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): February 23, 2022

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 February 23, 2022, Diversified Healthcare Trust, or the Company, issued a press release regarding the Company’s results of operations and financial condition for the quarter and year ended December 31, 2021, and also provided certain supplemental operating and financial data for the quarter and year ended December 31, 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 February 23, 2022
99.2	Fourth 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:  February 23, 2022

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Diversified Healthcare Trust Announces Fourth Quarter 2021 Results

Raised Over $1.0 Billion in Proceeds from Two Separate Joint Venture Transactions in December 2021 and January 2022

Completed Transition of 107 Senior Living Communities

Amended Revolving Credit Facility to Provide Covenant Relief through December 2022 and Extended Maturity through January 2024

1.35 Million Square Feet of Leasing Activity at Over 6% Higher Rents During Fourth Quarter

Newton, MA (February 23, 2022):  Diversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended December 31, 2021.

“We are pleased with the progress made in the fourth quarter in our SHOP segment and with our enhanced liquidity as we enter 2022,” stated Jennifer Francis, President and Chief Executive Officer of Diversified Healthcare Trust. “During 2021, we focused on the foundational work necessary to position our portfolio for a successful transition out of the global pandemic. We completed the transition of 107 senior living communities to new operators and continued to invest capital to improve or reposition many of our communities. We recapitalized our joint venture that owns a two building life science complex in Boston’s Seaport district and ended the quarter with over $1 billion of cash on our balance sheet. Subsequent to year-end we received an additional $653 million of cash following the completion of an additional joint venture for 10 properties that were a part of our Office Portfolio. As a result, we believe we are well-capitalized to continue investing in our portfolio, reduce leverage, and maintain liquidity as our portfolio recovers.”

Quarterly Results:

•Reported net income attributable to common shareholders of $365.6 million, or $1.54 per share.

•Reported normalized funds from operations, or Normalized FFO, attributable to common shareholders of $(16.5) million, or $(0.07) per share.

•Recorded a gain on sale of properties of $461.4 million, or $1.94 per share, from DHC's sale of equity interest in its existing joint venture to another third party institutional investor.

	As of and For the Three Months Ended
	December 31, 2021	September 30, 2021	December 31, 2020
Occupancy
Office Portfolio (period end)	91.3%	91.3%	91.4%
SHOP (average day for period)	72.5%	71.3%	72.2%
Same Property Occupancy
Office Portfolio (period end)	92.7%	91.9%	93.2%
SHOP (average day for period)	74.1%	73.4%	75.6%

	Three Months Ended
	December 31, 2021	September 30, 2021	Change	December 31, 2020	Change
Same Property Cash Basis NOI (dollars in thousands)
Office Portfolio	$37,421	$37,084	0.9%	$37,683	(0.7)%
SHOP	$2,744	$7,480	(63.3)%	$15,651	(82.5)%
Total Consolidated Same Property Cash Basis NOI	$52,017	$54,550	(4.6)%	$62,555	(16.8)%

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 December 31, 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 December 31, 2021, September 30, 2021 and December 31, 2020, as applicable, also appear later in this press release.

Office Portfolio Segment:

•Same property Cash Basis NOI decreased compared to the fourth quarter of 2020 primarily resulting from lease expirations at certain of DHC's comparable properties, partially offset by increases in parking income.

•DHC entered into new and renewal leases for an aggregate of 1,352,274 rentable square feet at weighted average rents that were 6.7% higher than prior rents for the same space.

SHOP Segment:

•Same property Cash Basis NOI decreased compared to the fourth 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 occupancies.

•Recent same property occupancy rates in DHC's senior housing operating portfolio, or SHOP, segment consisting of 120 communities are as follows:

	2021
	Jan		Feb		Mar		Apr		May		Jun		Jul		Aug		Sep		Oct		Nov		Dec
SHOP Same Property Average Occupancy	73.1	%	72.4	%	72.6	%	72.6	%	73.2	%	72.8	%	72.9	%	73.4	%	73.8	%	73.9	%	74.2	%	74.1	%
Sequential Occupancy Change			(0.7)		0.2		—		0.6		(0.4)		0.1		0.5		0.4		0.1		0.3		(0.1)

Management Transition Completion:

As of December 31, 2021, DHC completed the transition of 107 senior living communities to 10 new third party managers. These management transitions were completed as part of the previously announced agreement between DHC and Five Star Senior Living, or Five Star, to transition 108 communities from Five Star to other third party managers. DHC has closed and is assessing opportunities to redevelop the one remaining community located in Delaware. Five Star is a division of AlerisLife Inc. (Nasdaq: ALR) (f/k/a Five Star Senior Living Inc.), or AlerisLife. Five Star continues to manage 120 of DHC's senior living communities, which are included in DHC's SHOP segment.

Joint Ventures:

•In December 2021, DHC sold a 35% equity interest from its 55% equity interest in its existing joint venture for a property located in Boston, MA, to an unrelated third party global institutional investor for approximately $378.0 million, and DHC retained a 20% equity interest in the joint venture. Effective upon the closing of the sale, the results of operations of the joint venture are no longer consolidated into DHC's financial results, including the $620.0 million of

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secured debt on the property, and DHC's remaining 20% equity interest in the joint venture is accounted for as an unconsolidated joint venture interest.

•In January 2022, DHC entered into a new joint venture for 10 properties it owned in its Office Portfolio segment with two unrelated third party global institutional investors and received cash proceeds of $653.3 million. The investors acquired a combined 80% equity interest in the joint venture for an aggregate purchase price of $196.7 million, and DHC retained a 20% equity interest in the joint venture. The purchase price was based upon a property valuation of approximately $702.5 million, less approximately $456.6 million of secured debt on the properties incurred by the joint venture.

Liquidity and Financing Activities:

•In October 2021, DHC exercised its option to extend the maturity date of its revolving credit facility by one year to January 2023.

•As of December 31, 2021, DHC had approximately $1.0 billion of cash and cash equivalents and restricted cash.

•As of December 31, 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 currently unable to incur additional debt because this ratio is below 1.5x on a pro forma basis.

•In February 2022, DHC and its lenders amended the agreement governing its revolving credit facility to, among other things, extend the waiver of the fixed charge coverage ratio covenant through December 31, 2022 and reduce the facility commitments to $700.0 million, and DHC also exercised its option to extend the maturity date of the revolving credit facility through January 2024.

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 fourth 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, March 3, 2022. To access the replay, dial (412) 317-0088. The replay pass code is 7120244.

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 fourth quarter conference call are strictly prohibited without the prior written consent of DHC.

Supplemental Data:

A copy of DHC's Fourth 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 December 31, 2021, DHC’s more than $7 billion portfolio included 390 properties in 36 states and Washington, D.C., occupied by almost 600 tenants, and totaling approximately 10 million square feet of life science and medical office properties and approximately 28,000 senior living units. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with more than $33 billion in assets under management as of December 31, 2021 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. To learn more about DHC, visit www.dhcreit.com.

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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 and same property Cash Basis NOI for the three months and years ended December 31, 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 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 and same property Cash Basis NOI and a reconciliation of those amounts to amounts determined in accordance with GAAP.

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DIVERSIFIED HEALTHCARE TRUST

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(amounts in thousands, except per share data)

(unaudited)

	Three Months Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020
Revenues:
Rental income	$	102,034	$	106,272	$	408,589	$	427,215
Residents fees and services	234,697		278,637		974,623		1,204,811
Total revenues	336,731		384,909		1,383,212		1,632,026
Expenses:
Property operating expenses	273,716		302,207		1,091,812		1,236,357
Depreciation and amortization	68,388		65,681		271,131		270,147
General and administrative	8,549		7,461		34,087		30,593
Acquisition and certain other transaction related costs	2,327		11		17,506		814
Impairment of assets	—		361		(174)		106,972
Total expenses	352,980		375,721		1,414,362		1,644,883
Gain on sale of properties	461,434		4,084		492,272		6,487
Gains and losses on equity securities, net	(15,289)		19,565		(42,232)		34,106
Interest and other income (1)	786		10,213		20,635		18,221
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $3,631, $2,448, $13,408 and $8,022, respectively)	(63,518)		(57,768)		(255,759)		(201,483)
Gain on lease termination	—		—		—		22,896
Loss on early extinguishment of debt	—		—		(2,410)		(427)
Income (loss) from continuing operations before income tax expense	367,164		(14,718)		181,356		(133,057)
Income tax expense	(406)		(202)		(1,430)		(1,250)
Net income (loss)	366,758		(14,920)		179,926		(134,307)
Net income attributable to noncontrolling interest	(1,173)		(1,308)		(5,411)		(5,146)
Net income (loss) attributable to common shareholders	$	365,585	$	(16,228)	$	174,515	$	(139,453)
Weighted average common shares outstanding (basic)	238,149		237,834		237,967		237,739
Weighted average common shares outstanding (diluted)	238,149		237,834		237,967		237,739
Per common share amounts (basic and diluted):
Net income (loss) attributable to common shareholders	$	1.54	$	(0.07)	$	0.73	$	(0.59)

(1)    DHC recognized funds received under the Coronavirus Aid, Relief, and Economic Security Act of $587 and $10,139 during the three months ended December 31, 2021 and 2020, respectively, and $19,554 and $17,485 during the years ended December 31, 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 December 31,				Year Ended December 31,
	2021		2020		2021		2020
Net income (loss) attributable to common shareholders	$	365,585	$	(16,228)	$	174,515	$	(139,453)
Depreciation and amortization	68,388		65,681		271,131		270,147
Gain on sale of properties	(461,434)		(4,084)		(492,272)		(6,487)
Impairment of assets	—		361		(174)		106,972
Losses (gains) on equity securities, net	15,289		(19,565)		42,232		(34,106)
FFO adjustments attributable to noncontrolling interest	(4,763)		(5,275)		(20,584)		(21,100)
Share of FFO from unconsolidated joint venture	273		—		273		—
Adjustments to reflect DHC's share of FFO attributable to an equity method investment	(2,608)		1,743		(6,017)		839
FFO attributable to common shareholders	(19,270)		22,633		(30,896)		176,812
Acquisition and certain other transaction related costs	2,327		11		17,506		814
Costs and payment obligations related to compliance assessment at one of DHC's senior living communities	—		(402)		—		5,770
Gain on lease termination	—		—		—		(22,896)
Loss on early extinguishment of debt	—		—		2,410		427
Adjustments to reflect DHC's share of Normalized FFO attributable to an equity method investment	448		12		3,074		9,187
Normalized FFO attributable to common shareholders	$	(16,495)	$	22,254	$	(7,906)	$	170,114
Weighted average common shares outstanding (basic)	238,149		237,834		237,967		237,739
Weighted average common shares outstanding (diluted)	238,149		237,834		237,967		237,739
Per common share data (basic and diluted):
Net income (loss) attributable to common shareholders	$	1.54	$	(0.07)	$	0.73	$	(0.59)
FFO attributable to common shareholders	$	(0.08)	$	0.10	$	(0.13)	$	0.74
Normalized FFO attributable to common shareholders	$	(0.07)	$	0.09	$	(0.03)	$	0.72
Distributions declared	$	0.01	$	0.01	$	0.04	$	0.18

