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): May 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 May 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 ended March 31, 2022, and also provided certain supplemental operating and financial data for the quarter ended March 31, 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 May 3, 2022
99.2	First 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:  May 3, 2022

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Diversified Healthcare Trust Announces First Quarter 2022 Results

Net Income Attributable to Common Shareholders of $1.01 Per Share

Normalized FFO Attributable to Common Shareholders of $(0.09) Per Share

Newton, MA (May 3, 2022):  Diversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended March 31, 2022.

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

“During the first quarter, we reported strong sequential quarter NOI growth in our same property SHOP segment, largely driven by increases in rate. In addition, leasing results in our Office Portfolio have remained resilient and are helping to support the overall recovery of our business as the effects of the COVID-19 pandemic wane. Additionally, we generated $653 million of cash in the first quarter through a new joint venture with 10 Office Portfolio properties, bringing our total cash position to approximately $1.5 billion at quarter end. This, combined with the amendment and extension of our credit facility, enhances our capacity to continue to fund investment activities, which we believe best positions DHC to execute on our business plan. With ample liquidity, improving operating performance and solid leasing results, we are confident in DHC’s growth trajectory moving forward.”

Quarterly Results:

•Reported net income attributable to common shareholders of $240.4 million, or $1.01 per share.

•Reported normalized funds from operations, or Normalized FFO, attributable to common shareholders of $(21.9) million, or $(0.09) per share.

•Recorded a gain on sale of properties of $327.5 million, or $1.38 per share, from DHC's new joint venture with two unrelated third party institutional investors for 10 of its Office Portfolio segment properties.

	As of and For the Three Months Ended
	March 31, 2022	December 31, 2021	March 31, 2021
Occupancy
Office Portfolio (period end)	89.3%	91.3%	92.3%
SHOP (average day for period)	73.0%	72.5%	69.5%
Same Property Occupancy
Office Portfolio (period end)	92.5%	92.4%	92.8%
SHOP (average day for period)	74.1%	74.1%	72.7%

	Three Months Ended
	March 31, 2022	December 31, 2021	Change	March 31, 2021	Change
Same Property Cash Basis NOI (dollars in thousands)
Office Portfolio	$27,352	$27,639	(1.0)%	$28,885	(5.3)%
SHOP	$9,485	$2,839	234.1%	$10,357	(8.4)%
Total Consolidated Same Property Cash Basis NOI	$46,699	$42,330	10.3%	$48,912	(4.5)%

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 March 31, 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 March 31, 2022, December 31, 2021 and March 31, 2021, as applicable, also appear later in this press release.

Office Portfolio Segment:

•Same property Cash Basis NOI decreased compared to the first 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 201,072 rentable square feet at weighted average rents that were 8.2% higher than prior rents for the same space.

SHOP Segment:

•Same property Cash Basis NOI decreased compared to the first quarter of 2021, primarily resulting from increases in operating expenses on a per resident basis due to increased labor costs, partially offset by increases in occupancy.

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

	2021																		2022
	Apr		May		Jun		Jul		Aug		Sep		Oct		Nov		Dec		Jan		Feb		Mar
SHOP Same Property Average Occupancy	72.6	%	73.2	%	72.8	%	72.9	%	73.4	%	73.8	%	73.9	%	74.2	%	74.1	%	74.4	%	74.1	%	73.8	%
Sequential Occupancy Change			0.6		(0.4)		0.1		0.5		0.4		0.1		0.3		(0.1)		0.3		(0.3)		(0.3)

•During the year ended December 31, 2021, DHC completed the transition of 107 senior living communities from Five Star Senior Living, Inc. to 10 new third party managers. Recent occupancy rates for these transitioned communities in DHC's SHOP segment are as follows:

	2021		2022
	Dec		Jan		Feb		Mar
SHOP Other Operator Managed Communities Average Occupancy	67.4	%	69.8	%	70.0	%	70.9	%
Sequential Occupancy Change			2.4		0.2		0.9

Joint Venture Activities:

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

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retained a 20% equity interest in the joint venture. Effective upon the closing of the sale, these 10 properties are no longer consolidated into DHC's financial results and DHC's 20% equity interest in the joint venture is accounted for as an unconsolidated joint venture interest.

Liquidity and Financing Activities:

•As of March 31, 2022, DHC had approximately $1.5 billion of cash and cash equivalents and restricted cash.

•As of March 31, 2022, DHC's ratio of consolidated income available for debt service to debt service was below the 1.5x incurrence requirement under DHC's revolving credit facility and its public debt covenants, as the effects of the COVID-19 pandemic continued to adversely impact DHC's senior living operations. DHC is unable to incur additional debt until this ratio is at or above 1.5x on a pro forma basis.

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

Conference Call:

At 10:00 a.m. Eastern Time tomorrow morning, President and Chief Executive Officer, Jennifer Francis, and Chief Financial Officer and Treasurer, Richard Siedel, will host a conference call to discuss DHC's first 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 Wednesday, May 11, 2022. To access the replay, dial (412) 317-0088. The replay pass code is 4835558.

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

Supplemental Data:

A copy of DHC's First 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 March 31, 2022, DHC’s approximately $6.8 billion portfolio included 378 properties in 36 states and Washington, D.C., occupied by almost 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 March 31, 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 and same property Cash Basis NOI for the three months ended March 31, 2022 and 2021, as well as certain of these measures for the other three quarters of 2021. 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)

3

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 and same property Cash Basis NOI and a reconciliation of those amounts to amounts determined in accordance with GAAP.

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DIVERSIFIED HEALTHCARE TRUST

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(amounts in thousands, except per share data)

(unaudited)

	Three Months Ended March 31,
	2022		2021
Revenues:
Rental income	$	65,285	$	102,758
Residents fees and services	245,448		259,966
Total revenues	310,733		362,724
Expenses:
Property operating expenses	268,742		287,391
Depreciation and amortization	57,259		66,153
General and administrative	7,285		7,542
Acquisition and certain other transaction related costs	928		—
Impairment of assets	—		(174)
Total expenses	334,214		360,912
Gain (loss) on sale of properties	327,794		(122)
Losses on equity securities, net	(8,553)		(8,339)
Interest and other income (1)	395		2,835
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $2,472 and $2,812, respectively)	(57,131)		(60,091)
Loss on modification or early extinguishment of debt	(483)		(2,040)
Income (loss) from continuing operations before income tax expense and equity in earnings of investees	238,541		(65,945)
Income tax expense	(1,472)		(238)
Equity in earnings of investees	3,354		—
Net income (loss)	240,423		(66,183)
Net income attributable to noncontrolling interest	—		(1,322)
Net income (loss) attributable to common shareholders	$	240,423	$	(67,505)
Weighted average common shares outstanding (basic)	238,149		237,834
Weighted average common shares outstanding (diluted)	238,198		237,834
Per common share amounts (basic and diluted):
Net income (loss) attributable to common shareholders	$	1.01	$	(0.28)

(1)    DHC recognized funds received under the Coronavirus Aid, Relief, and Economic Security Act of $199 and $2,433 during the three months ended March 31, 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 March 31,
	2022		2021
Net income (loss) attributable to common shareholders	$	240,423	$	(67,505)
Depreciation and amortization	57,259		66,153
(Gain) loss on sale of properties	(327,794)		122
Impairment of assets	—		(174)
Losses on equity securities, net	8,553		8,339
FFO adjustments attributable to noncontrolling interest	—		(5,273)
Equity in earnings of unconsolidated joint ventures	(3,354)		—
Share of FFO from unconsolidated joint ventures	3,675		—
Adjustments to reflect DHC's share of FFO attributable to an equity method investment	(1,932)		2,036
FFO attributable to common shareholders	(23,170)		3,698
Acquisition and certain other transaction related costs	928		—
Loss on modification or early extinguishment of debt	483		2,040
Adjustments to reflect DHC's share of Normalized FFO attributable to an equity method investment	(142)		85
Normalized FFO attributable to common shareholders	$	(21,901)	$	5,823
Weighted average common shares outstanding (basic)	238,149		237,834
Weighted average common shares outstanding (diluted)	238,198		237,834
Per common share data (basic and diluted):
Net income (loss) attributable to common shareholders	$	1.01	$	(0.28)
FFO attributable to common shareholders	$	(0.10)	$	0.02
Normalized FFO attributable to common shareholders	$	(0.09)	$	0.02
Distributions declared	$	0.01	$	0.01

