EX-99.2 3 dhc_063025x8-kxexhibitx9.htm EX-99.2
Financial Results and Supplemental Information SECOND QUARTER 2025 August 4, 2025 Exhibit 99.2

Q2 2025 2 FINANCIAL RESULTS Diversified Healthcare Trust Announces Second Quarter 2025 Financial Results ........................................................................................ 3 Second Quarter 2025 Highlights ............................................................................................................................................................................ 4 Second Quarter 2025 Results .................................................................................................................................................................................. 5 FINANCIALS Key Financial Data ..................................................................................................................................................................................................... 6 Condensed Consolidated Balance Sheets ............................................................................................................................................................ 7 Condensed Consolidated Statements of Income (Loss) .................................................................................................................................... 8 DEBT AND LEVERAGE Debt Summary ........................................................................................................................................................................................................... 9 Debt Maturity Schedule ........................................................................................................................................................................................... 10 Leverage Ratios, Coverage Ratios and Bond Covenants ................................................................................................................................... 11 INVESTMENTS Summary of Capital Expenditures .......................................................................................................................................................................... 12 Redevelopment Information .................................................................................................................................................................................... 13 Property Dispositions Information Since January 1, 2025 ................................................................................................................................. 14 Investments in Unconsolidated Joint Ventures .................................................................................................................................................... 15 PORTFOLIO INFORMATION Portfolio Summary by Geographic Diversification and Property Type ........................................................................................................... 17 Portfolio Summary ..................................................................................................................................................................................................... 18 SHOP Units by Operator .......................................................................................................................................................................................... 19 SHOP Segment and Same Property - Results of Operations ............................................................................................................................ 20 SHOP Segment and Same Property - Five Star and Other Operator Managed Communities Results of Operations .......................... 21 Senior Living NOI by Manager ................................................................................................................................................................................ 22 Senior Living Results of Operations by Location ................................................................................................................................................. 23 Medical Office and Life Science Portfolio and Same Property - Results of Operations .............................................................................. 24 Portfolio Leasing Summary ...................................................................................................................................................................................... 26 Tenants Representing 1% or More of Total Annualized Rental Income ......................................................................................................... 27 Medical Office and Life Science Portfolio Lease Expiration Schedule ............................................................................................................ 28 All Other Lease Expiration Schedule ..................................................................................................................................................................... 29 APPENDIX Company Profile and Research Coverage ............................................................................................................................................................ 30 Governance Information........................................................................................................................................................................................... 31 Calculation and Reconciliation of NOI and Cash Basis NOI .............................................................................................................................. 32 Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment ....... 33 Calculation and Reconciliation of EBITDA, EBITDAre and Adjusted EBITDAre ............................................................................................ 34 Calculation and Reconciliation of FFO, Normalized FFO and CAD ................................................................................................................. 35 Non-GAAP Financial Measures and Certain Definitions .................................................................................................................................... 37 WARNING CONCERNING FORWARD-LOOKING STATEMENTS ........................................................................................................................................................................ 42 Table of Contents All amounts in this presentation are unaudited. Please refer to Non-GAAP Financial Measures and Certain Definitions for terms used throughout this document. Trading Symbols: Common Shares: DHC Senior Unsecured Notes due 2042: DHCNI Senior Unsecured Notes due 2046: DHCNL Investor Relations Contact: Bryan Maher, Senior Vice President (617) 796-8234 ir@dhcreit.com Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458-1634

Q2 2025 3 "During the second quarter, we delivered solid results across our portfolio. In our SHOP segment, we continue to see a meaningful improvement in same property NOI, which increased 18.5% year over year to $37.4 million. In our Medical Office and Life Science segment, we delivered same space weighted average rents that were 11.5% higher than prior rents with an average lease term of approximately 7 years, and our leasing pipeline remains very active. We have also made significant progress in addressing our upcoming debt maturities. Since March 2025, DHC has completed over $343 million of mortgage financings at a weighted average interest rate of 6.54% and used the proceeds, along with cash on hand, to fully redeem our senior unsecured notes due June 2025. DHC also closed a new $150 million secured revolving credit facility, providing added financial flexibility. With our 2025 notes now fully repaid, we are focused on addressing the remaining $641 million of our 2026 zero coupon notes, which we plan to redeem with proceeds from a combination of asset sales and new financings. We remain committed to reducing leverage and maintaining a strong balance sheet while positioning DHC to deliver attractive returns for our shareholders." Christopher Bilotto, President and Chief Executive Officer Diversified Healthcare Trust Announces Second Quarter 2025 Financial Results RETURN TO TABLE OF CONTENTS Newton, MA (August 4, 2025): Diversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended June 30, 2025. Distribution On July 10, 2025, DHC declared a quarterly distribution on its common shares of $0.01 per share to shareholders of record as of the close of business on July 21, 2025. This distribution will be paid on or about August 14, 2025. Conference Call A conference call to discuss DHC's second quarter 2025 financial results will be held on Tuesday, August 5, 2025 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 329-4297 or (412) 317-5435 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (877) 344-7529; the replay pass code is 1592130. A live audio webcast of the conference call will also be available in a listen-only mode on DHC's website, at www.dhcreit.com. The archived webcast will be available for replay on DHC's website after the call. The transcription, recording and retransmission in any way of DHC's second quarter conference call are strictly prohibited without the prior written consent of DHC. About Diversified Healthcare Trust DHC is a real estate investment trust, or REIT, focused on owning high-quality healthcare properties located throughout the United States. DHC seeks diversification across the health services spectrum by care delivery and practice type, by scientific research disciplines and by property type and location. As of June 30, 2025, DHC’s approximately $6.8 billion portfolio included 341 properties in 34 states and Washington, D.C., with more than 26,000 senior living units, approximately 7.4 million square feet of medical office and life science properties and occupied by approximately 450 tenants. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $40 billion in assets under management as of June 30, 2025 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. DHC is headquartered in Newton, MA. For more information, visit www.dhcreit.com.

Q2 2025 4 Financial Results Second Quarter 2025 Highlights RETURN TO TABLE OF CONTENTS Operating Update Liquidity, Financing and Investing Activities • Net loss of $91.6 million, or $0.38 per share. • Normalized FFO of $18.6 million, or $0.08 per share. • Year over year second quarter SHOP occupancy increased 160 basis points to 80.6% and average monthly rates increased by 5.4%, resulting in a 6.2% increase in SHOP revenues. • Consolidated SHOP NOI increased 26.3% year over year to $36.6 million, including a margin increase of 180 basis points. • Leased 106,274 square feet in the Medical Office and Life Science Portfolio at weighted average rents that were 11.5% higher than prior rents for the same space. • Approximately $148.6 million of cash and cash equivalents and restricted cash. • Since March 2025, DHC executed an aggregate of $343.2 million of mortgage loans secured by an aggregate of 27 senior living communities. During the second quarter of 2025, DHC used the loan proceeds and cash on hand to redeem all of its then outstanding senior unsecured notes due June 2025. • In June 2025, DHC obtained a new $150.0 million revolving credit facility secured by 14 senior living communities. This facility, combined with cash on hand, provides DHC with nearly $300.0 million of liquidity. • In July 2025, DHC received a cash dividend from AlerisLife of $3.4 million. • Since April 1, 2025, DHC sold five unencumbered properties for an aggregate sales price of $25.2 million, excluding closing costs. • As of August 1, 2025, DHC was under agreements or letters of intent to sell 38 unencumbered properties for $189.3 million and 11 encumbered properties for $90.6 million, excluding closing costs. Same Property Cash Basis NOI For the Three Months Ended (dollars in thousands) June 30, 2025 March 31, 2025 % Change June 30, 2024 % Change SHOP $ 37,372 $ 38,342 (2.5) % $ 31,540 18.5 % Medical Office and Life Science Portfolio 27,057 26,158 3.4 % 26,857 0.7 % All Other 6,757 6,887 (1.9) % 5,638 19.8 % Consolidated $ 71,186 $ 71,387 (0.3) % $ 64,035 11.2 % As of and for the three months ended June 30, 2025, unless otherwise noted

Q2 2025 5 Second Quarter 2025 Results RETURN TO TABLE OF CONTENTS For the Three Months Ended Financial Results June 30, 2025 March 31, 2025 % Change June 30, 2024 % Change Net loss $ (91,639) $ (8,986) (919.8) % $ (97,861) 6.4 % Net loss per share $ (0.38) $ (0.04) (850.0) % $ (0.41) 7.3 % Normalized FFO $ 18,572 $ 14,305 29.8 % $ 6,830 171.9 % Normalized FFO per share $ 0.08 $ 0.06 33.3 % $ 0.03 166.7 % Adjusted EBITDAre $ 73,613 $ 75,109 (2.0) % $ 68,895 6.8 % As of and For the Three Months Ended June 30, 2025 March 31, 2025 Basis Point Change June 30, 2024 Basis Point Change Occupancy SHOP 80.6% 80.2% 40 79.0% 160 Medical Office and Life Science Portfolio 82.9% 80.6% 230 81.5% 140 Same Property Occupancy SHOP 81.0% 80.8% 20 80.0% 100 Medical Office and Life Science Portfolio 89.9% 90.0% (10) 92.0% (210) (dollars in thousands, except per share data)

Q2 2025 6 Five Star Premier Residences of Pompano Beach Pompano Beach, FL Key Financial Data RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Selected Balance Sheet Data: Total gross assets $ 6,886,404 $ 7,108,119 $ 7,219,782 $ 7,395,888 $ 7,440,385 Total assets $ 4,756,441 $ 4,995,843 $ 5,137,005 $ 5,285,196 $ 5,333,447 Total liabilities $ 2,901,468 $ 3,047,792 $ 3,178,162 $ 3,236,792 $ 3,184,133 Total equity $ 1,854,973 $ 1,948,051 $ 1,958,843 $ 2,048,404 $ 2,149,314 Selected Income Statement Data: Total revenues $ 382,712 $ 386,864 $ 379,619 $ 373,640 $ 371,392 Net loss $ (91,639) $ (8,986) $ (87,446) $ (98,689) $ (97,861) NOI $ 70,132 $ 72,538 $ 64,443 $ 63,943 $ 67,327 Adjusted EBITDAre $ 73,613 $ 75,109 $ 67,049 $ 66,817 $ 68,895 FFO $ 13,577 $ (10,006) $ 11,805 $ (3,366) $ 14,563 Normalized FFO $ 18,572 $ 14,305 $ 5,290 $ 4,026 $ 6,830 CAD $ 5,167 $ 25,985 $ (16,875) $ (12,807) $ (5,766) Rolling four quarter CAD $ 1,470 $ (9,463) $ (33,037) $ (61,168) $ (81,947) Per Share Data (basic and diluted): Net loss $ (0.38) $ (0.04) $ (0.36) $ (0.41) $ (0.41) FFO $ 0.06 $ (0.04) $ 0.05 $ (0.01) $ 0.06 Normalized FFO $ 0.08 $ 0.06 $ 0.02 $ 0.02 $ 0.03 CAD $ 0.02 $ 0.11 $ (0.07) $ (0.05) $ (0.02) Rolling four quarter CAD $ 0.01 $ (0.03) $ (0.13) $ (0.25) $ (0.34) Dividends: Annualized dividend declared per common share $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.04 Annualized dividend yield (at end of period) 1.1 % 1.7 % 1.7 % 1.0 % 1.3 % Normalized FFO payout ratio 12.5 % 16.7 % 50.0 % 50.0 % 33.3 % CAD payout ratio 50.0 % 9.1 % (14.3) % (20.0) % (50.0) % Rolling four quarter CAD payout ratio 400.0 % (133.3) % (30.8) % (16.0) % (11.8) % (dollars in thousands, except per share data)

