants: Maintenance Covenant Total unencumbered assets / unsecured debt - required minimum 150.0% 231.8 % 210.8 % 246.6 % 247.0 % 249.3 % Incurrence Covenants Total debt / adjusted total assets - allowable maximum 60.0% 47.5 % 49.2 % 42.5 % 42.4 % 42.1 % Secured debt / adjusted total assets - allowable maximum 40.0% 16.3 % 15.8 % 8.3 % 8.3 % 8.2 % Consolidated income available for debt service / debt service - required minimum 1.50x (1) 1.31 x 1.60 x 1.98 x 2.31 x 2.76 x Rockwall Regional Hospital, LLC 2265 N. Lakeshore Drive Rockwall, TX (1) As of June 30, 2021, our ratio of consolidated income available for debt service to debt service was below the requirement under our revolving credit facility and our public debt covenants, and as a result, we are not allowed to incur additional debt while this ratio is below the required level.

Supplemental Q2 2021 13 (dollars and sq. ft. in thousands, except per sq. ft. and unit data) Summary of Capital Expenditures RETURN TO TABLE OF CONTENTS For the Three Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Office Portfolio lease related costs $ 10,044 $ 8,358 $ 6,071 $ 4,411 $ 3,918 Office Portfolio building improvements 4,437 2,176 6,756 4,990 3,708 SHOP fixed assets and capital improvements 19,283 22,530 27,035 15,988 8,505 Recurring capital expenditures $ 33,764 $ 33,064 $ 39,862 $ 25,389 $ 16,131 Office Portfolio avg. sq. ft. during period 11,059 11,236 11,428 11,621 11,693 SHOP avg. units managed during period 26,193 26,966 27,601 28,290 28,654 Office Portfolio building improvements per avg. sq. ft. during period $ 0.40 $ 0.19 $ 0.59 $ 0.43 $ 0.32 SHOP fixed assets and capital improvements per avg. unit during period $ 736 $ 835 $ 979 $ 565 $ 297 Development, redevelopment and other activities - Office Portfolio $ 9,689 $ 12,718 $ 17,655 $ 14,832 $ 14,941 Development, redevelopment and other activities - SHOP 5,345 6,092 7,172 4,927 6,570 Total development, redevelopment and other activities $ 15,034 $ 18,810 $ 24,827 $ 19,759 $ 21,511

Supplemental Q2 2021 14 Project Location Type of Property Square Feet (1) Estimated Project Costs Total Costs Incurred as of June 30, 2021 Estimated Completion Date 4 Maguire Road Lexington, MA Life Science 53,905 $ 28.7 $ 9.4 Q4 2021 1415 West 3rd Street Tempe, AZ Life Science 82,257 $ 11.4 $ 0.7 Q2 2022 (1) Represents estimated square footage upon project completion. Office Portfolio Redevelopment Information as of June 30, 2021 (dollars in millions) RETURN TO TABLE OF CONTENTS Rendering of 4 Maguire Road Lexington, MA

Supplemental Q2 2021 15 Property Acquisitions / Dispositions Information Since January 1, 2021 Acquisitions: We have not acquired any properties since January 1, 2021. Dispositions: Date Sold Location Type of Property Number of Buildings Gross Sales Price 2/23/2021 Plymouth Meeting, PA Medical Office 1 $ 9,000 4/28/2021 Alachua, FL Life Science / Medical Office 4 95,500 Total Dispositions 5 $ 104,500 (dollars in thousands) RETURN TO TABLE OF CONTENTS

Supplemental Q2 2021 16 Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Six Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 6/30/2021 6/30/2020 Calculation of NOI and Cash Basis NOI: Revenues: Rental income $ 102,394 $ 102,758 $ 106,272 $ 104,238 $ 106,207 $ 205,152 $ 216,705 Residents fees and services 243,947 259,966 278,637 290,101 304,104 503,913 636,073 Total revenues 346,341 362,724 384,909 394,339 410,311 709,065 852,778 Property operating expenses (264,632) (287,391) (302,207) (315,650) (301,915) (552,023) (618,500) NOI 81,709 75,333 82,702 78,689 108,396 157,042 234,278 Non-cash straight line rent adjustments included in rental income (1,321) (804) (3,040) (491) (1,385) (2,125) (2,538) Lease value amortization included in rental income (1,849) (1,866) (1,846) (1,856) (1,830) (3,715) (3,703) Non-cash amortization included in property operating expenses (199) (199) (200) (199) (199) (398) (398) Cash Basis NOI $ 78,340 $ 72,464 $ 77,616 $ 76,143 $ 104,982 $ 150,804 $ 227,639 Reconciliation of Net Income (Loss) to NOI and Cash Basis NOI: Net loss $ (32,645) $ (66,183) $ (14,920) $ (105,788) $ (24,742) $ (98,828) $ (13,599) Income tax expense 191 238 202 365 1,126 429 683 Loss on early extinguishment of debt 370 2,040 — — 181 2,410 427 Gain on lease termination — — — — — — (22,896) Interest expense 67,657 60,091 57,768 58,091 43,974 127,748 85,624 Interest and other income (16,038) (2,835) (10,213) (134) (7,736) (18,873) (7,874) Losses (gains) on equity investments, net 3,849 8,339 (19,565) (12,510) (11,974) 12,188 (2,031) (Gain) loss on sale of properties (30,760) 122 (4,084) 211 168 (30,638) (2,614) Impairment of assets — (174) 361 64,202 31,175 (174) 42,409 Acquisition and certain other transaction related costs 12,071 — 11 53 87 12,071 750 General and administrative 9,126 7,542 7,461 6,988 7,312 16,668 16,144 Depreciation and amortization 67,888 66,153 65,681 67,211 68,825 134,041 137,255 NOI 81,709 75,333 82,702 78,689 108,396 157,042 234,278 Non-cash straight line rent adjustments included in rental income (1,321) (804) (3,040) (491) (1,385) (2,125) (2,538) Lease value amortization included in rental income (1,849) (1,866) (1,846) (1,856) (1,830) (3,715) (3,703) Non-cash amortization included in property operating expenses (199) (199) (200) (199) (199) (398) (398) Cash Basis NOI $ 78,340 $ 72,464 $ 77,616 $ 76,143 $ 104,982 $ 150,804 $ 227,639

Supplemental Q2 2021 17 For the Three Months Ended For the Six Months Ended 6/30/2021 6/30/2020 % Change 6/30/2021 6/30/2020 % Change NOI: Life Science $ 31,968 $ 33,873 (5.6) % $ 64,056 $ 68,285 (6.2) % Medical Office 29,515 30,744 (4.0) % 59,457 62,396 (4.7) % Total Office Portfolio 61,483 64,617 (4.9) % 123,513 130,681 (5.5) % SHOP 10,636 33,082 (67.8) % 14,504 81,172 (82.1) % Non-Segment 9,590 10,697 (10.3) % 19,025 22,425 (15.2) % Total $ 81,709 $ 108,396 (24.6) % $ 157,042 $ 234,278 (33.0) % Cash Basis NOI: Life Science $ 28,847 $ 31,198 (7.5) % $ 57,888 $ 62,879 (7.9) % Medical Office 29,007 30,139 (3.8) % 58,892 61,431 (4.1) % Total Office Portfolio 57,854 61,337 (5.7) % 116,780 124,310 (6.1) % SHOP 10,636 33,082 (67.8) % 14,504 81,172 (82.1) % Non-Segment 9,850 10,563 (6.7) % 19,520 22,157 (11.9) % Total $ 78,340 $ 104,982 (25.4) % $ 150,804 $ 227,639 (33.8) % NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS

