EX-99.2 3 dhc_093025x8-kxexhibitx9.htm EX-99.2
Financial Results and Supplemental Information THIRD QUARTER 2025 November 3, 2025 Exhibit 99.2

Q3 2025 2 FINANCIAL RESULTS Diversified Healthcare Trust Announces Third Quarter 2025 Financial Results ............................................................................................ 3 Third Quarter 2025 Highlights ................................................................................................................................................................................ 4 Third 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 - 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

Q3 2025 3 "During the third quarter, DHC continued to deliver operational improvements and further strengthened its balance sheet. Our Medical Office and Life Science Portfolio continues to show robust leasing momentum, with weighted average rents 9% above prior rates and occupancy rising to 86.6%. Our Senior Housing Operating Portfolio (SHOP) segment experienced a year-over-year occupancy increase of 210 basis points to 81.5%, alongside an average monthly rate growth of over 5%, reflecting strong demand and effective rate management. The transition of 116 AlerisLife-managed communities to new operators remains on track, with approximately 73% of the portfolio transitioned to date and full completion expected by year-end. While near-term labor costs have been elevated due to these transitions, impacting SHOP NOI, we anticipate labor expenses will normalize as the transition process concludes. Supported by recent financing activities and asset sales, we intend to repay our 2026 debt maturity as early as year-end and enter 2026 with no debt maturities until 2028. These significant actions taken this year position DHC to deliver attractive returns to shareholders in the years ahead." Christopher Bilotto, President and Chief Executive Officer Diversified Healthcare Trust Announces Third Quarter 2025 Financial Results RETURN TO TABLE OF CONTENTS Newton, MA (November 3, 2025): Diversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended September 30, 2025. Distribution On October 9, 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 October 27, 2025. This distribution will be paid on or about November 13, 2025. Conference Call A conference call to discuss DHC's third quarter 2025 financial results will be held on Tuesday, November 4, 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 3384068. 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 third 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 September 30, 2025, DHC’s approximately $6.7 billion portfolio included 335 properties in 34 states and Washington, D.C., with more than 26,000 senior living units, approximately 6.9 million square feet of medical office and life science properties and occupied by approximately 420 tenants. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 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.

Q3 2025 4 Financial Results Third Quarter 2025 Highlights RETURN TO TABLE OF CONTENTS Operating Update Liquidity, Financing and Investing Activities • Net loss of $164.0 million, or $0.68 per share. • Normalized FFO of $9.7 million, or $0.04 per share. • Year over year third quarter SHOP occupancy increased 210 basis points to 81.5% and average monthly rates increased by 5.3%, resulting in a 6.9% increase in SHOP revenues. • Consolidated SHOP NOI increased 8.0% year over year to $29.6 million. In the third quarter of 2025, SHOP NOI was temporarily impacted by elevated labor costs, stemming from DHC's commitment to ensuring a smooth transition of AlerisLife communities to new operators. • Leased 85,992 square feet in the Medical Office and Life Science Portfolio at weighted average rents that were 9.1% higher than prior rents for the same space. • Approximately $209.6 million of cash and cash equivalents and restricted cash. • In August 2025, DHC's Seaport Innovation LLC joint venture entered into a $1.0 billion mortgage loan secured by Vertex Pharmaceuticals Incorporated's headquarters. As a result of this transaction, DHC received a $28.0 million distribution. • In September 2025, DHC issued $375.0 million of senior secured notes due 2030 secured by equity pledges of subsidiaries owning 36 properties. DHC used a portion of the net proceeds to partially redeem $307.0 million of its senior secured notes due 2026. • As a part of the previously announced wind-down of AlerisLife and sale of 116 of DHC's management agreements, management agreements for 21 communities had been transitioned to new operators as of September 30, 2025. As of November 3, 2025, management agreements for 85 communities had been transitioned to new operators and we expect to complete the management transitions for the remaining 31 communities by year end. • DHC sold six unencumbered properties for an aggregate of $16.5 million, excluding closing costs. Since October 1, 2025, DHC sold 11 unencumbered properties for an aggregate of $31.4 million and one encumbered property for $10.7 million, excluding closing costs. In connection with the encumbered property sale, DHC used net proceeds of $10.2 million to partially redeem its senior secured notes due 2026. • As of November 3, 2025, DHC was under agreements or letters of intent to sell 26 unencumbered properties for an aggregate of $146.7 million and 12 encumbered properties for an aggregate of $90.5 million, excluding closing costs. Same Property Cash Basis NOI For the Three Months Ended (dollars in thousands) September 30, 2025 June 30, 2025 % Change September 30, 2024 % Change SHOP $ 32,034 $ 38,107 (15.9) % $ 32,425 (1.2) % Medical Office and Life Science Portfolio 23,777 24,325 (2.3) % 23,408 1.6 % All Other 6,828 6,757 1.1 % 6,365 7.3 % Consolidated $ 62,639 $ 69,189 (9.5) % $ 62,198 0.7 % As of and for the three months ended September 30, 2025, unless otherwise noted