Q2 2025 7 June 30, 2025 December 31, 2024 Assets Real estate properties: Land $ 592,297 $ 605,973 Buildings and improvements 5,691,305 5,817,279 Total real estate properties, gross 6,283,602 6,423,252 Accumulated depreciation (2,129,963) (2,082,777) Total real estate properties, net 4,153,639 4,340,475 Investments in unconsolidated joint ventures 139,151 126,859 Assets of properties held for sale 96,919 276,270 Cash and cash equivalents 141,769 144,584 Restricted cash 6,812 5,270 Equity method investment 8,418 24,590 Acquired real estate leases and other intangible assets, net 23,131 26,300 Other assets, net 186,602 192,657 Total assets $ 4,756,441 $ 5,137,005 Liabilities and Equity Secured revolving credit facility $ — $ — Senior secured notes, net 600,235 826,974 Senior unsecured notes, net 1,579,327 1,957,319 Secured debt and finance leases, net 456,948 126,611 Liabilities of properties held for sale 5,579 6,024 Accrued interest 23,405 23,092 Other liabilities 235,974 238,142 Total liabilities 2,901,468 3,178,162 Commitments and contingencies Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 241,420,341 and 241,271,703 shares issued and outstanding, respectively 2,414 2,413 Additional paid in capital 4,621,858 4,620,313 Cumulative net income 1,307,398 1,408,023 Cumulative other comprehensive income (loss) 18 (17) Cumulative distributions (4,076,715) (4,071,889) Total equity 1,854,973 1,958,843 Total liabilities and equity $ 4,756,441 $ 5,137,005 Condensed Consolidated Balance Sheets (dollars in thousands, except share data) RETURN TO TABLE OF CONTENTS The Court at Palm Aire Pompano Beach, FL

Q2 2025 8 For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Revenues: Rental income $ 55,167 $ 62,870 $ 113,725 $ 125,520 Residents fees and services 327,545 308,522 655,851 616,648 Total revenues 382,712 371,392 769,576 742,168 Expenses: Property operating expenses 312,580 304,065 626,906 611,669 Depreciation and amortization 66,266 68,357 134,591 138,490 General and administrative (1) 11,177 6,262 20,177 13,830 Acquisition and certain other transaction related costs 75 1,826 99 1,912 Impairment of assets 30,993 6,545 69,465 18,687 Total expenses 421,091 387,055 851,238 784,588 (Loss) gain on sale of properties (7,429) (13,213) 102,711 (19,087) Gain on insurance recoveries (2) — — 7,522 — Interest and other income 2,982 2,403 5,081 4,640 Interest expense (including net amortization of debt discounts, premiums and issuance costs of $19,886, $25,591, $45,973 and $50,454, respectively) (50,926) (58,702) (108,757) (116,278) Loss on modification or early extinguishment of debt (126) (209) (29,197) (209) Loss before income taxes and equity in net earnings (losses) of investees (93,878) (85,384) (104,302) (173,354) Income tax expense (843) (170) (892) (357) Equity in net earnings (losses) of investees 3,082 (12,307) 4,569 (10,409) Net loss $ (91,639) $ (97,861) $ (100,625) $ (184,120) Weighted average common shares outstanding (basic and diluted) 240,132 239,326 240,045 239,259 Per common share data (basic and diluted): Net loss $ (0.38) $ (0.41) $ (0.42) $ (0.77) Condensed Consolidated Statements of Income (Loss) RETURN TO TABLE OF CONTENTS (amounts in thousands, except per share data) (1) DHC recognized incentive management fees of $4,148 and $(849) during the three months ended June 30, 2025 and 2024, respectively, and $6,555 and $0 during the six months ended June 30, 2025 and 2024, respectively. (2) During the six months ended June 30, 2025, DHC recognized a gain of $7,522 representing insurance recoveries from a claim settled during the first quarter of 2025.

Q2 2025 9 Coupon Interest Principal Maturity Due at Years to Rate Rate Balance Date Maturity Maturity Secured Floating Rate Debt: $150,000 revolving credit facility - secured by 14 properties (1) 7.050% 7.050% $ — 6/11/2029 $ — 4.0 Mortgage - secured by 14 properties (2) 6.822% 6.822% 140,000 3/31/2028 138,578 2.8 Weighted average rate / total secured floating rate debt 6.822% 6.822% 140,000 138,578 2.8 Unsecured Fixed Rate Debt: Senior unsecured notes due 2028 4.750% 4.966% 500,000 2/15/2028 500,000 2.6 Senior unsecured notes due 2031 4.375% 4.375% 500,000 3/1/2031 500,000 5.7 Senior unsecured notes due 2042 5.625% 5.625% 350,000 8/1/2042 350,000 17.1 Senior unsecured notes due 2046 6.250% 6.250% 250,000 2/1/2046 250,000 20.6 Weighted average rate / total unsecured fixed rate debt 5.059% 5.126% 1,600,000 1,600,000 9.6 Secured Fixed Rate Debt: Senior secured notes due 2026 (3) (4) 0.000% 0.000% 641,376 1/15/2026 641,376 0.5 Finance leases - two properties 7.700% 7.700% 1,491 4/30/2026 155 0.8 Mortgage - secured by four properties 6.572% 6.572% 64,000 6/7/2030 58,211 4.9 Mortgage - secured by eight properties 6.864% 6.864% 120,000 6/11/2034 120,000 9.0 Mortgages - secured by seven properties (5) 6.220% 6.220% 108,873 5/1/2035 101,724 9.8 Mortgages - secured by two properties (6) 6.360% 6.360% 30,284 6/1/2035 27,361 9.9 Mortgage - secured by one property 6.444% 6.444% 6,652 7/6/2043 52 18.0 Weighted average rate / total secured fixed rate debt 2.229% 2.229% 972,676 948,879 3.3 Weighted average rate / total debt 4.135% 4.175% $ 2,712,676 $ 2,687,457 7.0 Debt Summary (dollars and sq. ft. in thousands) RETURN TO TABLE OF CONTENTS As of June 30, 2025 (1) DHC is required to pay interest on borrowings under this facility at a rate of SOFR plus a premium, which was 2.50% per annum as of June 30, 2025. DHC also pays an unused commitment fee of 25 to 35 basis points per annum based on amounts outstanding under this facility. DHC has two six-month extension options for the maturity date of this facility, subject to satisfaction of certain conditions and payment of an extension fee. (2) DHC has two one-year extension options for the maturity date of this mortgage loan, subject to satisfaction of certain conditions and payment of an extension fee. This mortgage loan requires that interest be paid at an annual rate of SOFR plus a premium of 2.50%, with interest-only payments through April 2027, and DHC has two six-month extension options for the interest-only period, subject to satisfaction of certain conditions. In connection with this mortgage loan, DHC has purchased an interest rate cap for $47 through March 2026 with a SOFR strike rate equal to 4.50%. (3) No cash interest will accrue on these senior secured notes prior to maturity. The accreted value of these senior secured notes will increase at a rate of 11.25% per annum compounded semiannually on January 15 and July 15 of each year, such that the accreted value will equal the principal amount at maturity. DHC has a one-time option to extend the maturity date of these senior secured notes by one year, to January 15, 2027, subject to satisfaction of certain conditions and payment of an extension fee. If DHC exercises this option, interest payments will be due semiannually during the extension period at an initial interest rate of 11.25% with increases of 50 basis points every 90 days these senior secured notes remain outstanding. (4) Summary information of the properties securing these senior notes are as follows as of June 30, 2025: • Properties: 73 (59 Medical Office/Life Science; 4 triple net leased senior living; 10 triple net leased wellness centers) • Sq. Ft. / Units: 5,537 sq. ft. / 647 units • Q2 2025 NOI: $24,457 • Gross book value of real estate assets: $1,341,815 • Occupancy (Medical Office and Life Science Portfolio): 91.7% • Rent coverage (triple net senior living and wellness centers): 2.53x • Weighted average lease term: 6.2 years (5) This mortgage loan requires interest-only payments through May 2030. (6) This mortgage loan requires interest-only payments through June 2028.