Supplemental Q2 2021 18 Same Property NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Six Months Ended 6/30/2021 6/30/2020 % Change 6/30/2021 6/30/2020 % Change NOI: Life Science $ 31,286 $ 31,010 0.9 % $ 61,767 $ 62,308 (0.9) % Medical Office 29,500 29,871 (1.2) % 59,140 60,431 (2.1) % Total Office Portfolio 60,786 60,881 (0.2) % 120,907 122,739 (1.5) % SHOP 11,252 35,229 (68.1) % 15,624 85,569 (81.7) % Non-Segment 9,590 9,737 (1.5) % 19,025 20,505 (7.2) % Total $ 81,628 $ 105,847 (22.9) % $ 155,556 $ 228,813 (32.0) % Cash Basis NOI: Life Science $ 28,438 $ 28,640 (0.7) % $ 56,219 $ 57,520 (2.3) % Medical Office 28,990 29,531 (1.8) % 58,563 59,857 (2.2) % Total Office Portfolio 57,428 58,171 (1.3) % 114,782 117,377 (2.2) % SHOP 11,252 35,229 (68.1) % 15,624 85,569 (81.7) % Non-Segment 9,850 9,586 2.8 % 19,519 20,203 (3.4) % Total $ 78,530 $ 102,986 (23.7) % $ 149,925 $ 223,149 (32.8) %

Supplemental Q2 2021 19 Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment RETURN TO TABLE OF CONTENTS (dollars in thousands) Office Portfolio For the Three Months Ended Calculation of NOI and Cash Basis NOI: 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Rental income $ 92,804 $ 93,323 $ 94,850 $ 94,235 $ 95,510 Property operating expenses (31,321) (31,293) (32,709) (33,448) (30,893) NOI $ 61,483 $ 62,030 $ 62,141 $ 60,787 $ 64,617 NOI $ 61,483 $ 62,030 $ 62,141 $ 60,787 $ 64,617 Less: Non-cash straight line rent adjustments included in rental income 1,597 1,083 1,114 438 1,306 Lease value amortization included in rental income 1,833 1,822 1,790 1,800 1,775 Non-cash amortization included in property operating expenses 199 199 200 199 199 Cash Basis NOI $ 57,854 $ 58,926 $ 59,037 $ 58,350 $ 61,337 Reconciliation of NOI to Same Property NOI: NOI $ 61,483 $ 62,030 $ 62,141 $ 60,787 $ 64,617 Less: NOI of properties not included in same property results 697 1,909 2,534 2,881 3,736 Same Property NOI $ 60,786 $ 60,121 $ 59,607 $ 57,906 $ 60,881 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same Property NOI $ 60,786 $ 60,121 $ 59,607 $ 57,906 $ 60,881 Less: Non-cash straight line rent adjustments included in rental income 1,335 755 761 115 750 Lease value amortization included in rental income 1,833 1,822 1,791 1,801 1,774 Non-cash amortization included in property operating expenses 190 190 186 186 186 Same Property Cash Basis NOI $ 57,428 $ 57,354 $ 56,869 $ 55,804 $ 58,171

Supplemental Q2 2021 20 Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment (continued) RETURN TO TABLE OF CONTENTS (dollars in thousands) SHOP For the Three Months Ended Calculation of NOI and Cash Basis NOI: 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Residents fees and services $ 243,947 $ 259,966 $ 278,637 $ 290,101 $ 304,104 Property operating expenses (233,311) (256,098) (269,498) (282,202) (271,022) NOI $ 10,636 $ 3,868 $ 9,139 $ 7,899 $ 33,082 NOI $ 10,636 $ 3,868 $ 9,139 $ 7,899 $ 33,082 Less: Non-cash straight line rent adjustments — — — — — Lease value amortization — — — — — Non-cash amortization included in property operating expenses — — — — — Cash Basis NOI $ 10,636 $ 3,868 $ 9,139 $ 7,899 $ 33,082 Reconciliation of NOI to Same Property NOI: NOI $ 10,636 $ 3,868 $ 9,139 $ 7,899 $ 33,082 Less: NOI of properties not included in same property results (616) (504) (3,504) (5,372) (2,147) Same Property NOI $ 11,252 $ 4,372 $ 12,643 $ 13,271 $ 35,229 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same Property NOI $ 11,252 $ 4,372 $ 12,643 $ 13,271 $ 35,229 Less: Non-cash straight line rent adjustments — — — — — Lease value amortization — — — — — Non-cash amortization included in property operating expenses — — — — — Same Property Cash Basis NOI $ 11,252 $ 4,372 $ 12,643 $ 13,271 $ 35,229

Supplemental Q2 2021 21 Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment (continued) RETURN TO TABLE OF CONTENTS (dollars in thousands) Non-Segment For the Three Months Ended Calculation of NOI and Cash Basis NOI: 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Rental income $ 9,590 $ 9,435 $ 11,422 $ 10,003 $ 10,697 Property operating expenses — — — — — NOI $ 9,590 $ 9,435 $ 11,422 $ 10,003 $ 10,697 NOI $ 9,590 $ 9,435 $ 11,422 $ 10,003 $ 10,697 Less: Non-cash straight line rent adjustments included in rental income (276) (279) 1,926 53 79 Lease value amortization included in rental income 16 44 56 56 55 Non-cash amortization included in property operating expenses — — — — — Cash Basis NOI $ 9,850 $ 9,670 $ 9,440 $ 9,894 $ 10,563 Reconciliation of NOI to Same Property NOI: NOI $ 9,590 $ 9,435 $ 11,422 $ 10,003 $ 10,697 Less: NOI of properties not included in same property results — — 218 959 960 Same Property NOI $ 9,590 $ 9,435 $ 11,204 $ 9,044 $ 9,737 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same Property NOI $ 9,590 $ 9,435 $ 11,204 $ 9,044 $ 9,737 Less: Non-cash straight line rent adjustments included in rental income (276) (279) 1,928 70 96 Lease value amortization included in rental income 16 44 55 55 55 Non-cash amortization included in property operating expenses — — — — — Same Property Cash Basis NOI $ 9,850 $ 9,670 $ 9,221 $ 8,919 $ 9,586