(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, 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) 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 March 31,
	2022		2021
Calculation of NOI and Cash Basis NOI:
Revenues:
Rental income	$	65,285	$	102,758
Residents fees and services	245,448		259,966
Total revenues	310,733		362,724
Property operating expenses	(268,742)		(287,391)
NOI	41,991		75,333
Non-cash straight line rent adjustments included in rental income	(1,745)		(804)
Lease value amortization included in rental income	105		(1,866)
Non-cash amortization included in property operating expenses	(199)		(199)
Cash Basis NOI	$	40,152	$	72,464
Reconciliation of Net Income (Loss) Attributable to Common Shareholders to NOI and Cash Basis NOI:
Net income (loss) attributable to common shareholders	$	240,423	$	(67,505)
Net income attributable to noncontrolling interest	—		1,322
Net income (loss)	240,423		(66,183)
Equity in earnings of investees	(3,354)		—
Income tax expense	1,472		238
Loss on modification or early extinguishment of debt	483		2,040
Interest expense	57,131		60,091
Interest and other income	(395)		(2,835)
Losses on equity securities, net	8,553		8,339
(Gain) loss on sale of properties	(327,794)		122
Impairment of assets	—		(174)
Acquisition and certain other transaction related costs	928		—
General and administrative	7,285		7,542
Depreciation and amortization	57,259		66,153
NOI	41,991		75,333
Non-cash straight line rent adjustments included in rental income	(1,745)		(804)
Lease value amortization included in rental income	105		(1,866)
Non-cash amortization included in property operating expenses	(199)		(199)
Cash Basis NOI	$	40,152	$	72,464

(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:	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021
Rental income	$	54,997	$	89,950	$	91,520	$	92,804	$	93,323
Property operating expenses	(23,447)		(32,313)		(32,386)		(31,321)		(31,293)
NOI	$	31,550	$	57,637	$	59,134	$	61,483	$	62,030
NOI	$	31,550	$	57,637	$	59,134	$	61,483	$	62,030
Less:
Non-cash straight line rent adjustments included in rental income	1,511		1,827		1,800		1,597		1,083
Lease value amortization included in rental income	(122)		1,631		1,830		1,833		1,822
Non-cash amortization included in property operating expenses	199		200		199		199		199
Cash Basis NOI	$	29,962	$	53,979	$	55,305	$	57,854	$	58,926
Reconciliation of NOI to Same Property NOI:
NOI	$	31,550	$	57,637	$	59,134	$	61,483	$	62,030
Less:
NOI of properties not included in same property results	2,990		28,834		31,162		32,435		33,081
Same Property NOI (2)	$	28,560	$	28,803	$	27,972	$	29,048	$	28,949
Reconciliation of Same Property NOI to Same Property Cash Basis NOI:
Same Property NOI (2)	$	28,560	$	28,803	$	27,972	$	29,048	$	28,949
Less:
Non-cash straight line rent adjustments included in rental income	1,166		1,209		923		347		101
Lease value amortization included in rental income	(132)		(144)		(137)		(135)		(135)
Non-cash amortization included in property operating expenses	174		99		99		99		98
Same Property Cash Basis NOI (2)	$	27,352	$	27,639	$	27,087	$	28,737	$	28,885

(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 January 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:	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021
Residents fees and services	$	245,448	$	234,697	$	236,013	$	243,947	$	259,966
Property operating expenses	(245,295)		(241,403)		(233,687)		(233,311)		(256,098)
NOI / Cash Basis NOI	$	153	$	(6,706)	$	2,326	$	10,636	$	3,868
Reconciliation of NOI / Cash Basis NOI to Same Property NOI / Same Property Cash Basis NOI:
NOI / Cash Basis NOI	$	153	$	(6,706)	$	2,326	$	10,636	$	3,868
Less:
NOI / Cash Basis NOI of properties not included in same property results	(9,332)		(9,545)		(5,000)		(1,828)		(6,489)
Same Property NOI / Same Property Cash Basis NOI (2)	$	9,485	$	2,839	$	7,326	$	12,464	$	10,357

(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 January 1, 2021; excludes properties classified as held for sale or closed, if any.

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DIVERSIFIED HEALTHCARE TRUST

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

(dollars in thousands)

(unaudited)

Consolidated	For the Three Months Ended
Calculation of NOI and Cash Basis NOI:	3/31/2022		12/31/2021		9/30/2021		6/30/2021		3/31/2021
Rental income / residents fees and services	$	310,733	$	336,731	$	337,416	$	346,341	$	362,724
Property operating expenses	(268,742)		(273,716)		(266,073)		(264,632)		(287,391)
NOI	$	41,991	$	63,015	$	71,343	$	81,709	$	75,333
NOI	$	41,991	$	63,015	$	71,343	$	81,709	$	75,333
Less:
Non-cash straight line rent adjustments included in rental income	1,745		2,042		1,679		1,321		804
Lease value amortization included in rental income	(105)		1,648		1,848		1,849		1,866
Non-cash amortization included in property operating expenses	199		200		199		199		199
Cash Basis NOI	$	40,152	$	59,125	$	67,617	$	78,340	$	72,464
Reconciliation of NOI to Same Property NOI:
NOI	$	41,991	$	63,015	$	71,343	$	81,709	$	75,333
Less:
NOI of properties not included in same property results	(6,146)		19,289		26,162		30,607		26,592
Same Property NOI (2)	$	48,137	$	43,726	$	45,181	$	51,102	$	48,741
Reconciliation of Same Property NOI to Same Property Cash Basis NOI:
Same Property NOI (2)	$	48,137	$	43,726	$	45,181	$	51,102	$	48,741
Less:
Non-cash straight line rent adjustments included in rental income	1,379		1,424		802		71		(178)
Lease value amortization included in rental income	(115)		(127)		(119)		(119)		(91)
Non-cash amortization included in property operating expenses	174		99		99		99		98
Same Property Cash Basis NOI (2)	$	46,699	$	42,330	$	44,399	$	51,051	$	48,912

(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 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 DHC owns an equity interest.

10

DIVERSIFIED HEALTHCARE TRUST

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

(unaudited)

	March 31, 2022		December 31, 2021
Assets
Real estate properties	$	6,413,183	$	6,813,556
Accumulated depreciation	(1,689,680)		(1,737,807)
Total real estate properties, net	4,723,503		5,075,749
Investments in unconsolidated joint ventures	266,741		215,127
Cash and cash equivalents	732,058		634,848
Restricted cash	759,938		382,097
Acquired real estate leases and other intangible assets, net	40,231		48,746
Other assets, net	252,908		266,947
Total assets	$	6,775,379	$	6,623,514
Liabilities and Shareholders' Equity
Revolving credit facility	$	700,000	$	800,000
Senior unsecured notes, net	2,808,467		2,806,811
Secured debt and finance leases, net	68,731		69,713
Accrued interest	45,579		29,845
Assumed real estate lease obligations, net	1,384		2,556
Other liabilities	250,485		252,199
Total liabilities	3,874,646		3,961,124
Total shareholders' equity	2,900,733		2,662,390
Total liabilities and shareholders' equity	$	6,775,379	$	6,623,514

11

Warning Concerning Forward-Looking Statements

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

•Ms. Francis's statements regarding DHC's strong sequential quarter NOI growth in its same property SHOP segment largely driven by increases in rate may imply that DHC's senior living communities will realize further NOI growth in future sequential quarters from its same property SHOP segment. DHC's SHOP business 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. As a result, DHC may not realize any such growth in future periods,

•Ms. Francis states that leasing results in DHC's Office Portfolio have remained resilient and are helping to support the overall recovery of DHC's business as the effects of the COVID-19 pandemic wane. This may imply that leasing results in DHC's Office Portfolio segment will continue to be positive and that such positive leasing results may improve the financial performance of DHC's portfolio. However, DHC may not continue to realize positive leasing results, and even if it does, these results may not significantly increase the financial performance of DHC's portfolio,

•Ms. Francis states that DHC believes that the enhancement of DHC's capacity to continue to fund investment activities as a result of the recent amendment and extension of its credit facility best positions DHC to execute on its business plan. This may imply that this enhancement will provide sufficient capacity for DHC to execute its business plan, that DHC will successfully execute its business plan and that it will benefit as a result. However, this enhancement may not be sufficient, DHC may not succeed in executing its business plan and any such success it may have doing so may not realize the benefits it expects,

•Ms. Francis's statements regarding DHC's growth trajectory and DHC's ample liquidity, improving operating performance and solid leasing results may imply that DHC will be able to sustain sufficient liquidity and its portfolio will recover from current levels. However, if economic conditions worsen and the resulting impacts on DHC and its managers and tenants significantly worsen for a sustained period, or if they 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. Further, DHC has not historically maintained similar high amounts of cash and instead has utilized cash sources to fund and grow its business, which it may do again in the future, as, if and when it is permitted to do so under its debt agreements, and