(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, equity in earnings of an unconsolidated joint venture, loss on impairment of real estate assets, 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 AlerisLife and DHC's proportionate share of FFO from its unconsolidated joint venture, plus real estate depreciation and amortization of consolidated properties 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, including similar adjustments for DHC's unconsolidated joint venture, if any. 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 December 31,				Year Ended December 31,
	2021		2020		2021		2020
Calculation of NOI and Cash Basis NOI:
Revenues:
Rental income	$	102,034	$	106,272	$	408,589	$	427,215
Residents fees and services	234,697		278,637		974,623		1,204,811
Total revenues	336,731		384,909		1,383,212		1,632,026
Property operating expenses	(273,716)		(302,207)		(1,091,812)		(1,236,357)
NOI	63,015		82,702		291,400		395,669
Non-cash straight line rent adjustments included in rental income	(2,042)		(3,040)		(5,846)		(6,069)
Lease value amortization included in rental income	(1,648)		(1,846)		(7,211)		(7,405)
Non-cash amortization included in property operating expenses	(200)		(200)		(797)		(797)
Cash Basis NOI	$	59,125	$	77,616	$	277,546	$	381,398
Reconciliation of Net Income (Loss) Attributable to Common Shareholders to NOI and Cash Basis NOI:
Net income (loss) attributable to common shareholders	$	365,585	$	(16,228)	$	174,515	$	(139,453)
Net income attributable to noncontrolling interest	1,173		1,308		5,411		5,146
Net income (loss)	366,758		(14,920)		179,926		(134,307)
Income tax expense	406		202		1,430		1,250
Loss on early extinguishment of debt	—		—		2,410		427
Gain on lease termination	—		—		—		(22,896)
Interest expense	63,518		57,768		255,759		201,483
Interest and other income	(786)		(10,213)		(20,635)		(18,221)
Losses (gains) on equity securities, net	15,289		(19,565)		42,232		(34,106)
Gain on sale of properties	(461,434)		(4,084)		(492,272)		(6,487)
Impairment of assets	—		361		(174)		106,972
Acquisition and certain other transaction related costs	2,327		11		17,506		814
General and administrative	8,549		7,461		34,087		30,593
Depreciation and amortization	68,388		65,681		271,131		270,147
NOI	63,015		82,702		291,400		395,669
Non-cash straight line rent adjustments included in rental income	(2,042)		(3,040)		(5,846)		(6,069)
Lease value amortization included in rental income	(1,648)		(1,846)		(7,211)		(7,405)
Non-cash amortization included in property operating expenses	(200)		(200)		(797)		(797)
Cash Basis NOI	$	59,125	$	77,616	$	277,546	$	381,398

(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:	12/31/2021		9/30/2021		6/30/2021		3/31/2021		12/31/2020
Rental income	$	89,950	$	91,520	$	92,804	$	93,323	$	94,850
Property operating expenses	(32,313)		(32,386)		(31,321)		(31,293)		(32,709)
NOI	$	57,637	$	59,134	$	61,483	$	62,030	$	62,141
NOI	$	57,637	$	59,134	$	61,483	$	62,030	$	62,141
Less:
Non-cash straight line rent adjustments included in rental income	1,827		1,800		1,597		1,083		1,114
Lease value amortization included in rental income	1,631		1,830		1,833		1,822		1,790
Non-cash amortization included in property operating expenses	200		199		199		199		200
Cash Basis NOI	$	53,979	$	55,305	$	57,854	$	58,926	$	59,037
Reconciliation of NOI to Same Property NOI:
NOI	$	57,637	$	59,134	$	61,483	$	62,030	$	62,141
Less:
NOI of properties not included in same property results	18,630		20,795		22,104		22,995		23,838
Same Property NOI (2)	$	39,007	$	38,339	$	39,379	$	39,035	$	38,303
Reconciliation of Same Property NOI to Same Property Cash Basis NOI:
Same Property NOI (2)	$	39,007	$	38,339	$	39,379	$	39,035	$	38,303
Less:
Non-cash straight line rent adjustments included in rental income	1,645		1,308		884		694		707
Lease value amortization included in rental income	(178)		(172)		(170)		(170)		(203)
Non-cash amortization included in property operating expenses	119		119		119		118		116
Same Property Cash Basis NOI (2)	$	37,421	$	37,084	$	38,546	$	38,393	$	37,683

(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 October 1, 2020; excludes properties classified as held for sale or out of service undergoing redevelopment, if any, and a life science property owned by an unconsolidated joint venture in which DHC owns a 20% equity interest.

8

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:	12/31/2021		9/30/2021		6/30/2021		3/31/2021		12/31/2020
Residents fees and services	$	234,697	$	236,013	$	243,947	$	259,966	$	278,637
Property operating expenses	(241,403)		(233,687)		(233,311)		(256,098)		(269,498)
NOI / Cash Basis NOI	$	(6,706)	$	2,326	$	10,636	$	3,868	$	9,139
Reconciliation of NOI / Cash Basis NOI to Same Property NOI / Same Property Cash Basis NOI:
NOI / Cash Basis NOI	$	(6,706)	$	2,326	$	10,636	$	3,868	$	9,139
Less:
NOI / Cash Basis NOI of properties not included in same property results	(9,450)		(5,154)		(1,873)		(6,673)		(6,512)
Same Property NOI / Same Property Cash Basis NOI (2)	$	2,744	$	7,480	$	12,509	$	10,541	$	15,651

(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 October 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(1)

(dollars in thousands)

(unaudited)

Consolidated	For the Three Months Ended
Calculation of NOI and Cash Basis NOI:	12/31/2021		9/30/2021		6/30/2021		3/31/2021		12/31/2020
Rental income / residents fees and services	$	336,731	$	337,416	$	346,341	$	362,724	$	384,909
Property operating expenses	(273,716)		(266,073)		(264,632)		(287,391)		(302,207)
NOI	$	63,015	$	71,343	$	81,709	$	75,333	$	82,702
NOI	$	63,015	$	71,343	$	81,709	$	75,333	$	82,702
Less:
Non-cash straight line rent adjustments included in rental income	2,042		1,679		1,321		804		3,040
Lease value amortization included in rental income	1,648		1,848		1,849		1,866		1,846
Non-cash amortization included in property operating expenses	200		199		199		199		200
Cash Basis NOI	$	59,125	$	67,617	$	78,340	$	72,464	$	77,616
Reconciliation of NOI to Same Property NOI:
NOI	$	63,015	$	71,343	$	81,709	$	75,333	$	82,702
Less:
NOI of properties not included in same property results	9,180		15,641		20,231		16,322		17,544
Same Property NOI (2)	$	53,835	$	55,702	$	61,478	$	59,011	$	65,158
Reconciliation of Same Property NOI to Same Property Cash Basis NOI:
Same Property NOI (2)	$	53,835	$	55,702	$	61,478	$	59,011	$	65,158
Less:
Non-cash straight line rent adjustments included in rental income	1,860		1,187		608		415		2,635
Lease value amortization included in rental income	(161)		(154)		(154)		(126)		(148)
Non-cash amortization included in property operating expenses	119		119		119		118		116
Same Property Cash Basis NOI (2)	$	52,017	$	54,550	$	60,905	$	58,604	$	62,555

(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 October 1, 2020; excludes properties classified as held for sale, closed or out of service undergoing redevelopment, if any, and a life science property owned by an unconsolidated joint venture in which DHC owns a 20% equity interest.

10

DIVERSIFIED HEALTHCARE TRUST

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

(unaudited)

	December 31, 2021		December 31, 2020
Assets
Real estate properties	$	6,813,556	$	7,410,730
Accumulated depreciation	(1,737,807)		(1,694,901)
Total real estate properties, net	5,075,749		5,715,829
Investment in unconsolidated joint venture	215,127		—
Assets of properties held for sale	—		112,437
Cash and cash equivalents	634,848		74,417
Restricted cash	382,097		16,432
Acquired real estate leases and other intangible assets, net	48,746		286,513
Other assets, net	266,947		270,796
Total assets	$	6,623,514	$	6,476,424
Liabilities and Equity
Revolving credit facility	$	800,000	$	—
Term loan, net	—		199,049
Senior unsecured notes, net	2,806,811		2,608,189
Secured debt and finance leases, net	69,713		691,573
Liabilities of properties held for sale	—		3,525
Accrued interest	29,845		23,772
Assumed real estate lease obligations, net	2,556		67,830
Other liabilities	252,199		263,264
Total liabilities	3,961,124		3,857,202
Total equity	2,662,390		2,619,222
Total liabilities and equity	$	6,623,514	$	6,476,424

11

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 statements regarding DHC's progress in its SHOP segment may imply that DHC's senior living communities will realize increased operating results and returns from its SHOP segment. However, DHC may not realize these increases,

•Ms. Francis states that DHC focused on the foundational work necessary to position its portfolio for a successful transition out of the global pandemic and notes certain transactions as examples, including DHC's transition of 107 of its senior living communities to new operators, continued investment of capital to improve or reposition many of its communities, recapitalization of an existing joint venture and completion of an additional joint venture. These statements may imply that DHC's operating results and financial position will improve as a result of these transactions. However, DHC's business is subject to various risks, including risks outside its control. As a result, DHC may not realize the benefits it expects from these efforts and transactions,

•Ms. Francis states that, with over $1 billion of cash, DHC believes it is well-capitalized to continue investing in its portfolio, reduce leverage and maintain liquidity as its portfolio recovers. This may imply that DHC will be able to sustain sufficient liquidity and its portfolio will recover from current levels. However, if the duration and severity of the COVID-19 pandemic and its impacts on DHC and its managers and tenants 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 achieved,

•Although DHC has obtained a waiver from compliance with certain financial covenants under its credit agreement through December 31, 2022, if DHC's operating results and financial condition are further adversely impacted by the COVID-19 pandemic or fail to sufficiently improve, 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 December 31, 2021, and DHC cannot be certain how long this ratio will remain below 1.5x. DHC is currently unable to incur additional debt because this ratio is below 1.5x on a pro forma basis, 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 currently unable to incur 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 repay its debt or maintain adequate liquidity, and

•DHC may not be successful in redeveloping the senior living community formerly managed by Five Star and recently closed, and any redevelopment DHC may pursue may not achieve anticipated results.

