Diversified Healthcare Trust (DHC) Investor presentation summary

Company highlights and outlook

• Portfolio valued at $6.2 billion across 33 states, with 285 healthcare properties and ~24,000 senior living units.

• Delivered ~268% total shareholder return since Jan 2025, ranking #1 among U.S. REITs in 2025 and YTD 2026.

• Nearly $1.5 billion in capital markets activity in 2025 improved the balance sheet and extended debt maturities to 2028.

• Moody’s upgraded credit rating to B3 with a positive outlook in April 2026.

• SHOP segment projected for 30% NOI growth in 2026, with embedded occupancy upside and ROI projects.

Financial performance and guidance

• 2026 guidance raised: Adjusted EBITDAre midpoint up $10M to $300M–$315M; Normalized FFO midpoint up $10M to $135M–$150M.

• SHOP NOI guidance increased by $10M, driven by expense savings in dietary and labor.

• Total NOI guidance for 2026 raised to $307M–$323M.

• Recurring capital expenditures for 2026 expected at $100M–$115M.

• No major acquisitions or dispositions planned beyond two land parcels and 13 SHOP communities sold in early 2026.

Strategic initiatives and operational improvements

• SHOP segment focus on personalized care, procurement optimization, and new operator partnerships.

• Capital recycling strategy led to $627.9M in non-core property sales since 2025, supporting margin expansion.

• Margin expansion in SHOP expected to continue, with occupancy and RevPOR growth outpacing ExPOR.

• Recent capital projects delivered high ROI and improved community appeal, supporting rate and occupancy growth.