8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

FORM 8-K 

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): August 3, 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 August 3, 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 six months ended June 30, 2022, and also provided certain supplemental operating and financial data for the quarter and six months ended June 30, 2022. Copies of the Company’s press release and supplemental operating and financial data are furnished as Exhibits 99.1 and 99.2 hereto, respectively.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

(d)        Exhibits.

99.1	Press Release dated August 3, 2022
99.2	Second Quarter 2022 Supplemental Operating and Financial Data
104	Cover Page Interactive Data File. (Embedded within the Inline XBRL document.)

SIGNATURES

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

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

Date:  August 3, 2022

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Diversified Healthcare Trust Announces Second Quarter 2022 Results

Net Loss Attributable to Common Shareholders of $0.46 Per Share

Normalized FFO Attributable to Common Shareholders of ($0.04) Per Share

Newton, MA (August 3, 2022):  Diversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended June 30, 2022.

Jennifer Francis, President and Chief Executive Officer of DHC, made the following statement:

"Second quarter results demonstrated the continued and encouraging recovery of our senior living portfolio. In our SHOP communities, occupancy improved 60 basis points while NOI increased by $6.3 million from the first quarter, primarily fueled by our operators' ability to increase rate. Office Portfolio leasing activity was strong with a 9.1% roll up from prior rents on 263,000 square feet of leasing. On a sequential basis, same property Office Portfolio cash basis NOI increased 2.4% and overall improvement in our portfolios' results drove a 23.3% increase in adjusted EBITDAre.

During the quarter, we took additional steps to strengthen our balance sheet. We sold a 10% equity interest in the existing joint venture that owns a life science property located in the Seaport District of Boston for $108 million and redeemed $500 million of our 9.75% senior notes in June, reducing our annual interest expense by approximately $49 million and leaving us well positioned to execute our strategic plan of making capital investments to improve portfolio performance and continue to reduce debt."

Quarterly Results:

•Reported net loss attributable to common shareholders of $109.4 million, or $0.46 per share.

•Reported normalized funds from operations, or Normalized FFO, attributable to common shareholders of ($10.4) million, or ($0.04) per share.

	As of and For the Three Months Ended
	June 30, 2022	March 31, 2022	June 30, 2021
Occupancy
Office Portfolio (period end)	88.1%	89.3%	91.0%
SHOP (average day for period)	73.6%	73.0%	70.9%
Same Property Occupancy
Office Portfolio (period end)	91.2%	92.5%	91.8%
SHOP (average day for period)	74.1%	74.1%	72.9%

	Three Months Ended
	June 30, 2022	March 31, 2022	Change	June 30, 2021	Change
Same Property Cash Basis NOI (dollars in thousands)
Office Portfolio	$28,019	$27,352	2.4%	$28,737	(2.5)%
SHOP	$12,878	$9,485	35.8%	$12,464	3.3%
Total Consolidated Same Property Cash Basis NOI	$50,788	$46,699	8.8%	$51,051	(0.5)%

Reconciliations of net income (loss) attributable to common shareholders determined in accordance with U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, attributable to common shareholders and Normalized FFO attributable to common shareholders for the quarters ended June 30, 2022 and 2021 appear later in this press release. Reconciliations of net income (loss) attributable to common shareholders determined in accordance with GAAP to net operating income, or NOI, and Cash Basis NOI, and a reconciliation of NOI to same property NOI and a calculation of same property Cash Basis NOI, for the quarters ended June 30, 2022, March 31, 2022 and June 30, 2021, as applicable, also appear later in this press release.

Office Portfolio Segment:

•Same property Cash Basis NOI decreased compared to the second quarter of 2021 primarily resulting from decreases in occupancy, partially offset by increases in parking income.

•DHC entered into new and renewal leases for an aggregate of 263,172 rentable square feet at weighted average rents that were 9.1% higher than prior rents for the same space.

SHOP Segment:

•Same property Cash Basis NOI increased compared to the second quarter of 2021 primarily resulting from increases in occupancy, partially offset by increases in operating expenses on a per resident basis due to increased labor and dietary costs and insurance premiums for certain of DHC's senior living communities.

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

	2021												2022
	Jul		Aug		Sep		Oct		Nov		Dec		Jan		Feb		Mar		Apr		May		Jun
SHOP Same Property Average Occupancy	72.9	%	73.4	%	73.8	%	73.9	%	74.2	%	74.1	%	74.4	%	74.1	%	73.8	%	73.9	%	73.9	%	74.4	%
Sequential Occupancy Change			0.5		0.4		0.1		0.3		(0.1)		0.3		(0.3)		(0.3)		0.1		—		0.5

•Recent occupancy rates for the 107 senior living communities transitioned from Five Star Senior Living, Inc. to 10 new third party managers in DHC's SHOP segment are as follows:

	2021		2022
	Dec		Jan		Feb		Mar		Apr		May		Jun
SHOP Other Operator Managed Communities Average Occupancy	67.4	%	69.8	%	70.0	%	70.9	%	71.9	%	72.1	%	73.2	%
Sequential Occupancy Change			2.4		0.2		0.9		1.0		0.2		1.1

Joint Venture Activities:

•In June 2022, DHC sold an additional 10% equity interest in its joint venture for a life science property located in Boston, Massachusetts to an existing joint venture investor for approximately $108.0 million. The purchasing investor

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now owns a 45% equity interest, the other investor continues to own a 45% equity interest and DHC owns the remaining 10% equity interest in this joint venture.

Liquidity and Financing Activities:

•In June 2022, DHC redeemed $500.0 million of its outstanding 9.75% senior notes due 2025 for a redemption price equal to 104.875% of the $500.0 million principal amount of the notes being redeemed, using restricted cash on hand.

•In April 2022, DHC prepaid approximately $10.9 million of secured debt encumbering one of its medical office properties with an annual interest rate of 6.28% and a maturity date in July 2022, using cash on hand.

•As of June 30, 2022, DHC had approximately $868.4 million of cash and cash equivalents and restricted cash.

•In July 2022, DHC prepaid approximately $15.3 million of secured debt encumbering two of its senior living communities with an annual interest rate of 5.75% and a maturity date in October 2022, using cash on hand.

Acquisition Activities:

•In July 2022, DHC acquired one life science property located in California with approximately 89,000 square feet for a purchase price of approximately $82.0 million, excluding closing costs.

Conference Call:

At 10:00 a.m. Eastern Time tomorrow morning, President and Chief Executive Officer, Jennifer Francis, and Chief Financial Officer and Treasurer, Richard Siedel, will host a conference call to discuss DHC's second quarter 2022 financial results. The conference call telephone number is (877) 329-4297. Participants calling from outside the United States and Canada should dial (412) 317-5435. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. on Thursday, August 11, 2022. To access the replay, dial (412) 317-0088. The replay pass code is 6571102.

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

Supplemental Data:

A copy of DHC's Second Quarter 2022 Supplemental Operating and Financial Data is available for download at DHC's website, www.dhcreit.com. DHC's website is not incorporated as part of this press release.

DHC is a real estate investment trust, or REIT, focused on owning high-quality healthcare properties located throughout the United States. DHC seeks diversification across the health services spectrum by care delivery and practice type, by scientific research disciplines and by property type and location. As of June 30, 2022, DHC’s approximately $6.9 billion portfolio included 378 properties in 36 states and Washington, D.C., occupied by more than 500 tenants, and totaling approximately 9 million square feet of life science and medical office properties and more than 27,000 senior living units. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with more than $37 billion in assets under management as of June 30, 2022 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.

Non-GAAP Financial Measures:

DHC presents certain "non-GAAP financial measures" within the meaning of applicable rules of the Securities and Exchange Commission, or SEC, including FFO attributable to common shareholders, Normalized FFO attributable to common shareholders, NOI, Cash Basis NOI, same property NOI, same property Cash Basis NOI, earnings before interest, income tax, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, and Adjusted EBITDAre for the three and six months ended June 30, 2022 and 2021, as well as certain of these measures for the three quarters prior to the quarter ended

3

June 30, 2022. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) or net income (loss) attributable to common shareholders as indicators of DHC's operating performance or as measures of DHC's liquidity. These measures should be considered in conjunction with net income (loss) and net income (loss) attributable to common shareholders as presented in DHC's condensed consolidated statements of income (loss). DHC considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss) and net income (loss) attributable to common shareholders. DHC believes these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization, they may facilitate a comparison of DHC's operating performance between periods and with other REITs and, in the case of NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of DHC's properties.

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

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DIVERSIFIED HEALTHCARE TRUST

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(amounts in thousands, except per share data)

(unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues:
Rental income	$	62,522	$	102,394	$	127,807	$	205,152
Residents fees and services	250,506		243,947		495,954		503,913
Total revenues	313,028		346,341		623,761		709,065
Expenses:
Property operating expenses	266,066		264,632		534,808		552,023
Depreciation and amortization	58,261		67,888		115,520		134,041
General and administrative	7,207		9,126		14,492		16,668
Acquisition and certain other transaction related costs	609		12,071		1,537		12,071
Impairment of assets	—		—		—		(174)
Total expenses	332,143		353,717		666,357		714,629
(Loss) gain on sale of properties	(686)		30,760		327,108		30,638
Losses on equity securities, net	(10,157)		(3,849)		(18,710)		(12,188)
Interest and other income (1)	2,266		16,038		2,661		18,873
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $2,318, $3,017, $4,790 and $5,829, respectively)	(55,975)		(67,657)		(113,106)		(127,748)
Loss on modification or early extinguishment of debt	(29,560)		(370)		(30,043)		(2,410)
(Loss) income from continuing operations before income tax benefit (expense) and equity in earnings of investees	(113,227)		(32,454)		125,314		(98,399)
Income tax benefit (expense)	640		(191)		(832)		(429)
Equity in earnings of investees	3,204		—		6,558		—
Net (loss) income	(109,383)		(32,645)		131,040		(98,828)
Net income attributable to noncontrolling interest	—		(1,577)		—		(2,899)
Net (loss) income attributable to common shareholders	$	(109,383)	$	(34,222)	$	131,040	$	(101,727)
Weighted average common shares outstanding (basic and diluted)	238,197		237,871		238,173		237,853
Per common share amounts (basic and diluted):
Net (loss) income attributable to common shareholders	$	(0.46)	$	(0.14)	$	0.55	$	(0.43)

(1)    DHC recognized funds received under the Coronavirus Aid, Relief, and Economic Security Act of $760 and $15,748 during the three months ended June 30, 2022 and 2021, respectively, and $959 and $18,181 during the six months ended June 30, 2022 and 2021, respectively.