•DHC has obtained a waiver from compliance with certain financial covenants under its credit agreement through December 31, 2022, and extended the maturity date of its credit facility to January 2024. However, if DHC's operating results and financial condition are further adversely impacted by current economic conditions, including the COVID-19 pandemic, or fail to sufficiently improve, it may fail to comply with the terms of the waiver and other requirements under its credit agreement, and DHC may also fail to satisfy certain financial requirements under the agreements governing its public debt. For example, DHC's ratio of consolidated income available for debt service to debt service was below the 1.5x incurrence requirement under its revolving credit facility and its public debt covenants as of March 31, 2022, and DHC cannot be certain how long this ratio will remain below 1.5x. DHC is unable to incur additional debt until this ratio is at or above 1.5x on a pro forma basis, but is not required to repay outstanding debt as a result of failure to comply with this requirement. DHC is currently fully drawn under its revolving credit facility and could also be required to repay its outstanding debt as a result of non-compliance with certain other requirements of its credit agreement or the agreements governing its public debt. DHC may therefore experience future liquidity constraints, as it is currently unable to incur additional debt under its credit agreement or otherwise for failure to comply with the requirements of its credit agreement or the agreements governing its public debt, and DHC will be limited to its cash on hand or be forced to raise additional sources of capital or take other measures to repay its debt or maintain adequate liquidity. Further, the extended maturity date of DHC's credit facility may not enhance its capacity to fund investment activities and DHC may not be best positioned to execute on its business plan as a result.

12

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

FIRST 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 Q1 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 March 31, 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 .......................................................................................................................................................................... 33 SHOP Segment - Five Star Managed and Other Operator Managed Communities Results of Operations .......................................................................................... 34 Office Portfolio Leasing Summary ........................................................................................................................................................................................................................ 35 Tenants Representing 1% or More of Total Annualized Rental Income ........................................................................................................................................................ 36 Office Portfolio Lease Expiration Schedule ........................................................................................................................................................................................................ 37 Non-Segment Lease Expiration Schedule ........................................................................................................................................................................................................... 38 NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS ............................................................................................................................................................................. 39 WARNING CONCERNING FORWARD-LOOKING STATEMENTS .................................................................................................................................................................................. 43 Table of Contents Please refer to Non-GAAP Financial Measures and Certain Definitions beginning on page 39 for terms used throughout this document.

Supplemental Q1 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 138 market indices and comprises more than 1% of the following indices as of March 31, 2022: BI North America Healthcare REIT Valuation Peers (BIHLCRNP), Bloomberg Real Estate Investment Trust Mid Cap Index (BBREMIDC), the Invesco S&P SmallCap 600 Pure Value ETF INAV Index (RZVIV) and the Invesco S&P SmallCap 600 Equal Weight ETF INAV Index (EWSCIV). Management: DHC is managed by The RMR Group (Nasdaq: RMR). RMR is an alternative asset management company that is focused on commercial real estate and related businesses. RMR primarily provides management services to publicly traded real estate companies, privately held real estate funds and real estate related operating businesses. As of March 31, 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, nearly 2,200 properties and approximately 37,000 employees. We believe that being managed by RMR is a competitive advantage for DHC because of RMR’s depth of management and experience in the real estate industry. We also believe RMR provides management services to us at costs that are lower than we would have to pay for similar quality services if we were self managed. Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458-1634 (t) (617) 796-8350 Stock Exchange Listing: Nasdaq Trading Symbols: Common Shares: DHC Senior Unsecured Notes due 2042: DHCNI Senior Unsecured Notes due 2046: DHCNL Company Profile RETURN TO TABLE OF CONTENTS

Supplemental Q1 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 2601 Patriot Boulevard Glenview, IL

Supplemental Q1 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 Q1 2022 6 Key Financial Data RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Selected Balance Sheet Data: Total gross assets $ 8,465,059 $ 8,361,321 $ 8,907,220 $ 8,972,324 $ 9,285,312 Total assets $ 6,775,379 $ 6,623,514 $ 7,066,048 $ 7,179,852 $ 7,542,706 Total liabilities $ 3,874,646 $ 3,961,124 $ 4,656,391 $ 4,674,703 $ 4,997,516 Total equity $ 2,900,733 $ 2,662,390 $ 2,409,657 $ 2,505,149 $ 2,545,190 Selected Income Statement Data: Total revenues $ 310,733 $ 336,731 $ 337,416 $ 346,341 $ 362,724 Net income (loss) $ 240,423 $ 366,758 $ (88,004) $ (32,645) $ (66,183) Net income (loss) attributable to common shareholders $ 240,423 $ 365,585 $ (89,343) $ (34,222) $ (67,505) NOI $ 41,991 $ 63,015 $ 71,343 $ 81,709 $ 75,333 Adjusted EBITDAre $ 38,897 $ 53,875 $ 63,080 $ 87,789 $ 73,203 FFO attributable to common shareholders $ (23,170) $ (19,270) $ (13,799) $ (1,525) $ 3,698 Normalized FFO attributable to common shareholders $ (21,901) $ (16,495) $ (9,449) $ 12,215 $ 5,823 Per Common Share Data (basic and diluted): Net income (loss) attributable to common shareholders $ 1.01 $ 1.54 $ (0.38) $ (0.14) $ (0.28) FFO attributable to common shareholders $ (0.10) $ (0.08) $ (0.06) $ (0.01) $ 0.02 Normalized FFO attributable to common shareholders $ (0.09) $ (0.07) $ (0.04) $ 0.05 $ 0.02 Dividends: Annualized dividend declared per common share $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.04 Annualized dividend yield (at end of period) 1.3 % 1.3 % 1.2 % 1.0 % 0.8 % Normalized FFO attributable to common shareholders payout ratio (11.1) % (14.3) % (25.0) % 20.0 % 50.0 % (dollars in thousands, except per share data) 4700 North Hanley Road St. Louis, MO

Supplemental Q1 2022 7 March 31, 2022 December 31, 2021 Assets Real estate properties: Land $ 652,302 $ 741,501 Buildings and improvements 5,760,881 6,072,055 Total real estate properties, gross 6,413,183 6,813,556 Accumulated depreciation (1,689,680) (1,737,807) Total real estate properties, net 4,723,503 5,075,749 Investments in unconsolidated joint ventures 266,741 215,127 Cash and cash equivalents 732,058 634,848 Restricted cash 759,938 382,097 Acquired real estate leases and other intangible assets, net 40,231 48,746 Other assets, net 252,908 266,947 Total assets $ 6,775,379 $ 6,623,514 Liabilities and Shareholders' Equity Revolving credit facility $ 700,000 $ 800,000 Senior unsecured notes, net 2,808,467 2,806,811 Secured debt and finance leases, net 68,731 69,713 Accrued interest 45,579 29,845 Assumed real estate lease obligations, net 1,384 2,556 Other liabilities 250,485 252,199 Total liabilities 3,874,646 3,961,124 Commitments and contingencies Shareholders' equity: Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 238,988,296 and 238,994,894 shares issued and outstanding, respectively 2,390 2,390 Additional paid in capital 4,615,785 4,615,475 Cumulative net income 2,328,047 2,087,624 Cumulative distributions (4,045,489) (4,043,099) Total shareholders' equity 2,900,733 2,662,390 Total liabilities and shareholders' equity $ 6,775,379 $ 6,623,514 Condensed Consolidated Balance Sheets (dollars in thousands, except share data) RETURN TO TABLE OF CONTENTS 1305 Corporate Center Drive Eagan, MN

Supplemental Q1 2022 8 For the Three Months Ended March 31, 2022 2021 Revenues: Rental income $ 65,285 $ 102,758 Residents fees and services 245,448 259,966 Total revenues 310,733 362,724 Expenses: Property operating expenses 268,742 287,391 Depreciation and amortization 57,259 66,153 General and administrative 7,285 7,542 Acquisition and certain other transaction related costs 928 — Impairment of assets — (174) Total expenses 334,214 360,912 Gain (loss) on sale of properties 327,794 (122) Losses on equity securities, net (8,553) (8,339) Interest and other income (1) 395 2,835 Interest expense (including net amortization of debt premiums, discounts and issuance costs of $2,472 and $2,812, respectively) (57,131) (60,091) Loss on modification or early extinguishment of debt (483) (2,040) Income (loss) from continuing operations before income tax expense and equity in earnings of investees 238,541 (65,945) Income tax expense (1,472) (238) Equity in earnings of investees 3,354 — Net income (loss) 240,423 (66,183) Net income attributable to noncontrolling interest — (1,322) Net income (loss) attributable to common shareholders $ 240,423 $ (67,505) Weighted average common shares outstanding (basic) 238,149 237,834 Weighted average common shares outstanding (diluted) 238,198 237,834 Per common share data (basic and diluted): Net income (loss) attributable to common shareholders $ 1.01 $ (0.28) (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 Five Star Premier Residences of Pompano Beach 1371 South Ocean Boulevard Pompano Beach, FL