Q2 2025 10 $139,063 $500,000 $500,000 $600,000 $1,477 $643,264 $2,297 $1,612 $1,910 $60,180 $2,024 $2,155 $2,294 $256,400 Secured Floating Rate Debt Unsecured Fixed Rate Debt Secured Fixed Rate Debt 2025 2026 2027 2028 2029 2030 2031 2032 2033 Thereafter $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 Debt Maturity Schedule (3) RETURN TO TABLE OF CONTENTS (dollars in thousands) As of June 30, 2025 (1) Represents amount outstanding under DHC's $140,000 mortgage loan. DHC has two one-year extension options for the maturity date of this mortgage loan, subject to satisfaction of certain conditions and payment of an extension fee. (2) DHC had no outstanding borrowings under its $150,000 secured revolving credit facility as of June 30, 2025. This facility matures in 2029, with two six-month extension options, subject to satisfaction of certain conditions and payment of an extension fee. (3) Includes $1,491 of finance lease obligations due through April 2026. (4) DHC has a one-time option to extend the maturity date of its senior secured notes due 2026 by one year to January 15, 2027, subject to satisfaction of certain conditions and payment of an extension fee. If DHC exercises this option, interest payments will be due semiannually during the extension period at an initial interest rate of 11.25% with increases of 50 basis points every 90 days these senior secured notes remain outstanding. (4) (1) (2)

Q2 2025 11 Leverage Ratios, Coverage Ratios and Bond Covenants RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Leverage Ratios: Net debt / total gross assets 37.3% 36.4% 40.2% 38.6% 38.3% Net debt / gross book value of real estate assets 37.9% 37.8% 40.5% 39.8% 39.5% Secured debt / total assets 23.4% 18.2% 20.8% 20.3% 20.1% Variable rate debt / net debt 5.4% 5.4% —% —% —% Coverage Ratios: Net debt / annualized Adjusted EBITDAre 8.7x 8.8x 11.2x 10.6x 10.2x Adjusted EBITDAre / interest expense 1.4x 1.3x 1.1x 1.1x 1.2x As of and For the Trailing Twelve Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Bond Covenants: Maintenance Covenant Total unencumbered assets / unsecured debt - required minimum 150.0% 238.6% 258.6% 262.2% 264.7% 267.5% Incurrence Covenants Total debt / adjusted total assets - allowable maximum 60.0% 38.9% 40.2% 41.7% 41.4% 41.2% Secured debt / adjusted total assets - allowable maximum 40.0% 16.0% 12.7% 14.6% 14.3% 14.2% Consolidated income available for debt service / debt service - required minimum 1.50x 2.20x 2.09x 1.95x 1.76x 1.76x Valencia, CA Greenwood, IN

Q2 2025 12 (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 For the Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 SHOP fixed assets and capital improvements $ 24,283 $ 21,115 $ 33,406 $ 27,923 $ 21,623 $ 45,398 $ 31,714 Medical Office and Life Science Portfolio lease related costs 3,528 3,847 5,347 3,504 6,409 7,375 12,438 Medical Office and Life Science Portfolio building improvements 1,518 1,524 1,872 1,359 1,852 3,042 2,771 Subtotal Medical Office and Life Science Portfolio 5,046 5,371 7,219 4,863 8,261 10,417 15,209 Wellness centers lease related costs — — 3,616 5,488 4,591 — 11,514 Total recurring capital expenditures $ 29,329 $ 26,486 $ 44,241 $ 38,274 $ 34,475 $ 55,815 $ 58,437 SHOP avg. units managed during period 24,939 25,006 25,065 25,191 25,225 24,925 25,220 Medical Office and Life Science Portfolio avg. sq. ft. during period 7,510 7,787 8,073 8,294 8,442 7,677 8,503 SHOP fixed assets and capital improvements per avg. unit managed during period $ 974 $ 844 $ 1,333 $ 1,108 $ 857 $ 1,821 $ 1,257 Medical Office and Life Science Portfolio building improvements per avg. sq. ft. during period $ 0.20 $ 0.20 $ 0.23 $ 0.16 $ 0.22 $ 0.40 $ 0.33 Development, redevelopment and other activities - SHOP $ 4,660 $ 5,568 $ 27,950 $ 11,714 $ 5,705 $ 10,228 $ 6,894 Development, redevelopment and other activities - Medical Office and Life Science Portfolio — — 650 537 1,112 — 1,825 Total development, redevelopment and other activities $ 4,660 $ 5,568 $ 28,600 $ 12,251 $ 6,817 $ 10,228 $ 8,719 Capital expenditures by segment: SHOP $ 28,943 $ 26,683 $ 61,356 $ 39,637 $ 27,328 $ 55,626 $ 38,608 Medical Office and Life Science Portfolio 5,046 5,371 7,869 5,400 9,373 10,417 17,034 Wellness centers — — 3,616 5,488 4,591 — 11,514 Total capital expenditures $ 33,989 $ 32,054 $ 72,841 $ 50,525 $ 41,292 $ 66,043 $ 67,156

Q2 2025 13 DHC does not have any significant ongoing redevelopments as of June 30, 2025. (1) Reflects units prior to redevelopment. Redevelopment Information (dollars in millions) RETURN TO TABLE OF CONTENTS Medical Office and Life Science Portfolio As of June 30, 2025 Project Location Type of Property Number of Units (1) Estimated Project Costs Total Costs Incurred as of June 30, 2025 Estimated Completion Date Pueblo Norte Senior Living Scottsdale, AZ IL/AL 205 $ 26.2 $ 20.4 Q1 2026 Residences of Chevy Chase Chevy Chase, MD IL/AL 310 9.0 0.2 Q1 2026 Other Redevelopments Various IL/AL 683 8.9 3.4 Q3 2025 - Q3 2026 $ 44.1 $ 24.0 SHOP

Q2 2025 14 Property Dispositions Information Since January 1, 2025 Dispositions: Date Sold Location Segment Number of Properties Gross Sales Price Gross Sales Price Per Square Foot or Unit (1) Occupancy (2) 1/21/2025 Wilmington, DE SHOP 1 $ 2,900 $ 28,431 0.0 % 1/31/2025 San Diego, CA Medical Office and Life Science Portfolio (3) 3 159,025 $ 855.07 49.2 % 2/24/2025 Tempe, AZ Medical Office and Life Science Portfolio 1 16,800 $ 204.22 0.0 % 2/27/2025 Various All Other (3) 18 135,000 $ 154,110 100.0 % 3/3/2025 Cromwell, CT Medical Office and Life Science Portfolio (3) 1 7,100 $ 109.57 100.0 % 5/2/2025 Nashville, TN SHOP 1 11,150 $ 92,917 0.0 % 5/16/2025 St. Louis, MO Medical Office and Life Science Portfolio 1 5,250 $ 23.90 0.0 % 7/7/2025 Glendale, WI Medical Office and Life Science Portfolio 1 500 $ 41.77 0.0 % 7/22/2025 Maryland Heights, MO Medical Office and Life Science Portfolio 1 4,300 $ 18.49 0.0 % 7/25/2025 Cherry Hill, NJ All Other 1 4,000 $ 41,237 0.0 % Total Dispositions 29 $ 346,025 RETURN TO TABLE OF CONTENTS (dollars in thousands, except gross sales price per square foot or unit) (1) Represents gross sales price per square foot for the Medical Office and Life Science Portfolio and gross sales price per unit for the SHOP segment and All Other properties. (2) Occupancy is presented as of the month end prior to the date of sale for the Medical Office and Life Science Portfolio and All Other properties and for the one month ended prior to the date of sale for the SHOP segment. (3) DHC used aggregate net proceeds of $299,158 from the sales of these properties to partially redeem its senior secured notes due 2026. (4) Occupancy is presented as of June 30, 2025 for the Medical Office and Life Science Portfolio and for the three months ended June 30, 2025 for DHC's SHOP segment. (5) The net proceeds from the sale of 11 of these properties are required to be used to partially redeem DHC's senior secured notes due 2026. DHC expects to sell these properties during the second half of 2025 for an aggregate sales price of $90,588, excluding closing costs. Under Agreement or Letter of Intent as of August 1, 2025: Segment Number of Properties Estimated Gross Sales Price Gross Sales Price Per Square Foot or Unit (1) Occupancy (4) Medical Office and Life Science Portfolio (5) 21 $ 161,018 $ 111.55 68.0 % SHOP 28 118,905 $ 62,747 82.1 % Total Under Agreement or Letter of Intent 49 $ 279,923

Q2 2025 15 Investments in Unconsolidated Joint Ventures (1) (dollars in thousands) RETURN TO TABLE OF CONTENTS As of June 30, 2025 Three Months Ended June 30, 2025 Joint Venture Location Type of Property Number of Properties Square Feet Occupancy Weighted Average Lease Term DHC Ownership DHC Carrying Value of Investment Joint Venture FFO Joint Venture EBITDAre Seaport Innovation LLC Boston, MA Life Science 1 1,134,479 100% 18.7 years 10% $ 94,415 $ 20,630 $ 26,257 The LSMD Fund REIT LLC Various Medical Office / Life Science 10 1,068,763 98% 5.8 years 20% 44,736 3,261 9,185 Total / Weighted Average 11 2,203,242 99% 14.7 years $ 139,151 $ 23,891 $ 35,442 Investments in Unconsolidated Joint Ventures Unconsolidated Debt Joint Venture Secured Debt (2) Coupon Rate Maturity Date Principal Balance (3) DHC Ownership DHC Share of Principal Balance (4) Seaport Innovation LLC Fixed Rate - 1 Property (5) 3.530% 11/6/2028 $ 620,000 10% $ 62,000 The LSMD Fund REIT LLC Fixed Rate - 9 Properties 3.457% 2/11/2032 189,800 20% 37,960 The LSMD Fund REIT LLC Floating Rate - 1 Property (6) 6.212% 2/9/2026 266,825 20% 53,365 Total / Weighted Average 4.182% $ 1,076,625 $ 153,325 (1) DHC's property list, including properties owned by these unconsolidated joint ventures, is available on DHC's website. (2) The mortgage loans require interest-only payments until the respective maturity dates. (3) Reflects the entire balance of the debt secured by the properties. DHC continues to provide certain guarantees on the debt secured by the Seaport Innovation LLC property. The debt secured by The LSMD Fund REIT LLC properties is non-recourse to DHC. (4) Reflects DHC's proportionate share of the principal debt balances based on its ownership percentage of the joint ventures. (5) This mortgage loan requires interest-only payments until the anticipated repayment date on August 6, 2026, at which time all accrued and unpaid interest along with the principal balance of $620,000 is expected to be repaid. This mortgage loan matures on November 6, 2028 and any unpaid principal from the anticipated repayment date through the maturity date bears interest at a variable rate of the greater of 6.53% or the then effective U.S. swap rate for the swap terminating on the maturity date plus 5.00%. (6) The joint venture has one remaining one-year extension option for the maturity date of this mortgage loan, subject to satisfaction of certain conditions, and this mortgage loan requires that interest be paid at an annual rate of SOFR plus a premium of 1.90%. The joint venture has purchased an interest rate cap through February 2026 with a SOFR strike rate equal to 5.74%.