Q3 2025 5 Third Quarter 2025 Results RETURN TO TABLE OF CONTENTS For the Three Months Ended Financial Results September 30, 2025 June 30, 2025 % Change September 30, 2024 % Change Net loss $ (164,040) $ (91,639) (79.0) % $ (98,689) (66.2) % Net loss per share $ (0.68) $ (0.38) (78.9) % $ (0.41) (65.9) % Normalized FFO $ 9,721 $ 18,572 (47.7) % $ 4,026 141.5 % Normalized FFO per share $ 0.04 $ 0.08 (50.0) % $ 0.02 100.0 % Adjusted EBITDAre $ 62,866 $ 73,613 (14.6) % $ 66,817 (5.9) % As of and For the Three Months Ended September 30, 2025 June 30, 2025 Basis Point Change September 30, 2024 Basis Point Change Occupancy SHOP 81.5% 80.6% 90 79.4% 210 Medical Office and Life Science Portfolio 86.6% 82.9% 370 80.8% 580 Same Property Occupancy SHOP 82.4% 81.4% 100 81.0% 140 Medical Office and Life Science Portfolio 93.3% 93.4% (10) 93.3% — (dollars in thousands, except per share data)

Q3 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 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Selected Balance Sheet Data: Total gross assets $ 6,760,986 $ 6,886,404 $ 7,108,119 $ 7,219,782 $ 7,395,888 Total assets $ 4,683,974 $ 4,756,441 $ 4,995,843 $ 5,137,005 $ 5,285,196 Total liabilities $ 2,995,244 $ 2,901,468 $ 3,047,792 $ 3,178,162 $ 3,236,792 Total equity $ 1,688,730 $ 1,854,973 $ 1,948,051 $ 1,958,843 $ 2,048,404 Selected Income Statement Data: Total revenues $ 388,706 $ 382,712 $ 386,864 $ 379,619 $ 373,640 Net loss $ (164,040) $ (91,639) $ (8,986) $ (87,446) $ (98,689) NOI $ 63,319 $ 70,132 $ 72,538 $ 64,443 $ 63,943 Adjusted EBITDAre $ 62,866 $ 73,613 $ 75,109 $ 67,049 $ 66,817 FFO $ (5,886) $ 13,577 $ (10,006) $ 11,805 $ (3,366) Normalized FFO $ 9,721 $ 18,572 $ 14,305 $ 5,290 $ 4,026 CAD $ 17,218 $ 5,167 $ 25,985 $ (16,875) $ (12,807) Rolling four quarter CAD $ 31,495 $ 1,470 $ (9,463) $ (33,037) $ (61,168) Per Share Data (basic and diluted): Net loss $ (0.68) $ (0.38) $ (0.04) $ (0.36) $ (0.41) FFO $ (0.02) $ 0.06 $ (0.04) $ 0.05 $ (0.01) Normalized FFO $ 0.04 $ 0.08 $ 0.06 $ 0.02 $ 0.02 CAD $ 0.07 $ 0.02 $ 0.11 $ (0.07) $ (0.05) Rolling four quarter CAD $ 0.13 $ 0.01 $ (0.03) $ (0.13) $ (0.25) Dividends: Annualized dividend declared per common share $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.04 Annualized dividend yield (at end of period) 0.9 % 1.1 % 1.7 % 1.7 % 1.0 % Normalized FFO payout ratio 25.0 % 12.5 % 16.7 % 50.0 % 50.0 % CAD payout ratio 14.3 % 50.0 % 9.1 % (14.3) % (20.0) % Rolling four quarter CAD payout ratio 30.8 % 400.0 % (133.3) % (30.8) % (16.0) % (dollars in thousands, except per share data)