Supplemental Q2 2021 22 Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment (continued) RETURN TO TABLE OF CONTENTS (dollars in thousands) Consolidated For the Three Months Ended Calculation of NOI and Cash Basis NOI: 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Rental income / residents fees and services $ 346,341 $ 362,724 $ 384,909 $ 394,339 $ 410,311 Property operating expenses (264,632) (287,391) (302,207) (315,650) (301,915) NOI $ 81,709 $ 75,333 $ 82,702 $ 78,689 $ 108,396 NOI $ 81,709 $ 75,333 $ 82,702 $ 78,689 $ 108,396 Less: Non-cash straight line rent adjustments included in rental income 1,321 804 3,040 491 1,385 Lease value amortization included in rental income 1,849 1,866 1,846 1,856 1,830 Non-cash amortization included in property operating expenses 199 199 200 199 199 Cash Basis NOI $ 78,340 $ 72,464 $ 77,616 $ 76,143 $ 104,982 Reconciliation of NOI to Same Property NOI: NOI $ 81,709 $ 75,333 $ 82,702 $ 78,689 $ 108,396 Less: NOI of properties not included in same property results 81 1,405 (752) (1,532) 2,549 Same Property NOI $ 81,628 $ 73,928 $ 83,454 $ 80,221 $ 105,847 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same Property NOI $ 81,628 $ 73,928 $ 83,454 $ 80,221 $ 105,847 Less: Non-cash straight line rent adjustments included in rental income 1,059 476 2,689 185 846 Lease value amortization included in rental income 1,849 1,866 1,846 1,856 1,829 Non-cash amortization included in property operating expenses 190 190 186 186 186 Same Property Cash Basis NOI $ 78,530 $ 71,396 $ 78,733 $ 77,994 $ 102,986

Supplemental Q2 2021 23 Calculation and Reconciliation of EBITDA, EBITDAre and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 6/30/2021 6/30/2020 Net loss $ (32,645) $ (66,183) $ (14,920) $ (105,788) $ (24,742) $ (98,828) $ (13,599) Interest expense 67,657 60,091 57,768 58,091 43,974 127,748 85,624 Income tax expense 191 238 202 365 1,126 429 683 Depreciation and amortization 67,888 66,153 65,681 67,211 68,825 134,041 137,255 EBITDA 103,091 60,299 108,731 19,879 89,183 163,390 209,963 (Gain) loss on sale of properties (30,760) 122 (4,084) 211 168 (30,638) (2,614) Impairment of assets — (174) 361 64,202 31,175 (174) 42,409 Adjustments to reflect our share of EBITDAre attributable to an equity method investment (2,673) 2,310 1,967 2,419 1,705 (363) (2,721) EBITDAre 69,658 62,557 106,975 86,711 122,231 132,215 247,037 General and administrative expense paid in common shares 675 228 402 502 415 903 664 Acquisition and certain other transaction related costs 12,071 — 11 53 87 12,071 750 Gain on lease termination — — — — — — (22,896) Loss on early extinguishment of debt 370 2,040 — — 181 2,410 427 Costs and payment obligations related to compliance assessment at one of our senior living communities — — (402) 6,172 — — — Losses (gains) on equity securities, net 3,849 8,339 (19,565) (12,510) (11,974) 12,188 (2,031) Adjustments to reflect our share of Adjusted EBITDAre attributable to an equity method investment 1,166 39 (203) (100) 700 1,205 9,329 Adjusted EBITDAre $ 87,789 $ 73,203 $ 87,218 $ 80,828 $ 111,640 $ 160,992 $ 233,280 RETURN TO TABLE OF CONTENTS

Supplemental Q2 2021 24 Calculation and Reconciliation of FFO and Normalized FFO Attributable to Common Shareholders (amounts in thousands, except per share data) RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Six Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 6/30/2021 6/30/2020 Net loss attributable to common shareholders $ (34,222) $ (67,505) $ (16,228) $ (106,888) $ (26,072) $ (101,727) $ (16,337) Depreciation and amortization 67,888 66,153 65,681 67,211 68,825 134,041 137,255 (Gain) loss on sale of properties (30,760) 122 (4,084) 211 168 (30,638) (2,614) Impairment of assets — (174) 361 64,202 31,175 (174) 42,409 Losses (gains) on equity securities, net 3,849 8,339 (19,565) (12,510) (11,974) 12,188 (2,031) FFO adjustments attributable to noncontrolling interest (5,275) (5,273) (5,275) (5,275) (5,275) (10,548) (10,550) Adjustments to reflect our share of FFO attributable to an equity method investment (3,005) 2,036 1,743 1,910 1,601 (969) (2,814) FFO attributable to common shareholders (1,525) 3,698 22,633 8,861 58,448 2,173 145,318 Acquisition and certain other transaction related costs 12,071 — 11 53 87 12,071 750 Costs and payment obligations related to compliance assessment at one of our senior living communities — — (402) 6,172 — — — Gain on lease termination — — — — — — (22,896) Loss on early extinguishment of debt 370 2,040 — — 181 2,410 427 Adjustments to reflect our share of Normalized FFO attributable to an equity method investment 1,299 85 12 48 993 1,384 9,127 Normalized FFO attributable to common shareholders $ 12,215 $ 5,823 $ 22,254 $ 15,134 $ 59,709 $ 18,038 $ 132,726 Weighted average common shares outstanding (basic) 237,871 237,834 237,834 237,752 237,700 237,853 237,684 Weighted average common shares outstanding (diluted) 237,871 237,834 237,834 237,752 237,700 237,853 237,684 Per Common Share Data (basic and diluted): Net loss attributable to common shareholders $ (0.14) $ (0.28) $ (0.07) $ (0.45) $ (0.11) $ (0.43) $ (0.07) FFO attributable to common shareholders $ (0.01) $ 0.02 $ 0.10 $ 0.04 $ 0.25 $ 0.01 $ 0.61 Normalized FFO attributable to common shareholders $ 0.05 $ 0.02 $ 0.09 $ 0.06 $ 0.25 $ 0.08 $ 0.56

Supplemental Q2 2021 25 (based on Gross Book Value of Real Estate Assets as of June 30, 2021) (1) Senior living communities are categorized by the type of living units which constitute a majority of the living units at the community. (2) Memory care communities are classified as assisted living communities. SNFs: <1% Portfolio Summary by Geographic Diversification and Property Type Geographic Diversification RETURN TO TABLE OF CONTENTS Property Type(1) (2) (based on Q2 2021 NOI)

Supplemental Q2 2021 26 Portfolio Summary RETURN TO TABLE OF CONTENTS (dollars in thousands, except investment per square foot or unit) As of June 30, 2021 Number of Properties Square Feet or Number of Units Gross Book Value of Real Estate Assets % of Total Gross Book Value of Real Estate Assets Investment Per Square Foot or Unit % of Q2 2021 Total Revenues % of Q2 2021 Total NOI Q2 2021 Q2 2021 Revenues (1) NOI (1) Life science 30 4,129,500 $ 1,892,923 23.0 % $ 458 $ 43,611 12.6 % $ 31,968 39.1 % Medical office 88 6,797,178 1,827,794 22.3 % $ 269 49,193 14.2 % 29,515 36.1 % Subtotal Office Portfolio 118 10,926,678 sq. ft. 3,720,717 45.3 % $ 341 92,804 26.8 % 61,483 75.2 % SHOP 235 25,423 units 4,069,382 49.5 % $ 160,067 243,947 70.4 % 10,636 13.0 % Other triple net leased senior living communities 29 2,327 units 250,073 3.0 % $ 107,466 6,213 1.8 % 6,213 7.6 % Wellness centers 10 812,000 sq. ft. 178,110 2.2 % $ 219 3,377 1.0 % 3,377 4.2 % Total 392 $ 8,218,282 100.0 % $ 346,341 100.0 % $ 81,709 100.0 % (1) Includes $772 of revenues and $579 of NOI from properties that we sold. Aurora Health Advocate 215 Washington Street Grafton, WI