Q2 2025 16 Investments in Unconsolidated Joint Ventures (continued) (1) (dollars in thousands) RETURN TO TABLE OF CONTENTS As of June 30, 2025 (1) DHC's property list, including properties owned by these unconsolidated joint ventures, is available on DHC's website. (2) Based on the aggregate annualized rental income of DHC's unconsolidated joint ventures. A nn ua liz ed R en ta l I nc om e Seaport Innovation LLC The LSMD Fund REIT LLC 2025 2026 2027 2028 2029 2030 2031 and thereafter $— $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 $110,000 $120,000 $130,000 $140,000 Unconsolidated Joint Ventures Lease Expiration Schedule Number of Leases Expiring 8 10 7 13 16 16 32 % of Total Annualized Rental Income Expiring 0.8% 1.4% 0.8 % 1.4% 6.0 % 4.9% 84.7% Major Tenants of Unconsolidated Joint Ventures Joint Venture Tenant % of Annualized Rental Income of Joint Ventures (2) Seaport Innovation LLC Vertex Pharmaceuticals Inc. 66.7% The LSMD Fund REIT LLC Cedars-Sinai Medical Center 11.1% The LSMD Fund REIT LLC Seattle Genetics, Inc. 2.6% The LSMD Fund REIT LLC Complete Genomics, Inc. 1.7% The LSMD Fund REIT LLC Stryker Corporation 1.7% Life Science: 76% Medical Office: 24% Property Type (2) MA: 70% CA: 22% TX: 3% WA: 3% NY: 2% Geographic Diversification (2)

Q2 2025 17 FL: 11% TX: 9% GA: 7% CA: 7% NC: 5% MD: 5% WI: 4% VA: 4% IN: 4% IL: 4% 24 Other States + D.C.: 40% (based on Gross Book Value of Real Estate Assets as of June 30, 2025) (1) Senior living communities are categorized by the type of living units which constitute a majority of the living units at the community. (2) Memory care communities are classified as assisted living communities. Portfolio Summary by Geographic Diversification and Property Type Geographic Diversification RETURN TO TABLE OF CONTENTS Assisted Living: 19% Independent Living: 34% SNFs: 3% Life Science: 12% Medical Office: 26% Wellness Centers: 6% Property Type(1) (2) (based on Q2 2025 NOI)

Q2 2025 18 Portfolio Summary RETURN TO TABLE OF CONTENTS (dollars in thousands, except investment per square foot or unit) As of June 30, 2025 Number of Properties Square Feet or Number of Units Gross Book Value of Real Estate Assets % of Total Gross Book Value of Real Estate Assets Investment Per Square Foot or Unit % of Q2 2025 Total Revenues % of Q2 2025 Total NOI Q2 2025 Q2 2025 Revenues NOI SHOP 230 24,872 units $ 4,619,413 68.2 % $ 185,727 $ 327,545 85.6 % $ 36,615 52.2 % Medical office 74 5,345,169 1,299,982 19.2 % $ 243 34,376 9.0 % 18,157 25.9 % Life science 18 2,054,854 511,980 7.5 % $ 249 13,680 3.6 % 8,330 11.9 % Subtotal Medical Office and Life Science Portfolio 92 7,400,023 sq. ft. 1,811,962 26.7 % $ 245 48,056 12.6 % 26,487 37.8 % Triple net leased senior living communities 9 1,180 units 135,640 2.0 % $ 114,949 3,213 0.8 % 3,210 4.6 % Wellness centers 10 812,246 sq. ft. 208,110 3.1 % $ 256 3,898 1.0 % 3,820 5.4 % Total 341 $ 6,775,125 100.0 % $ 382,712 100.0 % $ 70,132 100.0 %

Q2 2025 19 SHOP Units by Operator RETURN TO TABLE OF CONTENTS Unit Count as of June 30, 2025 Manager Location Number of Properties (1) Assisted Living Independent Living and Active Adult Memory Care Skilled Nursing Total Five Star Senior Living Various (28 States) 118 6,181 9,581 1,525 — 17,287 Charter Senior Living FL/MD/TN/VA/IL/ WI 30 1,338 — 421 — 1,759 Phoenix Senior Living AL/AR/KY/MO/ NC/SC 23 933 147 213 164 1,457 Oaks-Caravita Senior Care (2) GA/SC 26 1,061 40 314 — 1,415 Stellar Senior Living (3) CO/TX/WY 10 — 177 34 922 1,133 Life Care Services (4) DE 3 73 194 12 238 517 Northstar Senior Living AZ/CA 7 121 — 297 — 418 Oaks Senior Living GA 3 159 — 105 — 264 Navion Senior Solutions SC 5 213 — 25 — 238 IntegraCare Senior Living PA 2 113 — 33 — 146 Omega Senior Living NE 1 69 — — — 69 The RMR Group TX 1 — 169 — — 169 Total 229 10,261 10,308 2,979 1,324 24,872 % of Total 41.3% 41.4% 12.0% 5.3% 100% (1) Excludes one closed senior living community. (2) Includes 10 communities with 525 units (413 assisted living units and 112 memory care units) classified as held for sale as of June 30, 2025. These communities had NOI of $112 for the three months ended June 30, 2025. (3) Includes two communities with 184 units (176 SNF units and 8 independent living units) classified as held for sale as of June 30, 2025. These communities had NOI of $8 for the three months ended June 30, 2025. (4) These communities are classified as held for sale as of June 30, 2025 and had NOI of $(34) for the three months ended June 30, 2025. (dollars in thousands)

Q2 2025 20 SHOP Segment and Same Property - Results of Operations RETURN TO TABLE OF CONTENTS CONSOLIDATED RESULTS OF OPERATIONS As of and For the Three Months Ended 6/30/2025 3/31/2025 6/30/2024 Number of Properties 230 231 232 Number of Units 24,872 25,005 25,230 Occupancy 80.6 % 80.2 % 79.0 % Average Monthly Rate $ 5,440 $ 5,413 $ 5,161 Year Over Year Average Monthly Rate % Change 5.4 % Residents Fees and Services $ 327,545 $ 328,306 $ 308,522 Property Operating Expenses (290,930) (291,478) (279,538) NOI $ 36,615 $ 36,828 $ 28,984 NOI Margin % 11.2 % 11.2 % 9.4 % Sequential NOI % Change (0.6) % Year Over Year NOI % Change 26.3 % SAME PROPERTY RESULTS OF OPERATIONS (1) As of and For the Three Months Ended 6/30/2025 3/31/2025 6/30/2024 Number of Properties 201 201 201 Number of Units 22,443 22,443 22,443 Occupancy 81.0 % 80.8 % 80.0 % Average Monthly Rate $ 5,364 $ 5,327 $ 5,099 Year Over Year Average Monthly Rate % Change 5.2 % Residents Fees and Services $ 292,724 $ 293,248 $ 276,419 Property Operating Expenses (255,352) (254,906) (244,879) NOI $ 37,372 $ 38,342 $ 31,540 NOI Margin % 12.8 % 13.1 % 11.4 % Sequential NOI % Change (2.5) % Year Over Year NOI % Change 18.5 % (1) Same property includes properties classified as same property for the three months ended June 30, 2025 for all periods presented. (dollars in thousands, except average monthly rate) (dollars in thousands, except average monthly rate) Rio Las Palmas Stockton, CA Overture at Plano Plano, TX

Q2 2025 21RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended June 30, 2025 As of and For the Three Months Ended June 30, 2024 Five Star Managed Communities Other Operator Managed Communities Total SHOP Segment Five Star Managed Communities Other Operator Managed Communities Total SHOP Segment Number of Properties 118 112 230 119 113 232 Number of Units 17,287 7,585 24,872 17,654 7,576 25,230 Occupancy 81.2 % 79.3 % 80.6 % 78.9 % 79.2 % 79.0 % Average Monthly Rate $ 5,036 $ 6,385 $ 5,440 $ 4,775 $ 6,057 $ 5,161 Average Monthly Rate % Change 5.5 % 5.4 % 5.4 % Residents Fees and Services $ 212,393 $ 115,152 $ 327,545 $ 199,546 $ 108,976 $ 308,522 Property Operating Expenses (183,398) (107,532) (290,930) (175,887) (103,651) (279,538) NOI $ 28,995 $ 7,620 $ 36,615 $ 23,659 $ 5,325 $ 28,984 NOI Margin % 13.7 % 6.6 % 11.2 % 11.9 % 4.9 % 9.4 % NOI % Change 22.6 % 43.1 % 26.3 % SAME PROPERTY RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate) As of and For the Three Months Ended June 30, 2025 As of and For the Three Months Ended June 30, 2024 Five Star Managed Communities Other Operator Managed Communities Total SHOP Segment Five Star Managed Communities Other Operator Managed Communities Total SHOP Segment Number of Properties 115 86 201 115 86 201 Number of Units 16,783 5,660 22,443 16,783 5,660 22,443 Occupancy 81.5 % 79.5 % 81.0 % 79.8 % 80.7 % 80.0 % Average Monthly Rate $ 5,042 $ 6,344 $ 5,364 $ 4,778 $ 6,048 $ 5,099 Average Monthly Rate % Change 5.5 % 4.9 % 5.2 % Residents Fees and Services $ 207,079 $ 85,645 $ 292,724 $ 193,507 $ 82,912 $ 276,419 Property Operating Expenses (177,888) (77,464) (255,352) (169,606) (75,273) (244,879) NOI $ 29,191 $ 8,181 $ 37,372 $ 23,901 $ 7,639 $ 31,540 NOI Margin % 14.1 % 9.6 % 12.8 % 12.4 % 9.2 % 11.4 % NOI % Change 22.1 % 7.1 % 18.5 % SHOP Segment and Same Property - Five Star and Other Operator Managed Communities Results of Operations CONSOLIDATED RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate)

Q2 2025 22 Senior Living NOI by Manager RETURN TO TABLE OF CONTENTS Q2 2025 NOI Manager Number of Properties SHOP Triple Net Leased Senior Living Communities Total NOI % of Total Q2 2025 NOI (1) Five Star Senior Living 118 $ 28,995 $ — $ 28,995 72.8% Phoenix Senior Living 23 2,387 — 2,387 6.0% Charter Senior Living 30 2,080 — 2,080 5.2% Stellar Senior Living (2) 14 764 1,053 1,817 4.6% Stratford Retirement 1 — 1,149 1,149 2.9% Northstar Senior Living 7 1,091 — 1,091 2.7% Oaks Senior Living 3 750 — 750 1.9% Navion Senior Solutions 5 662 — 662 1.7% Covenant Care 1 — 508 508 1.3% Remaining (3) 37 (114) 500 386 0.9% Total 239 $ 36,615 $ 3,210 $ 39,825 100.0% (1) Percentage calculated based on total NOI for the three months ended June 30, 2025 for SHOP and triple net leased senior living communities. (2) Includes two communities with 184 units classified as held for sale as of June 30, 2025. These communities had NOI of $8 for the three months ended June 30, 2025. (3) Includes 13 communities with 1,042 units classified as held for sale as of June 30, 2025. These communities had NOI of $78 for the three months ended June 30, 2025. (dollars in thousands)