Q3 2025 7 September 30, 2025 December 31, 2024 Assets Real estate properties: Land $ 542,403 $ 605,973 Buildings and improvements 5,416,972 5,817,279 Total real estate properties, gross 5,959,375 6,423,252 Accumulated depreciation (2,077,012) (2,082,777) Total real estate properties, net 3,882,363 4,340,475 Investments in unconsolidated joint ventures 112,769 126,859 Assets of properties held for sale 258,389 276,270 Cash and cash equivalents 201,371 144,584 Restricted cash 8,252 5,270 Equity method investment 8,240 24,590 Acquired real estate leases and other intangible assets, net 21,784 26,300 Other assets, net 190,806 192,657 Total assets $ 4,683,974 $ 5,137,005 Liabilities and Equity Secured revolving credit facility $ — $ — Senior secured notes, net 687,487 826,974 Senior unsecured notes, net 1,580,027 1,957,319 Secured debt and finance leases, net 455,851 126,611 Liabilities of properties held for sale 17,604 6,024 Accrued interest 12,408 23,092 Other liabilities 241,867 238,142 Total liabilities 2,995,244 3,178,162 Commitments and contingencies Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 242,146,962 and 241,271,703 shares issued and outstanding, respectively 2,421 2,413 Additional paid in capital 4,622,061 4,620,313 Cumulative net income 1,143,358 1,408,023 Cumulative other comprehensive income (loss) 19 (17) Cumulative distributions (4,079,129) (4,071,889) Total equity 1,688,730 1,958,843 Total liabilities and equity $ 4,683,974 $ 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

Q3 2025 8 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Revenues: Rental income $ 55,316 $ 61,635 $ 169,041 $ 187,155 Residents fees and services 333,390 312,005 989,241 928,653 Total revenues 388,706 373,640 1,158,282 1,115,808 Expenses: Property operating expenses 325,387 309,697 952,293 921,366 Depreciation and amortization 65,324 68,959 199,915 207,449 General and administrative (1) 12,789 13,933 32,966 27,763 Acquisition and certain other transaction related costs 1,158 331 1,257 2,243 Impairment of assets 93,243 23,031 162,708 41,718 Total expenses 497,901 415,951 1,349,139 1,200,539 Gain (loss) on sale of properties 1,260 111 103,971 (18,976) Gain on insurance recoveries (2) — — 7,522 — Interest income and other expenses (774) 2,575 4,307 7,215 Interest expense (including net amortization of debt discounts, premiums and issuance costs of $20,121, $26,188, $66,094 and $76,642, respectively) (48,886) (59,443) (157,643) (175,721) Loss on modification or early extinguishment of debt (11,191) — (40,388) (209) Loss before income taxes and equity in net earnings (losses) of investees (168,786) (99,068) (273,088) (272,422) Income tax expense (337) (148) (1,229) (505) Equity in net earnings (losses) of investees 5,083 527 9,652 (9,882) Net loss $ (164,040) $ (98,689) $ (264,665) $ (282,809) Weighted average common shares outstanding (basic and diluted) 240,385 239,667 240,160 239,396 Per common share data (basic and diluted): Net loss $ (0.68) $ (0.41) $ (1.10) $ (1.18) 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 $5,676 and $6,934 during the three months ended September 30, 2025 and 2024, respectively, and $12,231 and $6,934 during the nine months ended September 30, 2025 and 2024, respectively. (2) During the nine months ended September 30, 2025, DHC recognized a gain of $7,522 representing insurance recoveries from a claim settled during the first quarter of 2025.