Supplemental Q2 2021 27 SHOP Unit Count Assisted Living units: 10,620: 42% Independent Living and Active Adult units: 10,414: 41% SNF units: 1,425: 6% Memory Care units: 2,964: 11% RETURN TO TABLE OF CONTENTS SHOP Unit Count as of June 30, 2021 Assisted Living units: 6,451: 36% Independent Living and Active Adult units: 9,856: 55% Memory Care units: 1,591: 9% Assisted Living units: 4,169: 55% Independent Living units: 558: 7% SNF units: 1,425: 19% Memory Care units: 1,373: 19% Pro Forma Five Star Retained Communities Unit Count as of June 30, 2021 Pro Forma Operator Transition Communities Unit Count as of June 30, 2021

Supplemental Q2 2021 28 Rent Coverage and Occupancy Rent Coverage (1): For the Twelve Months Ended 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 Other triple net leased senior living communities 1.38 x 1.48 x 1.61 x 1.63 x 1.66 x Wellness centers 0.94 x 0.91 x 1.05 x 1.30 x 1.73 x Total 1.24 x 1.26 x 1.37 x 1.49 x 1.69 x Occupancy - Other triple net leased senior living communities (1): For the Twelve Months Ended 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 Occupancy 77.7 % 80.6 % 83.4 % 85.4 % 86.8 % Same Property Occupancy (2) 77.7 % 80.6 % 83.4 % 85.4 % 86.8 % RETURN TO TABLE OF CONTENTS (1) All tenant operating data presented is based upon the operating results provided by our tenants for the indicated periods. We report our operating data one quarter in arrears as this is the most recent prior period for which tenant operating results are available to us from our tenants. We have not independently verified tenant operating data. (2) Same property occupancy includes those properties classified as same property for the three months ended June 30, 2021 for all periods presented. The Stratford Carmel, IN Overture at Plano 500 Coit Road Plano, TX

Supplemental Q2 2021 29RETURN TO TABLE OF CONTENTS OFFICE PORTFOLIO - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended June 30, 2021 As of and For the Three Months Ended June 30, 2020 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 30 88 118 34 95 129 Square Feet 4,130 6,797 10,927 4,532 7,136 11,668 Occupancy 93.5 % 89.5 % 91.0 % 93.7 % 91.0 % 92.0 % Rental Income $ 43,611 $ 49,193 $ 92,804 $ 45,375 $ 50,135 $ 95,510 NOI $ 31,968 $ 29,515 $ 61,483 $ 33,873 $ 30,744 $ 64,617 Cash Basis NOI $ 28,847 $ 29,007 $ 57,854 $ 31,198 $ 30,139 $ 61,337 NOI Margin % 73.3 % 60.0 % 66.3 % 74.7 % 61.3 % 67.7 % Cash Basis NOI Margin % 71.1 % 59.4 % 64.7 % 72.9 % 60.7 % 66.4 % NOI % Change (5.6) % (4.0) % (4.9) % Cash Basis NOI % Change (7.5) % (3.8) % (5.7) % OFFICE PORTFOLIO SAME PROPERTY - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended June 30, 2021 As of and For the Three Months Ended June 30, 2020 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 25 88 113 25 88 113 Square Feet 3,807 6,797 10,604 3,802 6,797 10,599 Occupancy 97.3 % 89.5 % 92.3 % 97.5 % 91.0 % 93.4 % Rental Income $ 42,398 $ 49,113 $ 91,511 $ 41,836 $ 48,501 $ 90,337 NOI $ 31,286 $ 29,500 $ 60,786 $ 31,010 $ 29,871 $ 60,881 Cash Basis NOI $ 28,438 $ 28,990 $ 57,428 $ 28,640 $ 29,531 $ 58,171 NOI Margin % 73.8 % 60.1 % 66.4 % 74.1 % 61.6 % 67.4 % Cash Basis NOI Margin % 71.8 % 59.5 % 65.0 % 72.4 % 61.2 % 66.2 % NOI % Change 0.9 % (1.2) % (0.2) % Cash Basis NOI % Change (0.7) % (1.8) % (1.3) % Office Portfolio and Same Property - Results of Operations Three Months Ended June 30, 2021 and 2020

Supplemental Q2 2021 30 Office Portfolio and Same Property - Results of Operations (continued) RETURN TO TABLE OF CONTENTS OFFICE PORTFOLIO - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Six Months Ended June 30, 2021 As of and For the Six Months Ended June 30, 2020 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 30 88 118 34 95 129 Square Feet 4,130 6,797 10,927 4,532 7,136 11,668 Occupancy 93.5 % 89.5 % 91.0 % 93.7 % 91.0 % 92.0 % Rental Income $ 87,626 $ 98,501 $ 186,127 $ 92,005 $ 102,275 $ 194,280 NOI $ 64,056 $ 59,457 $ 123,513 $ 68,285 $ 62,396 $ 130,681 Cash Basis NOI $ 57,888 $ 58,892 $ 116,780 $ 62,879 $ 61,431 $ 124,310 NOI Margin % 73.1 % 60.4 % 66.4 % 74.2 % 61.0 % 67.3 % Cash Basis NOI Margin % 70.9 % 60.0 % 65.0 % 72.5 % 60.5 % 66.0 % NOI % Change (6.2) % (4.7) % (5.5) % Cash Basis NOI % Change (7.9) % (4.1) % (6.1) % OFFICE PORTFOLIO SAME PROPERTY - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Six Months Ended June 30, 2021 As of and For the Six Months Ended June 30, 2020 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 25 88 113 25 88 113 Square Feet 3,807 6,797 10,604 3,802 6,797 10,599 Occupancy 97.3 % 89.5 % 92.3 % 97.5 % 91.0 % 93.4 % Rental Income $ 84,229 $ 97,895 $ 182,124 $ 84,576 $ 98,492 $ 183,068 NOI $ 61,767 $ 59,140 $ 120,907 $ 62,308 $ 60,431 $ 122,739 Cash Basis NOI $ 56,219 $ 58,563 $ 114,782 $ 57,520 $ 59,857 $ 117,377 NOI Margin % 73.3 % 60.4 % 66.4 % 73.7 % 61.4 % 67.0 % Cash Basis NOI Margin % 71.3 % 60.0 % 65.1 % 71.9 % 61.0 % 65.9 % NOI % Change (0.9) % (2.1) % (1.5) % Cash Basis NOI % Change (2.3) % (2.2) % (2.2) % Six Months Ended June 30, 2021 and 2020