Q2 2025 23 Senior Living Results of Operations by Location RETURN TO TABLE OF CONTENTS Q2 2025 NOI Core-Based Statistical Areas Number of Properties SHOP Triple Net Leased Senior Living Communities Total NOI % of Total Q2 2025 NOI Miami, FL 10 $ 2,635 $ — $ 2,635 6.6% Washington, DC 6 2,344 — 2,344 5.9% Tampa, FL 2 2,029 — 2,029 5.1% New York, NY 4 1,893 — 1,893 4.8% Baltimore, MD 4 1,430 — 1,430 3.6% Louisville, KY 1 1,155 — 1,155 2.9% Indianapolis, IN 4 — 1,149 1,149 2.9% San Antonio, TX 4 1,092 — 1,092 2.7% San Diego, CA 3 1,085 — 1,085 2.7% Houston, TX 3 994 — 994 2.5% Atlanta, GA 14 984 — 984 2.5% Denver, CO 3 951 — 951 2.4% Dallas, TX 3 951 — 951 2.4% Albuquerque, NM 1 936 — 936 2.4% Lexington, KY 2 830 — 830 2.1% Boston, MA 1 806 — 806 2.0% Stockton, CA 2 775 — 775 1.9% Knoxville, TN 3 757 — 757 1.9% Tucson, AZ 1 729 — 729 1.8% Virginia Beach, VA 7 685 — 685 1.7% Remaining 161 13,554 2,061 15,615 39.2% Total Senior Living 239 $ 36,615 $ 3,210 $ 39,825 100.0% As of and For the Three Months Ended NOI Occupancy Average Monthly Rate Markets Number of Properties 6/30/2025 % 6/30/2024 Change 6/30/2025 6/30/2024 Basis Point Change 6/30/2025 6/30/2024 Change Primary 83 $ 19,674 53.7% $ 13,651 44.1 % 80.0% 78.1% 190 $ 5,585 $ 5,291 5.6 % Secondary 62 7,173 19.6% 6,774 5.9 % 79.7% 78.1% 160 $ 5,099 $ 4,889 4.3 % Other 85 9,768 26.7% 8,559 14.1 % 82.7% 81.5% 120 $ 5,485 $ 5,178 5.9 % Total / Average SHOP 230 $ 36,615 100.0% $ 28,984 26.3 % 80.6% 79.0% 160 $ 5,440 $ 5,161 5.4 % (dollars in thousands, except average monthly rate)

Q2 2025 24 (1) Same property includes properties classified as same property for the three months ended June 30, 2025 for all periods presented. RETURN TO TABLE OF CONTENTS CONSOLIDATED RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended 6/30/2025 3/31/2025 6/30/2024 Number of Properties 92 93 101 Square Feet 7,400 7,620 8,396 Occupancy 82.9 % 80.6 % 81.5 % Rental Income $ 48,056 $ 49,763 $ 54,555 NOI $ 26,487 $ 26,856 $ 30,273 Cash Basis NOI $ 26,735 $ 25,920 $ 29,862 NOI Margin % 55.1 % 54.0 % 55.5 % Cash Basis NOI Margin % 55.1 % 52.9 % 55.0 % Sequential NOI % Change (1.4) % Sequential Cash Basis NOI % Change 3.1 % Year Over Year NOI % Change (12.5) % Year Over Year Cash Basis NOI % Change (10.5) % SAME PROPERTY RESULTS OF OPERATIONS (1) (dollars and sq. ft. in thousands) As of and For the Three Months Ended 6/30/2025 3/31/2025 6/30/2024 Number of Properties 84 84 84 Square Feet 6,481 6,481 6,480 Occupancy 89.9 % 90.0 % 92.0 % Rental Income $ 45,806 $ 46,600 $ 47,020 NOI $ 26,721 $ 26,696 $ 27,241 Cash Basis NOI $ 27,057 $ 26,158 $ 26,857 NOI Margin % 58.3 % 57.3 % 57.9 % Cash Basis NOI Margin % 58.4 % 56.6 % 57.4 % Sequential NOI % Change 0.1 % Sequential Cash Basis NOI % Change 3.4 % Year Over Year NOI % Change (1.9) % Year Over Year Cash Basis NOI % Change 0.7 % Medical Office and Life Science Portfolio and Same Property - Results of Operations Valencia, CA Golden Valley, MN Blaine, MN

Q2 2025 25RETURN TO TABLE OF CONTENTS CONSOLIDATED RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended June 30, 2025 As of and For the Three Months Ended June 30, 2024 Medical Office Life Science Total Medical Office and Life Science Portfolio Medical Office Life Science Total Medical Office and Life Science Portfolio Number of Properties 74 18 92 78 23 101 Square Feet 5,345 2,055 7,400 5,834 2,562 8,396 Occupancy 80.8 % 88.4 % 82.9 % 83.3 % 77.6 % 81.5 % Rental Income $ 34,376 $ 13,680 $ 48,056 $ 37,951 $ 16,604 $ 54,555 NOI $ 18,157 $ 8,330 $ 26,487 $ 20,442 $ 9,831 $ 30,273 Cash Basis NOI $ 18,170 $ 8,565 $ 26,735 $ 20,293 $ 9,569 $ 29,862 NOI Margin % 52.8 % 60.9 % 55.1 % 53.9 % 59.2 % 55.5 % Cash Basis NOI Margin % 52.6 % 61.3 % 55.1 % 53.5 % 58.4 % 55.0 % NOI % Change (11.2) % (15.3) % (12.5) % Cash Basis NOI % Change (10.5) % (10.5) % (10.5) % SAME PROPERTY RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended June 30, 2025 As of and For the Three Months Ended June 30, 2024 Medical Office Life Science Total Medical Office and Life Science Portfolio Medical Office Life Science Total Medical Office and Life Science Portfolio Number of Properties 67 17 84 67 17 84 Square Feet 4,551 1,930 6,481 4,550 1,930 6,480 Occupancy 88.0 % 94.1 % 89.9 % 90.8 % 95.1 % 92.0 % Rental Income $ 32,271 $ 13,535 $ 45,806 $ 33,067 $ 13,953 $ 47,020 NOI $ 18,398 $ 8,323 $ 26,721 $ 18,320 $ 8,921 $ 27,241 Cash Basis NOI $ 18,483 $ 8,574 $ 27,057 $ 18,093 $ 8,764 $ 26,857 NOI Margin % 57.0 % 61.5 % 58.3 % 55.4 % 63.9 % 57.9 % Cash Basis NOI Margin % 56.9 % 62.0 % 58.4 % 54.9 % 63.4 % 57.4 % NOI % Change 0.4 % (6.7) % (1.9) % Cash Basis NOI % Change 2.2 % (2.2) % 0.7 % Medical Office and Life Science Portfolio and Same Property - Results of Operations (continued) Three Months Ended June 30, 2025 and 2024

Q2 2025 26 Portfolio Leasing Summary (1) (1) The leasing summary on this page is based on leases entered into during the periods indicated. (2) Percent difference in prior rents charged for same space or, in the case of vacant space acquired, market rental rates for similar space in the building at the date of acquisition. Rents include estimated recurring expense reimbursements paid to DHC, exclude lease value amortization and are net of lease concessions. RETURN TO TABLE OF CONTENTS Medical Office and Life Science Portfolio As of and For the Three Months Ended As of and For the Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 Properties 92 93 98 99 101 92 Total square feet 7,400 7,620 7,953 8,192 8,396 7,400 Occupancy 82.9 % 80.6 % 82.2 % 80.8 % 81.5 % 82.9 % Leasing Activity (sq. ft.): New leases 4 120 10 28 37 124 Renewals 102 25 102 55 64 127 Total 106 145 112 83 101 251 % Change in GAAP Rent: (2) New leases (1.9) % 22.0 % 15.8 % 6.4 % 17.5 % 21.1 % Renewals 12.0 % 4.2 % 6.0 % 4.2 % 9.2 % 10.3 % Total 11.5 % 18.4 % 6.9 % 4.8 % 12.1 % 15.4 % Weighted Average Lease Term (years): New leases 6.2 11.6 5.3 9.0 7.9 11.4 Renewals 7.1 3.5 6.7 6.8 4.2 6.3 Total 7.0 10.2 6.5 7.4 5.6 8.9 Leasing Costs and Concession Commitments: New leases $ 165 $ 9,832 $ 411 $ 2,157 $ 3,302 $ 9,997 Renewals 2,214 291 1,671 1,652 822 2,505 Total $ 2,379 $ 10,123 $ 2,082 $ 3,809 $ 4,124 $ 12,502 Leasing Costs and Concession Commitments per Sq. Ft.: New leases $ 36.62 $ 82.19 $ 42.59 $ 77.08 $ 89.48 $ 80.55 Renewals $ 21.75 $ 11.61 $ 16.36 $ 30.25 $ 12.82 $ 19.75 Total $ 22.38 $ 69.96 $ 18.62 $ 46.12 $ 40.81 $ 49.81 Leasing Costs and Concession Commitments per Sq. Ft. per Year: New leases $ 5.91 $ 7.08 $ 8.09 $ 8.58 $ 11.30 $ 7.04 Renewals $ 3.08 $ 3.31 $ 2.46 $ 4.44 $ 3.06 $ 3.12 Total $ 3.18 $ 6.87 $ 2.86 $ 6.21 $ 7.32 $ 5.61 (dollars and sq. ft. in thousands, except per sq. ft. data)

Q2 2025 27 As of June 30, 2025 Tenants Representing 1% Or More of Total Annualized Rental Income RETURN TO TABLE OF CONTENTS (dollars in thousands) Tenant Type of Property Annualized Rental Income % of Annualized Rental Income Expiration 1 Advocate Aurora Health Medical office $ 16,929 7.6% 2031 2 Life Time Athletic Wellness center 12,285 5.5% 2040 - 2044 3 Alamar Biosciences, Inc. Life science 6,827 3.0% 2034 4 KSQ Therapeutics, Inc. Life science 5,559 2.5% 2032 5 Sonova Holding AG Life science 5,495 2.5% 2033 6 Medtronic, Inc. Medical office 5,258 2.3% 2027 - 2028 7 Stratford Retirement, LLC Senior living 5,177 2.3% 2033 8 Stellar Senior Living, LLC Senior living 4,680 2.1% 2027 9 Boston Children's Hospital Medical office 4,589 2.0% 2028 10 AbbVie Inc. Life science 4,002 1.8% 2027 11 Tokio Marine Holdings Inc. Medical office 3,908 1.7% 2025 - 2033 12 McKesson Corporation Medical office 3,836 1.7% 2028 - 2030 13 United Healthcare Services, Inc. Medical office 3,741 1.7% 2026 14 Revvity, Inc. Life science 3,681 1.6% 2028 15 Hawaii Pacific Health Medical office 3,497 1.6% 2026 - 2029 16 HCA Holdings Inc. Medical office 3,391 1.5% 2025 - 2029 17 New York University Medical office 3,295 1.5% 2025 - 2028 18 Ultragenyx Pharmaceutical Inc. Life science 3,139 1.4% 2026 19 Sentara Health Medical office 3,008 1.3% 2027 - 2032 20 WRA Management, Inc. Medical office 2,875 1.3% 2025 - 2045 21 Orthofix Medical Inc. Life science 2,814 1.3% 2037 22 The University of Kansas Health System Medical office 2,447 1.1% 2027 - 2028 23 Cytek BioSciences, Inc. Life science 2,290 1.0% 2029 All Other Tenants 111,382 49.7% 2025 - 2043 Total Tenants $ 224,105 100.0%