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)

12

EX-99.2

FOURTH QUARTER 2021 Supplemental Operating and Financial Data ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. Exhibit 99.2 Muse at Torrey Pines San Diego, CA Exhibit 99.2

Supplemental Q4 2021 2 CORPORATE INFORMATION Company Profile ....................................................................................................................................................................................................................................................... 3 Investor Information ................................................................................................................................................................................................................................................ 4 Research Coverage .................................................................................................................................................................................................................................................. 5 FINANCIALS Key Financial Data .................................................................................................................................................................................................................................................... 6 Condensed Consolidated Balance Sheets .......................................................................................................................................................................................................... 7 Consolidated Statements of Income (Loss) ........................................................................................................................................................................................................ 8 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 December 31, 2021 ....................................................................................................................................................... 14 Property Acquisitions / Dispositions Information Since January 1, 2021 ...................................................................................................................................................... 15 Investment in Unconsolidated Joint Venture ..................................................................................................................................................................................................... 16 Calculation and Reconciliation of NOI and Cash Basis NOI ............................................................................................................................................................................ 17 NOI and Cash Basis NOI ........................................................................................................................................................................................................................................ 18 Same Property NOI and Cash Basis NOI ............................................................................................................................................................................................................ 19 Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment ...................................................... 20 Calculation and Reconciliation of EBITDA, EBITDAre and Adjusted EBITDAre .......................................................................................................................................... 24 Calculation and Reconciliation of FFO and Normalized FFO Attributable to Common Shareholders ................................................................................................... 25 PORTFOLIO INFORMATION Portfolio Summary by Geographic Diversification and Property Type .......................................................................................................................................................... 26 Portfolio Summary ................................................................................................................................................................................................................................................... 27 SHOP Unit Count ..................................................................................................................................................................................................................................................... 28 Rent Coverage and Occupancy ............................................................................................................................................................................................................................. 29 Office Portfolio and Same Property - Results of Operations .......................................................................................................................................................................... 30 SHOP Segment and Same Property - Results of Operations .......................................................................................................................................................................... 33 SHOP Segment and Same Property - Five Star Retained and Operator Transitioned Communities Results of Operations .............................................................. 34 Office Portfolio Leasing Summary ........................................................................................................................................................................................................................ 36 Tenants Representing 1% or More of Total Annualized Rental Income ........................................................................................................................................................ 37 Office Portfolio Lease Expiration Schedule ........................................................................................................................................................................................................ 38 Non-Segment Lease Expiration Schedule ........................................................................................................................................................................................................... 39 NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS ............................................................................................................................................................................. 40 WARNING CONCERNING FORWARD-LOOKING STATEMENTS .................................................................................................................................................................................. 44 Table of Contents Please refer to Non-GAAP Financial Measures and Certain Definitions beginning on page 40 for terms used throughout this document.

Supplemental Q4 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 133 market indices and comprises more than 1% of the following indices as of December 31, 2021: BI North America Healthcare REIT Valuation Peers (BIHLCRNP), Bloomberg Real Estate Investment Trust Mid Cap Index (BBREMIDC), the Invesco S&P SmallCap 600 Pure Value ETF INAV Index (RZVIV) and the Invesco S&P SmallCap 600 Equal Weight ETF INAV Index (EWSCIV). Management: DHC is managed by The RMR Group (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 December 31, 2021, RMR had over $33 billion of real estate assets under management and the combined RMR managed companies had approximately $12 billion of annual revenues, nearly 2,100 properties and approximately 37,000 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 Q4 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 28515 Westinghouse Place Valencia, CA

Supplemental Q4 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 RBC Capital Markets Aaron Hecht Michael Carroll (415) 835-3963 (440) 715-2649 ahecht@jmpsecurities.com michael.carroll@rbccm.com Rating Agencies: Moody’s Investors Service S & P Global Lori Marks Alan Zigman (212) 553-1098 (416) 507-2556 lori.marks@moodys.com alan.zigman@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 Q4 2021 6 Key Financial Data RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Selected Balance Sheet Data: Total gross assets $ 8,361,321 $ 8,907,220 $ 8,972,324 $ 9,285,312 $ 8,171,325 Total assets $ 6,623,514 $ 7,066,048 $ 7,179,852 $ 7,542,706 $ 6,476,424 Total liabilities $ 3,961,124 $ 4,656,391 $ 4,674,703 $ 4,997,516 $ 3,857,202 Total equity $ 2,662,390 $ 2,409,657 $ 2,505,149 $ 2,545,190 $ 2,619,222 Selected Income Statement Data: Total revenues $ 336,731 $ 337,416 $ 346,341 $ 362,724 $ 384,909 Net income (loss) $ 366,758 $ (88,004) $ (32,645) $ (66,183) $ (14,920) Net income (loss) attributable to common shareholders $ 365,585 $ (89,343) $ (34,222) $ (67,505) $ (16,228) NOI $ 63,015 $ 71,343 $ 81,709 $ 75,333 $ 82,702 Adjusted EBITDAre $ 53,875 $ 63,080 $ 87,789 $ 73,203 $ 87,218 FFO attributable to common shareholders $ (19,270) $ (13,799) $ (1,525) $ 3,698 $ 22,633 Normalized FFO attributable to common shareholders $ (16,495) $ (9,449) $ 12,215 $ 5,823 $ 22,254 Per Common Share Data (basic and diluted): Net income (loss) attributable to common shareholders $ 1.54 $ (0.38) $ (0.14) $ (0.28) $ (0.07) FFO attributable to common shareholders $ (0.08) $ (0.06) $ (0.01) $ 0.02 $ 0.10 Normalized FFO attributable to common shareholders $ (0.07) $ (0.04) $ 0.05 $ 0.02 $ 0.09 Dividends: Annualized dividend declared per common share $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.04 Annualized dividend yield (at end of period) 1.3 % 1.2 % 1.0 % 0.8 % 1.0 % Normalized FFO attributable to common shareholders payout ratio (14.3) % (25.0) % 20.0 % 50.0 % 11.1 % (dollars in thousands, except per share data) Nottingham Hall Durham, NC

Supplemental Q4 2021 7 December 31, 2021 December 31, 2020 Assets Real estate properties: Land $ 741,501 $ 789,125 Buildings and improvements 6,072,055 6,621,605 Total real estate properties, gross 6,813,556 7,410,730 Accumulated depreciation (1,737,807) (1,694,901) Total real estate properties, net 5,075,749 5,715,829 Investment in unconsolidated joint venture 215,127 — Assets of properties held for sale — 112,437 Cash and cash equivalents 634,848 74,417 Restricted cash 382,097 16,432 Acquired real estate leases and other intangible assets, net 48,746 286,513 Other assets, net 266,947 270,796 Total assets $ 6,623,514 $ 6,476,424 Liabilities and Equity Revolving credit facility $ 800,000 $ — Term loan, net — 199,049 Senior unsecured notes, net 2,806,811 2,608,189 Secured debt and finance leases, net 69,713 691,573 Liabilities of properties held for sale — 3,525 Accrued interest 29,845 23,772 Assumed real estate lease obligations, net 2,556 67,830 Other liabilities 252,199 263,264 Total liabilities 3,961,124 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, 238,994,894 and 238,268,478 shares issued and outstanding, respectively 2,390 2,383 Additional paid in capital 4,615,475 4,613,904 Cumulative net income 2,087,624 1,913,109 Cumulative distributions (4,043,099) (4,033,559) Total equity attributable to common shareholders 2,662,390 2,495,837 Noncontrolling interest: Total equity attributable to noncontrolling interest — 123,385 Total equity 2,662,390 2,619,222 Total liabilities and equity $ 6,623,514 $ 6,476,424 Condensed Consolidated Balance Sheets (dollars in thousands, except share data) RETURN TO TABLE OF CONTENTS Bayside Technology Park 47215 Lakeview Boulevard Fremont, CA

Supplemental Q4 2021 8 For the Three Months Ended December 31, For the Year Ended December 31, 2021 2020 2021 2020 Revenues: Rental income $ 102,034 $ 106,272 $ 408,589 $ 427,215 Residents fees and services 234,697 278,637 974,623 1,204,811 Total revenues 336,731 384,909 1,383,212 1,632,026 Expenses: Property operating expenses 273,716 302,207 1,091,812 1,236,357 Depreciation and amortization 68,388 65,681 271,131 270,147 General and administrative 8,549 7,461 34,087 30,593 Acquisition and certain other transaction related costs 2,327 11 17,506 814 Impairment of assets — 361 (174) 106,972 Total expenses 352,980 375,721 1,414,362 1,644,883 Gain on sale of properties 461,434 4,084 492,272 6,487 Gains and losses on equity securities, net (15,289) 19,565 (42,232) 34,106 Interest and other income (1) 786 10,213 20,635 18,221 Interest expense (including net amortization of debt premiums, discounts and issuance costs of $3,631, $2,448, $13,408 and $8,022, respectively) (63,518) (57,768) (255,759) (201,483) Gain on lease termination — — — 22,896 Loss on early extinguishment of debt — — (2,410) (427) Income (loss) from continuing operations before income tax expense 367,164 (14,718) 181,356 (133,057) Income tax expense (406) (202) (1,430) (1,250) Net income (loss) 366,758 (14,920) 179,926 (134,307) Net income attributable to noncontrolling interest (1,173) (1,308) (5,411) (5,146) Net income (loss) attributable to common shareholders $ 365,585 $ (16,228) $ 174,515 $ (139,453) Weighted average common shares outstanding (basic) 238,149 237,834 237,967 237,739 Weighted average common shares outstanding (diluted) 238,149 237,834 237,967 237,739 Per common share data (basic and diluted): Net income (loss) attributable to common shareholders $ 1.54 $ (0.07) $ 0.73 $ (0.59) (1) See footnote on the following page. Consolidated Statements of Income (Loss) (amounts in thousands, except per share data) RETURN TO TABLE OF CONTENTS