Supplemental Q1 2022 9 For the Three Months Ended March 31, 2022 2021 Additional Data: General and administrative expenses / total assets (at end of period) 0.1 % 0.1 % Non-cash straight line rent adjustments included in rental income $ 1,745 $ 804 Lease value amortization included in rental income $ (105) $ 1,866 Non-cash share based compensation $ 315 $ 228 Non-cash amortization included in property operating expenses $ 199 $ 199 Non-cash amortization included in general and administrative expenses $ 744 $ 744 CARES Act (1) $ 199 $ 2,433 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 $199 and $2,433 during the three months ended March 31, 2022 and 2021, respectively. 11209 N. Tatum Boulevard Phoenix, AZ

Supplemental Q1 2022 10 Coupon Interest Principal Maturity Due at Years to Rate Rate Balance Date Maturity Maturity Floating Rate Debt: Revolving credit facility (1) 3.000% 3.000% $ 700,000 1/15/2024 $ 700,000 1.8 Weighted average rate / total floating rate debt 3.000% 3.000% $ 700,000 $ 700,000 1.8 Unsecured Fixed Rate Debt: Senior unsecured notes due 2024 4.750% 4.790% $ 250,000 5/1/2024 $ 250,000 2.1 Senior unsecured notes due 2025 (2) 9.750% 9.750% 1,000,000 6/15/2025 1,000,000 3.2 Senior unsecured notes due 2028 4.750% 4.966% 500,000 2/15/2028 500,000 5.9 Senior unsecured notes due 2031 4.375% 4.375% 500,000 3/1/2031 500,000 8.9 Senior unsecured notes due 2042 5.625% 5.625% 350,000 8/1/2042 350,000 20.4 Senior unsecured notes due 2046 6.250% 6.250% 250,000 2/1/2046 250,000 23.9 Weighted average rate / total unsecured fixed rate debt 6.678% 6.719% $ 2,850,000 $ 2,850,000 8.5 Weighted average rate / total floating and unsecured fixed rate debt 5.952% 5.986% $ 3,550,000 $ 3,550,000 7.2 Secured Fixed Rate Debt: Mortgage - secured by 1 property (3) 6.280% 5.170% $ 10,934 7/1/2022 $ 10,744 0.3 Mortgage - secured by 1 property 4.850% 3.790% 10,416 10/1/2022 10,287 0.5 Mortgage - secured by 2 properties 5.750% 5.110% 15,363 10/6/2022 15,182 0.5 Mortgage - secured by 1 property 6.640% 4.920% 15,085 6/1/2023 14,522 1.2 Finance leases - 2 properties 7.700% 7.700% 6,321 4/30/2026 155 4.1 Mortgage - secured by 1 property 4.444% 4.444% 10,178 7/1/2043 1,698 21.3 Weighted average rate / total secured fixed rate debt 5.880% 5.017% $ 68,297 $ 52,588 4.0 Weighted average rate / total debt 5.951% 5.967% $ 3,618,297 $ 3,602,588 7.1 Debt Summary (dollars in thousands) RETURN TO TABLE OF CONTENTS As of March 31, 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) We have the option to redeem all or a portion of our senior unsecured notes due 2025 at any time on or after June 15, 2022 at a set redemption price. (3) We prepaid this mortgage in April 2022.

Supplemental Q1 2022 11 $700,000 $250,000 $1,000,000 $500,000 $1,100,000 $38,229 $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 March 31, 2022 (1) (1) Represents Secured Fixed Rate Debt payments. (2) We prepaid $10,934 of this debt in April 2022. (3) Represents outstanding borrowings under our revolving credit facility as of March 31, 2022. Pursuant to our credit agreement, the borrowing capacity under our revolving credit facility will be reduced to $586,373 as of January 2023 and as such, further repayment of our revolving credit facility may be required. (4) Includes $6,321 of finance lease obligations due through April 2026. (1) (1) (1) (1) (1) (1) (1) (2)

Supplemental Q1 2022 12 Leverage Ratios, Coverage Ratios and Public Debt Covenants RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Leverage Ratios: Net debt / total gross assets 25.2% 32.3% 39.8% 38.9% 40.9% Net debt / gross book value of real estate assets 31.3% 37.5% 43.0% 42.5% 46.0% Secured debt / total assets 11.3% 13.1% 9.8% 9.6% 9.2% Variable rate debt / net debt 32.9% 29.6% 22.6% 22.9% 21.1% Coverage Ratios: Net debt / annualized Adjusted EBITDAre 13.5x 12.9x 13.9x 9.9x 12.9x Adjusted EBITDAre / interest expense 0.7x 0.8x 1.0x 1.3x 1.2x As of and For the Trailing Twelve Months Ended 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Public Debt Covenants: Maintenance Covenant Total unencumbered assets / unsecured debt - required minimum 150.0% 227.5% 238.7% 232.7% 231.8% 210.8% Incurrence Covenants Total debt / adjusted total assets - allowable maximum 60.0% 42.2% 43.7% 47.8% 47.5% 49.2% Secured debt / adjusted total assets - allowable maximum 40.0% 9.0% 10.2% 16.4% 16.3% 15.8% Consolidated income available for debt service / debt service - required minimum 1.50x (1) 0.95x 1.07x 1.23x 1.31x 1.60x (1) As of March 31, 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. 28515 Westinghouse Place Valencia, CA

Supplemental Q1 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 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Office Portfolio lease related costs $ 6,759 $ 15,941 $ 5,910 $ 10,044 $ 8,358 Office Portfolio building improvements 585 5,462 3,332 4,437 2,176 SHOP fixed assets and capital improvements 20,328 76,039 23,270 19,283 22,530 Recurring capital expenditures $ 27,672 $ 97,442 $ 32,512 $ 33,764 $ 33,064 Office Portfolio avg. sq. ft. during period 9,259 10,360 10,927 11,059 11,236 SHOP avg. units managed during period 25,217 25,385 25,424 26,193 26,966 Office Portfolio building improvements per avg. sq. ft. during period $ 0.06 $ 0.53 $ 0.30 $ 0.40 $ 0.19 SHOP fixed assets and capital improvements per avg. unit managed during period $ 806 $ 2,995 $ 915 $ 736 $ 835 Development, redevelopment and other activities - Office Portfolio $ 16,617 $ 11,022 $ 6,824 $ 9,689 $ 12,718 Development, redevelopment and other activities - SHOP 16,114 3,620 2,217 5,345 6,092 Total development, redevelopment and other activities $ 32,731 $ 14,642 $ 9,041 $ 15,034 $ 18,810

Supplemental Q1 2022 14 Project Location Type of Property Square Feet (1) Estimated Project Costs Total Costs Incurred as of March 31, 2022 Estimated Completion Date 4 Maguire Road Lexington, MA Life Science 54,633 $ 29.2 $ 27.9 Q3 2022 101 West Ponce De Leon Avenue Decatur, GA Medical Office 112,440 $ 8.1 $ 2.4 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 $ 0.1 Q1 2023 2141 K Street NW Washington, D.C. Medical Office 82,592 $ 56.5 $ 0.2 Q1 2025 (1) Represents estimated square footage upon project completion. Office Portfolio Redevelopment Information as of March 31, 2022 (dollars in millions) RETURN TO TABLE OF CONTENTS Rendering of 1415 West 3rd Street Tempe, AZ

Supplemental Q1 2022 15 Property Acquisitions / Dispositions Information Since January 1, 2022 Acquisitions: We have not acquired any properties since January 1, 2022. 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 (dollars in thousands) RETURN TO TABLE OF CONTENTS

Supplemental Q1 2022 16 Investments in Unconsolidated Joint Ventures (1) (dollars in thousands) RETURN TO TABLE OF CONTENTS As of March 31, 2022 Three Months Ended March 31, 2022 Joint Venture Location Type of Property Number of Properties Square Feet Occupancy at March 31, 2022 Weighted Average Lease Term at March 31, 2022 DHC Ownership DHC Carrying Value of Investment at March 31, 2022 Joint Venture FFO Joint Venture EBITDAre Seaport Innovation LLC Boston, MA Life Science 1 1,134,479 100% 6.8 years 20% $ 216,416 $ 14,571 $ 20,126 The LSMD Fund REIT LLC Various Medical Office / Life Science 10 1,068,763 97% 6.3 years 20% 50,325 3,806 (2) 6,036 (2) Total / Weighted Average 11 2,203,242 98% 6.6 years $ 266,741 $ 18,377 $ 26,162 Investments in Unconsolidated Joint Ventures Unconsolidated Debt Joint Venture Secured Debt (3) Coupon Rate Maturity Date Principal Balance at March 31, 2022 (4) DHC Ownership DHC Share of Principal Balance at March 31, 2022 (5) Seaport Innovation LLC Fixed Rate - 1 Property 3.530% 8/6/2026 $ 620,000 20% $ 124,000 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 (6) 2.201% 2/9/2024 266,825 20% 53,365 Total / Weighted Average 3.188% $ 1,076,625 $ 215,325 (1) Our property list, including properties owned by these unconsolidated joint ventures, is available on our website. (2) Represents data for the period from January 28, 2022 (formation date of the joint venture) to March 31, 2022. (3) The mortgage loans require interest-only payments until the respective maturity dates. (4) 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. (5) Reflects our proportionate share of the principal debt balances based on our ownership percentage of the joint ventures as of March 31, 2022. (6) 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 March 31, 2022. The joint venture has also purchased an interest rate cap through February 2024 with a SOFR strike rate equal to 4.00%.