Q2 2025 28 Medical Office and Life Science Portfolio Lease Expiration Schedule RETURN TO TABLE OF CONTENTS (dollars in thousands) As of June 30, 2025 Annualized Rental Income Expiring Year Medical Office Annualized Rental Income Expiring Life Science Annualized Rental Income Expiring Total Annualized Rental Income Expiring % of Total Annualized Rental Income Expiring Cumulative % of Total Annualized Rental Income Expiring 2025 $ 7,729 $ — $ 7,729 4.0% 4.0% 2026 14,847 6,676 21,523 11.1% 15.1% 2027 13,630 6,116 19,746 10.1% 25.2% 2028 20,985 14,941 35,926 18.5% 43.7% 2029 14,029 4,417 18,446 9.5% 53.2% 2030 10,110 1,574 11,684 6.0% 59.2% 2031 23,164 307 23,471 12.1% 71.3% 2032 7,700 5,559 13,259 6.8% 78.1% 2033 9,379 5,495 14,874 7.6% 85.7% 2034 and thereafter 16,801 11,128 27,929 14.3% 100.0% Total $ 138,374 $ 56,213 $ 194,587 100.0% Average remaining lease term (weighted by annualized rental income) 5.0 years 5.2 years 5.1 years Square Feet with Leases Expiring Year Medical Office Leased Square Feet Expiring Life Science Leased Square Feet Expiring Total Leased Square Feet Expiring % of Total Leased Square Feet Expiring Cumulative % of Total Leased Square Feet Expiring 2025 212,407 — 212,407 3.5% 3.5% 2026 486,278 187,132 673,410 11.0% 14.5% 2027 449,132 314,541 763,673 12.5% 27.0% 2028 592,287 576,006 1,168,293 19.0% 46.0% 2029 411,821 192,963 604,784 9.9% 55.9% 2030 341,120 97,400 438,520 7.2% 63.1% 2031 819,536 13,434 832,970 13.6% 76.7% 2032 302,810 54,633 357,443 5.8% 82.5% 2033 235,435 116,444 351,879 5.7% 88.2% 2034 and thereafter 465,469 264,183 729,652 11.8% 100.0% Total 4,316,295 1,816,736 6,133,031 100.0% Average remaining lease term (weighted by leased square feet) 4.9 years 4.4 years 4.8 years

Q2 2025 29 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 2025 — — $ — —% —% 2026 — — — —% —% 2027 4 533 units 4,680 15.9% 15.9% 2028 — — — —% 15.9% 2029 1 155 units 547 1.9% 17.8% 2030 5 277 units and 129,600 sq. ft. 5,046 17.1% 34.9% 2031 — — — —% 34.9% 2032 — — — —% 34.9% 2033 1 215 units 5,177 17.5% 52.4% 2034 and thereafter 7 682,646 sq. ft. 14,068 47.6% 100.0% Total (1) 18 $ 29,518 100.0% Average remaining lease term (weighted by leased square feet and annualized rental income): 9.1 and 10.2 years, respectively All Other Lease Expiration Schedule As of June 30, 2025 RETURN TO TABLE OF CONTENTS (1) Excludes one closed senior living community classified as held for sale as of June 30, 2025. In July 2025, DHC sold this community for a sales price of $4,000, excluding closing costs. (dollars in thousands) The Horizon Club Deerfield Beach, FL

Q2 2025 30 The Company: DHC is a REIT focused on owning high-quality healthcare properties located throughout the United States. DHC seeks diversification across the health services spectrum by care delivery and practice type, by scientific research disciplines and by property type and location. As of June 30, 2025, DHC’s approximately $6.8 billion portfolio included 341 properties in 34 states and Washington, D.C., with more than 26,000 senior living units, approximately 7.4 million square feet of medical office and life science properties and occupied by approximately 450 tenants. Management: DHC is managed by The RMR Group (Nasdaq: RMR). RMR is an alternative asset management company that is focused on commercial real estate and related businesses. RMR primarily provides management services to publicly traded real estate companies, privately held real estate funds and real estate related operating businesses. As of June 30, 2025, RMR had approximately $40 billion of real estate assets under management and the combined RMR managed companies had more than $5 billion of annual revenues, approximately 1,900 properties and over 18,000 employees. DHC believes 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. DHC also believes RMR provides management services to it at costs that are lower than DHC would have to pay for similar quality services if DHC were self- managed. Company Profile and Research Coverage RETURN TO TABLE OF CONTENTS Equity Research Coverage B. Riley Securities, Inc. Citizens John Massocca Aaron Hecht (646) 885-5424 (415) 835-3963 jmassocca@brileysecurities.com ahecht@jmpsecurities.com RBC Capital Markets Michael Carroll (440) 715-2649 michael.carroll@rbccm.com Rating Agencies and Issuer Ratings Moody’s Investors Service S & P Global Christian Azzi Alan Zigman (212) 553-9342 (416) 507-2556 christian.azzi@moodys.com alan.zigman@spglobal.com 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.

Q2 2025 31 Board of Trustees Christopher J. Bilotto Alan L. Felder Managing Trustee Independent Trustee Lisa Harris Jones Phyllis M. Hollis Lead Independent Trustee Independent Trustee Dawn K. Neher Adam D. Portnoy Independent Trustee Chair of the Board & Managing Trustee Jeffrey P. Somers Independent Trustee Officers Christopher J. Bilotto Matthew C. Brown President and Chief Executive Officer Chief Financial Officer and Treasurer Anthony Paula Vice President Governance Information RETURN TO TABLE OF CONTENTS Park Summit at Coral Springs Coral Springs, FL

Q2 2025 32 Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Calculation of NOI and Cash Basis NOI: Revenues: Rental income $ 55,167 $ 58,558 $ 63,883 $ 61,635 $ 62,870 $ 113,725 $ 125,520 Residents fees and services 327,545 328,306 315,736 312,005 308,522 655,851 616,648 Total revenues 382,712 386,864 379,619 373,640 371,392 769,576 742,168 Property operating expenses (312,580) (314,326) (315,176) (309,697) (304,065) (626,906) (611,669) NOI 70,132 72,538 64,443 63,943 67,327 142,670 130,499 Non-cash straight line rent adjustments included in rental income 146 (455) 160 (658) (656) (309) (947) Lease value amortization included in rental income 28 26 22 27 29 54 57 Lease termination fees included in rental income — (600) — — — (600) (203) Non-cash amortization included in property operating expenses (199) (199) (201) (199) (199) (398) (398) Cash Basis NOI $ 70,107 $ 71,310 $ 64,424 $ 63,113 $ 66,501 $ 141,417 $ 129,008 Reconciliation of Net Loss to NOI and Cash Basis NOI: Net loss $ (91,639) $ (8,986) $ (87,446) $ (98,689) $ (97,861) $ (100,625) $ (184,120) Equity in net (earnings) losses of investees (3,082) (1,487) (11,479) (527) 12,307 (4,569) 10,409 Income tax expense (benefit) 843 49 (38) 148 170 892 357 Loss on modification or early extinguishment of debt 126 29,071 115 — 209 29,197 209 Interest expense 50,926 57,831 59,518 59,443 58,702 108,757 116,278 Interest and other income (2,982) (2,099) (1,735) (2,575) (2,403) (5,081) (4,640) Gain on insurance recoveries — (7,522) — — — (7,522) — Loss (gain) on sale of properties 7,429 (110,140) (38) (111) 13,213 (102,711) 19,087 Impairment of assets 30,993 38,472 29,016 23,031 6,545 69,465 18,687 Acquisition and certain other transaction related costs 75 24 267 331 1,826 99 1,912 General and administrative 11,177 9,000 (1,245) 13,933 6,262 20,177 13,830 Depreciation and amortization 66,266 68,325 77,508 68,959 68,357 134,591 138,490 NOI 70,132 72,538 64,443 63,943 67,327 142,670 130,499 Non-cash straight line rent adjustments included in rental income 146 (455) 160 (658) (656) (309) (947) Lease value amortization included in rental income 28 26 22 27 29 54 57 Lease termination fees included in rental income — (600) — — — (600) (203) Non-cash amortization included in property operating expenses (199) (199) (201) (199) (199) (398) (398) Cash Basis NOI $ 70,107 $ 71,310 $ 64,424 $ 63,113 $ 66,501 $ 141,417 $ 129,008