Supplemental Q4 2021 9 For the Three Months Ended December 31, For the Year Ended December 31, 2021 2020 2021 2020 Additional Data: General and administrative expenses / total assets (at end of period) 0.1 % 0.1 % 0.5 % 0.5 % Non-cash straight line rent adjustments included in rental income $ 2,042 $ 3,040 $ 5,846 $ 6,069 Lease value amortization included in rental income $ 1,648 $ 1,846 $ 7,211 $ 7,405 Non-cash share based compensation $ 315 $ 402 $ 1,960 $ 1,568 Non-cash amortization included in property operating expenses $ 200 $ 200 $ 797 $ 797 Non-cash amortization included in general and administrative expenses $ 743 $ 743 $ 2,974 $ 2,974 Costs and payment obligations related to compliance assessment at one of our senior living communities $ — $ (402) $ — $ 5,770 CARES Act (1) $ 587 $ 10,139 $ 19,554 $ 17,485 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 $587 and $10,139 during the three months ended December 31, 2021 and 2020, respectively, and $19,554 and $17,485 during the year ended December 31, 2021 and 2020, respectively.

Supplemental Q4 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 1/15/2023 $ 800,000 1.0 Weighted average rate / total floating rate debt 2.850% 2.850% $ 800,000 $ 800,000 1.0 Unsecured Fixed Rate Debt: Senior unsecured notes due 2024 4.750% 4.790% $ 250,000 5/1/2024 $ 250,000 2.3 Senior unsecured notes due 2025 (3) 9.750% 9.750% 1,000,000 6/15/2025 1,000,000 3.5 Senior unsecured notes due 2028 4.750% 4.966% 500,000 2/15/2028 500,000 6.1 Senior unsecured notes due 2031 4.375% 4.375% 500,000 3/1/2031 500,000 9.2 Senior unsecured notes due 2042 5.625% 5.625% 350,000 8/1/2042 350,000 20.6 Senior unsecured notes due 2046 6.250% 6.250% 250,000 2/1/2046 250,000 24.1 Weighted average rate / total unsecured fixed rate debt 6.678% 6.719% $ 2,850,000 $ 2,850,000 8.7 Weighted average rate / total floating and unsecured fixed rate debt 5.839% 5.871% $ 3,650,000 $ 3,650,000 7.1 Secured Fixed Rate Debt: Mortgage - secured by 1 property 6.280% 5.170% $ 11,120 7/1/2022 $ 10,744 0.5 Mortgage - secured by 1 property 4.850% 3.790% 10,479 10/1/2022 10,287 0.8 Mortgage - secured by 2 properties 5.750% 5.110% 15,456 10/6/2022 15,182 0.8 Mortgage - secured by 1 property 6.640% 4.920% 15,204 6/1/2023 14,522 1.4 Finance leases - 2 properties 7.700% 7.700% 6,636 4/30/2026 155 4.3 Mortgage - secured by 1 property 4.444% 4.444% 10,240 7/1/2043 1,698 21.5 Weighted average rate / total secured fixed rate debt 5.888% 5.028% $ 69,135 $ 52,588 4.3 Weighted average rate / total debt 5.840% 5.855% $ 3,719,135 $ 3,702,588 7.0 Debt Summary (dollars in thousands) RETURN TO TABLE OF CONTENTS As of December 31, 2021 (1) In February 2022, we amended the agreement governing our revolving credit facility, or our credit agreement, to, among other things, extend the waiver of the fixed charge coverage ratio covenant through December 31, 2022 and reduce the facility commitments to $700,000, and we also exercised our option to 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 our credit agreement and provided first mortgage liens on 61 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 a set redemption price.

Supplemental Q4 2021 11 $800,000 $250,000 $1,000,000 $500,000 $1,100,000 $39,067 $16,413 $1,834 $2,001 $904 $302 $315 $330 $346 $7,623 Floating Rate Debt Unsecured Fixed Rate Debt Secured Fixed Rate Debt 2022 2023 2024 2025 2026 2027 2028 2029 2030 Thereafter $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 Debt Maturity Schedule (1) (1) (3) (2) RETURN TO TABLE OF CONTENTS (dollars in thousands) As of December 31, 2021 (1) (1) Represents Secured Fixed Rate Debt payments. (2) Represents outstanding borrowings under our revolving credit facility as of December 31, 2021. In February 2022, we amended our credit agreement to, among other things, extend the waiver of the fixed charge coverage ratio covenant through December 31, 2022 and reduce the facility commitments to $700,000, and we also exercised our option to extend the maturity date of our revolving credit facility to January 2024. (3) Includes $6,636 of finance lease obligations due through April 2026. (1) (1) (1) (1)

Supplemental Q4 2021 12 Leverage Ratios, Coverage Ratios and Public Debt Covenants RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Leverage Ratios: Net debt / total gross assets 32.3% 39.8% 38.9% 40.9% 42.4% Net debt / gross book value of real estate assets 37.5% 43.0% 42.5% 46.0% 42.2% Secured debt / total assets 13.1% 9.8% 9.6% 9.2% 10.7% Variable rate debt / net debt 29.6% 22.6% 22.9% 21.1% 5.8% Coverage Ratios: Net debt / annualized Adjusted EBITDAre 12.9x 13.9x 9.9x 12.9x 10.1x Adjusted EBITDAre / interest expense 0.8x 1.0x 1.3x 1.2x 1.5x As of and For the Trailing Twelve Months Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Public Debt Covenants: Maintenance Covenant Total unencumbered assets / unsecured debt - required minimum 150.0% 238.7% 232.7% 231.8% 210.8% 246.6% Incurrence Covenants Total debt / adjusted total assets - allowable maximum 60.0% 43.7% 47.8% 47.5% 49.2% 42.5% Secured debt / adjusted total assets - allowable maximum 40.0% 10.2% 16.4% 16.3% 15.8% 8.3% Consolidated income available for debt service / debt service - required minimum 1.50x (1) 1.07x 1.23x 1.31x 1.60x 1.98x (1) As of December 31, 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 currently unable to incur additional debt because this ratio is below the required level on a pro forma basis. 8501 Golden Valley Road Golden Valley, MN

Supplemental Q4 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 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Office Portfolio lease related costs $ 15,941 $ 5,910 $ 10,044 $ 8,358 $ 6,071 Office Portfolio building improvements 5,462 3,332 4,437 2,176 6,756 SHOP fixed assets and capital improvements 76,039 23,270 19,283 22,530 27,035 Recurring capital expenditures $ 97,442 $ 32,512 $ 33,764 $ 33,064 $ 39,862 Office Portfolio avg. sq. ft. during period 10,360 10,927 11,059 11,236 11,428 SHOP avg. units managed during period 25,385 25,424 26,193 26,966 27,601 Office Portfolio building improvements per avg. sq. ft. during period $ 0.53 $ 0.30 $ 0.40 $ 0.19 $ 0.59 SHOP fixed assets and capital improvements per avg. unit during period $ 2,995 $ 915 $ 736 $ 835 $ 979 Development, redevelopment and other activities - Office Portfolio $ 11,022 $ 6,824 $ 9,689 $ 12,718 $ 17,655 Development, redevelopment and other activities - SHOP 3,620 2,217 5,345 6,092 7,172 Total development, redevelopment and other activities $ 14,642 $ 9,041 $ 15,034 $ 18,810 $ 24,827

Supplemental Q4 2021 14 Project Location Type of Property Square Feet (1) Estimated Project Costs Total Costs Incurred as of December 31, 2021 Estimated Completion Date 4 Maguire Road Lexington, MA Life Science 54,633 $ 29.2 $ 18.8 Q2 2022 1415 West 3rd Street Tempe, AZ Life Science 82,257 $ 11.0 $ 0.7 Q4 2022 (1) Represents estimated square footage upon project completion. Office Portfolio Redevelopment Information as of December 31, 2021 (dollars in millions) RETURN TO TABLE OF CONTENTS Rendering of 1415 West 3rd Street Tempe, AZ

Supplemental Q4 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 Properties 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 Joint Venture Activity: Date Sold Location Type of Property Number of Properties DHC Ownership Retained Gross Proceeds 12/23/2021 Boston, MA Life Science 1 20% $ 378,000 1/28/2022 Various Life Science / Medical Office 10 20% 653,300 Total 11 $ 1,031,300 (dollars in thousands) RETURN TO TABLE OF CONTENTS

Supplemental Q4 2021 16 Investment in Unconsolidated Joint Venture (dollars and sq. ft. in thousands) RETURN TO TABLE OF CONTENTS As of December 31, 2021 Joint Venture Location DHC Ownership DHC Carrying Value of Investment at December 31, 2021 Number of Properties Square Feet Occupancy at December 31, 2021 Weighted Average Lease Term at December 31, 2021 (1) Seaport Innovation LLC Boston, MA 20% $215,127 1 1,134 100% 7.0 years Investment in Unconsolidated Joint Venture: Unconsolidated Debt: Secured Debt (2) Coupon Rate (3) Maturity Date Principal Balance at December 31, 2021 (4) DHC Ownership DHC Share of Principal Balance at December 31, 2021 (5) Mortgages - Secured by 1 Property 3.530% 8/6/2026 $620,000 20% $124,000 (1) The major tenant's lease expires in 2028. (2) The mortgage loans require interest-only payments until the respective maturity dates. (3) Includes the interest rate stated in, or determined pursuant to, the contract terms. (4) Reflects the entire balance of the debt secured by the property. We continue to provide certain guarantees on this debt. (5) Reflects our proportionate share of the principal debt balances based on our ownership percentage of the joint venture as of December 31, 2021.