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DIVERSIFIED HEALTHCARE TRUST

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

(amounts in thousands, except per share data)

(unaudited)

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net (loss) income attributable to common shareholders	$	(109,383)	$	(34,222)	$	131,040	$	(101,727)
Depreciation and amortization	58,261		67,888		115,520		134,041
Loss (gain) on sale of properties	686		(30,760)		(327,108)		(30,638)
Impairment of assets	—		—		—		(174)
Losses on equity securities, net	10,157		3,849		18,710		12,188
FFO adjustments attributable to noncontrolling interest	—		(5,275)		—		(10,548)
Equity in earnings of unconsolidated joint ventures	(3,204)		—		(6,558)		—
Share of FFO from unconsolidated joint ventures	3,704		—		7,379		—
Adjustments to reflect DHC's share of FFO attributable to an equity method investment	(1,466)		(3,005)		(3,398)		(969)
FFO attributable to common shareholders	(41,245)		(1,525)		(64,415)		2,173
Acquisition and certain other transaction related costs	609		12,071		1,537		12,071
Loss on modification or early extinguishment of debt	29,560		370		30,043		2,410
Adjustments to reflect DHC's share of Normalized FFO attributable to an equity method investment	681		1,299		539		1,384
Normalized FFO attributable to common shareholders	$	(10,395)	$	12,215	$	(32,296)	$	18,038
Weighted average common shares outstanding (basic and diluted)	238,197		237,871		238,173		237,853
Per common share data (basic and diluted):
Net (loss) income attributable to common shareholders	$	(0.46)	$	(0.14)	$	0.55	$	(0.43)
FFO attributable to common shareholders	$	(0.17)	$	(0.01)	$	(0.27)	$	0.01
Normalized FFO attributable to common shareholders	$	(0.04)	$	0.05	$	(0.14)	$	0.08
Distributions declared	$	0.01	$	0.01	$	0.02	$	0.02

(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 or losses of unconsolidated joint ventures, 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 Inc. (Nasdaq: ALR), or AlerisLife, and DHC's proportionate share of FFO from its unconsolidated joint ventures, 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 ventures, 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Calculation of NOI and Cash Basis NOI:
Revenues:
Rental income	$	62,522	$	102,394	$	127,807	$	205,152
Residents fees and services	250,506		243,947		495,954		503,913
Total revenues	313,028		346,341		623,761		709,065
Property operating expenses	(266,066)		(264,632)		(534,808)		(552,023)
NOI	46,962		81,709		88,953		157,042
Non-cash straight line rent adjustments included in rental income	(2,710)		(1,321)		(4,455)		(2,125)
Lease value amortization included in rental income	57		(1,849)		162		(3,715)
Non-cash amortization included in property operating expenses	(199)		(199)		(398)		(398)
Cash Basis NOI	$	44,110	$	78,340	$	84,262	$	150,804
Reconciliation of Net Income (Loss) Attributable to Common Shareholders to NOI and Cash Basis NOI:
Net (loss) income attributable to common shareholders	$	(109,383)	$	(34,222)	$	131,040	$	(101,727)
Net income attributable to noncontrolling interest	—		1,577		—		2,899
Net (loss) income	(109,383)		(32,645)		131,040		(98,828)
Equity in earnings of investees	(3,204)		—		(6,558)		—
Income tax (benefit) expense	(640)		191		832		429
Loss on modification or early extinguishment of debt	29,560		370		30,043		2,410
Interest expense	55,975		67,657		113,106		127,748
Interest and other income	(2,266)		(16,038)		(2,661)		(18,873)
Losses on equity securities, net	10,157		3,849		18,710		12,188
Loss (gain) on sale of properties	686		(30,760)		(327,108)		(30,638)
Impairment of assets	—		—		—		(174)
Acquisition and certain other transaction related costs	609		12,071		1,537		12,071
General and administrative	7,207		9,126		14,492		16,668
Depreciation and amortization	58,261		67,888		115,520		134,041
NOI	46,962		81,709		88,953		157,042
Non-cash straight line rent adjustments included in rental income	(2,710)		(1,321)		(4,455)		(2,125)
Lease value amortization included in rental income	57		(1,849)		162		(3,715)
Non-cash amortization included in property operating expenses	(199)		(199)		(398)		(398)
Cash Basis NOI	$	44,110	$	78,340	$	84,262	$	150,804

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

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DIVERSIFIED HEALTHCARE TRUST

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

(dollars in thousands)

(unaudited)

Office Portfolio	For the Three Months Ended
Calculation of NOI and Cash Basis NOI:	6/30/2022		3/31/2022		12/31/2021		9/30/2021		6/30/2021
Rental income	$	52,610	$	54,997	$	89,950	$	91,520	$	92,804
Property operating expenses	(22,026)		(23,447)		(32,313)		(32,386)		(31,321)
NOI	$	30,584	$	31,550	$	57,637	$	59,134	$	61,483
NOI	$	30,584	$	31,550	$	57,637	$	59,134	$	61,483
Less:
Non-cash straight line rent adjustments included in rental income	2,532		1,511		1,827		1,800		1,597
Lease value amortization included in rental income	(74)		(122)		1,631		1,830		1,833
Non-cash amortization included in property operating expenses	199		199		200		199		199
Cash Basis NOI	$	27,927	$	29,962	$	53,979	$	55,305	$	57,854
Reconciliation of NOI to Same Property NOI:
NOI	$	30,584	$	31,550	$	57,637	$	59,134	$	61,483
Less:
NOI of properties not included in same property results	1,730		2,990		28,834		31,162		32,435
Same Property NOI (2)	$	28,854	$	28,560	$	28,803	$	27,972	$	29,048
Reconciliation of Same Property NOI to Same Property Cash Basis NOI:
Same Property NOI (2)	$	28,854	$	28,560	$	28,803	$	27,972	$	29,048
Less:
Non-cash straight line rent adjustments included in rental income	772		1,166		1,209		923		347
Lease value amortization included in rental income	(74)		(132)		(144)		(137)		(135)
Non-cash amortization included in property operating expenses	137		174		99		99		99
Same Property Cash Basis NOI (2)	$	28,019	$	27,352	$	27,639	$	27,087	$	28,737

(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 3 for a description of why management believes they are appropriate supplemental measures and a description of how management uses these measures.

(2)Consists of properties owned and in service continuously since April 1, 2021; excludes properties classified as held for sale or out of service undergoing redevelopment, if any, and medical office and life science properties owned by unconsolidated joint ventures in which DHC owns an equity interest.

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DIVERSIFIED HEALTHCARE TRUST

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

(dollars in thousands)

(unaudited)

SHOP	For the Three Months Ended
Calculation of NOI and Cash Basis NOI:	6/30/2022		3/31/2022		12/31/2021		9/30/2021		6/30/2021
Residents fees and services	$	250,506	$	245,448	$	234,697	$	236,013	$	243,947
Property operating expenses	(244,040)		(245,295)		(241,403)		(233,687)		(233,311)
NOI / Cash Basis NOI	$	6,466	$	153	$	(6,706)	$	2,326	$	10,636
Reconciliation of NOI / Cash Basis NOI to Same Property NOI / Same Property Cash Basis NOI:
NOI / Cash Basis NOI	$	6,466	$	153	$	(6,706)	$	2,326	$	10,636
Less:
NOI / Cash Basis NOI of properties not included in same property results	(6,412)		(9,332)		(9,545)		(5,000)		(1,828)
Same Property NOI / Same Property Cash Basis NOI (2)	$	12,878	$	9,485	$	2,839	$	7,326	$	12,464

(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 3 for a description of why management believes they are appropriate supplemental measures and a description of how management uses these measures.

(2)Consists of properties owned and which have been operated by the same operator continuously since April 1, 2021; 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:	6/30/2022		3/31/2022		12/31/2021		9/30/2021		6/30/2021
Rental income / residents fees and services	$	313,028	$	310,733	$	336,731	$	337,416	$	346,341
Property operating expenses	(266,066)		(268,742)		(273,716)		(266,073)		(264,632)
NOI	$	46,962	$	41,991	$	63,015	$	71,343	$	81,709
NOI	$	46,962	$	41,991	$	63,015	$	71,343	$	81,709
Less:
Non-cash straight line rent adjustments included in rental income	2,710		1,745		2,042		1,679		1,321
Lease value amortization included in rental income	(57)		(105)		1,648		1,848		1,849
Non-cash amortization included in property operating expenses	199		199		200		199		199
Cash Basis NOI	$	44,110	$	40,152	$	59,125	$	67,617	$	78,340
Reconciliation of NOI to Same Property NOI:
NOI	$	46,962	$	41,991	$	63,015	$	71,343	$	81,709
Less:
NOI of properties not included in same property results	(4,877)		(6,146)		19,289		26,162		30,607
Same Property NOI (2)	$	51,839	$	48,137	$	43,726	$	45,181	$	51,102
Reconciliation of Same Property NOI to Same Property Cash Basis NOI:
Same Property NOI (2)	$	51,839	$	48,137	$	43,726	$	45,181	$	51,102
Less:
Non-cash straight line rent adjustments included in rental income	971		1,379		1,424		802		71
Lease value amortization included in rental income	(57)		(115)		(127)		(119)		(119)
Non-cash amortization included in property operating expenses	137		174		99		99		99
Same Property Cash Basis NOI (2)	$	50,788	$	46,699	$	42,330	$	44,399	$	51,051

(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 3 for a description of why management believes they are appropriate supplemental measures and a description of how management uses these measures.

(2)Consists of properties owned, in service and operated by the same operator continuously since April 1, 2021; excludes properties classified as held for sale, closed or out of service undergoing redevelopment, if any, and medical office and life science properties owned by unconsolidated joint ventures in which DHC owns an equity interest.

10

DIVERSIFIED HEALTHCARE TRUST

CALCULATION AND RECONCILIATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre

(dollars in thousands)

(unaudited)

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

	For the Three Months Ended
	6/30/2022		3/31/2022
Net (loss) income	$	(109,383)	$	240,423
Interest expense	55,975		57,131
Income tax (benefit) expense	(640)		1,472
Depreciation and amortization	58,261		57,259
EBITDA	4,213		356,285
Loss (gain) on sale of properties	686		(327,794)
Equity in earnings of unconsolidated joint ventures	(3,204)		(3,354)
Share of EBITDAre from unconsolidated joint ventures	5,709		5,232
Adjustments to reflect DHC's share of EBITDAre attributable to an equity method investment	(1,446)		(1,816)
EBITDAre	5,958		28,553
General and administrative expense paid in common shares	665		315
Acquisition and certain other transaction related costs	609		928
Loss on modification or early extinguishment of debt	29,560		483
Losses on equity securities, net	10,157		8,553
Adjustments to reflect DHC's share of Adjusted EBITDAre attributable to an equity method investment	1,026		65
Adjusted EBITDAre	$	47,975	$	38,897

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

11

DIVERSIFIED HEALTHCARE TRUST

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

(unaudited)

	June 30, 2022		December 31, 2021
Assets
Real estate properties	$	6,472,457	$	6,813,556
Accumulated depreciation	(1,738,379)		(1,737,807)
Total real estate properties, net	4,734,078		5,075,749
Investments in unconsolidated joint ventures	158,759		215,127
Cash and cash equivalents	705,160		634,848
Restricted cash	163,242		382,097
Acquired real estate leases and other intangible assets, net	37,359		48,746
Other assets, net	347,266		266,947
Total assets	$	6,145,864	$	6,623,514
Liabilities and Shareholders' Equity
Revolving credit facility	$	700,000	$	800,000
Senior unsecured notes, net	2,315,286		2,806,811
Secured debt and finance leases, net	57,006		69,713
Accrued interest	27,639		29,845
Assumed real estate lease obligations, net	1,293		2,556
Other liabilities	255,015		252,199
Total liabilities	3,356,239		3,961,124
Total shareholders' equity	2,789,625		2,662,390
Total liabilities and shareholders' equity	$	6,145,864	$	6,623,514

12

Warning Concerning Forward-Looking Statements

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

•Ms. Francis's statements regarding the continued and encouraging recovery of DHC's senior living portfolio and the sequential quarter NOI and occupancy growth for DHC's SHOP communities may imply that DHC's senior living communities will realize further NOI and occupancy growth in future sequential quarters from its SHOP segment. DHC's SHOP segment is subject to various risks, many of which are beyond its control, including the COVID-19 pandemic and other economic and market conditions, such as the current inflationary conditions, increasing interest rates and a possible recession. As a result, DHC may not realize any such growth in future periods,

•Ms. Francis's statement regarding the strong leasing results and roll up in rents from 2022 second quarter leasing activity in DHC's Office Portfolio segment may imply that future leasing results in DHC's Office Portfolio segment will continue to be positive and that such positive leasing results will improve the financial performance of DHC's Office Portfolio segment. However, DHC's ability to realize positive leasing activity and occupancy depends on various factors, including market conditions and tenants' demands for DHC's Office Portfolio properties, the timing of lease expirations and DHC's ability to successfully compete for tenants, among other factors. As a result, DHC may not realize positive leasing activity or occupancy in future periods,

•Ms. Francis's statement regarding increases on a sequential basis in DHC's same property Office Portfolio segment cash basis NOI and in adjusted EBITDAre may imply that DHC will continue to realize these improvements and that its Office Portfolio segment NOI and its adjusted EBITDAre will increase in future periods. However, DHC may not be able to maintain these or other improvements with respect to its Office Portfolio segment and Office Portfolio segment NOI and its adjusted EBITDAre may not improve in future periods and may decline, and

•Ms. Francis's statements regarding the additional steps DHC has taken to strengthen its balance sheet and execute its plan of making capital investments to improve portfolio performance and continue to reduce debt may imply that DHC will be able to sustain sufficient liquidity and successfully execute its plan regarding capital improvements and reducing its debt. However, if economic conditions worsen or if DHC and its managers and tenants otherwise fail to profitably operate their businesses, DHC may be required to utilize all or a significant portion of its cash and cash equivalents to fund its business and operations. In addition, if DHC is unable to refinance or replace its debt as it matures, its liquidity may decline. As a result, DHC may not be able to maintain sufficient liquidity, execute its plan for its capital improvements or reduce its debt, and its financial results and position may be adversely impacted as a result.