Supplemental Q2 2021 31 (1) Same property includes those properties classified as same property for the three months ended June 30, 2021 for all periods presented. RETURN TO TABLE OF CONTENTS OFFICE PORTFOLIO - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Number of Buildings 118 122 123 126 129 Square Feet 10,927 11,190 11,282 11,573 11,668 Occupancy 91.0 % 92.3 % 91.4 % 91.3 % 92.0 % Rental Income $ 92,804 $ 93,323 $ 94,850 $ 94,235 $ 95,510 NOI $ 61,483 $ 62,030 $ 62,141 $ 60,787 $ 64,617 Cash Basis NOI $ 57,854 $ 58,926 $ 59,037 $ 58,350 $ 61,337 NOI Margin % 66.3 % 66.5 % 65.5 % 64.5 % 67.7 % Cash Basis NOI Margin % 64.7 % 65.2 % 64.2 % 63.4 % 66.4 % Sequential NOI % Change (0.9) % (0.2) % 2.2 % (5.9) % Sequential Cash Basis NOI % Change (1.8) % (0.2) % 1.2 % (4.9) % Year Over Year NOI % Change (4.9) % Year Over Year Cash Basis NOI % Change (5.7) % OFFICE PORTFOLIO SAME PROPERTY - RESULTS OF OPERATIONS (1) (dollars and sq. ft. in thousands) As of and For the Three Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Number of Buildings 113 113 113 113 113 Square Feet 10,604 10,604 10,604 10,599 10,599 Occupancy 92.3 % 93.6 % 93.7 % 93.0 % 93.4 % Rental Income $ 91,511 $ 90,613 $ 91,294 $ 90,013 $ 90,337 NOI $ 60,786 $ 60,121 $ 59,607 $ 57,906 $ 60,881 Cash Basis NOI $ 57,428 $ 57,354 $ 56,869 $ 55,804 $ 58,171 NOI Margin % 66.4 % 66.3 % 65.3 % 64.3 % 67.4 % Cash Basis NOI Margin % 65.0 % 65.1 % 64.1 % 63.3 % 66.2 % Sequential NOI % Change 1.1 % 0.9 % 2.9 % (4.9) % Sequential Cash Basis NOI % Change 0.1 % 0.9 % 1.9 % (4.1) % Year Over Year NOI % Change (0.2) % Year Over Year Cash Basis NOI % Change (1.3) % Office Portfolio and Same Property - Results of Operations (continued) Trailing Five Quarters

Supplemental Q2 2021 32 SHOP Segment and Same Property - Results of Operations RETURN TO TABLE OF CONTENTS SHOP SEGMENT - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Three Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Number of Properties 235 235 235 239 241 Number of Units 25,423 26,963 26,969 28,232 28,348 Occupancy 70.9 % 69.5 % 72.2 % 75.2 % 78.7 % Average Monthly Rate $ 4,307 $ 4,623 $ 4,541 $ 4,508 $ 4,496 Year Over Year Average Monthly Rate % Change (4.2) % Residents Fees and Services $ 243,947 $ 259,966 $ 278,637 $ 290,101 $ 304,104 Property Operating Expenses (233,311) (256,098) (269,498) (282,202) (271,022) NOI $ 10,636 $ 3,868 $ 9,139 $ 7,899 $ 33,082 NOI Margin % 4.4 % 1.5 % 3.3 % 2.7 % 10.9 % Sequential NOI % Change 175.0 % (57.7) % 15.7 % (76.1) % Year Over Year NOI % Change (67.8) % SHOP SEGMENT SAME PROPERTY - RESULTS OF OPERATIONS (1) (dollars in thousands, except average monthly rate) As of and For the Three Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Number of Properties 228 228 228 228 228 Number of Units 25,423 25,423 25,423 25,423 25,423 Occupancy 71.0 % 70.6 % 73.8 % 77.0 % 80.7 % Average Monthly Rate $ 4,279 $ 4,319 $ 4,219 $ 4,276 $ 4,207 Year Over Year Average Monthly Rate % Change 1.7 % Residents Fees and Services $ 243,921 $ 259,787 $ 271,990 $ 277,859 $ 291,049 Property Operating Expenses (232,669) (255,415) (259,347) (264,588) (255,820) NOI $ 11,252 $ 4,372 $ 12,643 $ 13,271 $ 35,229 NOI Margin % 4.6 % 1.7 % 4.6 % 4.8 % 12.1 % Sequential NOI % Change 157.4 % (65.4) % (4.7) % (62.3) % Year Over Year NOI % Change (68.1) % (1) Same property includes those properties classified as same property for the three months ended June 30, 2021 for all periods presented. Trailing Five Quarters

Supplemental Q2 2021 33RETURN TO TABLE OF CONTENTS SHOP SEGMENT - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Three Months Ended June 30, 2021 As of and For the Three Months Ended June 30, 2020 Five Star Retained Communities Operator Transition Communities Total SHOP Segment Five Star Retained Communities Operator Transition Communities Total SHOP Segment Number of Properties (1) 120 115 235 126 115 241 Number of Units 17,898 7,525 25,423 20,245 8,103 28,348 Occupancy 72.7 % 66.5 % 70.9 % 80.2 % 74.8 % 78.7 % Average Monthly Rate $ 4,058 $ 4,957 $ 4,307 $ 4,376 $ 4,816 $ 4,496 Average Monthly Rate % Change (7.3) % 2.9 % (4.2) % Residents Fees and Services $ 168,682 $ 75,265 $ 243,947 $ 215,592 $ 88,512 $ 304,104 Property Operating Expenses (156,300) (77,011) (233,311) (184,751) (86,271) (271,022) NOI $ 12,382 $ (1,746) $ 10,636 $ 30,841 $ 2,241 $ 33,082 NOI Margin % 7.3 % (2.3) % 4.4 % 14.3 % 2.5 % 10.9 % NOI % Change (59.9) % (177.9) % (67.8) % SHOP SEGMENT SAME PROPERTY - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Three Months Ended June 30, 2021 As of and For the Three Months Ended June 30, 2020 Five Star Retained Communities Operator Transition Communities Total SHOP Segment Five Star Retained Communities Operator Transition Communities Total SHOP Segment Number of Properties (1) 120 108 228 120 108 228 Number of Units 17,898 7,525 25,423 17,898 7,525 25,423 Occupancy 72.9 % 66.5 % 71.0 % 82.6 % 76.2 % 80.7 % Average Monthly Rate $ 4,018 $ 4,957 $ 4,279 $ 3,952 $ 4,859 $ 4,207 Average Monthly Rate % Change 1.7 % 2.0 % 1.7 % Residents Fees and Services $ 168,655 $ 75,266 $ 243,921 $ 205,987 $ 85,062 $ 291,049 Property Operating Expenses (156,146) (76,523) (232,669) (174,038) (81,782) (255,820) NOI $ 12,509 $ (1,257) $ 11,252 $ 31,949 $ 3,280 $ 35,229 NOI Margin % 7.4 % (1.7) % 4.6 % 15.5 % 3.9 % 12.1 % NOI % Change (60.8) % (138.3) % (68.1) % SHOP Segment and Same Property - Five Star Retained and Operator Transition Communities Results of Operations Three Months Ended June 30, 2021 and 2020 (1) As of August 3, 2021, we had executed agreements with four new third party managers to transition 76 senior living communities. Of these 76 senior living communities, 41 have been transitioned to new third party managers.