Supplemental Q4 2021 17 Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Year Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020 Calculation of NOI and Cash Basis NOI: Revenues: Rental income $ 102,034 $ 101,403 $ 102,394 $ 102,758 $ 106,272 $ 408,589 $ 427,215 Residents fees and services 234,697 236,013 243,947 259,966 278,637 974,623 1,204,811 Total revenues 336,731 337,416 346,341 362,724 384,909 1,383,212 1,632,026 Property operating expenses (273,716) (266,073) (264,632) (287,391) (302,207) (1,091,812) (1,236,357) NOI 63,015 71,343 81,709 75,333 82,702 291,400 395,669 Non-cash straight line rent adjustments included in rental income (2,042) (1,679) (1,321) (804) (3,040) (5,846) (6,069) Lease value amortization included in rental income (1,648) (1,848) (1,849) (1,866) (1,846) (7,211) (7,405) Non-cash amortization included in property operating expenses (200) (199) (199) (199) (200) (797) (797) Cash Basis NOI $ 59,125 $ 67,617 $ 78,340 $ 72,464 $ 77,616 $ 277,546 $ 381,398 Reconciliation of Net Income (Loss) to NOI and Cash Basis NOI: Net income (loss) $ 366,758 $ (88,004) $ (32,645) $ (66,183) $ (14,920) $ 179,926 $ (134,307) Income tax expense 406 595 191 238 202 1,430 1,250 Loss on early extinguishment of debt — — 370 2,040 — 2,410 427 Gain on lease termination — — — — — — (22,896) Interest expense 63,518 64,493 67,657 60,091 57,768 255,759 201,483 Interest and other income (786) (976) (16,038) (2,835) (10,213) (20,635) (18,221) Losses (gains) on equity investments, net 15,289 14,755 3,849 8,339 (19,565) 42,232 (34,106) (Gain) loss on sale of properties (461,434) (200) (30,760) 122 (4,084) (492,272) (6,487) Impairment of assets — — — (174) 361 (174) 106,972 Acquisition and certain other transaction related costs 2,327 3,108 12,071 — 11 17,506 814 General and administrative 8,549 8,870 9,126 7,542 7,461 34,087 30,593 Depreciation and amortization 68,388 68,702 67,888 66,153 65,681 271,131 270,147 NOI 63,015 71,343 81,709 75,333 82,702 291,400 395,669 Non-cash straight line rent adjustments included in rental income (2,042) (1,679) (1,321) (804) (3,040) (5,846) (6,069) Lease value amortization included in rental income (1,648) (1,848) (1,849) (1,866) (1,846) (7,211) (7,405) Non-cash amortization included in property operating expenses (200) (199) (199) (199) (200) (797) (797) Cash Basis NOI $ 59,125 $ 67,617 $ 78,340 $ 72,464 $ 77,616 $ 277,546 $ 381,398

Supplemental Q4 2021 18 For the Three Months Ended For the Year Ended 12/31/2021 12/31/2020 % Change 12/31/2021 12/31/2020 % Change NOI: Life Science $ 28,079 $ 32,862 (14.6) % $ 121,916 $ 133,724 (8.8) % Medical Office 29,558 29,279 1.0 % 118,368 119,885 (1.3) % Total Office Portfolio 57,637 62,141 (7.2) % 240,284 253,609 (5.3) % SHOP (6,706) 9,139 (173.4) % 10,124 98,210 (89.7) % Non-Segment 12,084 11,422 5.8 % 40,992 43,850 (6.5) % Total $ 63,015 $ 82,702 (23.8) % $ 291,400 $ 395,669 (26.4) % Cash Basis NOI: Life Science $ 25,123 $ 30,287 (17.1) % $ 110,189 $ 123,283 (10.6) % Medical Office 28,856 28,750 0.4 % 115,875 118,414 (2.1) % Total Office Portfolio 53,979 59,037 (8.6) % 226,064 241,697 (6.5) % SHOP (6,706) 9,139 (173.4) % 10,124 98,210 (89.7) % Non-Segment 11,852 9,440 25.6 % 41,358 41,491 (0.3) % Total $ 59,125 $ 77,616 (23.8) % $ 277,546 $ 381,398 (27.2) % NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS

Supplemental Q4 2021 19 Same Property NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Year Ended 12/31/2021 12/31/2020 % Change 12/31/2021 12/31/2020 % Change NOI: Life Science $ 9,299 $ 9,700 (4.1) % $ 37,428 $ 39,494 (5.2) % Medical Office 29,708 28,603 3.9 % 118,334 115,919 2.1 % Total Office Portfolio 39,007 38,303 1.8 % 155,762 155,413 0.2 % SHOP 2,744 15,651 (82.5) % 33,275 102,390 (67.5) % Non-Segment 12,084 11,204 7.9 % 40,992 40,753 0.6 % Total $ 53,835 $ 65,158 (17.4) % $ 230,029 $ 298,556 (23.0) % Cash Basis NOI: Life Science $ 8,393 $ 9,666 (13.2) % $ 35,632 $ 38,906 (8.4) % Medical Office 29,028 28,017 3.6 % 115,815 114,649 1.0 % Total Office Portfolio 37,421 37,683 (0.7) % 151,447 153,555 (1.4) % SHOP 2,744 15,651 (82.5) % 33,275 102,390 (67.5) % Non-Segment 11,852 9,221 28.5 % 41,358 38,343 7.9 % Total $ 52,017 $ 62,555 (16.8) % $ 226,080 $ 294,288 (23.2) %

Supplemental Q4 2021 20 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: 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Rental income $ 89,950 $ 91,520 $ 92,804 $ 93,323 $ 94,850 Property operating expenses (32,313) (32,386) (31,321) (31,293) (32,709) NOI $ 57,637 $ 59,134 $ 61,483 $ 62,030 $ 62,141 NOI $ 57,637 $ 59,134 $ 61,483 $ 62,030 $ 62,141 Less: Non-cash straight line rent adjustments included in rental income 1,827 1,800 1,597 1,083 1,114 Lease value amortization included in rental income 1,631 1,830 1,833 1,822 1,790 Non-cash amortization included in property operating expenses 200 199 199 199 200 Cash Basis NOI $ 53,979 $ 55,305 $ 57,854 $ 58,926 $ 59,037 Reconciliation of NOI to Same Property NOI: NOI $ 57,637 $ 59,134 $ 61,483 $ 62,030 $ 62,141 Less: NOI of properties not included in same property results 18,630 20,795 22,104 22,995 23,838 Same Property NOI $ 39,007 $ 38,339 $ 39,379 $ 39,035 $ 38,303 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same Property NOI $ 39,007 $ 38,339 $ 39,379 $ 39,035 $ 38,303 Less: Non-cash straight line rent adjustments included in rental income 1,645 1,308 884 694 707 Lease value amortization included in rental income (178) (172) (170) (170) (203) Non-cash amortization included in property operating expenses 119 119 119 118 116 Same Property Cash Basis NOI $ 37,421 $ 37,084 $ 38,546 $ 38,393 $ 37,683

Supplemental Q4 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) SHOP For the Three Months Ended Calculation of NOI and Cash Basis NOI: 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Residents fees and services $ 234,697 $ 236,013 $ 243,947 $ 259,966 $ 278,637 Property operating expenses (241,403) (233,687) (233,311) (256,098) (269,498) NOI / Cash Basis NOI $ (6,706) $ 2,326 $ 10,636 $ 3,868 $ 9,139 Reconciliation of NOI / Cash Basis NOI to Same Property NOI / Same Property Cash Basis NOI: NOI / Cash Basis NOI $ (6,706) $ 2,326 $ 10,636 $ 3,868 $ 9,139 Less: NOI / Cash Basis NOI of properties not included in same property results (9,450) (5,154) (1,873) (6,673) (6,512) Same Property NOI / Same Property Cash Basis NOI $ 2,744 $ 7,480 $ 12,509 $ 10,541 $ 15,651

Supplemental Q4 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) Non-Segment For the Three Months Ended Calculation of NOI and Cash Basis NOI: 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Rental income $ 12,084 $ 9,883 $ 9,590 $ 9,435 $ 11,422 Property operating expenses — — — — — NOI $ 12,084 $ 9,883 $ 9,590 $ 9,435 $ 11,422 NOI $ 12,084 $ 9,883 $ 9,590 $ 9,435 $ 11,422 Less: Non-cash straight line rent adjustments included in rental income 215 (121) (276) (279) 1,926 Lease value amortization included in rental income 17 18 16 44 56 Non-cash amortization included in property operating expenses — — — — — Cash Basis NOI $ 11,852 $ 9,986 $ 9,850 $ 9,670 $ 9,440 Reconciliation of NOI to Same Property NOI: NOI $ 12,084 $ 9,883 $ 9,590 $ 9,435 $ 11,422 Less: NOI of properties not included in same property results — — — — 218 Same Property NOI $ 12,084 $ 9,883 $ 9,590 $ 9,435 $ 11,204 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same Property NOI $ 12,084 $ 9,883 $ 9,590 $ 9,435 $ 11,204 Less: Non-cash straight line rent adjustments included in rental income 215 (121) (276) (279) 1,928 Lease value amortization included in rental income 17 18 16 44 55 Non-cash amortization included in property operating expenses — — — — — Same Property Cash Basis NOI $ 11,852 $ 9,986 $ 9,850 $ 9,670 $ 9,221

Supplemental Q4 2021 23 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: 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Rental income / residents fees and services $ 336,731 $ 337,416 $ 346,341 $ 362,724 $ 384,909 Property operating expenses (273,716) (266,073) (264,632) (287,391) (302,207) NOI $ 63,015 $ 71,343 $ 81,709 $ 75,333 $ 82,702 NOI $ 63,015 $ 71,343 $ 81,709 $ 75,333 $ 82,702 Less: Non-cash straight line rent adjustments included in rental income 2,042 1,679 1,321 804 3,040 Lease value amortization included in rental income 1,648 1,848 1,849 1,866 1,846 Non-cash amortization included in property operating expenses 200 199 199 199 200 Cash Basis NOI $ 59,125 $ 67,617 $ 78,340 $ 72,464 $ 77,616 Reconciliation of NOI to Same Property NOI: NOI $ 63,015 $ 71,343 $ 81,709 $ 75,333 $ 82,702 Less: NOI of properties not included in same property results 9,180 15,641 20,231 16,322 17,544 Same Property NOI $ 53,835 $ 55,702 $ 61,478 $ 59,011 $ 65,158 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same Property NOI $ 53,835 $ 55,702 $ 61,478 $ 59,011 $ 65,158 Less: Non-cash straight line rent adjustments included in rental income 1,860 1,187 608 415 2,635 Lease value amortization included in rental income (161) (154) (154) (126) (148) Non-cash amortization included in property operating expenses 119 119 119 118 116 Same Property Cash Basis NOI $ 52,017 $ 54,550 $ 60,905 $ 58,604 $ 62,555