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)

13

EX-99.2

SECOND QUARTER 2022 Supplemental Operating and Financial Data ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. Muse at Torrey Pines San Diego, CA Exhibit 99.2

Supplemental Q2 2022 2 CORPORATE INFORMATION Company Profile ....................................................................................................................................................................................................................................................... 3 Investor Information ................................................................................................................................................................................................................................................ 4 Research Coverage .................................................................................................................................................................................................................................................. 5 FINANCIALS Key Financial Data .................................................................................................................................................................................................................................................... 6 Condensed Consolidated Balance Sheets .......................................................................................................................................................................................................... 7 Condensed Consolidated Statements of Income (Loss) ................................................................................................................................................................................... 8 Condensed Consolidated Statements of Income (Loss) (Additional Data) ................................................................................................................................................... 9 Debt Summary .......................................................................................................................................................................................................................................................... 10 Debt Maturity Schedule .......................................................................................................................................................................................................................................... 11 Leverage Ratios, Coverage Ratios and Public Debt Covenants ..................................................................................................................................................................... 12 Summary of Capital Expenditures ........................................................................................................................................................................................................................ 13 Office Portfolio Redevelopment Information as of June 30, 2022 ................................................................................................................................................................. 14 Property Acquisitions / Dispositions Information Since January 1, 2022 ...................................................................................................................................................... 15 Investments in Unconsolidated Joint Ventures .................................................................................................................................................................................................. 16 Calculation and Reconciliation of NOI and Cash Basis NOI ............................................................................................................................................................................ 18 NOI and Cash Basis NOI ........................................................................................................................................................................................................................................ 19 Same Property NOI and Cash Basis NOI ............................................................................................................................................................................................................ 20 Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment ...................................................... 21 Calculation and Reconciliation of EBITDA, EBITDAre and Adjusted EBITDAre .......................................................................................................................................... 25 Calculation and Reconciliation of FFO and Normalized FFO Attributable to Common Shareholders ................................................................................................... 26 PORTFOLIO INFORMATION Portfolio Summary by Geographic Diversification and Property Type .......................................................................................................................................................... 27 Portfolio Summary ................................................................................................................................................................................................................................................... 28 SHOP Unit Count ..................................................................................................................................................................................................................................................... 29 Rent Coverage and Occupancy ............................................................................................................................................................................................................................. 30 Office Portfolio and Same Property - Results of Operations .......................................................................................................................................................................... 31 SHOP Segment and Same Property - Results of Operations .......................................................................................................................................................................... 34 SHOP Segment - Five Star Managed and Other Operator Managed Communities Results of Operations .......................................................................................... 35 Office Portfolio Leasing Summary ........................................................................................................................................................................................................................ 37 Tenants Representing 1% or More of Total Annualized Rental Income ........................................................................................................................................................ 38 Office Portfolio Lease Expiration Schedule ........................................................................................................................................................................................................ 39 Non-Segment Lease Expiration Schedule ........................................................................................................................................................................................................... 40 NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS ............................................................................................................................................................................. 41 WARNING CONCERNING FORWARD-LOOKING STATEMENTS .................................................................................................................................................................................. 45 Table of Contents Please refer to Non-GAAP Financial Measures and Certain Definitions beginning on page 41 for terms used throughout this document.

Supplemental Q2 2022 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 139 market indices and comprises more than 1% of the following indices as of June 30, 2022: BI North America Healthcare REIT Valuation Peers (BIHLCRNP), Bloomberg Real Estate Investment Trust Mid Cap Index (BBREMIDC), 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 June 30, 2022, RMR had more than $37 billion of real estate assets under management and the combined RMR managed companies had approximately $12 billion of annual revenues, more than 2,100 properties and approximately 38,000 employees. We believe that being managed by RMR is a competitive advantage for DHC because of RMR’s depth of management and experience in the real estate industry. We also believe RMR provides management services to us at costs that are lower than we would have to pay for similar quality services if we were self managed. Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458-1634 (t) (617) 796-8350 Stock Exchange Listing: Nasdaq Trading Symbols: Common Shares: DHC Senior Unsecured Notes due 2042: DHCNI Senior Unsecured Notes due 2046: DHCNL Company Profile RETURN TO TABLE OF CONTENTS

Supplemental Q2 2022 4 Board of Trustees: John L. Harrington Lisa Harris Jones Daniel F. LePage Independent Trustee Lead Independent Trustee Independent Trustee David A. Pierce Jeffrey P. Somers Independent Trustee Independent Trustee Jennifer F. Francis Adam D. Portnoy Managing Trustee Chair of the Board & Managing 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 6700 W 115th Street Overland Park, KS

Supplemental Q2 2022 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 Q2 2022 6 Key Financial Data RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Selected Balance Sheet Data: Total gross assets $ 7,884,243 $ 8,465,059 $ 8,361,321 $ 8,907,220 $ 8,972,324 Total assets $ 6,145,864 $ 6,775,379 $ 6,623,514 $ 7,066,048 $ 7,179,852 Total liabilities $ 3,356,239 $ 3,874,646 $ 3,961,124 $ 4,656,391 $ 4,674,703 Total equity $ 2,789,625 $ 2,900,733 $ 2,662,390 $ 2,409,657 $ 2,505,149 Selected Income Statement Data: Total revenues $ 313,028 $ 310,733 $ 336,731 $ 337,416 $ 346,341 Net (loss) income $ (109,383) $ 240,423 $ 366,758 $ (88,004) $ (32,645) Net (loss) income attributable to common shareholders $ (109,383) $ 240,423 $ 365,585 $ (89,343) $ (34,222) NOI $ 46,962 $ 41,991 $ 63,015 $ 71,343 $ 81,709 Adjusted EBITDAre $ 47,975 $ 38,897 $ 53,875 $ 63,080 $ 87,789 FFO attributable to common shareholders $ (41,245) $ (23,170) $ (19,270) $ (13,799) $ (1,525) Normalized FFO attributable to common shareholders $ (10,395) $ (21,901) $ (16,495) $ (9,449) $ 12,215 Per Common Share Data (basic and diluted): Net (loss) income attributable to common shareholders $ (0.46) $ 1.01 $ 1.54 $ (0.38) $ (0.14) FFO attributable to common shareholders $ (0.17) $ (0.10) $ (0.08) $ (0.06) $ (0.01) Normalized FFO attributable to common shareholders $ (0.04) $ (0.09) $ (0.07) $ (0.04) $ 0.05 Dividends: Annualized dividend declared per common share $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.04 Annualized dividend yield (at end of period) 2.2 % 1.3 % 1.3 % 1.2 % 1.0 % Normalized FFO attributable to common shareholders payout ratio (25.0) % (11.1) % (14.3) % (25.0) % 20.0 % (dollars in thousands, except per share data) 7555 Innovation Way Mason, OH

Supplemental Q2 2022 7 June 30, 2022 December 31, 2021 Assets Real estate properties: Land $ 652,655 $ 741,501 Buildings and improvements 5,819,802 6,072,055 Total real estate properties, gross 6,472,457 6,813,556 Accumulated depreciation (1,738,379) (1,737,807) Total real estate properties, net 4,734,078 5,075,749 Investments in unconsolidated joint ventures 158,759 215,127 Cash and cash equivalents 705,160 634,848 Restricted cash 163,242 382,097 Acquired real estate leases and other intangible assets, net 37,359 48,746 Other assets, net 347,266 266,947 Total assets $ 6,145,864 $ 6,623,514 Liabilities and Shareholders' Equity Revolving credit facility $ 700,000 $ 800,000 Senior unsecured notes, net 2,315,286 2,806,811 Secured debt and finance leases, net 57,006 69,713 Accrued interest 27,639 29,845 Assumed real estate lease obligations, net 1,293 2,556 Other liabilities 255,015 252,199 Total liabilities 3,356,239 3,961,124 Commitments and contingencies Shareholders' equity: Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 239,123,496 and 238,994,894 shares issued and outstanding, respectively 2,391 2,390 Additional paid in capital 4,616,449 4,615,475 Cumulative net income 2,218,664 2,087,624 Cumulative distributions (4,047,879) (4,043,099) Total shareholders' equity 2,789,625 2,662,390 Total liabilities and shareholders' equity $ 6,145,864 $ 6,623,514 Condensed Consolidated Balance Sheets (dollars in thousands, except share data) RETURN TO TABLE OF CONTENTS Oaks at Gracemont Cumming, GA

Supplemental Q2 2022 8 For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Revenues: Rental income $ 62,522 $ 102,394 $ 127,807 $ 205,152 Residents fees and services 250,506 243,947 495,954 503,913 Total revenues 313,028 346,341 623,761 709,065 Expenses: Property operating expenses 266,066 264,632 534,808 552,023 Depreciation and amortization 58,261 67,888 115,520 134,041 General and administrative 7,207 9,126 14,492 16,668 Acquisition and certain other transaction related costs 609 12,071 1,537 12,071 Impairment of assets — — — (174) Total expenses 332,143 353,717 666,357 714,629 (Loss) gain on sale of properties (686) 30,760 327,108 30,638 Losses on equity securities, net (10,157) (3,849) (18,710) (12,188) Interest and other income (1) 2,266 16,038 2,661 18,873 Interest expense (including net amortization of debt premiums, discounts and issuance costs of $2,318, $3,017, $4,790 and $5,829, respectively) (55,975) (67,657) (113,106) (127,748) Loss on modification or early extinguishment of debt (29,560) (370) (30,043) (2,410) (Loss) income from continuing operations before income tax benefit (expense) and equity in earnings of investees (113,227) (32,454) 125,314 (98,399) Income tax benefit (expense) 640 (191) (832) (429) Equity in earnings of investees 3,204 — 6,558 — Net (loss) income (109,383) (32,645) 131,040 (98,828) Net income attributable to noncontrolling interest — (1,577) — (2,899) Net (loss) income attributable to common shareholders $ (109,383) $ (34,222) $ 131,040 $ (101,727) Weighted average common shares outstanding (basic and diluted) 238,197 237,871 238,173 237,853 Per common share data (basic and diluted): Net (loss) income attributable to common shareholders $ (0.46) $ (0.14) $ 0.55 $ (0.43) (1) See footnote on the following page. Condensed Consolidated Statements of Income (Loss) (amounts in thousands, except per share data) RETURN TO TABLE OF CONTENTS

Supplemental Q2 2022 9 For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Additional Data: General and administrative expenses / total assets (at end of period) 0.1 % 0.1 % 0.2 % 0.2 % Non-cash straight line rent adjustments included in rental income $ 2,710 $ 1,321 $ 4,455 $ 2,125 Lease value amortization included in rental income $ (57) $ 1,849 $ (162) $ 3,715 Non-cash share based compensation $ 665 $ 675 $ 980 $ 903 Non-cash amortization included in property operating expenses $ 199 $ 199 $ 398 $ 398 Non-cash amortization included in general and administrative expenses $ 743 $ 743 $ 1,487 $ 1,487 CARES Act (1) $ 760 $ 15,748 $ 959 $ 18,181 Condensed Consolidated Statements of Income (Loss) (Additional Data) (dollars in thousands) RETURN TO TABLE OF CONTENTS (1) We recognized as other income funds received under the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, in our SHOP segment of $760 and $15,748 during the three months ended June 30, 2022 and 2021, respectively, and $959 and $18,181 during the six months ended June 30, 2022 and 2021, respectively.