Q3 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) 6.840% 6.840% $ — 6/11/2029 $ — 3.7 Mortgage - secured by 14 properties (2) 6.629% 6.629% 140,000 3/31/2028 138,578 2.5 Weighted average rate / total secured floating rate debt 6.629% 6.629% 140,000 138,578 2.5 Unsecured Fixed Rate Debt: Senior unsecured notes due 2028 4.750% 4.966% 500,000 2/15/2028 500,000 2.4 Senior unsecured notes due 2031 4.375% 4.375% 500,000 3/1/2031 500,000 5.4 Senior unsecured notes due 2042 5.625% 5.625% 350,000 8/1/2042 350,000 16.8 Senior unsecured notes due 2046 6.250% 6.250% 250,000 2/1/2046 250,000 20.4 Weighted average rate / total unsecured fixed rate debt 5.059% 5.126% 1,600,000 1,600,000 9.3 Secured Fixed Rate Debt: Senior secured notes due 2026 (3) (4) (5) 0.000% 0.000% 334,370 1/15/2026 334,370 0.3 Senior secured notes due 2030 (6) 7.250% 7.250% 375,000 10/15/2030 375,000 5.0 Finance leases - two properties 7.700% 7.700% 1,056 4/30/2026 155 0.6 Mortgage - secured by four properties 6.572% 6.572% 63,757 6/7/2030 58,211 4.7 Mortgage - secured by eight properties 6.864% 6.864% 120,000 6/11/2034 120,000 8.7 Mortgages - secured by seven properties (7) 6.220% 6.220% 108,873 5/1/2035 101,724 9.6 Mortgages - secured by two properties (8) 6.360% 6.360% 30,284 6/1/2035 27,361 9.7 Mortgage - secured by one property 6.444% 6.444% 6,261 7/6/2043 49 17.8 Weighted average rate / total secured fixed rate debt 4.694% 4.694% 1,039,601 1,016,870 4.6 Weighted average rate / total debt 5.001% 5.040% $ 2,779,601 $ 2,755,448 7.2 Debt Summary (dollars and sq. ft. in thousands) RETURN TO TABLE OF CONTENTS As of September 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 September 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 September 30, 2025: • Properties: 58 Medical Office/Life Science • Sq. Ft. / Units: 4,274 sq. ft. • Q3 2025 NOI: $18,355 • Gross book value of real estate assets: $998,334 • Occupancy: 90.7% • Weighted average lease term: 4.9 years (5) In October 2025, DHC sold one property that secured these senior secured notes. The net proceeds of $10,249 from this sale were used to partially redeem these senior secured notes. (6) These notes are secured by first-priority liens on the equity interests of subsidiaries owning 36 properties. (7) This mortgage loan requires interest-only payments through May 2030. (8) This mortgage loan requires interest-only payments through June 2028.

Q3 2025 10 $139,063 $500,000 $500,000 $600,000 $748 $336,247 $2,286 $1,600 $1,897 $435,166 $2,009 $2,139 $2,277 $256,169 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 September 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 September 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 $1,056 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. (5) In October 2025, DHC sold one property that secured its senior secured notes due 2026. The net proceeds of $10,249 from this sale were used to partially redeem these senior secured notes. (4) (1) (2) (5)

Q3 2025 11 Leverage Ratios, Coverage Ratios and Bond Covenants RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Leverage Ratios: Net debt / total gross assets 38.1% 37.3% 36.4% 40.2% 38.6% Net debt / gross book value of real estate assets 38.7% 37.9% 37.8% 40.5% 39.8% Secured debt / total assets 25.2% 23.4% 18.2% 20.8% 20.3% Variable rate debt / net debt 5.4% 5.4% —% —% —% Coverage Ratios: Net debt / annualized Adjusted EBITDAre 10.0x 8.7x 8.8x 11.2x 10.6x Adjusted EBITDAre / interest expense 1.3x 1.4x 1.3x 1.1x 1.1x As of and For the Trailing Twelve Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Bond Covenants: Maintenance Covenant Total unencumbered assets / unsecured debt - required minimum 150.0% 212.5% 238.6% 258.6% 262.2% 264.7% Incurrence Covenants Total debt / adjusted total assets - allowable maximum 60.0% 40.7% 38.9% 40.2% 41.7% 41.4% Secured debt / adjusted total assets - allowable maximum 40.0% 17.3% 16.0% 12.7% 14.6% 14.3% Consolidated income available for debt service / debt service - required minimum 1.50x 1.78x 2.20x 2.09x 1.95x 1.76x Valencia, CA Greenwood, IN