Supplemental Q4 2021 24 Calculation and Reconciliation of EBITDA, EBITDAre and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020 Net income (loss) $ 366,758 $ (88,004) $ (32,645) $ (66,183) $ (14,920) $ 179,926 $ (134,307) Interest expense 63,518 64,493 67,657 60,091 57,768 255,759 201,483 Income tax expense 406 595 191 238 202 1,430 1,250 Depreciation and amortization 68,388 68,702 67,888 66,153 65,681 271,131 270,147 EBITDA 499,070 45,786 103,091 60,299 108,731 708,246 338,573 (Gain) loss on sale of properties (461,434) (200) (30,760) 122 (4,084) (492,272) (6,487) Impairment of assets — — — (174) 361 (174) 106,972 Share of EBITDAre from unconsolidated joint venture 384 — — — — 384 — Adjustments to reflect our share of EBITDAre attributable to an equity method investment (2,468) (2,345) (2,673) 2,310 1,967 (5,176) 1,665 EBITDAre 35,552 43,241 69,658 62,557 106,975 211,008 440,723 General and administrative expense paid in common shares 315 742 675 228 402 1,960 1,568 Acquisition and certain other transaction related costs 2,327 3,108 12,071 — 11 17,506 814 Gain on lease termination — — — — — — (22,896) Loss on early extinguishment of debt — — 370 2,040 — 2,410 427 Costs and payment obligations related to compliance assessment at one of our senior living communities — — — — (402) — 5,770 Losses (gains) on equity securities, net 15,289 14,755 3,849 8,339 (19,565) 42,232 (34,106) Adjustments to reflect our share of Adjusted EBITDAre attributable to an equity method investment 392 1,234 1,166 39 (203) 2,831 9,026 Adjusted EBITDAre $ 53,875 $ 63,080 $ 87,789 $ 73,203 $ 87,218 $ 277,947 $ 401,326 RETURN TO TABLE OF CONTENTS

Supplemental Q4 2021 25 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 Year Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020 Net income (loss) attributable to common shareholders $ 365,585 $ (89,343) $ (34,222) $ (67,505) $ (16,228) $ 174,515 $ (139,453) Depreciation and amortization 68,388 68,702 67,888 66,153 65,681 271,131 270,147 (Gain) loss on sale of properties (461,434) (200) (30,760) 122 (4,084) (492,272) (6,487) Impairment of assets — — — (174) 361 (174) 106,972 Losses (gains) on equity securities, net 15,289 14,755 3,849 8,339 (19,565) 42,232 (34,106) FFO adjustments attributable to noncontrolling interest (4,763) (5,273) (5,275) (5,273) (5,275) (20,584) (21,100) Share of FFO from unconsolidated joint venture 273 — — — — 273 — Adjustments to reflect our share of FFO attributable to an equity method investment (2,608) (2,440) (3,005) 2,036 1,743 (6,017) 839 FFO attributable to common shareholders (19,270) (13,799) (1,525) 3,698 22,633 (30,896) 176,812 Acquisition and certain other transaction related costs 2,327 3,108 12,071 — 11 17,506 814 Costs and payment obligations related to compliance assessment at one of our senior living communities — — — — (402) — 5,770 Gain on lease termination — — — — — — (22,896) Loss on early extinguishment of debt — — 370 2,040 — 2,410 427 Adjustments to reflect our share of Normalized FFO attributable to an equity method investment 448 1,242 1,299 85 12 3,074 9,187 Normalized FFO attributable to common shareholders $ (16,495) $ (9,449) $ 12,215 $ 5,823 $ 22,254 $ (7,906) $ 170,114 Weighted average common shares outstanding (basic) 238,149 238,008 237,871 237,834 237,834 237,967 237,739 Weighted average common shares outstanding (diluted) 238,149 238,008 237,871 237,834 237,834 237,967 237,739 Per Common Share Data (basic and diluted): Net income (loss) attributable to common shareholders $ 1.54 $ (0.38) $ (0.14) $ (0.28) $ (0.07) $ 0.73 $ (0.59) FFO attributable to common shareholders $ (0.08) $ (0.06) $ (0.01) $ 0.02 $ 0.10 $ (0.13) $ 0.74 Normalized FFO attributable to common shareholders $ (0.07) $ (0.04) $ 0.05 $ 0.02 $ 0.09 $ (0.03) $ 0.72

Supplemental Q4 2021 26 (based on Gross Book Value of Real Estate Assets as of December 31, 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. Portfolio Summary by Geographic Diversification and Property Type Geographic Diversification RETURN TO TABLE OF CONTENTS Property Type(1) (2) (based on Q4 2021 Same Property NOI)

Supplemental Q4 2021 27 Portfolio Summary RETURN TO TABLE OF CONTENTS (dollars in thousands, except investment per square foot or unit) As of December 31, 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 Q4 2021 Total Revenues % of Q4 2021 Total NOI Q4 2021 Q4 2021 Revenues NOI Life science 28 2,995,747 $ 788,398 10.9 % $ 263 $ 40,412 12.0 % $ 28,079 44.6 % Medical office 88 6,797,275 1,841,163 25.5 % $ 271 49,538 14.7 % 29,558 46.9 % Subtotal Office Portfolio 116 9,793,022 sq. ft. 2,629,561 36.4 % $ 269 89,950 26.7 % 57,637 91.5 % SHOP 235 25,345 units 4,162,340 57.6 % $ 164,227 234,697 69.7 % (6,706) (10.6) % Other triple net leased senior living communities 29 2,327 units 250,396 3.5 % $ 107,605 8,243 2.4 % 8,243 13.1 % Wellness centers 10 812,000 sq. ft. 178,110 2.5 % $ 219 3,841 1.2 % 3,841 6.0 % Total 390 $ 7,220,407 100.0 % $ 336,731 100.0 % $ 63,015 100.0 % Aurora Health Advocate 215 Washington Street Grafton, WI

Supplemental Q4 2021 28 SHOP Unit Count Assisted Living units: 10,591: 42% Independent Living and Active Adult units: 10,417: 41% SNF units: 1,439: 6% Memory Care units: 2,898: 11% RETURN TO TABLE OF CONTENTS SHOP Unit Count as of December 31, 2021 Assisted Living units: 6,451: 36% Independent Living and Active Adult units: 9,857: 55% Memory Care units: 1,591: 9% Assisted Living units: 4,140: 56% Independent Living units: 560: 7% SNF units: 1,439: 19% Memory Care units: 1,307: 18% Five Star Retained Communities Unit Count as of December 31, 2021 Operator Transitioned Communities Unit Count as of December 31, 2021

Supplemental Q4 2021 29 Rent Coverage and Occupancy Rent Coverage (1): For the Twelve Months Ended 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Other triple net leased senior living communities 1.21 x 1.27 x 1.38 x 1.48 x 1.61 x Wellness centers 1.23 x 1.17 x 0.94 x 0.91 x 1.05 x Total 1.21 x 1.24 x 1.24 x 1.26 x 1.37 x Occupancy - Other triple net leased senior living communities (1): For the Twelve Months Ended 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 Occupancy 76.5 % 76.3 % 77.7 % 80.6 % 83.4 % Same Property Occupancy (2) 76.5 % 76.3 % 77.7 % 80.6 % 83.4 % 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 December 31, 2021 for all periods presented. The Stratford Carmel, IN

Supplemental Q4 2021 30RETURN TO TABLE OF CONTENTS OFFICE PORTFOLIO - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended December 31, 2021 As of and For the Three Months Ended December 31, 2020 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 28 88 116 32 91 123 Square Feet 2,996 6,797 9,793 4,328 6,954 11,282 Occupancy 92.2 % 91.0 % 91.3 % 92.4 % 90.9 % 91.4 % Rental Income $ 40,412 $ 49,538 $ 89,950 $ 44,735 $ 50,115 $ 94,850 NOI $ 28,079 $ 29,558 $ 57,637 $ 32,862 $ 29,279 $ 62,141 Cash Basis NOI $ 25,123 $ 28,856 $ 53,979 $ 30,287 $ 28,750 $ 59,037 NOI Margin % 69.5 % 59.7 % 64.1 % 73.5 % 58.4 % 65.5 % Cash Basis NOI Margin % 66.9 % 58.9 % 62.4 % 71.7 % 57.9 % 64.2 % NOI % Change (14.6) % 1.0 % (7.2) % Cash Basis NOI % Change (17.1) % 0.4 % (8.6) % OFFICE PORTFOLIO SAME PROPERTY - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended December 31, 2021 As of and For the Three Months Ended December 31, 2020 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 23 87 110 23 87 110 Square Feet 2,673 6,705 9,378 2,673 6,705 9,378 Occupancy 94.3 % 92.1 % 92.7 % 98.9 % 90.9 % 93.2 % Rental Income $ 13,656 $ 49,479 $ 63,135 $ 14,149 $ 48,779 $ 62,928 NOI $ 9,299 $ 29,708 $ 39,007 $ 9,700 $ 28,603 $ 38,303 Cash Basis NOI $ 8,393 $ 29,028 $ 37,421 $ 9,666 $ 28,017 $ 37,683 NOI Margin % 68.1 % 60.0 % 61.8 % 68.6 % 58.6 % 60.9 % Cash Basis NOI Margin % 65.8 % 59.4 % 60.7 % 68.4 % 58.0 % 60.4 % NOI % Change (4.1) % 3.9 % 1.8 % Cash Basis NOI % Change (13.2) % 3.6 % (0.7) % Office Portfolio and Same Property - Results of Operations Three Months Ended December 31, 2021 and 2020