Supplemental Q1 2022 17 Investments in Unconsolidated Joint Ventures (continued) (1) (dollars in thousands) RETURN TO TABLE OF CONTENTS As of March 31, 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 March 31, 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 21 8 11 17 14 3 33 % of Total Annualized Rental Income Expiring 2.8% 1.3% 4.2 % 5.6% 2.3 % 0.2% 83.6% 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 10.9% 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% Property Type (2) Geographic Diversification (2)

Supplemental Q1 2022 18 Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS For the Three Months Ended 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Calculation of NOI and Cash Basis NOI: Revenues: Rental income $ 65,285 $ 102,034 $ 101,403 $ 102,394 $ 102,758 Residents fees and services 245,448 234,697 236,013 243,947 259,966 Total revenues 310,733 336,731 337,416 346,341 362,724 Property operating expenses (268,742) (273,716) (266,073) (264,632) (287,391) NOI 41,991 63,015 71,343 81,709 75,333 Non-cash straight line rent adjustments included in rental income (1,745) (2,042) (1,679) (1,321) (804) Lease value amortization included in rental income 105 (1,648) (1,848) (1,849) (1,866) Non-cash amortization included in property operating expenses (199) (200) (199) (199) (199) Cash Basis NOI $ 40,152 $ 59,125 $ 67,617 $ 78,340 $ 72,464 Reconciliation of Net Income (Loss) to NOI and Cash Basis NOI: Net income (loss) $ 240,423 $ 366,758 $ (88,004) $ (32,645) $ (66,183) Equity in earnings of investees (3,354) — — — — Income tax expense 1,472 406 595 191 238 Loss on modification or early extinguishment of debt 483 — — 370 2,040 Interest expense 57,131 63,518 64,493 67,657 60,091 Interest and other income (395) (786) (976) (16,038) (2,835) Losses on equity investments, net 8,553 15,289 14,755 3,849 8,339 (Gain) loss on sale of properties (327,794) (461,434) (200) (30,760) 122 Impairment of assets — — — — (174) Acquisition and certain other transaction related costs 928 2,327 3,108 12,071 — General and administrative 7,285 8,549 8,870 9,126 7,542 Depreciation and amortization 57,259 68,388 68,702 67,888 66,153 NOI 41,991 63,015 71,343 81,709 75,333 Non-cash straight line rent adjustments included in rental income (1,745) (2,042) (1,679) (1,321) (804) Lease value amortization included in rental income 105 (1,648) (1,848) (1,849) (1,866) Non-cash amortization included in property operating expenses (199) (200) (199) (199) (199) Cash Basis NOI $ 40,152 $ 59,125 $ 67,617 $ 78,340 $ 72,464 The University of Kansas Health System 5799 Broadmoor Street Mission, KS

Supplemental Q1 2022 19 For the Three Months Ended 3/31/2022 3/31/2021 % Change NOI: Life Science $ 7,291 $ 32,088 (77.3) % Medical Office 24,259 29,942 (19.0) % Total Office Portfolio 31,550 62,030 (49.1) % SHOP 153 3,868 (96.0) % Non-Segment 10,288 9,435 9.0 % Total $ 41,991 $ 75,333 (44.3) % Cash Basis NOI: Life Science $ 6,449 $ 29,041 (77.8) % Medical Office 23,513 29,885 (21.3) % Total Office Portfolio 29,962 58,926 (49.2) % SHOP 153 3,868 (96.0) % Non-Segment 10,037 9,670 3.8 % Total $ 40,152 $ 72,464 (44.6) % NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS The Stratford Carmel, IN

Supplemental Q1 2022 20 Same Property NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS For the Three Months Ended 3/31/2022 3/31/2021 % Change NOI: Life Science $ 6,367 $ 7,091 (10.2) % Medical Office 22,193 21,858 1.5 % Total Office Portfolio 28,560 28,949 (1.3) % SHOP 9,485 10,357 (8.4) % Non-Segment 10,092 9,435 7.0 % Total $ 48,137 $ 48,741 (1.2) % Cash Basis NOI: Life Science $ 5,765 $ 7,148 (19.3) % Medical Office 21,587 21,737 (0.7) % Total Office Portfolio 27,352 28,885 (5.3) % SHOP 9,485 10,357 (8.4) % Non-Segment 9,862 9,670 2.0 % Total $ 46,699 $ 48,912 (4.5) % 1145 19th Street NW Washington, D.C.

Supplemental Q1 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: 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Rental income $ 54,997 $ 89,950 $ 91,520 $ 92,804 $ 93,323 Property operating expenses (23,447) (32,313) (32,386) (31,321) (31,293) NOI $ 31,550 $ 57,637 $ 59,134 $ 61,483 $ 62,030 NOI $ 31,550 $ 57,637 $ 59,134 $ 61,483 $ 62,030 Less: Non-cash straight line rent adjustments included in rental income 1,511 1,827 1,800 1,597 1,083 Lease value amortization included in rental income (122) 1,631 1,830 1,833 1,822 Non-cash amortization included in property operating expenses 199 200 199 199 199 Cash Basis NOI $ 29,962 $ 53,979 $ 55,305 $ 57,854 $ 58,926 Reconciliation of NOI to Same Property NOI: NOI $ 31,550 $ 57,637 $ 59,134 $ 61,483 $ 62,030 Less: NOI of properties not included in same property results 2,990 28,834 31,162 32,435 33,081 Same Property NOI $ 28,560 $ 28,803 $ 27,972 $ 29,048 $ 28,949 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same Property NOI $ 28,560 $ 28,803 $ 27,972 $ 29,048 $ 28,949 Less: Non-cash straight line rent adjustments included in rental income 1,166 1,209 923 347 101 Lease value amortization included in rental income (132) (144) (137) (135) (135) Non-cash amortization included in property operating expenses 174 99 99 99 98 Same Property Cash Basis NOI $ 27,352 $ 27,639 $ 27,087 $ 28,737 $ 28,885

Supplemental Q1 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: 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Residents fees and services $ 245,448 $ 234,697 $ 236,013 $ 243,947 $ 259,966 Property operating expenses (245,295) (241,403) (233,687) (233,311) (256,098) NOI / Cash Basis NOI $ 153 $ (6,706) $ 2,326 $ 10,636 $ 3,868 Reconciliation of NOI / Cash Basis NOI to Same Property NOI / Same Property Cash Basis NOI: NOI / Cash Basis NOI $ 153 $ (6,706) $ 2,326 $ 10,636 $ 3,868 Less: NOI / Cash Basis NOI of properties not included in same property results (9,332) (9,545) (5,000) (1,828) (6,489) Same Property NOI / Same Property Cash Basis NOI $ 9,485 $ 2,839 $ 7,326 $ 12,464 $ 10,357