Supplemental Q2 2022 10 Coupon Interest Principal Maturity Due at Years to Rate Rate Balance Date Maturity Maturity Floating Rate Debt: Revolving credit facility (1) (2) 4.166% 4.166% $ 700,000 1/15/2024 $ 700,000 1.5 Weighted average rate / total floating rate debt 4.166% 4.166% $ 700,000 $ 700,000 1.5 Unsecured Fixed Rate Debt: Senior unsecured notes due 2024 4.750% 4.790% $ 250,000 5/1/2024 $ 250,000 1.8 Senior unsecured notes due 2025 (3) 9.750% 9.750% 500,000 6/15/2025 500,000 3.0 Senior unsecured notes due 2028 4.750% 4.966% 500,000 2/15/2028 500,000 5.6 Senior unsecured notes due 2031 4.375% 4.375% 500,000 3/1/2031 500,000 8.7 Senior unsecured notes due 2042 5.625% 5.625% 350,000 8/1/2042 350,000 20.1 Senior unsecured notes due 2046 6.250% 6.250% 250,000 2/1/2046 250,000 23.6 Weighted average rate / total unsecured fixed rate debt 6.024% 6.074% $ 2,350,000 $ 2,350,000 9.4 Weighted average rate / total floating and unsecured fixed rate debt 5.598% 5.636% $ 3,050,000 $ 3,050,000 7.6 Secured Fixed Rate Debt: Mortgage - secured by 1 property 4.850% 3.790% $ 10,352 10/1/2022 $ 10,287 0.3 Mortgage - secured by 2 properties (4) 5.750% 5.110% 15,273 10/6/2022 15,182 0.3 Mortgage - secured by 1 property 6.640% 4.920% 14,970 6/1/2023 14,522 0.9 Finance leases - 2 properties 7.700% 7.700% 5,999 4/30/2026 155 3.8 Mortgage - secured by 1 property 4.444% 4.444% 10,120 7/1/2043 1,698 21.0 Weighted average rate / total secured fixed rate debt 5.794% 4.974% $ 56,714 $ 41,844 4.5 Weighted average rate / total debt 5.601% 5.624% $ 3,106,714 $ 3,091,844 7.5 Debt Summary (dollars in thousands) RETURN TO TABLE OF CONTENTS As of June 30, 2022 (1) We pledged certain equity interests of subsidiaries owning properties to secure our obligations under the agreement governing our revolving credit facility, or our credit agreement, and provided first mortgage liens on 61 of our medical office and life science properties. (2) Pursuant to our credit agreement, the borrowing capacity under our revolving credit facility will be reduced to $586,373 in January 2023 and as such, partial repayment of $113,627 of our revolving credit facility will be required by that time. (3) We have the option to redeem all or a portion of our senior unsecured notes due 2025 at any time at a set redemption price. (4) We prepaid this mortgage in July 2022.

Supplemental Q2 2022 11 $113,627 $586,373 $250,000 $500,000 $500,000 $1,100,000 $26,646 $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) (4) (3) RETURN TO TABLE OF CONTENTS (dollars in thousands) As of June 30, 2022 (1) (1) Represents Secured Fixed Rate Debt payments. (2) We prepaid $15,273 of this debt in July 2022. (3) Represents outstanding borrowings under our revolving credit facility as of June 30, 2022. Pursuant to our credit agreement, the borrowing capacity under our revolving credit facility will be reduced to $586,373 in January 2023 and as such, partial repayment of our revolving credit facility will be required by that time. (4) Includes $5,999 of finance lease obligations due through April 2026. (1) (1) (1) (1) (1) (1) (1)(2)

Supplemental Q2 2022 12 Leverage Ratios, Coverage Ratios and Public Debt Covenants RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Leverage Ratios: Net debt / total gross assets 28.4% 25.2% 32.3% 39.8% 38.9% Net debt / gross book value of real estate assets 32.7% 31.3% 37.5% 43.0% 42.5% Secured debt / total assets 12.3% 11.3% 13.1% 9.8% 9.6% Variable rate debt / net debt 31.2% 32.9% 29.6% 22.6% 22.9% Coverage Ratios: Net debt / annualized Adjusted EBITDAre 11.6x 13.5x 12.9x 13.9x 9.9x Adjusted EBITDAre / interest expense 0.9x 0.7x 0.8x 1.0x 1.3x As of and For the Trailing Twelve Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Public Debt Covenants: Maintenance Covenant Total unencumbered assets / unsecured debt - required minimum 150.0% 266.9% 227.5% 238.7% 232.7% 231.8% Incurrence Covenants Total debt / adjusted total assets - allowable maximum 60.0% 39.4% 42.2% 43.7% 47.8% 47.5% Secured debt / adjusted total assets - allowable maximum 40.0% 9.6% 9.0% 10.2% 16.4% 16.3% Consolidated income available for debt service / debt service - required minimum 1.50x (1) 0.85x 0.95x 1.07x 1.23x 1.31x (1) As of June 30, 2022, 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 unable to incur additional debt until this ratio is at or above the required level on a pro forma basis. 2601 Patriot Boulevard Glenview, IL

Supplemental Q2 2022 13 (dollars and sq. ft. in thousands, except per sq. ft. and unit data) Summary of Capital Expenditures RETURN TO TABLE OF CONTENTS For the Three Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Office Portfolio lease related costs $ 4,633 $ 6,759 $ 15,941 $ 5,910 $ 10,044 Office Portfolio building improvements 3,319 585 5,462 3,332 4,437 SHOP fixed assets and capital improvements 25,059 20,328 76,039 23,270 19,283 Recurring capital expenditures $ 33,011 $ 27,672 $ 97,442 $ 32,512 $ 33,764 Office Portfolio avg. sq. ft. during period 8,724 9,259 10,360 10,927 11,059 SHOP avg. units managed during period 25,082 25,217 25,385 25,424 26,193 Office Portfolio building improvements per avg. sq. ft. during period $ 0.38 $ 0.06 $ 0.53 $ 0.30 $ 0.40 SHOP fixed assets and capital improvements per avg. unit managed during period $ 999 $ 806 $ 2,995 $ 915 $ 736 Development, redevelopment and other activities - Office Portfolio $ 17,593 $ 16,617 $ 11,022 $ 6,824 $ 9,689 Development, redevelopment and other activities - SHOP 14,282 16,114 3,620 2,217 5,345 Total development, redevelopment and other activities $ 31,875 $ 32,731 $ 14,642 $ 9,041 $ 15,034

Supplemental Q2 2022 14 Project Location Type of Property Square Feet (1) Estimated Project Costs Total Costs Incurred as of June 30, 2022 Estimated Completion Date 4 Maguire Road Lexington, MA Life Science 54,633 $ 34.0 $ 33.9 Q3 2022 101 West Ponce De Leon Avenue Decatur, GA Medical Office 112,440 $ 8.1 $ 5.2 Q3 2022 1415 West 3rd Street Tempe, AZ Life Science 82,257 $ 11.0 $ 1.8 Q4 2022 10030 North MacArthur Boulevard Irving, TX Medical Office 94,137 $ 3.5 $ 1.3 Q1 2023 2141 K Street NW Washington, D.C. Medical Office 82,592 $ 56.5 $ 0.6 Q1 2025 (1) Represents estimated square footage upon project completion. Office Portfolio Redevelopment Information as of June 30, 2022 (dollars in millions) RETURN TO TABLE OF CONTENTS Rendering of 1415 West 3rd Street Tempe, AZ

Supplemental Q2 2022 15 Property Acquisitions / Dispositions Information Since January 1, 2022 Acquisitions: Date Acquired Location Type of Property Number of Properties Sq. Ft. Gross Purchase Price Gross Purchase Price per Sq. Ft. Cap Rate (1) Weighted Average Remaining Lease Term (2) Occupancy (3) Tenant 7/27/2022 Fremont, CA Life Science 1 89 $ 82,000 $ 921 6.5% 11.5 100% Alamar Biosciences, Inc. Dispositions: We have not disposed of any properties since January 1, 2022. Joint Venture Activity: Date Sold Location Type of Property Number of Properties DHC Ownership Retained Gross Proceeds 1/28/2022 Various Life Science / Medical Office 10 20% $ 653,300 6/28/2022 Boston, MA Life Science 1 10% 108,000 Total 11 $ 761,300 (dollars and sq. ft. in thousands, except per sq. ft. data) RETURN TO TABLE OF CONTENTS (1) Represents the ratio of the estimated GAAP based annual rental income, excluding the impact of above and below market lease amortization, less estimated annual property operating expenses, if any, and excluding depreciation and amortization expense, to the gross purchase price on the date of acquisition, including the principal amount of any assumed debt and excluding acquisition costs. (2) Weighted average remaining lease term based on rental income at the time of acquisition. (3) Occupancy based on leasable square feet as of the acquisition date.

Supplemental Q2 2022 16 Investments in Unconsolidated Joint Ventures (1) (dollars in thousands) RETURN TO TABLE OF CONTENTS As of June 30, 2022 Six Months Ended June 30, 2022 Joint Venture Location Type of Property Number of Properties Square Feet Occupancy at June 30, 2022 Weighted Average Lease Term at June 30, 2022 DHC Ownership DHC Carrying Value of Investment at June 30, 2022 Joint Venture FFO Joint Venture EBITDAre Seaport Innovation LLC Boston, MA Life Science 1 1,134,479 100% 6.6 years 10% (2) $ 108,286 $ 28,891 (2) $ 40,083 (2) The LSMD Fund REIT LLC Various Medical Office / Life Science 10 1,068,763 97% 6.3 years 20% 50,473 8,097 (3) 14,807 (3) Total / Weighted Average 11 2,203,242 98% 6.5 years $ 158,759 $ 36,988 $ 54,890 Investments in Unconsolidated Joint Ventures Unconsolidated Debt Joint Venture Secured Debt (4) Coupon Rate Maturity Date Principal Balance at June 30, 2022 (5) DHC Ownership DHC Share of Principal Balance at June 30, 2022 (6) Seaport Innovation LLC Fixed Rate - 1 Property 3.530% 8/6/2026 $ 620,000 10% $ 62,000 The LSMD Fund REIT LLC Fixed Rate - 9 Properties 3.457% 2/11/2032 189,800 20% 37,960 The LSMD Fund REIT LLC Variable Rate - 1 Property (7) 3.179% 2/9/2024 266,825 20% 53,365 Total / Weighted Average 3.430% $ 1,076,625 $ 153,325 (1) Our property list, including properties owned by these unconsolidated joint ventures, is available on our website. (2) On June 28, 2022, we sold a 10% equity interest in this joint venture. (3) Represents data for the period from January 28, 2022 (formation date of the joint venture) to June 30, 2022. (4) The mortgage loans require interest-only payments until the respective maturity dates. (5) Reflects the entire balance of the debt secured by the properties. We continue to provide certain guarantees on the debt secured by the Seaport Innovation LLC property. (6) Reflects our proportionate share of the principal debt balances based on our ownership percentage of the joint ventures as of June 30, 2022. (7) Original maturity date of February 9, 2024 is subject to three, one year extension options and requires interest to be paid at SOFR plus a premium of 1.90%. Interest rate is as of June 30, 2022. The joint venture has also purchased an interest rate cap through February 2024 with a SOFR strike rate equal to 4.00%.