Supplemental Q2 2021 34RETURN TO TABLE OF CONTENTS SHOP SEGMENT - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Six Months Ended June 30, 2021 As of and For the Six Months Ended June 30, 2020 Five Star Retained Communities Operator Transition Communities Total SHOP Segment Five Star Retained Communities Operator Transition Communities Total SHOP Segment Number of Properties (1) 120 115 235 126 115 241 Number of Units 17,898 7,525 25,423 20,245 8,103 28,348 Occupancy 71.8 % 66.1 % 70.2 % 82.2 % 76.9 % 80.7 % Average Monthly Rate $ 4,273 $ 4,992 $ 4,467 $ 4,430 $ 4,819 $ 4,535 Average Monthly Rate % Change (3.5) % 3.6 % (1.5) % Residents Fees and Services $ 354,149 $ 149,764 $ 503,913 $ 453,815 $ 182,258 $ 636,073 Property Operating Expenses (331,119) (158,290) (489,409) (382,925) (171,976) (554,901) NOI $ 23,030 $ (8,526) $ 14,504 $ 70,890 $ 10,282 $ 81,172 NOI Margin % 6.5 % (5.7) % 2.9 % 15.6 % 5.6 % 12.8 % NOI % Change (67.5) % (182.9) % (82.1) % SHOP SEGMENT SAME PROPERTY - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Six Months Ended June 30, 2021 As of and For the Six Months Ended June 30, 2020 Five Star Retained Communities Operator Transition Communities Total SHOP Segment Five Star Retained Communities Operator Transition Communities Total SHOP Segment Number of Properties (1) 120 108 228 120 108 228 Number of Units 17,898 7,525 25,423 17,898 7,525 25,423 Occupancy 72.8 % 66.1 % 70.8 % 84.3 % 78.3 % 82.5 % Average Monthly Rate $ 4,035 $ 4,991 $ 4,299 $ 3,972 $ 4,863 $ 4,223 Average Monthly Rate % Change 1.6 % 2.6 % 1.8 % Residents Fees and Services $ 353,972 $ 149,736 $ 503,708 $ 428,262 $ 175,088 $ 603,350 Property Operating Expenses (330,922) (157,162) (488,084) (354,742) (163,039) (517,781) NOI $ 23,050 $ (7,426) $ 15,624 $ 73,520 $ 12,049 $ 85,569 NOI Margin % 6.5 % (5.0) % 3.1 % 17.2 % 6.9 % 14.2 % NOI % Change (68.6) % (161.6) % (81.7) % SHOP Segment and Same Property - Five Star Retained and Operator Transition Communities Results of Operations Six Months Ended June 30, 2021 and 2020 (1) As of August 3, 2021, we had executed agreements with four new third party managers to transition 76 senior living communities. Of these 76 senior living communities, 41 have been transitioned to new third party managers.

Supplemental Q2 2021 35 Office Portfolio Leasing Summary The leasing summary on this page is based on leases entered into during the periods indicated. (dollars and sq. ft. in thousands, except per sq. ft. data) RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 Buildings 118 122 123 126 129 Total square feet 10,927 11,190 11,282 11,573 11,668 Occupancy 91.0 % 92.3 % 91.4 % 91.3 % 92.0 % Leasing Activity (sq. ft.): New leases 65 152 113 67 8 Renewals 567 60 300 135 52 Total 632 212 413 202 60 Rental Rate on New and Renewed Leases per Sq. Ft.: New leases $ 45.63 $ 66.99 $ 25.10 $ 42.62 $ 36.78 Renewals $ 38.05 $ 34.96 $ 23.38 $ 28.58 $ 37.83 Average net annual rent $ 38.83 $ 57.89 $ 23.85 $ 33.21 $ 37.70 Leasing Costs and Concession Commitments: New leases $ 5,191 $ 32,250 $ 7,017 $ 3,632 $ 379 Renewals 21,241 558 2,794 1,331 343 Total $ 26,432 $ 32,808 $ 9,811 $ 4,963 $ 722 Leasing Costs and Concession Commitments per Sq. Ft.: New leases $ 80.38 $ 211.93 $ 62.00 $ 54.57 $ 50.17 Renewals $ 37.43 $ 9.24 $ 9.30 $ 9.85 $ 6.62 All new and renewed leases $ 41.82 $ 154.32 $ 23.73 $ 24.60 $ 12.16 Weighted Average Lease Term (years): New leases 9.3 11.0 7.5 8.8 7.2 Renewals 9.1 8.7 4.5 5.7 5.8 All new and renewed leases 9.1 10.6 5.4 7.0 6.0 Leasing Costs and Concession Commitments per Sq. Ft. per Year: New leases $ 8.60 $ 19.31 $ 8.30 $ 6.20 $ 7.01 Renewals $ 4.13 $ 1.06 $ 2.07 $ 1.73 $ 1.13 All new and renewed leases $ 4.60 $ 14.57 $ 4.43 $ 3.51 $ 2.02

Supplemental Q2 2021 36 As of June 30, 2021 (1) The life science property leased by this tenant is owned in a joint venture arrangement in which we own a 55% equity interest. Rental income presented includes 100% of rental income consistent with GAAP. (2) Includes NOI for the three months ended June 30, 2021, annualized, from senior living communities in our SHOP segment. Tenants Representing 1% Or More of Total Annualized Rental Income RETURN TO TABLE OF CONTENTS (dollars in thousands) % of Annualized Annualized Rental Tenant Facility Type Rental Income Income Expiration 1 Vertex Pharmaceuticals Inc. (1) Life science $ 97,385 21.6 % 2028 2 Cedars-Sinai Medical Center Medical office 16,966 3.8 % 2021 - 2031 3 Advocate Aurora Health Medical office 16,896 3.8 % 2024 4 Brookdale Senior Living, Inc. Senior living 9,446 2.1 % 2032 5 Life Time Athletic Wellness center 9,105 2.0 % 2040 6 HCA Holdings Inc. Medical office 7,071 1.6 % 2022 - 2029 7 Surgalign Holdings, Inc. Life science 6,694 1.5 % 2034 8 Medtronic, Inc. Medical office 5,726 1.3 % 2022 9 IQVIA Holdings Inc. Life science 5,365 1.2 % 2023 10 Stratford Retirement, LLC Senior living 4,691 1.0 % 2033 11 Boston Children's Hospital Medical office 4,535 1.0 % 2028 12 Oaks Senior Living, LLC Senior living 4,523 1.0 % 2024 - 2030 All Other Tenants (2) 261,567 58.1 % 2021 - 2036 Total Tenants $ 449,970 100.0 %

Supplemental Q2 2021 37 Office Portfolio Lease Expiration Schedule RETURN TO TABLE OF CONTENTS (dollars in thousands) As of June 30, 2021 Office Portfolio Annualized Rental Income Expiring Year Annualized Rental Income Percent of Total Annualized Rental Income Expiring Cumulative Percentage of Annualized Rental Income Expiring 2021 $ 13,008 3.5 % 3.5 % 2022 30,540 8.3 % 11.8 % 2023 18,959 5.2 % 17.0 % 2024 49,578 13.5 % 30.5 % 2025 24,360 6.6 % 37.1 % 2026 24,972 6.8 % 43.9 % 2027 14,354 3.9 % 47.8 % 2028 115,781 31.5 % 79.3 % 2029 12,671 3.5 % 82.8 % 2030 and thereafter 62,863 17.2 % 100.0 % Total $ 367,086 100.0 % Average remaining lease term for our office portfolio (weighted by annualized rental income): 6.0 years Office Portfolio Square Feet with Leases Expiring Year Square Feet Percent of Total Square Feet Expiring Cumulative Percentage of Total Square Feet Expiring 2021 340,153 3.4 % 3.4 % 2022 1,220,308 12.3 % 15.7 % 2023 982,724 9.9 % 25.6 % 2024 1,787,991 18.0 % 43.6 % 2025 909,556 9.1 % 52.7 % 2026 775,788 7.8 % 60.5 % 2027 583,200 5.9 % 66.4 % 2028 1,471,488 14.8 % 81.2 % 2029 338,497 3.4 % 84.6 % 2030 and thereafter 1,533,087 15.4 % 100.0 % Total 9,942,792 100.0 % Muse at Torrey Pines San Diego, CA