Supplemental Q1 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: 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Rental income $ 10,288 $ 12,084 $ 9,883 $ 9,590 $ 9,435 Property operating expenses — — — — — NOI $ 10,288 $ 12,084 $ 9,883 $ 9,590 $ 9,435 NOI $ 10,288 $ 12,084 $ 9,883 $ 9,590 $ 9,435 Less: Non-cash straight line rent adjustments included in rental income 234 215 (121) (276) (279) Lease value amortization included in rental income 17 17 18 16 44 Non-cash amortization included in property operating expenses — — — — — Cash Basis NOI $ 10,037 $ 11,852 $ 9,986 $ 9,850 $ 9,670 Reconciliation of NOI to Same Property NOI: NOI $ 10,288 $ 12,084 $ 9,883 $ 9,590 $ 9,435 Less: NOI of properties not included in same property results 196 — — — — Same Property NOI $ 10,092 $ 12,084 $ 9,883 $ 9,590 $ 9,435 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same Property NOI $ 10,092 $ 12,084 $ 9,883 $ 9,590 $ 9,435 Less: Non-cash straight line rent adjustments included in rental income 213 215 (121) (276) (279) Lease value amortization included in rental income 17 17 18 16 44 Non-cash amortization included in property operating expenses — — — — — Same Property Cash Basis NOI $ 9,862 $ 11,852 $ 9,986 $ 9,850 $ 9,670

Supplemental Q1 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: 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Rental income / residents fees and services $ 310,733 $ 336,731 $ 337,416 $ 346,341 $ 362,724 Property operating expenses (268,742) (273,716) (266,073) (264,632) (287,391) NOI $ 41,991 $ 63,015 $ 71,343 $ 81,709 $ 75,333 NOI $ 41,991 $ 63,015 $ 71,343 $ 81,709 $ 75,333 Less: Non-cash straight line rent adjustments included in rental income 1,745 2,042 1,679 1,321 804 Lease value amortization included in rental income (105) 1,648 1,848 1,849 1,866 Non-cash amortization included in property operating expenses 199 200 199 199 199 Cash Basis NOI $ 40,152 $ 59,125 $ 67,617 $ 78,340 $ 72,464 Reconciliation of NOI to Same Property NOI: NOI $ 41,991 $ 63,015 $ 71,343 $ 81,709 $ 75,333 Less: NOI of properties not included in same property results (6,146) 19,289 26,162 30,607 26,592 Same Property NOI $ 48,137 $ 43,726 $ 45,181 $ 51,102 $ 48,741 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same Property NOI $ 48,137 $ 43,726 $ 45,181 $ 51,102 $ 48,741 Less: Non-cash straight line rent adjustments included in rental income 1,379 1,424 802 71 (178) Lease value amortization included in rental income (115) (127) (119) (119) (91) Non-cash amortization included in property operating expenses 174 99 99 99 98 Same Property Cash Basis NOI $ 46,699 $ 42,330 $ 44,399 $ 51,051 $ 48,912

Supplemental Q1 2022 25 Calculation and Reconciliation of EBITDA, EBITDAre and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Net income (loss) $ 240,423 $ 366,758 $ (88,004) $ (32,645) $ (66,183) Interest expense 57,131 63,518 64,493 67,657 60,091 Income tax expense 1,472 406 595 191 238 Depreciation and amortization 57,259 68,388 68,702 67,888 66,153 EBITDA 356,285 499,070 45,786 103,091 60,299 (Gain) loss on sale of properties (327,794) (461,434) (200) (30,760) 122 Impairment of assets — — — — (174) Equity in earnings of unconsolidated joint ventures (3,354) — — — — Share of EBITDAre from unconsolidated joint ventures 5,232 384 — — — Adjustments to reflect our share of EBITDAre attributable to an equity method investment (1,816) (2,468) (2,345) (2,673) 2,310 EBITDAre 28,553 35,552 43,241 69,658 62,557 General and administrative expense paid in common shares 315 315 742 675 228 Acquisition and certain other transaction related costs 928 2,327 3,108 12,071 — Loss on modification or early extinguishment of debt 483 — — 370 2,040 Losses on equity securities, net 8,553 15,289 14,755 3,849 8,339 Adjustments to reflect our share of Adjusted EBITDAre attributable to an equity method investment 65 392 1,234 1,166 39 Adjusted EBITDAre $ 38,897 $ 53,875 $ 63,080 $ 87,789 $ 73,203 RETURN TO TABLE OF CONTENTS Overture at Plano Plano, TX

Supplemental Q1 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 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Net income (loss) attributable to common shareholders $ 240,423 $ 365,585 $ (89,343) $ (34,222) $ (67,505) Depreciation and amortization 57,259 68,388 68,702 67,888 66,153 (Gain) loss on sale of properties (327,794) (461,434) (200) (30,760) 122 Impairment of assets — — — — (174) Losses on equity securities, net 8,553 15,289 14,755 3,849 8,339 FFO adjustments attributable to noncontrolling interest — (4,763) (5,273) (5,275) (5,273) Equity in earnings of unconsolidated joint ventures (3,354) — — — — Share of FFO from unconsolidated joint ventures 3,675 273 — — — Adjustments to reflect our share of FFO attributable to an equity method investment (1,932) (2,608) (2,440) (3,005) 2,036 FFO attributable to common shareholders (23,170) (19,270) (13,799) (1,525) 3,698 Acquisition and certain other transaction related costs 928 2,327 3,108 12,071 — Loss on modification or early extinguishment of debt 483 — — 370 2,040 Adjustments to reflect our share of Normalized FFO attributable to an equity method investment (142) 448 1,242 1,299 85 Normalized FFO attributable to common shareholders $ (21,901) $ (16,495) $ (9,449) $ 12,215 $ 5,823 Weighted average common shares outstanding (basic) 238,149 238,149 238,008 237,871 237,834 Weighted average common shares outstanding (diluted) 238,198 238,149 238,008 237,871 237,834 Per Common Share Data (basic and diluted): Net income (loss) attributable to common shareholders $ 1.01 $ 1.54 $ (0.38) $ (0.14) $ (0.28) FFO attributable to common shareholders $ (0.10) $ (0.08) $ (0.06) $ (0.01) $ 0.02 Normalized FFO attributable to common shareholders $ (0.09) $ (0.07) $ (0.04) $ 0.05 $ 0.02 Morningside of Belmont 1710 Magnolia Boulevard Nashville, TN

Supplemental Q1 2022 27 (based on Gross Book Value of Real Estate Assets as of March 31, 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 Property Type(1) (2) (based on Q1 2022 Same Property NOI)

Supplemental Q1 2022 28 Portfolio Summary RETURN TO TABLE OF CONTENTS (dollars in thousands, except investment per square foot or unit) As of March 31, 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 Q1 2022 Total Revenues % of Q1 2022 Total NOI Q1 2022 Q1 2022 Revenues NOI Life science 23 2,532,837 $ 694,933 10.2 % $ 274 $ 13,759 4.4 % $ 7,291 17.4 % Medical office 81 6,191,494 1,475,823 21.8 % $ 238 41,238 13.3 % 24,259 57.7 % Subtotal Office Portfolio 104 8,724,331 sq. ft. 2,170,756 32.0 % $ 249 54,997 17.7 % 31,550 75.1 % SHOP 234 25,088 units 4,190,563 61.7 % $ 167,035 245,448 79.0 % 153 0.4 % Triple net leased senior living communities 30 2,424 units 252,906 3.7 % $ 104,334 6,470 2.1 % 6,470 15.4 % Wellness centers 10 812,000 sq. ft. 178,110 2.6 % $ 219 3,818 1.2 % 3,818 9.1 % Total 378 $ 6,792,335 100.0 % $ 310,733 100.0 % $ 41,991 100.0 %

Supplemental Q1 2022 29 SHOP Unit Count Assisted Living units: 10,444: 42% Independent Living and Active Adult units: 10,417: 42% SNF units: 1,394: 5% Memory Care units: 2,833: 11% RETURN TO TABLE OF CONTENTS SHOP Unit Count as of March 31, 2022 Assisted Living units: 6,451: 36% Independent Living and Active Adult units: 9,857: 55% Memory Care units: 1,591: 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 March 31, 2022 Other Operator Managed Communities Unit Count as of March 31, 2022

Supplemental Q1 2022 30 Rent Coverage and Occupancy Rent Coverage (1): For the Twelve Months Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Triple net leased senior living communities 1.21 x 1.21 x 1.27 x 1.38 x 1.48 x Wellness centers 1.12 x 1.23 x 1.17 x 0.94 x 0.91 x Total 1.18 x 1.21 x 1.24 x 1.24 x 1.26 x Occupancy - Triple net leased senior living communities (1): For the Twelve Months Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Occupancy 77.4 % 76.5 % 76.3 % 77.7 % 80.6 % Same Property Occupancy (2) 77.4 % 76.5 % 76.3 % 77.7 % 80.6 % 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 March  31, 2022 for all periods presented. The Stratford Carmel, IN