Supplemental Q2 2022 17 Investments in Unconsolidated Joint Ventures (continued) (1) (dollars in thousands) RETURN TO TABLE OF CONTENTS As of June 30, 2022 (1) Our property list, including properties owned by these unconsolidated joint ventures, is available on our website. (2) Based on the aggregate annualized rental income of our unconsolidated joint ventures as of June 30, 2022. A nn ua liz ed R en ta l In co m e Seaport Innovation LLC The LSMD Fund REIT LLC 2022 2023 2024 2025 2026 2027 2028 and thereafter $— $25,000 $50,000 $75,000 $100,000 Unconsolidated Joint Ventures Lease Expiration Schedule Number of Leases Expiring 18 8 11 18 14 3 34 % of Total Annualized Rental Income Expiring 2.3% 1.3% 4.2 % 5.7% 2.3 % 0.2% 84.0% Major Tenants of Unconsolidated Joint Ventures Joint Venture Tenant % of Annualized Rental Income of Joint Ventures Seaport Innovation LLC Vertex Pharmaceuticals Inc. 62.0% The LSMD Fund REIT LLC Cedars-Sinai Medical Center 10.8% The LSMD Fund REIT LLC Seattle Genetics, Inc. 2.7% The LSMD Fund REIT LLC Stryker Corporation 2.0% The LSMD Fund REIT LLC Complete Genomics, Inc. 1.9% Life Science: 72% Medical Office: 28% Property Type (2) MA: 67% CA: 24% TX: 4% WA: 3% NY: 2% Geographic Diversification (2)

Supplemental Q2 2022 18 Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Six Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 6/30/2022 6/30/2021 Calculation of NOI and Cash Basis NOI: Revenues: Rental income $ 62,522 $ 65,285 $ 102,034 $ 101,403 $ 102,394 $ 127,807 $ 205,152 Residents fees and services 250,506 245,448 234,697 236,013 243,947 495,954 503,913 Total revenues 313,028 310,733 336,731 337,416 346,341 623,761 709,065 Property operating expenses (266,066) (268,742) (273,716) (266,073) (264,632) (534,808) (552,023) NOI 46,962 41,991 63,015 71,343 81,709 88,953 157,042 Non-cash straight line rent adjustments included in rental income (2,710) (1,745) (2,042) (1,679) (1,321) (4,455) (2,125) Lease value amortization included in rental income 57 105 (1,648) (1,848) (1,849) 162 (3,715) Non-cash amortization included in property operating expenses (199) (199) (200) (199) (199) (398) (398) Cash Basis NOI $ 44,110 $ 40,152 $ 59,125 $ 67,617 $ 78,340 $ 84,262 $ 150,804 Reconciliation of Net Income (Loss) to NOI and Cash Basis NOI: Net (loss) income $ (109,383) $ 240,423 $ 366,758 $ (88,004) $ (32,645) $ 131,040 $ (98,828) Equity in earnings of investees (3,204) (3,354) — — — (6,558) — Income tax (benefit) expense (640) 1,472 406 595 191 832 429 Loss on modification or early extinguishment of debt 29,560 483 — — 370 30,043 2,410 Interest expense 55,975 57,131 63,518 64,493 67,657 113,106 127,748 Interest and other income (2,266) (395) (786) (976) (16,038) (2,661) (18,873) Losses on equity investments, net 10,157 8,553 15,289 14,755 3,849 18,710 12,188 Loss (gain) on sale of properties 686 (327,794) (461,434) (200) (30,760) (327,108) (30,638) Impairment of assets — — — — — — (174) Acquisition and certain other transaction related costs 609 928 2,327 3,108 12,071 1,537 12,071 General and administrative 7,207 7,285 8,549 8,870 9,126 14,492 16,668 Depreciation and amortization 58,261 57,259 68,388 68,702 67,888 115,520 134,041 NOI 46,962 41,991 63,015 71,343 81,709 88,953 157,042 Non-cash straight line rent adjustments included in rental income (2,710) (1,745) (2,042) (1,679) (1,321) (4,455) (2,125) Lease value amortization included in rental income 57 105 (1,648) (1,848) (1,849) 162 (3,715) Non-cash amortization included in property operating expenses (199) (199) (200) (199) (199) (398) (398) Cash Basis NOI $ 44,110 $ 40,152 $ 59,125 $ 67,617 $ 78,340 $ 84,262 $ 150,804

Supplemental Q2 2022 19 For the Three Months Ended For the Six Months Ended 6/30/2022 6/30/2021 % Change 6/30/2022 6/30/2021 % Change NOI: Life Science $ 9,488 $ 31,968 (70.3) % $ 16,779 $ 64,056 (73.8) % Medical Office 21,096 29,515 (28.5) % 45,355 59,457 (23.7) % Total Office Portfolio 30,584 61,483 (50.3) % 62,134 123,513 (49.7) % SHOP 6,466 10,636 (39.2) % 6,619 14,504 (54.4) % Non-Segment 9,912 9,590 3.4 % 20,200 19,025 6.2 % Total $ 46,962 $ 81,709 (42.5) % $ 88,953 $ 157,042 (43.4) % Cash Basis NOI: Life Science $ 7,574 $ 28,847 (73.7) % $ 14,023 $ 57,888 (75.8) % Medical Office 20,353 29,007 (29.8) % 43,866 58,892 (25.5) % Total Office Portfolio 27,927 57,854 (51.7) % 57,889 116,780 (50.4) % SHOP 6,466 10,636 (39.2) % 6,619 14,504 (54.4) % Non-Segment 9,717 9,850 (1.4) % 19,754 19,520 1.2 % Total $ 44,110 $ 78,340 (43.7) % $ 84,262 $ 150,804 (44.1) % NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS

Supplemental Q2 2022 20 Same Property NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Six Months Ended 6/30/2022 6/30/2021 % Change 6/30/2022 6/30/2021 % Change NOI: Life Science $ 7,320 $ 7,195 1.7 % $ 13,688 $ 14,286 (4.2) % Medical Office 21,534 21,853 (1.5) % 43,727 43,711 0.0 % Total Office Portfolio 28,854 29,048 (0.7) % 57,415 57,997 (1.0) % SHOP 12,878 12,464 3.3 % 22,363 22,822 (2.0) % Non-Segment 10,107 9,590 5.4 % 20,200 19,025 6.2 % Total $ 51,839 $ 51,102 1.4 % $ 99,978 $ 99,844 0.1 % Cash Basis NOI: Life Science $ 7,248 $ 7,263 (0.2) % $ 13,012 $ 14,411 (9.7) % Medical Office 20,771 21,474 (3.3) % 42,357 43,211 (2.0) % Total Office Portfolio 28,019 28,737 (2.5) % 55,369 57,622 (3.9) % SHOP 12,878 12,464 3.3 % 22,363 22,822 (2.0) % Non-Segment 9,891 9,850 0.4 % 19,753 19,519 1.2 % Total $ 50,788 $ 51,051 (0.5) % $ 97,485 $ 99,963 (2.5) %

Supplemental Q2 2022 21 Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment RETURN TO TABLE OF CONTENTS (dollars in thousands) Office Portfolio For the Three Months Ended Calculation of NOI and Cash Basis NOI: 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Rental income $ 52,610 $ 54,997 $ 89,950 $ 91,520 $ 92,804 Property operating expenses (22,026) (23,447) (32,313) (32,386) (31,321) NOI $ 30,584 $ 31,550 $ 57,637 $ 59,134 $ 61,483 NOI $ 30,584 $ 31,550 $ 57,637 $ 59,134 $ 61,483 Less: Non-cash straight line rent adjustments included in rental income 2,532 1,511 1,827 1,800 1,597 Lease value amortization included in rental income (74) (122) 1,631 1,830 1,833 Non-cash amortization included in property operating expenses 199 199 200 199 199 Cash Basis NOI $ 27,927 $ 29,962 $ 53,979 $ 55,305 $ 57,854 Reconciliation of NOI to Same Property NOI: NOI $ 30,584 $ 31,550 $ 57,637 $ 59,134 $ 61,483 Less: NOI of properties not included in same property results 1,730 2,990 28,834 31,162 32,435 Same Property NOI $ 28,854 $ 28,560 $ 28,803 $ 27,972 $ 29,048 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same Property NOI $ 28,854 $ 28,560 $ 28,803 $ 27,972 $ 29,048 Less: Non-cash straight line rent adjustments included in rental income 772 1,166 1,209 923 347 Lease value amortization included in rental income (74) (132) (144) (137) (135) Non-cash amortization included in property operating expenses 137 174 99 99 99 Same Property Cash Basis NOI $ 28,019 $ 27,352 $ 27,639 $ 27,087 $ 28,737

Supplemental Q2 2022 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) SHOP For the Three Months Ended Calculation of NOI and Cash Basis NOI: 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Residents fees and services $ 250,506 $ 245,448 $ 234,697 $ 236,013 $ 243,947 Property operating expenses (244,040) (245,295) (241,403) (233,687) (233,311) NOI / Cash Basis NOI $ 6,466 $ 153 $ (6,706) $ 2,326 $ 10,636 Reconciliation of NOI / Cash Basis NOI to Same Property NOI / Same Property Cash Basis NOI: NOI / Cash Basis NOI $ 6,466 $ 153 $ (6,706) $ 2,326 $ 10,636 Less: NOI / Cash Basis NOI of properties not included in same property results (6,412) (9,332) (9,545) (5,000) (1,828) Same Property NOI / Same Property Cash Basis NOI $ 12,878 $ 9,485 $ 2,839 $ 7,326 $ 12,464

Supplemental Q2 2022 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) Non-Segment For the Three Months Ended Calculation of NOI and Cash Basis NOI: 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Rental income $ 9,912 $ 10,288 $ 12,084 $ 9,883 $ 9,590 Property operating expenses — — — — — NOI $ 9,912 $ 10,288 $ 12,084 $ 9,883 $ 9,590 NOI $ 9,912 $ 10,288 $ 12,084 $ 9,883 $ 9,590 Less: Non-cash straight line rent adjustments included in rental income 178 234 215 (121) (276) Lease value amortization included in rental income 17 17 17 18 16 Non-cash amortization included in property operating expenses — — — — — Cash Basis NOI $ 9,717 $ 10,037 $ 11,852 $ 9,986 $ 9,850 Reconciliation of NOI to Same Property NOI: NOI $ 9,912 $ 10,288 $ 12,084 $ 9,883 $ 9,590 Less: NOI of properties not included in same property results (195) 196 — — — Same Property NOI $ 10,107 $ 10,092 $ 12,084 $ 9,883 $ 9,590 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same Property NOI $ 10,107 $ 10,092 $ 12,084 $ 9,883 $ 9,590 Less: Non-cash straight line rent adjustments included in rental income 199 213 215 (121) (276) Lease value amortization included in rental income 17 17 17 18 16 Non-cash amortization included in property operating expenses — — — — — Same Property Cash Basis NOI $ 9,891 $ 9,862 $ 11,852 $ 9,986 $ 9,850