Supplemental Q2 2021 38 Non-Segment Annualized Rental Income Expiring Year Number of Properties Number of Units or Square Feet Annualized Rental Income Percent of Total Annualized Rental Income Expiring Cumulative Percentage of Annualized Rental Income Expiring 2021 — — $ — — % — % 2022 — — — — % — % 2023 — — — — % — % 2024 2 180 units 2,885 7.2 % 7.2 % 2025 — — — — % 7.2 % 2026 — — — — % 7.2 % 2027 4 534 units 4,332 10.7 % 17.9 % 2028 6 354,000 sq. ft. 4,200 10.4 % 28.3 % 2029 1 155 units 547 1.4 % 29.7 % 2030 and thereafter 26 1,458 units and 458,000 sq. ft. 28,376 70.3 % 100.0 % Total 39 $ 40,340 100.0 % Non-Segment Lease Expiration Schedule As of June 30, 2021 (dollars in thousands) RETURN TO TABLE OF CONTENTS

Supplemental Q2 2021 39 Non-GAAP Financial Measures We present certain "non-GAAP financial measures" within the meaning of applicable rules of the SEC, including net operating income, or NOI, Cash Basis NOI, same property NOI, same property Cash Basis NOI, earnings before interest, income tax, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, Adjusted EBITDAre, funds from operations attributable to common shareholders, or FFO attributable to common shareholders, and normalized funds from operations attributable to common shareholders, or Normalized FFO attributable to common shareholders. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) or net income (loss) attributable to common shareholders as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income (loss) and net income (loss) attributable to common shareholders as presented in our condensed consolidated statements of income (loss). We consider these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss) and net income (loss) attributable to common shareholders. We believe these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization, they may facilitate a comparison of our operating performance between periods and with other REITs and, in the case of NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of our properties. NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI The calculations of NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI exclude certain components of net income (loss) in order to provide results that are more closely related to our property level results of operations. We calculate NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI as shown on pages 16 through 22. We define NOI as income from our real estate less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that we record as depreciation and amortization. We define Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization, lease termination fee amortization, if any, and non-cash amortization included in property operating expenses. We calculate same property NOI and same property Cash Basis NOI in the same manner that we calculate the corresponding NOI and Cash Basis NOI amounts, except that we only include same properties in calculating same property NOI and same property Cash Basis NOI. We use NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI to evaluate individual and company wide property level performance. Other real estate companies and REITs may calculate NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI differently than we do. EBITDA, EBITDAre and Adjusted EBITDAre We calculate EBITDA, EBITDAre and Adjusted EBITDAre as shown on page 23. EBITDAre is calculated on the basis defined by the National Association of Real Estate Investment Trusts, or Nareit, which is EBITDA, excluding gains or losses on the sale of properties, impairment of assets, if any, including adjustments to reflect our proportionate share of EBITDAre of our equity method investment in Five Star, as well as certain other adjustments currently not applicable to us. In calculating Adjusted EBITDAre, we adjust for the items shown on page 23. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than we do. FFO and Normalized FFO Attributable to Common Shareholders We calculate FFO attributable to common shareholders and Normalized FFO attributable to common shareholders as shown on page 24. FFO attributable to common shareholders is calculated on the basis defined by Nareit, which is net income (loss) attributable to common shareholders, calculated in accordance with GAAP, excluding any gain or loss on sale of properties, loss on impairment of real estate assets and gains or losses on equity securities, net, if any, including adjustments to reflect our proportionate share of FFO of our equity method investment in Five Star, plus real estate depreciation and amortization and minus FFO adjustments attributable to noncontrolling interest, as well as certain other adjustments currently not applicable to us. In calculating Normalized FFO attributable to common shareholders, we adjust for the items shown on page 24. FFO attributable to common shareholders and Normalized FFO attributable to common shareholders are among the factors considered by our Board of Trustees when determining the amount of distributions to our shareholders. Other factors include, but are not limited to, requirements to maintain our qualification for taxation as a REIT, limitations in the agreements governing our debt, the availability to us of debt and equity capital, our expectation of our future capital requirements and operating performance, and our expected needs for and availability of cash to pay our obligations. Other real estate companies and REITs may calculate FFO attributable to common shareholders and Normalized FFO attributable to common shareholders differently than we do. Non-GAAP Financial Measures and Certain Definitions RETURN TO TABLE OF CONTENTS

Supplemental Q2 2021 40 Adjusted total assets Adjusted total assets is the original cost of real estate assets calculated in accordance with GAAP before depreciation and after impairment write downs, if any, and excludes accounts receivable and intangible assets. Annualized dividend yield Annualized dividend yield is the annualized dividend declared during the applicable period divided by the closing price of DHC's common shares on The Nasdaq Stock Market LLC at the end of the relevant period. Annualized rental income Annualized rental income is based on rents pursuant to existing leases as of June 30, 2021. Annualized rental income includes estimated percentage rents, straight line rent adjustments and estimated recurring expense reimbursements for certain net and modified gross leases; excludes lease value amortization at certain of our medical office and life science properties and wellness centers. Annualized rental income amounts for our medical office and life science properties also include 100% of rental income as reported under GAAP from the life science property owned in a joint venture arrangement in which we own a 55% equity interest. Average monthly rate Average monthly rate is calculated by taking the average daily rate, which is defined as total residents fees and services divided by occupied units during the period, and multiplying it by 30 days. Building improvements Building improvements generally include expenditures to replace obsolete building components that extend the useful life of existing assets or other improvements to increase the marketability of the property. Cash basis NOI margin % Cash basis NOI margin % is defined as cash basis NOI as a percentage of cash basis rental income. Cash basis rental income excludes non-cash straight line rent adjustments, lease value amortization and lease termination fee amortization, if any. Consolidated income available for debt service Consolidated income available for debt service is earnings from operations excluding interest expense, depreciation and amortization, taxes, loss on asset impairment, gains or losses on equity securities, gains or losses on sales of properties and early extinguishment of debt, determined together with debt service for the applicable period. Development, redevelopment and other activities Development, redevelopment and other activities generally include capital expenditures that reposition a property or result in new sources of revenue. From time to time we invest in revenue producing capital improvements at certain of our triple net leased senior living communities. As a result, annual rents payable to us increase pursuant to the terms of the applicable leases. These capital improvements are not included in our development, redevelopment and other activities. Estimated completion date Estimated completion date can depend on various factors, including when lease agreements are signed with tenants. Therefore, the actual completion date may vary. Estimated project costs Estimated project costs include estimated leasing capital up to stabilization. Five Star retained communities Five Star retained communities are the 120 senior living communities in our SHOP segment that Five Star will continue to manage pursuant to our June 2021 amended management agreements with Five Star. GAAP GAAP is U.S. generally accepted accounting principles. Non-GAAP Financial Measures and Certain Definitions (Continued) RETURN TO TABLE OF CONTENTS