Supplemental Q4 2021 31 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 Year Ended December 31, 2021 As of and For the Year Ended December 31, 2020 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 28 88 116 32 91 123 Square Feet 2,996 6,797 9,793 4,328 6,954 11,282 Occupancy 92.2 % 91.0 % 91.3 % 92.4 % 90.9 % 91.4 % Rental Income $ 170,112 $ 197,485 $ 367,597 $ 181,437 $ 201,928 $ 383,365 NOI $ 121,916 $ 118,368 $ 240,284 $ 133,724 $ 119,885 $ 253,609 Cash Basis NOI $ 110,189 $ 115,875 $ 226,064 $ 123,283 $ 118,414 $ 241,697 NOI Margin % 71.7 % 59.9 % 65.4 % 73.7 % 59.4 % 66.2 % Cash Basis NOI Margin % 69.4 % 59.3 % 63.8 % 71.9 % 58.9 % 64.9 % NOI % Change (8.8) % (1.3) % (5.3) % Cash Basis NOI % Change (10.6) % (2.1) % (6.5) % OFFICE PORTFOLIO SAME PROPERTY - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Year Ended December 31, 2021 As of and For the Year Ended December 31, 2020 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 23 87 110 23 87 110 Square Feet 2,673 6,705 9,378 2,673 6,705 9,378 Occupancy 94.3 % 92.1 % 92.7 % 98.9 % 90.9 % 93.2 % Rental Income $ 54,857 $ 196,250 $ 251,107 $ 56,765 $ 193,967 $ 250,732 NOI $ 37,428 $ 118,334 $ 155,762 $ 39,494 $ 115,919 $ 155,413 Cash Basis NOI $ 35,632 $ 115,815 $ 151,447 $ 38,906 $ 114,649 $ 153,555 NOI Margin % 68.2 % 60.3 % 62.0 % 69.6 % 59.8 % 62.0 % Cash Basis NOI Margin % 67.1 % 59.6 % 61.2 % 69.2 % 59.4 % 61.6 % NOI % Change (5.2) % 2.1 % 0.2 % Cash Basis NOI % Change (8.4) % 1.0 % (1.4) % Years Ended December 31, 2021 and 2020

Supplemental Q4 2021 32 (1) Same property includes those properties classified as same property for the three months ended December 31, 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 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Number of Buildings 116 118 118 122 123 Square Feet 9,793 10,927 10,927 11,190 11,282 Occupancy 91.3 % 91.3 % 91.0 % 92.3 % 91.4 % Rental Income $ 89,950 $ 91,520 $ 92,804 $ 93,323 $ 94,850 NOI $ 57,637 $ 59,134 $ 61,483 $ 62,030 $ 62,141 Cash Basis NOI $ 53,979 $ 55,305 $ 57,854 $ 58,926 $ 59,037 NOI Margin % 64.1 % 64.6 % 66.3 % 66.5 % 65.5 % Cash Basis NOI Margin % 62.4 % 62.9 % 64.7 % 65.2 % 64.2 % Sequential NOI % Change (2.5) % (3.8) % (0.9) % (0.2) % Sequential Cash Basis NOI % Change (2.4) % (4.4) % (1.8) % (0.2) % Year Over Year NOI % Change (7.2) % Year Over Year Cash Basis NOI % Change (8.6) % OFFICE PORTFOLIO SAME PROPERTY - RESULTS OF OPERATIONS (1) (dollars and sq. ft. in thousands) As of and For the Three Months Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Number of Buildings 110 110 110 110 110 Square Feet 9,378 9,378 9,378 9,378 9,378 Occupancy 92.7 % 91.9 % 92.1 % 93.0 % 93.2 % Rental Income $ 63,135 $ 62,675 $ 62,966 $ 62,329 $ 62,928 NOI $ 39,007 $ 38,339 $ 39,379 $ 39,035 $ 38,303 Cash Basis NOI $ 37,421 $ 37,084 $ 38,546 $ 38,393 $ 37,683 NOI Margin % 61.8 % 61.2 % 62.5 % 62.6 % 60.9 % Cash Basis NOI Margin % 60.7 % 60.3 % 61.9 % 62.1 % 60.4 % Sequential NOI % Change 1.7 % (2.6) % 0.9 % 1.9 % Sequential Cash Basis NOI % Change 0.9 % (3.8) % 0.4 % 1.9 % Year Over Year NOI % Change 1.8 % Year Over Year Cash Basis NOI % Change (0.7) % Office Portfolio and Same Property - Results of Operations (continued) Trailing Five Quarters

Supplemental Q4 2021 33 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 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Number of Properties 235 235 235 235 235 Number of Units 25,345 25,424 25,423 26,963 26,969 Occupancy 72.5 % 71.3 % 70.9 % 69.5 % 72.2 % Average Monthly Rate $ 4,189 $ 4,234 $ 4,307 $ 4,623 $ 4,541 Year Over Year Average Monthly Rate % Change (7.8) % Residents Fees and Services $ 234,697 $ 236,013 $ 243,947 $ 259,966 $ 278,637 Property Operating Expenses (241,403) (233,687) (233,311) (256,098) (269,498) NOI $ (6,706) $ 2,326 $ 10,636 $ 3,868 $ 9,139 NOI Margin % (2.9) % 1.0 % 4.4 % 1.5 % 3.3 % Sequential NOI % Change (388.3) % (78.1) % 175.0 % (57.7) % Year Over Year NOI % Change (173.4) % SHOP SEGMENT SAME PROPERTY - RESULTS OF OPERATIONS (1) (dollars in thousands, except average monthly rate) As of and For the Three Months Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Number of Properties 120 120 120 120 120 Number of Units 17,899 17,899 17,899 17,899 17,899 Occupancy 74.1 % 73.4 % 72.9 % 72.7 % 75.6 % Average Monthly Rate $ 3,833 $ 3,936 $ 4,018 $ 4,051 $ 3,950 Year Over Year Average Monthly Rate % Change (3.0) % Residents Fees and Services $ 155,798 $ 158,508 $ 168,655 $ 185,317 $ 192,654 Property Operating Expenses (153,054) (151,028) (156,146) (174,776) (177,003) NOI $ 2,744 $ 7,480 $ 12,509 $ 10,541 $ 15,651 NOI Margin % 1.8 % 4.7 % 7.4 % 5.7 % 8.1 % Sequential NOI % Change (63.3) % (40.2) % 18.7 % (32.6) % Year Over Year NOI % Change (82.5) % (1) Same property includes those properties classified as same property for the three months ended December 31, 2021 for all periods presented. Trailing Five Quarters

Supplemental Q4 2021 34RETURN TO TABLE OF CONTENTS SHOP SEGMENT - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Three Months Ended December 31, 2021 As of and For the Three Months Ended December 31, 2020 Five Star Retained Communities Operator Transitioned Communities Total SHOP Segment Five Star Retained Communities Operator Transitioned Communities Total SHOP Segment Number of Properties (1) 120 115 235 120 115 235 Number of Units 17,899 7,446 25,345 19,442 7,527 26,969 Occupancy 74.1 % 68.8 % 72.5 % 73.5 % 68.9 % 72.2 % Average Monthly Rate $ 3,833 $ 5,130 $ 4,189 $ 4,411 $ 4,899 $ 4,541 Average Monthly Rate % Change (13.1) % 4.7 % (7.8) % Residents Fees and Services $ 155,793 $ 78,904 $ 234,697 $ 198,565 $ 80,072 $ 278,637 Property Operating Expenses (153,098) (88,305) (241,403) (185,678) (83,820) (269,498) NOI $ 2,695 $ (9,401) $ (6,706) $ 12,887 $ (3,748) $ 9,139 NOI Margin % 1.7 % (11.9) % (2.9) % 6.5 % (4.7) % 3.3 % NOI % Change (79.1) % 150.8 % (173.4) % SHOP Segment and Same Property - Five Star Retained and Operator Transitioned Communities Results of Operations Three Months Ended December 31, 2021 and 2020 (1) As of December 31, 2021, we had transitioned 107 senior living communities to 10 new third party managers. All Operator Transitioned Communities are excluded from same property results.

Supplemental Q4 2021 35RETURN TO TABLE OF CONTENTS SHOP SEGMENT - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Year Ended December 31, 2021 As of and For the Year Ended December 31, 2020 Five Star Retained Communities Operator Transitioned Communities Total SHOP Segment Five Star Retained Communities Operator Transitioned Communities Total SHOP Segment Number of Properties (1) 120 115 235 120 115 235 Number of Units 17,899 7,446 25,345 19,442 7,527 26,969 Occupancy 72.8 % 66.9 % 71.1 % 78.6 % 73.7 % 77.2 % Average Monthly Rate $ 4,079 $ 5,031 $ 4,339 $ 4,414 $ 4,842 $ 4,530 Average Monthly Rate % Change (7.6) % 3.9 % (4.2) % Residents Fees and Services $ 668,452 $ 306,171 $ 974,623 $ 855,684 $ 349,127 $ 1,204,811 Property Operating Expenses (635,452) (329,047) (964,499) (760,783) (345,818) (1,106,601) NOI $ 33,000 $ (22,876) $ 10,124 $ 94,901 $ 3,309 $ 98,210 NOI Margin % 4.9 % (7.5) % 1.0 % 11.1 % 0.9 % 8.2 % NOI % Change (65.2) % (791.3) % (89.7) % SHOP Segment and Same Property - Five Star Retained and Operator Transitioned Communities Results of Operations Years Ended December 31, 2021 and 2020 (1) As of December 31, 2021, we had transitioned 107 senior living communities to 10 new third party managers. All Operator Transitioned Communities are excluded from same property results.