Supplemental Q1 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 March 31, 2022 As of and For the Three Months Ended March 31, 2021 Life Science Medical Office Total Office Portfolio Life Science Medical Office Total Office Portfolio Number of Buildings 23 81 104 32 90 122 Square Feet 2,533 6,191 8,724 4,328 6,862 11,190 Occupancy 94.0 % 87.3 % 89.3 % 95.2 % 90.5 % 92.3 % Rental Income $ 13,759 $ 41,238 $ 54,997 $ 44,015 $ 49,308 $ 93,323 NOI $ 7,291 $ 24,259 $ 31,550 $ 32,088 $ 29,942 $ 62,030 Cash Basis NOI $ 6,449 $ 23,513 $ 29,962 $ 29,041 $ 29,885 $ 58,926 NOI Margin % 53.0 % 58.8 % 57.4 % 72.9 % 60.7 % 66.5 % Cash Basis NOI Margin % 49.7 % 57.9 % 55.9 % 70.7 % 60.5 % 65.2 % NOI % Change (77.3) % (19.0) % (49.1) % Cash Basis NOI % Change (77.8) % (21.3) % (49.2) % OFFICE PORTFOLIO SAME PROPERTY - RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended March 31, 2022 As of and For the Three Months Ended March 31, 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 5,810 8,020 2,210 5,810 8,020 Occupancy 93.1 % 92.2 % 92.5 % 98.7 % 90.5 % 92.8 % Rental Income $ 11,496 $ 36,932 $ 48,428 $ 11,857 $ 36,266 $ 48,123 NOI $ 6,367 $ 22,193 $ 28,560 $ 7,091 $ 21,858 $ 28,949 Cash Basis NOI $ 5,765 $ 21,587 $ 27,352 $ 7,148 $ 21,737 $ 28,885 NOI Margin % 55.4 % 60.1 % 59.0 % 59.8 % 60.3 % 60.2 % Cash Basis NOI Margin % 52.8 % 59.2 % 57.7 % 59.9 % 60.0 % 60.0 % NOI % Change (10.2) % 1.5 % (1.3) % Cash Basis NOI % Change (19.3) % (0.7) % (5.3) % Office Portfolio and Same Property - Results of Operations Three Months Ended March 31, 2022 and 2021

Supplemental Q1 2022 32 (1) Same property includes those properties classified as same property for the three months ended March 31, 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 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Number of Buildings 104 116 118 118 122 Square Feet 8,724 9,793 10,927 10,927 11,190 Occupancy 89.3 % 91.3 % 91.3 % 91.0 % 92.3 % Rental Income $ 54,997 $ 89,950 $ 91,520 $ 92,804 $ 93,323 NOI $ 31,550 $ 57,637 $ 59,134 $ 61,483 $ 62,030 Cash Basis NOI $ 29,962 $ 53,979 $ 55,305 $ 57,854 $ 58,926 NOI Margin % 57.4 % 64.1 % 64.6 % 66.3 % 66.5 % Cash Basis NOI Margin % 55.9 % 62.4 % 62.9 % 64.7 % 65.2 % Sequential NOI % Change (45.3) % (2.5) % (3.8) % (0.9) % Sequential Cash Basis NOI % Change (44.5) % (2.4) % (4.4) % (1.8) % Year Over Year NOI % Change (49.1) % Year Over Year Cash Basis NOI % Change (49.2) % OFFICE PORTFOLIO SAME PROPERTY - RESULTS OF OPERATIONS (1) (dollars and sq. ft. in thousands) As of and For the Three Months Ended 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Number of Buildings 95 95 95 95 95 Square Feet 8,020 8,020 8,020 8,020 8,020 Occupancy 92.5 % 92.4 % 91.5 % 91.8 % 92.8 % Rental Income $ 48,428 $ 48,467 $ 47,517 $ 48,213 $ 48,123 NOI $ 28,560 $ 28,803 $ 27,972 $ 29,048 $ 28,949 Cash Basis NOI $ 27,352 $ 27,639 $ 27,087 $ 28,737 $ 28,885 NOI Margin % 59.0 % 59.4 % 58.9 % 60.2 % 60.2 % Cash Basis NOI Margin % 57.7 % 58.3 % 58.0 % 59.9 % 60.0 % Sequential NOI % Change (0.8) % 3.0 % (3.7) % 0.3 % Sequential Cash Basis NOI % Change (1.0) % 2.0 % (5.7) % (0.5) % Year Over Year NOI % Change (1.3) % Year Over Year Cash Basis NOI % Change (5.3) % Office Portfolio and Same Property - Results of Operations (continued) Trailing Five Quarters

Supplemental Q1 2022 33 SHOP Segment and Same Property - Results of Operations RETURN TO TABLE OF CONTENTS SHOP SEGMENT - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Three Months Ended 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Number of Properties 234 235 235 235 235 Number of Units 25,088 25,345 25,424 25,423 26,963 Occupancy 73.0 % 72.5 % 71.3 % 70.9 % 69.5 % Average Monthly Rate $ 4,472 $ 4,189 $ 4,234 $ 4,307 $ 4,623 Year Over Year Average Monthly Rate % Change (3.3) % Residents Fees and Services $ 245,448 $ 234,697 $ 236,013 $ 243,947 $ 259,966 Property Operating Expenses (245,295) (241,403) (233,687) (233,311) (256,098) NOI $ 153 $ (6,706) $ 2,326 $ 10,636 $ 3,868 NOI Margin % 0.1 % (2.9) % 1.0 % 4.4 % 1.5 % Sequential NOI % Change 102.3 % (388.3) % (78.1) % 175.0 % Year Over Year NOI % Change (96.0) % SHOP SEGMENT SAME PROPERTY - RESULTS OF OPERATIONS (1) (dollars in thousands, except average monthly rate) As of and For the Three Months Ended 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Number of Properties 120 120 120 120 120 Number of Units 17,899 17,899 17,899 17,899 17,899 Occupancy 74.1 % 74.1 % 73.4 % 72.9 % 72.7 % Average Monthly Rate $ 4,084 $ 3,833 $ 3,937 $ 4,018 $ 4,051 Year Over Year Average Monthly Rate % Change 0.8 % Residents Fees and Services $ 162,540 $ 155,794 $ 158,512 $ 168,655 $ 185,317 Property Operating Expenses (153,055) (152,955) (151,186) (156,191) (174,960) NOI $ 9,485 $ 2,839 $ 7,326 $ 12,464 $ 10,357 NOI Margin % 5.8 % 1.8 % 4.6 % 7.4 % 5.6 % Sequential NOI % Change 234.1 % (61.2) % (41.2) % 20.3 % Year Over Year NOI % Change (8.4) % (1) Same property includes those properties classified as same property for the three months ended March 31, 2022 for all periods presented. Trailing Five Quarters

Supplemental Q1 2022 34RETURN TO TABLE OF CONTENTS SHOP SEGMENT - RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Three Months Ended March 31, 2022 As of and For the Three Months Ended March 31, 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 17,899 7,189 25,088 19,438 7,525 26,963 Occupancy 74.1 % 70.3 % 73.0 % 71.0 % 65.6 % 69.5 % Average Monthly Rate $ 4,084 $ 5,496 $ 4,472 $ 4,479 $ 5,028 $ 4,623 Average Monthly Rate % Change (8.8) % 9.3 % (3.3) % Residents Fees and Services $ 162,547 $ 82,901 $ 245,448 $ 185,468 $ 74,498 $ 259,966 Property Operating Expenses (153,084) (92,211) (245,295) (174,819) (81,279) (256,098) NOI $ 9,463 $ (9,310) $ 153 $ 10,649 $ (6,781) $ 3,868 NOI Margin % 5.8 % (11.2) % 0.1 % 5.7 % (9.1) % 1.5 % NOI % Change (11.1) % (37.3) % (96.0) % SHOP Segment - Five Star Managed and Other Operator Managed Communities Results of Operations Three Months Ended March 31, 2022 and 2021 (1) Five Star managed 108 of these communities during the three months ended March 31, 2021.