Supplemental Q2 2022 24 Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment (continued) RETURN TO TABLE OF CONTENTS (dollars in thousands) Consolidated For the Three Months Ended Calculation of NOI and Cash Basis NOI: 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Rental income / residents fees and services $ 313,028 $ 310,733 $ 336,731 $ 337,416 $ 346,341 Property operating expenses (266,066) (268,742) (273,716) (266,073) (264,632) NOI $ 46,962 $ 41,991 $ 63,015 $ 71,343 $ 81,709 NOI $ 46,962 $ 41,991 $ 63,015 $ 71,343 $ 81,709 Less: Non-cash straight line rent adjustments included in rental income 2,710 1,745 2,042 1,679 1,321 Lease value amortization included in rental income (57) (105) 1,648 1,848 1,849 Non-cash amortization included in property operating expenses 199 199 200 199 199 Cash Basis NOI $ 44,110 $ 40,152 $ 59,125 $ 67,617 $ 78,340 Reconciliation of NOI to Same Property NOI: NOI $ 46,962 $ 41,991 $ 63,015 $ 71,343 $ 81,709 Less: NOI of properties not included in same property results (4,877) (6,146) 19,289 26,162 30,607 Same Property NOI $ 51,839 $ 48,137 $ 43,726 $ 45,181 $ 51,102 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same Property NOI $ 51,839 $ 48,137 $ 43,726 $ 45,181 $ 51,102 Less: Non-cash straight line rent adjustments included in rental income 971 1,379 1,424 802 71 Lease value amortization included in rental income (57) (115) (127) (119) (119) Non-cash amortization included in property operating expenses 137 174 99 99 99 Same Property Cash Basis NOI $ 50,788 $ 46,699 $ 42,330 $ 44,399 $ 51,051

Supplemental Q2 2022 25 Calculation and Reconciliation of EBITDA, EBITDAre and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 6/30/2022 6/30/2021 Net (loss) income $ (109,383) $ 240,423 $ 366,758 $ (88,004) $ (32,645) $ 131,040 $ (98,828) Interest expense 55,975 57,131 63,518 64,493 67,657 113,106 127,748 Income tax (benefit) expense (640) 1,472 406 595 191 832 429 Depreciation and amortization 58,261 57,259 68,388 68,702 67,888 115,520 134,041 EBITDA 4,213 356,285 499,070 45,786 103,091 360,498 163,390 Loss (gain) on sale of properties 686 (327,794) (461,434) (200) (30,760) (327,108) (30,638) Impairment of assets — — — — — — (174) Equity in earnings of unconsolidated joint ventures (3,204) (3,354) — — — (6,558) — Share of EBITDAre from unconsolidated joint ventures 5,709 5,232 384 — — 10,941 — Adjustments to reflect our share of EBITDAre attributable to an equity method investment (1,446) (1,816) (2,468) (2,345) (2,673) (3,262) (363) EBITDAre 5,958 28,553 35,552 43,241 69,658 34,511 132,215 General and administrative expense paid in common shares 665 315 315 742 675 980 903 Acquisition and certain other transaction related costs 609 928 2,327 3,108 12,071 1,537 12,071 Loss on modification or early extinguishment of debt 29,560 483 — — 370 30,043 2,410 Losses on equity securities, net 10,157 8,553 15,289 14,755 3,849 18,710 12,188 Adjustments to reflect our share of Adjusted EBITDAre attributable to an equity method investment 1,026 65 392 1,234 1,166 1,091 1,205 Adjusted EBITDAre $ 47,975 $ 38,897 $ 53,875 $ 63,080 $ 87,789 $ 86,872 $ 160,992 RETURN TO TABLE OF CONTENTS

Supplemental Q2 2022 26 Calculation and Reconciliation of FFO and Normalized FFO Attributable to Common Shareholders (amounts in thousands, except per share data) RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Six Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 6/30/2022 6/30/2021 Net (loss) income attributable to common shareholders $ (109,383) $ 240,423 $ 365,585 $ (89,343) $ (34,222) $ 131,040 $ (101,727) Depreciation and amortization 58,261 57,259 68,388 68,702 67,888 115,520 134,041 Loss (gain) on sale of properties 686 (327,794) (461,434) (200) (30,760) (327,108) (30,638) Impairment of assets — — — — — — (174) Losses on equity securities, net 10,157 8,553 15,289 14,755 3,849 18,710 12,188 FFO adjustments attributable to noncontrolling interest — — (4,763) (5,273) (5,275) — (10,548) Equity in earnings of unconsolidated joint ventures (3,204) (3,354) — — — (6,558) — Share of FFO from unconsolidated joint ventures 3,704 3,675 273 — — 7,379 — Adjustments to reflect our share of FFO attributable to an equity method investment (1,466) (1,932) (2,608) (2,440) (3,005) (3,398) (969) FFO attributable to common shareholders (41,245) (23,170) (19,270) (13,799) (1,525) (64,415) 2,173 Acquisition and certain other transaction related costs 609 928 2,327 3,108 12,071 1,537 12,071 Loss on modification or early extinguishment of debt 29,560 483 — — 370 30,043 2,410 Adjustments to reflect our share of Normalized FFO attributable to an equity method investment 681 (142) 448 1,242 1,299 539 1,384 Normalized FFO attributable to common shareholders $ (10,395) $ (21,901) $ (16,495) $ (9,449) $ 12,215 $ (32,296) $ 18,038 Weighted average common shares outstanding (basic) 238,197 238,149 238,149 238,008 237,871 238,173 237,853 Weighted average common shares outstanding (diluted) 238,197 238,198 238,149 238,008 237,871 238,173 237,853 Per Common Share Data (basic and diluted): Net (loss) income attributable to common shareholders $ (0.46) $ 1.01 $ 1.54 $ (0.38) $ (0.14) $ 0.55 $ (0.43) FFO attributable to common shareholders $ (0.17) $ (0.10) $ (0.08) $ (0.06) $ (0.01) $ (0.27) $ 0.01 Normalized FFO attributable to common shareholders $ (0.04) $ (0.09) $ (0.07) $ (0.04) $ 0.05 $ (0.14) $ 0.08

Supplemental Q2 2022 27 FL: 10% TX: 9% CA: 8% GA: 7% MD: 5% NC: 4% WI: 4% VA: 4% IL: 4% IN: 4% 26 Other States + D.C.: 41% (based on Gross Book Value of Real Estate Assets as of June 30, 2022) (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 Assisted Living: 12% Independent Living: 23% SNFs: 2% Life Science: 14% Medical Office: 42% Wellness Centers: 7% Property Type(1) (2) (based on Q2 2022 Same Property NOI)

Supplemental Q2 2022 28 Portfolio Summary RETURN TO TABLE OF CONTENTS (dollars in thousands, except investment per square foot or unit) As of June 30, 2022 Number of Properties Square Feet or Number of Units Gross Book Value of Real Estate Assets % of Total Gross Book Value of Real Estate Assets Investment Per Square Foot or Unit % of Q2 2022 Total Revenues % of Q2 2022 Total NOI Q2 2022 Q2 2022 Revenues NOI Life science 23 2,532,837 $ 708,825 10.3 % $ 280 $ 15,223 4.9 % $ 9,488 20.2 % Medical office 81 6,190,029 1,484,870 21.7 % $ 240 37,387 11.9 % 21,096 44.9 % Subtotal Office Portfolio 104 8,722,866 sq. ft. 2,193,695 32.0 % $ 251 52,610 16.8 % 30,584 65.1 % SHOP 234 25,075 units 4,226,840 61.7 % $ 168,568 250,506 80.0 % 6,466 13.8 % Triple net leased senior living communities 30 2,327 units 252,961 3.7 % $ 108,707 6,114 2.0 % 6,114 13.0 % Wellness centers 10 812,000 sq. ft. 178,110 2.6 % $ 219 3,798 1.2 % 3,798 8.1 % Total 378 $ 6,851,606 100.0 % $ 313,028 100.0 % $ 46,962 100.0 %

Supplemental Q2 2022 29 SHOP Unit Count Assisted Living units: 10,438: 42% Independent Living and Active Adult units: 10,454: 42% SNF units: 1,394: 5% Memory Care units: 2,789: 11% RETURN TO TABLE OF CONTENTS SHOP Unit Count as of June 30, 2022 Assisted Living units: 6,445: 36% Independent Living and Active Adult units: 9,894: 55% Memory Care units: 1,547: 9% Assisted Living units: 3,993: 56% Independent Living units: 560: 8% SNF units: 1,394: 19% Memory Care units: 1,242: 17% Five Star Managed Communities Unit Count as of June 30, 2022 Other Operator Managed Communities Unit Count as of June 30, 2022

Supplemental Q2 2022 30 Rent Coverage and Occupancy Rent Coverage (1): For the Twelve Months Ended 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Triple net leased senior living communities 1.18 x 1.21 x 1.21 x 1.27 x 1.38 x Wellness centers 1.34 x 1.12 x 1.23 x 1.17 x 0.94 x Total 1.23 x 1.18 x 1.21 x 1.24 x 1.24 x Occupancy - Triple net leased senior living communities (1): For the Twelve Months Ended 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Occupancy 78.8 % 77.4 % 76.5 % 76.3 % 77.7 % Same Property Occupancy (2) 78.8 % 77.4 % 76.5 % 76.3 % 77.7 % RETURN TO TABLE OF CONTENTS (1) All tenant operating data presented is based upon the operating results provided by our tenants for the indicated periods. We report our operating data one quarter in arrears as this is the most recent prior period for which tenant operating results are available to us from our tenants. We have not independently verified tenant operating data. (2) Same property occupancy includes those properties classified as same property for the three months ended June 30, 2022 for all periods presented. The Stratford Carmel, IN

Supplemental Q2 2022 31RETURN TO TABLE OF CONTENTS OFFICE PORTFOLIO - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended June 30, 2022 As of and For the Three Months Ended June 30, 2021 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 23 81 104 30 88 118 Square Feet 2,533 6,190 8,723 4,130 6,797 10,927 Occupancy 94.9 % 85.4 % 88.1 % 93.5 % 89.5 % 91.0 % Rental Income $ 15,223 $ 37,387 $ 52,610 $ 43,611 $ 49,193 $ 92,804 NOI $ 9,488 $ 21,096 $ 30,584 $ 31,968 $ 29,515 $ 61,483 Cash Basis NOI $ 7,574 $ 20,353 $ 27,927 $ 28,847 $ 29,007 $ 57,854 NOI Margin % 62.3 % 56.4 % 58.1 % 73.3 % 60.0 % 66.3 % Cash Basis NOI Margin % 56.7 % 55.3 % 55.7 % 71.1 % 59.4 % 64.7 % NOI % Change (70.3) % (28.5) % (50.3) % Cash Basis NOI % Change (73.7) % (29.8) % (51.7) % OFFICE PORTFOLIO SAME PROPERTY - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended June 30, 2022 As of and For the Three Months Ended June 30, 2021 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 18 77 95 18 77 95 Square Feet 2,210 5,809 8,019 2,210 5,810 8,020 Occupancy 94.1 % 90.2 % 91.2 % 95.3 % 90.4 % 91.8 % Rental Income $ 12,008 $ 36,671 $ 48,679 $ 11,739 $ 36,474 $ 48,213 NOI $ 7,320 $ 21,534 $ 28,854 $ 7,195 $ 21,853 $ 29,048 Cash Basis NOI $ 7,248 $ 20,771 $ 28,019 $ 7,263 $ 21,474 $ 28,737 NOI Margin % 61.0 % 58.7 % 59.3 % 61.3 % 59.9 % 60.2 % Cash Basis NOI Margin % 60.6 % 57.7 % 58.4 % 61.4 % 59.4 % 59.9 % NOI % Change 1.7 % (1.5) % (0.7) % Cash Basis NOI % Change (0.2) % (3.3) % (2.5) % Office Portfolio and Same Property - Results of Operations Three Months Ended June 30, 2022 and 2021