Supplemental Q4 2021 36 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 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Buildings 116 118 118 122 123 Total square feet 9,793 10,927 10,927 11,190 11,282 Occupancy 91.3 % 91.3 % 91.0 % 92.3 % 91.4 % Leasing Activity (sq. ft.): New leases 171 101 65 152 113 Renewals 1,181 271 567 60 300 Total 1,352 372 632 212 413 Rental Rate on New and Renewed Leases per Sq. Ft.: New leases $ 42.97 $ 58.73 $ 45.63 $ 66.99 $ 25.10 Renewals $ 21.11 $ 29.76 $ 38.05 $ 34.96 $ 23.38 Average net annual rent $ 23.88 $ 37.61 $ 38.83 $ 57.89 $ 23.85 Leasing Costs and Concession Commitments: New leases $ 19,189 $ 15,645 $ 5,191 $ 32,250 $ 7,017 Renewals 16,422 8,647 21,241 558 2,794 Total $ 35,611 $ 24,292 $ 26,432 $ 32,808 $ 9,811 Leasing Costs and Concession Commitments per Sq. Ft.: New leases $ 112.31 $ 155.24 $ 80.38 $ 211.93 $ 62.00 Renewals $ 13.90 $ 31.87 $ 37.43 $ 9.24 $ 9.30 All new and renewed leases $ 26.33 $ 65.28 $ 41.82 $ 154.32 $ 23.73 Weighted Average Lease Term (years): New leases 10.0 9.1 9.3 11.0 7.5 Renewals 9.0 7.5 9.1 8.7 4.5 All new and renewed leases 9.3 8.2 9.1 10.6 5.4 Leasing Costs and Concession Commitments per Sq. Ft. per Year: New leases $ 11.24 $ 17.09 $ 8.60 $ 19.31 $ 8.30 Renewals $ 1.54 $ 4.25 $ 4.13 $ 1.06 $ 2.07 All new and renewed leases $ 2.84 $ 7.99 $ 4.60 $ 14.57 $ 4.43

Supplemental Q4 2021 37 As of December 31, 2021 (1) In March 2021, we entered into a 12-year lease with Surgalign Holdings, Inc. The lease relates to a recently redeveloped property we own in San Diego, CA. The term of the lease commences in the first quarter of 2022. (2) In July 2021, we entered into a 10-year lease with KSQ Therapeutics, Inc. The lease relates to an ongoing redevelopment of a property we own in Lexington, MA. The term of the lease commences upon our delivery of the completed space, which is estimated to occur in the second quarter of 2022. (3) Includes NOI for the three months ended December 31, 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 Advocate Aurora Health Medical office $ 17,534 5.3 % 2022 - 2031 2 Cedars-Sinai Medical Center Medical office 17,046 5.2 % 2022 - 2031 3 Brookdale Senior Living, Inc. Senior living 9,147 2.8 % 2032 4 Life Time Athletic Wellness center 9,105 2.8 % 2040 5 HCA Holdings Inc. Medical office 7,071 2.1 % 2022 - 2029 6 Surgalign Holdings, Inc. (1) Life science 6,694 2.0 % 2034 7 Starmark Holdings, LLC Wellness center 6,000 1.8 % 2028 8 Medtronic, Inc. Medical office 5,766 1.8 % 2022 - 2023 9 IQVIA Holdings Inc. Life science 5,365 1.6 % 2023 10 Prometheus Biosciences, Inc. Life science 5,211 1.6 % 2033 11 Stratford Retirement, LLC Senior living 4,954 1.5 % 2033 12 KSQ Therapeutics, Inc. (2) Life science 4,779 1.5 % 2032 13 Boston Children's Hospital Medical office 4,571 1.4 % 2028 14 Sonova Holding AG Life science 4,570 1.4 % 2024 15 Oaks Senior Living, LLC Senior living 4,523 1.4 % 2024 - 2030 16 Magellan Health Inc. Medical office 4,498 1.4 % 2025 17 Stellar Senior Living, LLC Senior living 4,319 1.3 % 2027 18 Seattle Genetics, Inc. Life science 4,204 1.3 % 2024 19 Abbvie Inc. Life science 3,983 1.2 % 2027 20 United Healthcare Services, Inc. Medical office 3,918 1.2 % 2026 21 Cigna Holding Co. Medical office 3,914 1.2 % 2024 22 Tokio Marine Holdings Inc. Medical office 3,840 1.2 % 2022 - 2033 23 Duke University Medical office 3,744 1.1 % 2024 24 Caremark, L.L.C. Medical office 3,718 1.1 % 2022 - 2025 25 PerkinElmer Health Sciences, Inc. Life science 3,681 1.1 % 2028 All Other Tenants (3) 177,170 53.7 % 2022 - 2043 Total Tenants $ 329,325 100.0 %

Supplemental Q4 2021 38 Office Portfolio Lease Expiration Schedule RETURN TO TABLE OF CONTENTS (dollars in thousands) As of December 31, 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 2022 $ 30,907 11.2 % 11.2 % 2023 18,760 6.8 % 18.0 % 2024 32,700 11.8 % 29.8 % 2025 23,881 8.6 % 38.4 % 2026 26,792 9.7 % 48.1 % 2027 16,700 6.0 % 54.1 % 2028 22,186 8.0 % 62.1 % 2029 13,874 5.0 % 67.1 % 2030 13,687 4.9 % 72.0 % 2031 and thereafter 77,623 28.0 % 100.0 % Total $ 277,110 100.0 % Average remaining lease term for our office portfolio (weighted by annualized rental income): 5.9 years Office Portfolio Square Feet with Leases Expiring Year Square Feet Percent of Total Square Feet Expiring Cumulative Percentage of Total Square Feet Expiring 2022 1,133,067 12.7 % 12.7 % 2023 664,858 7.4 % 20.1 % 2024 1,146,074 12.8 % 32.9 % 2025 905,105 10.1 % 43.0 % 2026 826,918 9.2 % 52.2 % 2027 663,099 7.4 % 59.6 % 2028 861,884 9.6 % 69.2 % 2029 377,343 4.2 % 73.4 % 2030 568,069 6.4 % 79.8 % 2031 and thereafter 1,798,940 20.2 % 100.0 % Total 8,945,357 100.0 % 14100 Magellan Plaza Maryland Heights, MO

Supplemental Q4 2021 39 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 2022 — — $ — — % — % 2023 — — — — % — % 2024 2 180 units 2,885 6.9 % 6.9 % 2025 — — — — % 6.9 % 2026 — — — — % 6.9 % 2027 4 534 units 4,319 10.3 % 17.2 % 2028 6 354,000 sq. ft. 6,000 14.3 % 31.5 % 2029 1 155 units 547 1.3 % 32.8 % 2030 3 367 units 5,134 12.2 % 45.0 % 2031 and thereafter 23 1,091 units and 458,000 sq. ft. 23,206 55.0 % 100.0 % Total 39 $ 42,091 100.0 % Non-Segment Lease Expiration Schedule As of December 31, 2021 (dollars in thousands) RETURN TO TABLE OF CONTENTS

Supplemental Q4 2021 40 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 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 17 through 23. 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 24. 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, equity in earnings of an unconsolidated joint venture, impairment of assets, if any, and including adjustments to reflect our proportionate share of EBITDAre of our equity method investment in AlerisLife and our proportionate share of EBITDAre from an unconsolidated joint venture property, as well as certain other adjustments currently not applicable to us. In calculating Adjusted EBITDAre, we adjust for the items shown on page 24. 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 25. 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, equity in earnings of an unconsolidated joint venture, loss on impairment of real estate assets, gains or losses on equity securities, net, if any, including adjustments to reflect our proportionate share of FFO of our equity method investment in AlerisLife and our proportionate share of FFO from our unconsolidated joint venture, plus real estate depreciation and amortization of consolidated properties 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 25 including similar adjustments for our unconsolidated joint venture, if any. 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 Q4 2021 41 Adjusted total assets Adjusted total assets is the original cost of real estate assets calculated in accordance with GAAP before depreciation and after impairment write downs, if any, and excludes accounts receivable and intangible assets. AlerisLife AlerisLife, or AlerisLife Inc. (formerly known as Five Star Senior Living Inc.). 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 December 31, 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 exclude 100% of rental income as reported under GAAP from the life science property owned by an unconsolidated joint venture in which we own a 20% 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, early extinguishment of debt and equity in earnings of an unconsolidated joint venture and including distributions from our unconsolidated joint venture, 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 Five Star, or Five Star Senior Living, is an operating division of AlerisLife. Five Star retained communities Five Star retained communities are the 120 senior living communities in our SHOP segment that Five Star continues 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 Q4 2021 42 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 December 31, 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 Q4 2021 43 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 transitioned communities Operator transitioned communities are senior living communities in our SHOP segment, which have been transitioned from Five Star to other third party managers or closed or repositioned pursuant to the amendments to our management arrangements with Five Star in June 2021. As of December 31, 2021, we had transitioned 107 senior living communities to 10 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 December 31, 2021, same property consists of properties owned, in service and operated by the same operator continuously since October 1, 2020; excludes properties classified as held for sale, closed or out of service undergoing redevelopment, if any, and a life science property owned by an unconsolidated joint venture in which we own a 20% equity interest. For the year ended December 31, 2021, same property consists of properties owned, in service and operated by the same operator continuously since January 1, 2020; excludes properties classified as held for sale, closed or out of service undergoing redevelopment, if any, and a life science property owned by an unconsolidated joint venture in which we own a 20% equity interest. SHOP SHOP, or Senior Housing Operating Portfolio, consists of senior living communities managed by Five Star and other third party managers 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 managers to operate the communities. Properties in this segment include independent living communities, assisted living communities, active adult rental communities and SNFs. SNF SNF is a skilled nursing facility. Square feet Square feet measurements are subject to modest changes when space is periodically remeasured or reconfigured for new tenants. Square feet for prior periods exclude space remeasurements made subsequent to those periods. Excludes data from the life science property owned by an unconsolidated joint venture in which we own a 20% 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 December 31, 2021. Non-GAAP Financial Measures and Certain Definitions (Continued) RETURN TO TABLE OF CONTENTS

Supplemental Q4 2021 44 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 107 transitioned senior living communities 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, and our returns from, any or all of our senior living communities may decline, including for reasons beyond our, the new managers’ or Five Star’s control. • Our redevelopment projects may not be successful and may cost more or take longer to complete than we currently expect. In addition, the terms of the leases we entered into with respect to our redevelopment projects may not commence on the currently expected dates or at all. 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

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Cover Page	Feb. 23, 2022
Entity Information [Line Items]
Entity Central Index Key	0001075415
Written Communications	false
Entity File Number	001-15319
Document Period End Date	Feb. 23, 2022
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