Supplemental Q1 2022 35 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 3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Buildings 104 116 118 118 122 Total square feet 8,724 9,793 10,927 10,927 11,190 Occupancy 89.3 % 91.3 % 91.3 % 91.0 % 92.3 % Leasing Activity (sq. ft.): New leases 120 171 101 65 152 Renewals 81 1,181 271 567 60 Total 201 1,352 372 632 212 Rental Rate on New and Renewed Leases per Sq. Ft.: New leases $ 25.72 $ 42.97 $ 58.73 $ 45.63 $ 66.99 Renewals $ 29.64 $ 21.11 $ 29.76 $ 38.05 $ 34.96 Average net annual rent $ 27.30 $ 23.88 $ 37.61 $ 38.83 $ 57.89 Leasing Costs and Concession Commitments: New leases $ 11,330 $ 19,189 $ 15,645 $ 5,191 $ 32,250 Renewals 1,208 16,422 8,647 21,241 558 Total $ 12,538 $ 35,611 $ 24,292 $ 26,432 $ 32,808 Leasing Costs and Concession Commitments per Sq. Ft.: New leases $ 94.34 $ 112.31 $ 155.24 $ 80.38 $ 211.93 Renewals $ 14.91 $ 13.90 $ 31.87 $ 37.43 $ 9.24 All new and renewed leases $ 62.35 $ 26.33 $ 65.28 $ 41.82 $ 154.32 Weighted Average Lease Term (years): New leases 9.9 10.0 9.1 9.3 11.0 Renewals 4.1 9.0 7.5 9.1 8.7 All new and renewed leases 7.4 9.3 8.2 9.1 10.6 Leasing Costs and Concession Commitments per Sq. Ft. per Year: New leases $ 9.52 $ 11.24 $ 17.09 $ 8.60 $ 19.31 Renewals $ 3.62 $ 1.54 $ 4.25 $ 4.13 $ 1.06 All new and renewed leases $ 8.45 $ 2.84 $ 7.99 $ 4.60 $ 14.57 1145 19th Street NW Washington, D.C.

Supplemental Q1 2022 36 As of March 31, 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 March 31, 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 6.3% 2026-2031 2 Brookdale Senior Living, Inc. Senior living 9,147 3.4% 2032 3 Life Time Athletic Wellness center 9,105 3.4% 2040 4 Surgalign Holdings, Inc. Life science 6,694 2.5% 2034 5 Starmark Holdings, LLC Wellness center 6,100 2.3% 2028 6 Medtronic, Inc. Medical office 5,708 2.1% 2022 - 2023 7 IQVIA Holdings Inc. Life science 5,365 2.0% 2023 8 Prometheus Biosciences, Inc. Life science 5,211 1.9% 2033 9 Stratford Retirement, LLC Senior living 5,038 1.9% 2033 10 Boston Children's Hospital Medical office 4,785 1.8% 2028 11 KSQ Therapeutics, Inc. (1) Life science 4,779 1.8% 2032 12 Sonova Holding AG Life science 4,591 1.7% 2024 13 Oaks Senior Living, LLC Senior living 4,523 1.7% 2024 - 2030 14 Magellan Health Inc. Medical office 4,516 1.7% 2025 15 Stellar Senior Living, LLC Senior living 4,319 1.6% 2027 16 Abbvie Inc. Life science 3,969 1.5% 2027 17 United Healthcare Services, Inc. Medical office 3,924 1.5% 2026 18 Cigna Holding Co. Medical office 3,914 1.5% 2024 19 Caremark, L.L.C. Medical office 3,882 1.4% 2022 - 2025 20 Duke University Medical office 3,834 1.4% 2024 21 Tokio Marine Holdings Inc. Medical office 3,818 1.4% 2022 - 2033 22 PerkinElmer Health Sciences, Inc. Life science 3,681 1.4% 2028 23 HCA Holdings Inc. Medical office 3,405 1.3% 2023-2027 24 New York University Medical office 3,239 1.2% 2022-2027 25 McKesson Corporation Medical office 3,143 1.2% 2024-2028 26 Ultragenyx Pharmaceutical Inc. Life science 3,098 1.1% 2026 27 Hawai'i Pacific Health Medical office 3,060 1.1% 2024-2029 28 Virginia Premier Health Plan, Inc. Medical office 2,936 1.1% 2032 All Other Tenants (2) 127,005 46.8% 2022 - 2043 Total Tenants $ 269,728 100.0%

Supplemental Q1 2022 37 Office Portfolio Lease Expiration Schedule RETURN TO TABLE OF CONTENTS (dollars in thousands) As of March 31, 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 $ 19,222 8.7% 8.7% 2023 17,185 7.8% 16.5% 2024 26,620 12.1% 28.6% 2025 16,337 7.4% 36.0% 2026 23,588 10.7% 46.7% 2027 17,089 7.8% 54.5% 2028 21,717 9.9% 64.4% 2029 10,206 4.6% 69.0% 2030 7,710 3.5% 72.5% 2031 and thereafter 60,586 27.5% 100.0% Total $ 220,260 100.0% Average remaining lease term for our office portfolio (weighted by annualized rental income): 5.8 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 758,676 9.7% 9.7% 2023 658,560 8.5% 18.2% 2024 978,491 12.6% 30.8% 2025 692,919 8.9% 39.7% 2026 792,127 10.2% 49.9% 2027 682,386 8.8% 58.7% 2028 861,190 11.1% 69.8% 2029 321,870 4.1% 73.9% 2030 388,369 5.0% 78.9% 2031 and thereafter 1,653,451 21.1% 100.0% Total 7,788,039 100.0% 7555 Innovation Way Mason, OH

Supplemental Q1 2022 38 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 6.7% 6.7% 2025 — — — —% 6.7% 2026 — — — —% 6.7% 2027 4 534 units 4,319 10.0% 16.7% 2028 6 354,000 sq. ft. 6,100 14.2% 30.9% 2029 1 155 units 547 1.3% 32.2% 2030 3 367 units 5,134 11.9% 44.1% 2031 and thereafter 24 1,188 units and 458,000 sq. ft. 24,074 55.9% 100.0% Total 40 $ 43,059 100.0% Non-Segment Lease Expiration Schedule As of March 31, 2022 (dollars in thousands) RETURN TO TABLE OF CONTENTS

Supplemental Q1 2022 39 Non-GAAP Financial Measures We present certain "non-GAAP financial measures" within the meaning of applicable rules of the SEC, including net operating income, or NOI, Cash Basis NOI, same property NOI, same property Cash Basis NOI, earnings before interest, income tax, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, Adjusted EBITDAre, funds from operations attributable to common shareholders, or FFO attributable to common shareholders, and normalized funds from operations attributable to common shareholders, or Normalized FFO attributable to common shareholders. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) or net income (loss) attributable to common shareholders as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income (loss) and net income (loss) attributable to common shareholders as presented in our condensed consolidated statements of income (loss). We consider these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss) and net income (loss) attributable to common shareholders. We believe these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization, they may facilitate a comparison of our operating performance between periods and with other REITs and, in the case of NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of our properties. NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI The calculations of NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI exclude certain components of net income (loss) in order to provide results that are more closely related to our property level results of operations. We calculate NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI as shown on pages 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 Q1 2022 40 Adjusted total assets Adjusted total assets is the original cost of real estate assets calculated in accordance with GAAP before depreciation and after impairment write downs, if any, and excludes accounts receivable and intangible assets. 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 March 31, 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 March 31, 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 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 Q1 2022 41 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 March 31, 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 Q1 2022 42 Office Portfolio Office Portfolio consists of medical office properties leased to medical providers and other medical related businesses, as well as life science properties leased to biotech laboratories and other similar tenants. Our medical office and life science property leases include some triple net leases where, in addition to paying fixed rents, the tenants assume the obligation to operate and maintain the properties at their expense, and some net and modified gross leases where we are responsible for the operation and maintenance of the properties and we charge tenants for some or all of the property operating costs. A small percentage of our medical office and life science property leases are full-service leases where we receive fixed rent from our tenants and no reimbursement for our property operating costs. 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 March 31, 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 March 31, 2022. Non-GAAP Financial Measures and Certain Definitions (Continued) RETURN TO TABLE OF CONTENTS

Supplemental Q1 2022 43 This presentation of supplemental operating and financial data may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever we use words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, we are making forward-looking statements. These forward-looking statements are based upon our present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by our forward-looking statements. Forward- looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. For example: • The results of operations for the 107 transitioned senior living communities may not improve under the management of new managers as a result of the transition as we currently expect, and the results of operations of, and our returns from, any or all of our senior living communities may decline, including for reasons beyond our, the new managers’ or Five Star’s control. • Our redevelopment projects may not be successful and may cost more or take longer to complete than we currently expect. In addition, the terms of the leases we entered into with respect to our redevelopment projects may not commence on the currently expected dates or at all. The information contained in our filings with the SEC, including under “Risk Factors” in our periodic reports, or incorporated therein, identifies important factors that could cause our actual results to differ materially from those stated in or implied by our forward-looking statements. Our filings with the SEC are available on the SEC's website at www.sec.gov. You should not place undue reliance upon forward-looking statements. Except as required by law, we do not intend to update or change any forward-looking statements as a result of new information, future events or otherwise. Warning Concerning Forward-Looking Statements RETURN TO TABLE OF CONTENTS

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Cover Page	May 03, 2022
Entity Information [Line Items]
Entity Central Index Key	0001075415
Written Communications	false
Entity File Number	001-15319
Document Period End Date	May 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