Supplemental Q2 2021 41 Gross book value of real estate assets Gross book value of real estate assets is real estate assets at cost plus certain acquisition costs, before depreciation and purchase price allocations, less impairment writedowns, if any. Gross purchase price Gross purchase price includes assumed debt, if any, and excludes acquisition costs and purchase price allocation adjustments, if any. Gross sales price Gross sales price excludes closing costs. Incurrence covenants Incurrence covenants are financial covenants which we are required to comply with in order to incur additional debt under our revolving credit facility and the indentures governing our senior unsecured notes. Interest rate Interest rate includes the effect of mark to market accounting for certain assumed mortgages and premiums and discounts on certain mortgages and unsecured notes. Excludes effects of debt issuance costs and the 30 basis points facility fee on our revolving credit facility. Investment per square foot or unit Investment per square foot or unit represents gross book value of real estate assets divided by number of rentable square feet or living units, as applicable, at June 30, 2021. 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 Our maintenance covenant is a financial covenant which we are required to comply with on a quarterly basis pursuant to the indentures governing our senior unsecured notes. Net debt Net debt is total debt less cash. NOI margin % NOI margin % is defined as NOI as a percentage of rental income or residents fees and services, as appropriate. Non-Segment Non-Segment operations consists of triple net leased senior living communities that are leased to third party operators and wellness centers, and any other income or expenses that are not attributable to a specific reporting segment. Occupancy Occupancy for our Office Portfolio is presented as of the end of the period shown; occupancy for our SHOP segment and other tenants is presented for the duration of the period shown, or the most recent prior period of equivalent length for which tenant and manager operating results are available to us. Excludes data for our wellness centers. Life science and medical office 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. Other triple net leased senior living communities occupancy excludes data for periods prior to our ownership of certain properties, as well as properties sold or classified as held for sale, or for which there was a transfer of operations during the periods presented. Non-GAAP Financial Measures and Certain Definitions (Continued) RETURN TO TABLE OF CONTENTS

Supplemental Q2 2021 42 Office Portfolio Office Portfolio consists of medical office properties leased to medical providers and other medical related businesses, as well as life science properties leased to biotech laboratories and other similar tenants. Our medical office and life science property leases include some triple net leases where, in addition to paying fixed rents, the tenants assume the obligation to operate and maintain the properties at their expense, and some net and modified gross leases where we are responsible for the operation and maintenance of the properties and we charge tenants for some or all of the property operating costs. A small percentage of our medical office and life science property leases are full-service leases where we receive fixed rent from our tenants and no reimbursement for our property operating costs. Operator transition communities Operator transition communities are senior living communities in our SHOP segment managed by Five Star for the periods presented, which have been or will be transitioned to other third party managers pursuant to the amendments to our management arrangements with Five Star in June 2021. As of August 3, 2021, we had executed agreements with four new third party managers to transition 76 senior living communities. Of these 76 senior living communities, 41 have been transitioned to new third party managers. Principal balance Principal balances are the amounts stated in the contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts. The principal balance of our revolving credit facility includes amounts outstanding as of the date presented. Rent coverage Rent coverage is calculated as operating cash flows from our tenants' facility operations of our properties, before subordinated charges, if any, divided by rent payable to us. Excludes data for periods prior to our ownership of certain properties, as well as properties sold or classified as held for sale, or for which there was a transfer of operations from one operator to another during the periods presented. Same Property For the three months ended June 30, 2021, same property consists of properties owned, in service and operated by the same operator continuously since April 1, 2020, including the life science property owned in a joint venture arrangement in which we own a 55% equity interest; excludes properties classified as held for sale, closed or out of service undergoing redevelopment, if any. For the six months ended June 30, 2021, same property consists of properties owned, in service and operated by the same operator continuously since January 1, 2020, including the life science property owned in a joint venture arrangement in which we own a 55% equity interest; excludes properties classified as held for sale, closed or out of service undergoing redevelopment, if any. SHOP SHOP, or Senior Housing Operating Portfolio, consists of senior living communities managed by Five Star that provide short term and long term residential living and in some cases care and other services for residents where we pay fees to the manager 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. 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. Includes data from the life science property owned in a joint venture arrangement in which we own a 55% equity interest. Total gross assets Total gross assets is total assets plus accumulated depreciation. Total unencumbered assets Total unencumbered assets is the original cost of real estate assets not encumbered by mortgage debt calculated in accordance with GAAP before depreciation and after impairment write downs, if any, and exclude accounts receivable and intangible assets. Triple net leased senior living communities Triple net leased senior living communities include independent and assisted living communities and SNFs. Unit count Unit count is by the type of living units at our senior living communities within our SHOP segment. Weighted average lease term Weighted average lease term is weighted based on annualized rental income pursuant to existing leases as of June 30, 2021. Non-GAAP Financial Measures and Certain Definitions (Continued) RETURN TO TABLE OF CONTENTS

Supplemental Q2 2021 43 This presentation of supplemental operating and financial data may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever we use words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, we are making forward-looking statements. These forward-looking statements are based upon our present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by our forward-looking statements. Forward- looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. For example: • The results of operations for the 108 senior living communities being transitioned may not improve under the management of new managers as a result of the transition as we currently expect, and the results of operations of any or all of our senior living communities may decline, including for reasons beyond our, the new managers’ or Five Star’s control. This may also imply that we will successfully complete these transitions on the timing we expect. However, these transitions are subject to various matters and the timing may be delayed or some or all of the transitions may not occur. • We may be unable to identify new managers for the 32 remaining senior living communities to be transitioned from Five Star that we believe are sufficiently qualified or may be unable to reach agreement with any such managers on management terms before year end 2021 or at all, and any agreement we may reach with any such managers may not be on the terms we currently expect or desire, and may not be equal to or more favorable to us than the terms of our current management arrangements with Five Star, and further, these transitions may not be successful and the managers may not be able to manage our senior living communities profitably or increase our returns. The information contained in our filings with the SEC, including under “Risk Factors” in our periodic reports, or incorporated therein, identifies important factors that could cause our actual results to differ materially from those stated in or implied by our forward-looking statements. Our filings with the SEC are available on the SEC's website at www.sec.gov. You should not place undue reliance upon forward-looking statements. Except as required by law, we do not intend to update or change any forward-looking statements as a result of new information, future events or otherwise. Warning Concerning Forward-Looking Statements RETURN TO TABLE OF CONTENTS

XML

Cover Page	Aug. 04, 2021
Entity Information [Line Items]
Entity Central Index Key	0001075415
Written Communications	false
Entity File Number	001-15319
Document Period End Date	Aug. 04, 2021
Document Type	8-K
Entity Registrant Name	DIVERSIFIED HEALTHCARE TRUST
Entity Tax Identification Number	04-3445278
Entity Incorporation, State or Country Code	MD
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Address, Address Line One	Two Newton Place, 255 Washington Street, Suite 300
Title of 12(b) Security	Common Shares of Beneficial Interest
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
City Area Code	617
Local Phone Number	796-8350
Entity Emerging Growth Company	false
Amendment Flag	false
Trading Symbol	DHC
Security Exchange Name	NASDAQ
Senior Notes Due 2046
Entity Information [Line Items]
Title of 12(b) Security	6.25% Senior Notes due 2046
Trading Symbol	DHCNL
Security Exchange Name	NASDAQ
Senior Notes Due 2042
Entity Information [Line Items]
Title of 12(b) Security	5.625% Senior Notes due 2042
Trading Symbol	DHCNI
Security Exchange Name	NASDAQ