Q2 2025 33 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) For the Three Months Ended June 30, 2025 For the Three Months Ended March 31, 2025 For the Three Months Ended June 30, 2024 Calculation of NOI and Cash Basis NOI: Medical Office and Life Science Portfolio SHOP All Other Total Medical Office and Life Science Portfolio SHOP All Other Total Medical Office and Life Science Portfolio SHOP All Other Total Rental income / residents fees and services $ 48,056 $ 327,545 $ 7,111 $ 382,712 $ 49,763 $ 328,306 $ 8,795 $ 386,864 $ 54,555 $ 308,522 $ 8,315 $ 371,392 Property operating expenses (21,569) (290,930) (81) (312,580) (22,907) (291,478) 59 (314,326) (24,282) (279,538) (245) (304,065) NOI $ 26,487 $ 36,615 $ 7,030 $ 70,132 $ 26,856 $ 36,828 $ 8,854 $ 72,538 $ 30,273 $ 28,984 $ 8,070 $ 67,327 NOI $ 26,487 $ 36,615 $ 7,030 $ 70,132 $ 26,856 $ 36,828 $ 8,854 $ 72,538 $ 30,273 $ 28,984 $ 8,070 $ 67,327 Non-cash straight line rent adjustments included in rental income 419 — (273) 146 (163) — (292) (455) (241) — (415) (656) Lease value amortization included in rental income 28 — — 28 26 — — 26 29 — — 29 Lease termination fees included in rental income — — — — (600) — — (600) — — — — Non-cash amortization included in property operating expenses (199) — — (199) (199) — — (199) (199) — — (199) Cash Basis NOI $ 26,735 $ 36,615 $ 6,757 $ 70,107 $ 25,920 $ 36,828 $ 8,562 $ 71,310 $ 29,862 $ 28,984 $ 7,655 $ 66,501 Reconciliation of NOI to Same Property NOI: NOI $ 26,487 $ 36,615 $ 7,030 $ 70,132 $ 26,856 $ 36,828 $ 8,854 $ 72,538 $ 30,273 $ 28,984 $ 8,070 $ 67,327 NOI of properties not included in same property results 234 757 — 991 (160) 1,514 (1,675) (321) (3,032) 2,556 (2,025) (2,501) Same Property NOI $ 26,721 $ 37,372 $ 7,030 $ 71,123 $ 26,696 $ 38,342 $ 7,179 $ 72,217 $ 27,241 $ 31,540 $ 6,045 $ 64,826 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same Property NOI $ 26,721 $ 37,372 $ 7,030 $ 71,123 $ 26,696 $ 38,342 $ 7,179 $ 72,217 $ 27,241 $ 31,540 $ 6,045 $ 64,826 Non-cash straight line rent adjustments included in rental income 469 — (273) 196 189 — (292) (103) (267) — (407) (674) Lease value amortization included in rental income 28 — — 28 30 — — 30 33 — — 33 Lease termination fees included in rental income — — — — (600) — — (600) — — — — Non-cash amortization included in property operating expenses (161) — — (161) (157) — — (157) (150) — — (150) Same Property Cash Basis NOI $ 27,057 $ 37,372 $ 6,757 $ 71,186 $ 26,158 $ 38,342 $ 6,887 $ 71,387 $ 26,857 $ 31,540 $ 5,638 $ 64,035

Q2 2025 34 Calculation and Reconciliation of EBITDA, EBITDAre and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Net loss $ (91,639) $ (8,986) $ (87,446) $ (98,689) $ (97,861) $ (100,625) $ (184,120) Interest expense 50,926 57,831 59,518 59,443 58,702 108,757 116,278 Income tax expense (benefit) 843 49 (38) 148 170 892 357 Depreciation and amortization 66,266 68,325 77,508 68,959 68,357 134,591 138,490 EBITDA 26,396 117,219 49,542 29,861 29,368 143,615 71,005 Loss (gain) on sale of properties 7,429 (110,140) (38) (111) 13,213 (102,711) 19,087 Impairment of assets 30,993 38,472 29,016 23,031 6,545 69,465 18,687 Equity in net (earnings) losses of investees (3,082) (1,487) (11,479) (527) 12,307 (4,569) 10,409 Share of EBITDAre from unconsolidated joint ventures 4,463 4,494 4,515 4,117 3,872 8,957 7,710 Adjustments to reflect DHC's share of EBITDAre attributable to an equity method investment 1,502 1,589 1,679 2,222 13,282 3,091 14,329 EBITDAre 67,701 50,147 73,235 58,593 78,587 117,848 141,227 General and administrative expense paid in common shares 1,062 592 324 925 940 1,654 1,498 Incentive management fees (1) 4,148 2,407 (6,934) 6,934 (849) 6,555 — Acquisition and certain other transaction related costs 75 24 267 331 1,826 99 1,912 Gain on insurance recoveries — (7,522) — — — (7,522) — Loss on modification or early extinguishment of debt 126 29,071 115 — 209 29,197 209 Adjustments to reflect DHC's share of Adjusted EBITDAre attributable to an equity method investment 501 390 42 34 (11,818) 891 (11,891) Adjusted EBITDAre $ 73,613 $ 75,109 $ 67,049 $ 66,817 $ 68,895 $ 148,722 $ 132,955 RETURN TO TABLE OF CONTENTS (1) DHC did not recognize an incentive management fee for the year ended December 31, 2024.

Q2 2025 35 Calculation and Reconciliation of FFO, Normalized FFO and CAD (dollars in thousands) RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Net loss $ (91,639) $ (8,986) $ (87,446) $ (98,689) $ (97,861) $ (100,625) $ (184,120) Depreciation and amortization 66,266 68,325 77,508 68,959 68,357 134,591 138,490 Loss (gain) on sale of properties 7,429 (110,140) (38) (111) 13,213 (102,711) 19,087 Impairment of assets 30,993 38,472 29,016 23,031 6,545 69,465 18,687 Equity in net (earnings) losses of investees (3,082) (1,487) (11,479) (527) 12,307 (4,569) 10,409 Share of FFO from unconsolidated joint ventures 2,715 2,737 2,672 2,273 2,047 5,452 4,061 Adjustments to reflect DHC's share of FFO attributable to an equity method investment 895 1,073 1,572 1,698 9,955 1,968 10,537 FFO 13,577 (10,006) 11,805 (3,366) 14,563 3,571 17,151 Incentive management fees (1) 4,148 2,407 (6,934) 6,934 (849) 6,555 — Acquisition and certain other transaction related costs 75 24 267 331 1,826 99 1,912 Gain on insurance recoveries — (7,522) — — — (7,522) — Loss on modification or early extinguishment of debt 126 29,071 115 — 209 29,197 209 Adjustments to reflect DHC's share of Normalized FFO attributable to an equity method investment 646 331 37 127 (8,919) 977 (8,919) Normalized FFO $ 18,572 $ 14,305 $ 5,290 $ 4,026 $ 6,830 $ 32,877 $ 10,353 (1) DHC did not recognize an incentive management fee for the year ended December 31, 2024.

Q2 2025 36 Calculation and Reconciliation of FFO, Normalized FFO and CAD (continued) (amounts in thousands, except per share data) RETURN TO TABLE OF CONTENTS For the Three Months Ended For the Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Normalized FFO $ 18,572 $ 14,305 $ 5,290 $ 4,026 $ 6,830 $ 32,877 $ 10,353 General and administrative expense paid in common shares 1,062 592 324 925 940 1,654 1,498 Net amortization of debt discounts, premiums and issuance costs 19,886 26,087 26,795 26,188 25,591 45,973 50,454 Non-cash amortization included in expenses (942) (943) (944) (943) (942) (1,885) (1,885) Non-cash straight line rent adjustments included in rental income 146 (455) 160 (658) (656) (309) (947) Lease value amortization included in rental income 28 26 22 27 29 54 57 Recurring capital expenditures (29,329) (26,486) (44,241) (38,274) (34,475) (55,815) (58,437) Share of FFO from unconsolidated joint ventures (2,715) (2,737) (2,672) (2,273) (2,047) (5,452) (4,061) Adjustments to reflect DHC's share of FFO and Normalized FFO attributable to an equity method investment (1,541) (1,404) (1,609) (1,825) (1,036) (2,945) (1,618) Unconsolidated joint venture distributions — — — — — — 1,231 Equity method investment distribution — 17,000 — — — 17,000 — CAD $ 5,167 $ 25,985 $ (16,875) $ (12,807) $ (5,766) $ 31,152 $ (3,355) Weighted average common shares outstanding (basic and diluted) 240,132 239,957 239,949 239,667 239,326 240,045 239,259 Per common share data (basic and diluted): Net loss $ (0.38) $ (0.04) $ (0.36) $ (0.41) $ (0.41) $ (0.42) $ (0.77) FFO $ 0.06 $ (0.04) $ 0.05 $ (0.01) $ 0.06 $ 0.01 $ 0.07 Normalized FFO $ 0.08 $ 0.06 $ 0.02 $ 0.02 $ 0.03 $ 0.14 $ 0.04 CAD $ 0.02 $ 0.11 $ (0.07) $ (0.05) $ (0.02) $ 0.13 $ (0.01)

Q2 2025 37 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 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, or FFO, normalized funds from operations, or Normalized FFO, and cash available for distribution, or CAD. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) 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) 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). 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. 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 DHC's property level results of operations. DHC calculates NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI as shown on pages 32 and 33. DHC defines NOI as income from its real estate less its property operating expenses. NOI excludes depreciation and amortization. DHC defines Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization, lease termination fees, 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. EBITDA, EBITDAre and Adjusted EBITDAre DHC calculates EBITDA, EBITDAre and Adjusted EBITDAre as shown on page 34. 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 net earnings or losses of investees, impairment of real estate assets, if any, and including adjustments to reflect DHC's proportionate share of EBITDAre of DHC's equity method investees, as well as certain other adjustments currently not applicable to DHC. In calculating Adjusted EBITDAre, DHC adjusts for the items shown on page 34. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than DHC does. FFO and Normalized FFO DHC calculates FFO and Normalized FFO as shown on page 35. FFO is calculated on the basis defined by Nareit, which is net income (loss), calculated in accordance with GAAP, excluding any gain or loss on sale of properties, equity in net earnings or losses of investees, loss on impairment of real estate assets, gains or losses on equity securities, net, if any, and including adjustments to reflect DHC's proportionate share of FFO of DHC's equity method investees, plus real estate depreciation and amortization of consolidated properties, as well as certain other adjustments currently not applicable to DHC. In calculating Normalized FFO, DHC adjusts for the items shown on page 35, including similar adjustments for DHC's unconsolidated joint ventures, if any, and incentive management fees, if any. FFO and Normalized FFO 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 and Normalized FFO differently than DHC does. Cash Available for Distribution DHC calculates CAD as shown on page 36. DHC defines CAD as Normalized FFO minus DHC's proportionate share of Normalized FFO from unconsolidated joint venture properties and its equity method investment, plus operating cash flow distributions received from DHC's unconsolidated joint ventures and equity method investment, if any, recurring real estate related capital expenditures, adjustments for other non-cash and nonrecurring items, certain amounts excluded from Normalized FFO but settled in cash, as well as certain other adjustments currently not applicable to DHC. CAD is among the factors considered by DHC's Board of Trustees when determining the amount of distributions to DHC's shareholders. Other real estate companies and REITs may calculate CAD differently than DHC does. Non-GAAP Financial Measures and Certain Definitions RETURN TO TABLE OF CONTENTS