Supplemental Q2 2022 32 Office Portfolio and Same Property - Results of Operations (continued) RETURN TO TABLE OF CONTENTS OFFICE PORTFOLIO - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Six Months Ended June 30, 2022 As of and For the Six Months Ended June 30, 2021 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 23 81 104 30 88 118 Square Feet 2,533 6,190 8,723 4,130 6,797 10,927 Occupancy 94.9 % 85.4 % 88.1 % 93.5 % 89.5 % 91.0 % Rental Income $ 28,982 $ 78,625 $ 107,607 $ 87,626 $ 98,501 $ 186,127 NOI $ 16,779 $ 45,355 $ 62,134 $ 64,056 $ 59,457 $ 123,513 Cash Basis NOI $ 14,023 $ 43,866 $ 57,889 $ 57,888 $ 58,892 $ 116,780 NOI Margin % 57.9 % 57.7 % 57.7 % 73.1 % 60.4 % 66.4 % Cash Basis NOI Margin % 53.3 % 56.6 % 55.8 % 70.9 % 60.0 % 65.0 % NOI % Change (73.8) % (23.7) % (49.7) % Cash Basis NOI % Change (75.8) % (25.5) % (50.4) % OFFICE PORTFOLIO SAME PROPERTY - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Six Months Ended June 30, 2022 As of and For the Six Months Ended June 30, 2021 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 18 77 95 18 77 95 Square Feet 2,210 5,809 8,019 2,210 5,810 8,020 Occupancy 94.1 % 90.2 % 91.2 % 95.3 % 90.4 % 91.8 % Rental Income $ 23,504 $ 73,603 $ 97,107 $ 23,596 $ 72,740 $ 96,336 NOI $ 13,688 $ 43,727 $ 57,415 $ 14,286 $ 43,711 $ 57,997 Cash Basis NOI $ 13,012 $ 42,357 $ 55,369 $ 14,411 $ 43,211 $ 57,622 NOI Margin % 58.2 % 59.4 % 59.1 % 60.5 % 60.1 % 60.2 % Cash Basis NOI Margin % 56.9 % 58.4 % 58.1 % 60.7 % 59.7 % 59.9 % NOI % Change (4.2) % 0.0 % (1.0) % Cash Basis NOI % Change (9.7) % (2.0) % (3.9) % Six Months Ended June 30, 2022 and 2021

Supplemental Q2 2022 33 (1) Same property includes those properties classified as same property for the three months ended June 30, 2022 for all periods presented. RETURN TO TABLE OF CONTENTS OFFICE PORTFOLIO - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Number of Buildings 104 104 116 118 118 Square Feet 8,723 8,724 9,793 10,927 10,927 Occupancy 88.1 % 89.3 % 91.3 % 91.3 % 91.0 % Rental Income $ 52,610 $ 54,997 $ 89,950 $ 91,520 $ 92,804 NOI $ 30,584 $ 31,550 $ 57,637 $ 59,134 $ 61,483 Cash Basis NOI $ 27,927 $ 29,962 $ 53,979 $ 55,305 $ 57,854 NOI Margin % 58.1 % 57.4 % 64.1 % 64.6 % 66.3 % Cash Basis NOI Margin % 55.7 % 55.9 % 62.4 % 62.9 % 64.7 % Sequential NOI % Change (3.1) % (45.3) % (2.5) % (3.8) % Sequential Cash Basis NOI % Change (6.8) % (44.5) % (2.4) % (4.4) % Year Over Year NOI % Change (50.3) % Year Over Year Cash Basis NOI % Change (51.7) % OFFICE PORTFOLIO SAME PROPERTY - RESULTS OF OPERATIONS (1) (dollars and sq. ft. in thousands) As of and For the Three Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Number of Buildings 95 95 95 95 95 Square Feet 8,019 8,020 8,020 8,020 8,020 Occupancy 91.2 % 92.5 % 92.4 % 91.5 % 91.8 % Rental Income $ 48,679 $ 48,428 $ 48,467 $ 47,517 $ 48,213 NOI $ 28,854 $ 28,560 $ 28,803 $ 27,972 $ 29,048 Cash Basis NOI $ 28,019 $ 27,352 $ 27,639 $ 27,087 $ 28,737 NOI Margin % 59.3 % 59.0 % 59.4 % 58.9 % 60.2 % Cash Basis NOI Margin % 58.4 % 57.7 % 58.3 % 58.0 % 59.9 % Sequential NOI % Change 1.0 % (0.8) % 3.0 % (3.7) % Sequential Cash Basis NOI % Change 2.4 % (1.0) % 2.0 % (5.7) % Year Over Year NOI % Change (0.7) % Year Over Year Cash Basis NOI % Change (2.5) % Office Portfolio and Same Property - Results of Operations (continued) Trailing Five Quarters

Supplemental Q2 2022 34 SHOP Segment and Same Property - Results of Operations RETURN TO TABLE OF CONTENTS SHOP SEGMENT - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Three Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Number of Properties 234 234 235 235 235 Number of Units 25,075 25,088 25,345 25,424 25,423 Occupancy 73.6 % 73.0 % 72.5 % 71.3 % 70.9 % Average Monthly Rate $ 4,480 $ 4,472 $ 4,189 $ 4,234 $ 4,307 Year Over Year Average Monthly Rate % Change 4.0 % Residents Fees and Services $ 250,506 $ 245,448 $ 234,697 $ 236,013 $ 243,947 Property Operating Expenses (244,040) (245,295) (241,403) (233,687) (233,311) NOI $ 6,466 $ 153 $ (6,706) $ 2,326 $ 10,636 NOI Margin % 2.6 % 0.1 % (2.9) % 1.0 % 4.4 % Sequential NOI % Change 4,126.1 % 102.3 % (388.3) % (78.1) % Year Over Year NOI % Change (39.2) % SHOP SEGMENT SAME PROPERTY - RESULTS OF OPERATIONS (1) (dollars in thousands, except average monthly rate) As of and For the Three Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Number of Properties 120 120 120 120 120 Number of Units 17,886 17,886 17,886 17,886 17,886 Occupancy 74.1 % 74.1 % 74.1 % 73.4 % 72.9 % Average Monthly Rate $ 4,109 $ 4,084 $ 3,833 $ 3,937 $ 4,018 Year Over Year Average Monthly Rate % Change 2.3 % Residents Fees and Services $ 165,182 $ 162,540 $ 155,794 $ 158,512 $ 168,655 Property Operating Expenses (152,304) (153,055) (152,955) (151,186) (156,191) NOI $ 12,878 $ 9,485 $ 2,839 $ 7,326 $ 12,464 NOI Margin % 7.8 % 5.8 % 1.8 % 4.6 % 7.4 % Sequential NOI % Change 35.8 % 234.1 % (61.2) % (41.2) % Year Over Year NOI % Change 3.3 % (1) Same property includes those properties classified as same property for the three months ended June 30, 2022 for all periods presented. Trailing Five Quarters

Supplemental Q2 2022 35RETURN TO TABLE OF CONTENTS SHOP SEGMENT - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Three Months Ended June 30, 2022 As of and For the Three Months Ended June 30, 2021 Five Star Managed Communities Other Operator Managed Communities Total SHOP Segment Five Star Managed Communities Other Operator Managed Communities(1) Total SHOP Segment Number of Properties 120 114 234 120 115 235 Number of Units 17,886 7,189 25,075 17,898 7,525 25,423 Occupancy 74.1 % 72.4 % 73.6 % 72.7 % 66.5 % 70.9 % Average Monthly Rate $ 4,108 $ 5,431 $ 4,480 $ 4,058 $ 4,957 $ 4,307 Average Monthly Rate % Change 1.2 % 9.6 % 4.0 % Residents Fees and Services $ 165,157 $ 85,349 $ 250,506 $ 168,682 $ 75,265 $ 243,947 Property Operating Expenses (152,308) (91,732) (244,040) (156,300) (77,011) (233,311) NOI $ 12,849 $ (6,383) $ 6,466 $ 12,382 $ (1,746) $ 10,636 NOI Margin % 7.8 % (7.5) % 2.6 % 7.3 % (2.3) % 4.4 % NOI % Change 3.8 % (265.6) % (39.2) % SHOP Segment - Five Star Managed and Other Operator Managed Communities Results of Operations Three Months Ended June 30, 2022 and 2021 (1) Five Star managed 108 of these communities during the three months ended June 30, 2021.

Supplemental Q2 2022 36RETURN TO TABLE OF CONTENTS SHOP SEGMENT - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Six Months Ended June 30, 2022 As of and For the Six Months Ended June 30, 2021 Five Star Managed Communities Other Operator Managed Communities Total SHOP Segment Five Star Managed Communities Other Operator Managed Communities(1) Total SHOP Segment Number of Properties 120 114 234 120 115 235 Number of Units 17,886 7,189 25,075 17,898 7,525 25,423 Occupancy 74.1 % 71.3 % 73.3 % 71.8 % 66.1 % 70.2 % Average Monthly Rate $ 4,096 $ 5,463 $ 4,476 $ 4,273 $ 4,992 $ 4,467 Average Monthly Rate % Change (4.1) % 9.4 % 0.2 % Residents Fees and Services $ 327,704 $ 168,250 $ 495,954 $ 354,149 $ 149,764 $ 503,913 Property Operating Expenses (305,392) (183,943) (489,335) (331,119) (158,290) (489,409) NOI $ 22,312 $ (15,693) $ 6,619 $ 23,030 $ (8,526) $ 14,504 NOI Margin % 6.8 % (9.3) % 1.3 % 6.5 % (5.7) % 2.9 % NOI % Change (3.1) % (84.1) % (54.4) % SHOP Segment - Five Star Managed and Other Operator Managed Communities Results of Operations Six Months Ended June 30, 2022 and 2021 (1) Five Star managed 108 of these communities during the six months ended June 30, 2021.