Q2 2025 38 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. All Other All Other operations consists of triple net leased wellness centers and senior living communities that are leased to third party operators from which DHC receives rents, and any other revenue or expenses that are not attributable to a specific reportable segment. 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 at the end of the relevant period. Annualized rental income Annualized rental income is based on rents pursuant to existing leases as of June 30, 2025. Annualized rental income includes estimated percentage rents, straight line rent adjustments and estimated recurring expense reimbursements for certain net and modified gross leases, and excludes lease value amortization. Amounts of annualized rental income for DHC's medical office and life science properties also exclude leases that expired on June 30, 2025 and 100% of rents pursuant to existing leases as of June 30, 2025 from the medical office and life science properties owned by unconsolidated joint ventures in which DHC owns an equity interest. Average monthly rate Reflects the average monthly residents fees and services per occupied unit for the period presented. The average monthly rate is calculated based on the actual number of days during the period. 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 fees, if any. Consolidated income available for debt service Consolidated income available for debt service is earnings from operations excluding interest expense, depreciation and amortization, taxes, loss on asset impairment, gains or losses on equity securities, gains or losses on sales of properties and modification or early extinguishment of debt, determined together with debt service for the applicable period. Core-Based Statistical Areas Core-Based Statistical Areas, or CBSAs, are geographic regions that identify areas as either metropolitan or micropolitan or neither. The Office of Management and Budget defined CBSAs in 2000. CBSAs are reclassified in every census using a combination of data and census information. 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 change of use or new sources of revenue. From time to time DHC invests in revenue producing capital improvements at certain of its triple net leased senior living communities. As a result, annual rents payable to DHC increase pursuant to the terms of the applicable leases. These capital improvements are not included in DHC's development, redevelopment and other activities. Non-GAAP Financial Measures and Certain Definitions (continued) RETURN TO TABLE OF CONTENTS

Q2 2025 39 Estimated completion date Estimated completion date can depend on various factors, including when lease agreements are signed with tenants in DHC's Medical Office and Life Science Portfolio. Therefore, the actual completion date may vary. Estimated project costs Estimated project costs include estimated construction costs and leasing capital up to stabilization. Five Star Five Star, or Five Star Senior Living, is an operating division of AlerisLife. Five Star managed communities Five Star managed communities are the senior living communities in DHC's SHOP segment that are managed by Five Star. 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 sales price Gross sales price excludes closing costs. Incentive management fees Incentive management fees are estimated and accrued during the applicable measurement period. Actual incentive management fees will be calculated based on common share total return, as defined in DHC's business management agreement, for the three year period ending December 31 of the applicable calendar year, are included in general and administrative expense in DHC's condensed consolidated statements of income (loss) and will be payable to RMR in January of the following calendar year. Incurrence covenants Incurrence covenants are financial covenants which DHC is required to comply with in order to incur debt under its secured revolving credit facility and senior secured and unsecured notes indentures and their supplements. Interest rate Interest rate includes the effect of mark to market accounting for certain assumed mortgages and premiums and discounts on certain mortgages and secured and unsecured notes; excludes effects of debt issuance costs and the unused fee on DHC's secured revolving credit facility. Interest rate reflects the impact of interest rate caps, as applicable. Investment per square foot or unit Investment per square foot or unit represents gross book value of real estate assets divided by number of rentable square feet or living units, as applicable, at June 30, 2025. 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 DHC's maintenance covenant is a financial covenant which it is required to comply with on a quarterly basis pursuant to the indentures governing DHC's senior secured and unsecured notes. Net debt Net debt is the total outstanding principal of DHC's debt less cash and cash equivalents. NOI margin % NOI margin % is defined as NOI as a percentage of rental income or residents fees and services, as appropriate. Non-GAAP Financial Measures and Certain Definitions (continued) RETURN TO TABLE OF CONTENTS

Q2 2025 40 Occupancy Occupancy for DHC's SHOP segment is presented for the duration of the period shown; occupancy for DHC's Medical Office and Life Science Portfolio is presented as of the end of the period shown. Medical office and life science 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. Medical Office and Life Science Portfolio Medical Office and Life Science 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. DHC's 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 DHC is responsible for the operation and maintenance of the properties and DHC charges tenants for some or all of the property operating costs. A small percentage of DHC's medical office and life science property leases are full-service leases where DHC receives fixed rent from its tenants and no reimbursement for its property operating costs. Other operator managed communities Other operator managed communities are senior living communities in DHC's SHOP segment, which are managed by third party managers other than Five Star. Primary markets Primary markets are made up of 31 of the largest CBSAs in the United States. Data for primary markets is often presented aggregated. Principal balance Principal balances are the amounts stated in the contracts less the principal amount of any repayments made. In accordance with GAAP, DHC's carrying values and recorded interest expense may be different because of market conditions at the time DHC assumed certain of these debts. The principal balance of DHC's secured revolving credit facility includes amounts outstanding as of the date presented, if any. Rent coverage Rent coverage is calculated using the annualized operating cash flows from DHC's triple net lease tenants' operations of DHC's properties, before subordinated charges, if any, divided by annualized rental income. DHC has not independently verified tenant operating data. Rolling four quarter CAD Represents CAD for the preceding twelve month period as of the respective quarter end date. Same Property As of and for the three months ended June 30, 2025, same property consists of properties owned, in service, reported in the same segment and operated by the same operator continuously since April 1, 2024; excludes properties classified as held for sale, closed or out of service, if any, and medical office and life science properties owned by unconsolidated joint ventures in which DHC owns an equity interest. As of and for the six months ended June 30, 2025, same property consists of properties owned, in service, reported in the same segment and operated by the same operator continuously since January 1, 2024; excludes properties classified as held for sale, closed or out of service, if any, and medical office and life science properties owned by unconsolidated joint ventures in which DHC owns an equity interest. Secondary markets Secondary markets are made up of 68 large CBSAs in the United States that are not included in the primary markets. Data for secondary markets is often presented aggregated. 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 DHC pays 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. SOFR SOFR is the one-month term secured overnight financing rate. Non-GAAP Financial Measures and Certain Definitions (continued) RETURN TO TABLE OF CONTENTS

Q2 2025 41 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 DHC owns 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 excludes 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 DHC's senior living communities within its SHOP segment. Weighted average lease term Weighted average lease term is weighted based on annualized rental income pursuant to existing leases as of June 30, 2025. Non-GAAP Financial Measures and Certain Definitions (continued) RETURN TO TABLE OF CONTENTS

Q2 2025 42 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about: DHC's leasing pipeline; DHC's ability to achieve financial flexibility and reduce leverage, maintain a strong balance sheet and deliver attractive returns for shareholders; DHC’s ability to effectively address its debt maturities, including the potential redemption of its 2026 notes; DHC's property dispositions; DHC’s and/or its joint venture's potential exercise of extension options for the maturity date of the applicable debt instruments; DHC's ability to continue to fund capital expenditures in accordance with its business plan, including SHOP community upgrades; and DHC's redevelopment, repositioning and construction activities and plans. Forward-looking statements reflect DHC's current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause DHC's actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. Some of the risks, uncertainties and other factors that may cause DHC's actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following: the impact of unfavorable market and commercial real estate industry conditions due to possible reduced demand for healthcare related space and senior living communities, uncertainties surrounding interest rates, wage and commodity price inflation, supply chain disruptions, volatility in the public debt and equity markets, effects of or changes to tariffs or trading policies, pandemics, geopolitical instability and tensions, economic uncertainties, labor market conditions or changes in real estate utilization, among other things, on DHC and its managers and other operators and tenants; DHC's senior living operators' abilities to successfully and profitably operate the communities they manage for DHC; the continuing impact of changing market practices on DHC and its managers and other operators and tenants, such as delayed recovery of the senior housing industry, reduced demand for leased medical office, life science and other space of DHC and residencies at senior living communities and increased operating costs; the financial strength of DHC's managers and other operators and tenants; whether the aging U.S. population and increasing life spans of seniors will increase the demand for senior living communities and other medical and healthcare related properties and healthcare services; whether DHC’s tenants will renew or extend their leases or whether DHC will obtain replacement tenants on terms as favorable to DHC as its prior leases; the likelihood that DHC's tenants and residents will pay rent or be negatively impacted by continuing unfavorable market and commercial real estate industry conditions; DHC’s managers’ abilities to increase or maintain rates charged to residents of DHC’s senior living communities and manage operating costs for those communities; DHC's ability to increase or maintain occupancy at its properties on terms desirable to DHC; DHC's ability to increase rents when its leases expire or renew; costs DHC incurs and concessions it grants to lease its properties; risk and uncertainties regarding the costs and timing of development, redevelopment and repositioning activities, including as a result of inflation, cost overruns, supply chain challenges, labor shortages, construction delays or inability to obtain necessary permits or volatility in the commercial real estate markets; DHC's ability to manage its capital expenditures and other operating costs effectively and to maintain and enhance its properties and their appeal to tenants and residents; DHC's ability to effectively raise and balance its use of debt and equity capital; DHC's ability to purchase cost effective interest rate caps; DHC’s ability to comply with the financial covenants under its debt agreements; DHC's ability to make required payments on its debt; DHC's ability to maintain sufficient liquidity, including the availability of borrowings under its revolving credit facility, and otherwise manage leverage; DHC's credit ratings; DHC’s ability to sell properties at prices or returns it targets, and the timing of such sales; DHC's ability to sell additional equity interests in, or contribute additional properties to, its existing joint ventures, or enter into additional real estate joint ventures or to attract co-venturers and benefit from DHC's existing joint ventures or any real estate joint ventures it may enter into; DHC's ability to acquire, develop, redevelop or reposition properties that realize its targeted returns; non-performance by the counterparties to DHC's interest rate cap; DHC’s ability to pay distributions to its shareholders and to maintain or increase the amount of such distributions; the ability of RMR to successfully manage DHC; competition in the real estate industry, particularly in those markets in which DHC’s properties are located; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; compliance with, and changes to, federal, state and local laws and regulations, accounting rules, tax laws and similar matters; exposure to litigation and regulatory and government proceedings due to the nature of the senior living and other health and wellness related service businesses; actual and potential conflicts of interest with DHC's related parties, including DHC’s Managing Trustees, RMR, ABP Trust, AlerisLife and others affiliated with them; limitations imposed by and DHC’s ability to satisfy complex rules to maintain DHC’s qualification for taxation as a REIT for U.S. federal income tax purposes; acts of terrorism, outbreaks of pandemics or other public health safety events or conditions, war or other hostilities, global climate change or other manmade or natural disasters beyond DHC’s control; and other matters. These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in DHC's periodic filings. The information contained in DHC's filings with the SEC, including under the caption “Risk Factors” in its periodic reports, or incorporated therein, identifies important factors that could cause differences from the forward-looking statements in this presentation. DHC's filings with the SEC are available on the SEC's website at www.sec.gov. You should not place undue reliance upon DHC's 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. Warning Concerning Forward-Looking Statements RETURN TO TABLE OF CONTENTS