Supplemental Q2 2022 37 Office Portfolio Leasing Summary (1) (2) (1) The leasing summary on this page is based on leases entered into during the periods indicated. (2) Effective as of the date of deconsolidation, excludes properties owned by the unconsolidated joint ventures in which we own an equity interest. See pages 16 and 17 for additional information regarding our joint ventures. (dollars and sq. ft. in thousands, except per sq. ft. data) RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Buildings 104 104 116 118 118 Total square feet 8,723 8,724 9,793 10,927 10,927 Occupancy 88.1 % 89.3 % 91.3 % 91.3 % 91.0 % Leasing Activity (sq. ft.): New leases 52 120 171 101 65 Renewals 211 81 1,181 271 567 Total 263 201 1,352 372 632 Rental Rate on New and Renewed Leases per Sq. Ft.: New leases $ 34.91 $ 25.72 $ 42.97 $ 58.73 $ 45.63 Renewals $ 20.25 $ 29.64 $ 21.11 $ 29.76 $ 38.05 Average net annual rent $ 23.15 $ 27.30 $ 23.88 $ 37.61 $ 38.83 Leasing Costs and Concession Commitments: New leases $ 2,986 $ 11,330 $ 19,189 $ 15,645 $ 5,191 Renewals 2,350 1,208 16,422 8,647 21,241 Total $ 5,336 $ 12,538 $ 35,611 $ 24,292 $ 26,432 Leasing Costs and Concession Commitments per Sq. Ft.: New leases $ 57.47 $ 94.34 $ 112.31 $ 155.24 $ 80.38 Renewals $ 11.13 $ 14.91 $ 13.90 $ 31.87 $ 37.43 All new and renewed leases $ 20.28 $ 62.35 $ 26.33 $ 65.28 $ 41.82 Weighted Average Lease Term (years): New leases 5.8 9.9 10.0 9.1 9.3 Renewals 5.4 4.1 9.0 7.5 9.1 All new and renewed leases 5.5 7.4 9.3 8.2 9.1 Leasing Costs and Concession Commitments per Sq. Ft. per Year: New leases $ 9.91 $ 9.52 $ 11.24 $ 17.09 $ 8.60 Renewals $ 2.07 $ 3.62 $ 1.54 $ 4.25 $ 4.13 All new and renewed leases $ 3.69 $ 8.45 $ 2.84 $ 7.99 $ 4.60

Supplemental Q2 2022 38 As of June 30, 2022 (1) 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 third quarter of 2022. (2) Includes NOI for the three months ended June 30, 2022, 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) Tenant Facility Type Annualized Rental Income % of Annualized Rental Income Expiration 1 Advocate Aurora Health Medical office $ 16,939 5.9% 2026-2031 2 Brookdale Senior Living, Inc. Senior living 9,147 3.2% 2032 3 Life Time Athletic Wellness center 9,105 3.2% 2040 4 Medtronic, Inc. Medical office 6,604 2.3% 2022 - 2027 5 Surgalign Holdings, Inc. Life science 6,595 2.3% 2034 6 Starmark Holdings, LLC Wellness center 6,000 2.1% 2028 7 IQVIA Holdings Inc. Life science 5,344 1.9% 2023 8 Prometheus Biosciences, Inc. Life science 5,114 1.8% 2033 9 Stratford Retirement, LLC Senior living 5,076 1.8% 2033 10 Boston Children's Hospital Medical office 4,794 1.7% 2028 11 KSQ Therapeutics, Inc. (1) Life science 4,779 1.7% 2032 12 Sonova Holding AG Life science 4,591 1.6% 2024 13 Oaks Senior Living, LLC Senior living 4,523 1.6% 2024 - 2030 14 Magellan Health Inc. Medical office 4,516 1.6% 2025 15 Stellar Senior Living, LLC Senior living 4,342 1.5% 2027 16 Abbvie Inc. Life science 3,969 1.4% 2027 17 United Healthcare Services, Inc. Medical office 3,924 1.4% 2026 18 Cigna Holding Co. Medical office 3,914 1.4% 2024 19 Duke University Medical office 3,834 1.3% 2024 20 Tokio Marine Holdings Inc. Medical office 3,759 1.3% 2022 - 2033 21 PerkinElmer Health Sciences, Inc. Life science 3,681 1.3% 2028 22 HCA Holdings Inc. Medical office 3,405 1.2% 2023-2027 23 New York University Medical office 3,239 1.1% 2022-2027 24 McKesson Corporation Medical office 3,143 1.1% 2024-2028 25 Ultragenyx Pharmaceutical Inc. Life science 3,098 1.1% 2026 26 Hawaii Pacific Health Medical office 3,060 1.1% 2024-2029 27 Virginia Premier Health Plan, Inc. Medical office 2,936 1.0% 2032 All Other Tenants (2) 147,907 51.1% 2022 - 2043 Total Tenants $ 287,338 100.0%

Supplemental Q2 2022 39 Office Portfolio Lease Expiration Schedule RETURN TO TABLE OF CONTENTS (dollars in thousands) As of June 30, 2022 Office Portfolio Annualized Rental Income Expiring Year Annualized Rental Income Expiring % of Total Annualized Rental Income Expiring Cumulative % of Total Annualized Rental Income Expiring 2022 $ 11,660 5.3% 5.3% 2023 18,229 8.3% 13.6% 2024 26,335 12.0% 25.6% 2025 16,923 7.7% 33.3% 2026 23,932 10.9% 44.2% 2027 19,400 8.8% 53.0% 2028 22,809 10.4% 63.4% 2029 11,259 5.1% 68.5% 2030 7,693 3.5% 72.0% 2031 and thereafter 60,998 28.0% 100.0% Total $ 219,238 100.0% Average remaining lease term for our office portfolio (weighted by annualized rental income): 5.7 years Office Portfolio Square Feet with Leases Expiring Year Leased Square Feet Expiring % of Total Leased Square Feet Expiring Cumulative % of Total Leased Square Feet Expiring 2022 418,778 5.4% 5.4% 2023 658,901 8.6% 14.0% 2024 971,967 12.6% 26.6% 2025 713,422 9.3% 35.9% 2026 796,376 10.4% 46.3% 2027 809,691 10.5% 56.8% 2028 874,257 11.4% 68.2% 2029 390,787 5.1% 73.3% 2030 388,369 5.1% 78.4% 2031 and thereafter 1,665,116 21.6% 100.0% Total 7,687,664 100.0% Muse at Torrey Pines San Diego, CA

Supplemental Q2 2022 40 Non-Segment Annualized Rental Income Expiring Year Number of Properties Number of Units or Square Feet Annualized Rental Income Expiring % of Total Annualized Rental Income Expiring Cumulative % of Total Annualized Rental Income Expiring 2022 — — $ — —% —% 2023 — — — —% —% 2024 2 180 units 2,885 6.8% 6.8% 2025 — — — —% 6.8% 2026 — — — —% 6.8% 2027 4 534 units 4,342 10.3% 17.1% 2028 6 354,000 sq. ft. 6,000 14.2% 31.3% 2029 1 155 units 547 1.3% 32.6% 2030 3 367 units 5,134 12.2% 44.8% 2031 and thereafter 24 1,091 units and 458,000 sq. ft. 23,328 55.2% 100.0% Total 40 $ 42,236 100.0% Non-Segment Lease Expiration Schedule As of June 30, 2022 (dollars in thousands) RETURN TO TABLE OF CONTENTS

Supplemental Q2 2022 41 Non-GAAP Financial Measures We present certain "non-GAAP financial measures" within the meaning of applicable rules of the SEC, including net operating income, or NOI, Cash Basis NOI, same property NOI, same property Cash Basis NOI, earnings before interest, income tax, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, Adjusted EBITDAre, funds from operations attributable to common shareholders, or FFO attributable to common shareholders, and normalized funds from operations attributable to common shareholders, or Normalized FFO attributable to common shareholders. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) or net income (loss) attributable to common shareholders as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income (loss) and net income (loss) attributable to common shareholders as presented in our condensed consolidated statements of income (loss). We consider these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss) and net income (loss) attributable to common shareholders. We believe these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization, they may facilitate a comparison of our operating performance between periods and with other REITs and, in the case of NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of our properties. NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI The calculations of NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI exclude certain components of net income (loss) in order to provide results that are more closely related to our property level results of operations. We calculate NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI as shown on pages 18 through 24. 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 25. 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 or losses of unconsolidated joint ventures, 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 our unconsolidated joint ventures, as well as certain other adjustments currently not applicable to us. In calculating Adjusted EBITDAre, we adjust for the items shown on page 25. 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 26. 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 or losses of unconsolidated joint ventures, 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 ventures, 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 26 including similar adjustments for our unconsolidated joint ventures, 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 Q2 2022 42 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 means AlerisLife 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 June 30, 2022. 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 rents pursuant to existing leases as of June 30, 2022 from the medical office and life science properties owned by unconsolidated joint ventures in which we own an 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, modification or early extinguishment of debt and equity in earnings or losses of unconsolidated joint ventures and including distributions from our unconsolidated joint ventures, determined together with debt service for the applicable period. Coupon rate Coupon rate is the interest rate stated in, or determined pursuant to, the contract terms. 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 construction costs and leasing capital up to stabilization. Five Star Five Star, or Five Star Senior Living, is an operating division of AlerisLife. Five Star managed communities Five Star managed communities are the 120 senior living communities in our SHOP segment that Five Star manages pursuant to our June 2021 amended management agreements with Five Star. Non-GAAP Financial Measures and Certain Definitions (Continued) RETURN TO TABLE OF CONTENTS

Supplemental Q2 2022 43 GAAP GAAP is U.S. generally accepted accounting principles. Gross book value of real estate assets Gross book value of real estate assets is real estate assets at cost plus certain acquisition costs, before depreciation and purchase price allocations, less impairment writedowns, if any. Gross purchase price Gross purchase price includes assumed debt, if any, and excludes acquisition costs and purchase price allocation adjustments, if any. Gross sales price Gross sales price excludes closing costs. Incurrence covenants Incurrence covenants are financial covenants which we are required to comply with in order to incur additional debt under our revolving credit facility and the indentures governing our senior unsecured notes. Interest rate Interest rate includes the effect of mark to market accounting for certain assumed mortgages and premiums and discounts on certain mortgages and unsecured notes; excludes effects of debt issuance costs and the 30 basis points facility fee on our revolving credit facility. Investment per square foot or unit Investment per square foot or unit represents gross book value of real estate assets divided by number of rentable square feet or living units, as applicable, at June 30, 2022. 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. Occupancy 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. Triple net leased senior living communities occupancy excludes data for periods prior to our ownership of certain properties, as well as properties sold or classified as held for sale, or for which there was a transfer of operations during the periods presented. Non-GAAP Financial Measures and Certain Definitions (Continued) RETURN TO TABLE OF CONTENTS

Supplemental Q2 2022 44 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. Other Operator managed communities Other operator managed communities are senior living communities in our SHOP segment, which are now managed by third party managers (other than Five Star) or closed or are 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 As of and for the three months ended June 30, 2022, same property consists of properties owned, in service and operated by the same operator continuously since April 1, 2021; excludes properties classified as held for sale, closed or out of service undergoing redevelopment, if any, and medical office and life science properties owned by unconsolidated joint ventures in which we own an equity interest. As of and for the six months ended June 30, 2022, same property consists of properties owned, in service and operated by the same operator continuously since January 1, 2021; excludes properties classified as held for sale, closed or out of service undergoing redevelopment, if any, and medical office and life science properties owned by unconsolidated joint ventures in which we own an equity interest. SHOP SHOP, or Senior Housing Operating Portfolio, consists of senior living communities managed by third party senior living 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 medical office and life science properties owned by unconsolidated joint ventures in which we own an equity interest. Total gross assets Total gross assets is total assets plus accumulated depreciation. Total unencumbered assets Total unencumbered assets is the original cost of real estate assets not encumbered by mortgage debt calculated in accordance with GAAP before depreciation and after impairment write downs, if any, and exclude accounts receivable and intangible assets. Triple net leased senior living communities Triple net leased senior living communities include independent and assisted living communities and SNFs. Unit count Unit count is by the type of living units at our senior living communities within our SHOP segment. Weighted average lease term Weighted average lease term is weighted based on annualized rental income pursuant to existing leases as of June 30, 2022. Non-GAAP Financial Measures and Certain Definitions (Continued) RETURN TO TABLE OF CONTENTS

Supplemental Q2 2022 45 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: • 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	Aug. 03, 2022
Entity Information [Line Items]
Entity Central Index Key	0001075415
Written Communications	false
Entity File Number	001-15319
Document Period End Date	Aug. 03, 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