Q3 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 Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 SHOP fixed assets and capital improvements $ 33,306 $ 24,283 $ 21,115 $ 33,406 $ 27,923 $ 78,704 $ 59,637 Medical Office and Life Science Portfolio lease related costs 4,961 3,528 3,847 5,347 3,504 12,336 15,942 Medical Office and Life Science Portfolio building improvements 2,295 1,518 1,524 1,872 1,359 5,337 4,130 Subtotal Medical Office and Life Science Portfolio 7,256 5,046 5,371 7,219 4,863 17,673 20,072 Wellness centers lease related costs — — — 3,616 5,488 — 17,002 Total recurring capital expenditures $ 40,562 $ 29,329 $ 26,486 $ 44,241 $ 38,274 $ 96,377 $ 96,711 SHOP avg. units managed during period 24,889 24,939 25,006 25,065 25,191 24,942 25,181 Medical Office and Life Science Portfolio avg. sq. ft. during period 7,166 7,510 7,787 8,073 8,294 7,442 8,401 SHOP fixed assets and capital improvements per avg. unit managed during period $ 1,338 $ 974 $ 844 $ 1,333 $ 1,108 $ 3,155 $ 2,368 Medical Office and Life Science Portfolio building improvements per avg. sq. ft. during period $ 0.32 $ 0.20 $ 0.20 $ 0.23 $ 0.16 $ 0.72 $ 0.49 Development, redevelopment and other activities - SHOP $ 1,865 $ 4,660 $ 5,568 $ 27,950 $ 11,714 $ 12,093 $ 18,608 Development, redevelopment and other activities - Medical Office and Life Science Portfolio 175 — — 650 537 175 2,362 Total development, redevelopment and other activities $ 2,040 $ 4,660 $ 5,568 $ 28,600 $ 12,251 $ 12,268 $ 20,970 Capital expenditures by segment: SHOP $ 35,171 $ 28,943 $ 26,683 $ 61,356 $ 39,637 $ 90,797 $ 78,245 Medical Office and Life Science Portfolio 7,431 5,046 5,371 7,869 5,400 17,848 22,434 Wellness centers — — — 3,616 5,488 — 17,002 Total capital expenditures $ 42,602 $ 33,989 $ 32,054 $ 72,841 $ 50,525 $ 108,645 $ 117,681

Q3 2025 13 DHC does not have any significant ongoing redevelopments as of September 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 September 30, 2025 Project Location Type of Property Number of Units (1) Estimated Project Costs Total Costs Incurred as of September 30, 2025 Estimated Completion Date Pueblo Norte Senior Living Scottsdale, AZ IL/AL 205 $ 26.2 $ 21.5 Q1 2026 / Q3 2027 Residences of Chevy Chase Chevy Chase, MD IL/AL 310 9.0 0.7 Q2 2026 Other Redevelopments Various IL/AL 341 5.6 3.7 Q4 2025 - Q3 2026 $ 40.8 $ 25.9 SHOP

Q3 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 % 8/6/2025 Pittsburgh, PA Medical Office and Life Science Portfolio 1 1,800 $ 13.64 23.0 % 9/2/2025 Macon, GA SHOP 1 1,600 $ 40,000 94.7 % 9/15/2025 Silver Spring, MD Medical Office and Life Science Portfolio 1 4,250 $ 46.11 0.0 % 10/1/2025 Various SHOP 3 15,430 $ 66,509 73.7 % 10/6/2025 Various SHOP 2 3,500 $ 35,354 65.5 % 10/7/2025 Mansfield, MA Medical Office and Life Science Portfolio (4) 1 10,700 $ 85.74 0.0 % 10/31/2025 Various - IN SHOP 2 2,500 $ 25,773 58.6 % 11/3/2025 Various - SC SHOP 2 4,375 $ 48,077 91.5 % 11/3/2025 Various - GA SHOP 2 5,625 $ 55,147 89.2 % Total Dispositions 44 $ 395,805 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) DHC used net proceeds of $10,249 from the sale of this property to partially redeem its senior secured notes due 2026. (5) The net proceeds from the sale of 12 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 fourth quarter of 2025 for an aggregate sales price of $90,529, excluding closing costs. Under Agreement or Letter of Intent as of November 3, 2025: Segment Number of Properties Estimated Gross Sales Price Gross Sales Price Per Square Foot or Unit (1) Occupancy (2) Medical Office and Life Science Portfolio (5) 20 $ 154,909 $ 124.07 75.6 % SHOP 18 82,310 $ 61,841 82.6 % Total Under Agreement or Letter of Intent 38 $ 237,219

Q3 2025 15 Investments in Unconsolidated Joint Ventures (1) (dollars in thousands) RETURN TO TABLE OF CONTENTS As of September 30, 2025 Three Months Ended September 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% 18.5 years 10% $ 67,060 $ 14,920 $ 26,084 The LSMD Fund REIT LLC Various Medical Office / Life Science 10 1,068,763 98% 5.7 years 20% 45,709 3,536 9,518 Total / Weighted Average 11 2,203,242 99% 14.4 years $ 112,769 $ 18,456 $ 35,602 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 5.596% 9/1/2030 $ 1,000,000 10% $ 100,000 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 (5) 6.140% 2/9/2026 266,825 20% 53,365 Total / Weighted Average 5.400% $ 1,456,625 $ 191,325 (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 provides certain limited recourse guarantees on the debt secured by the Seaport Innovation LLC property, with its liability limited to $100,000. 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) 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%.

Q3 2025 16 Investments in Unconsolidated Joint Ventures (continued) (1) (dollars in thousands) RETURN TO TABLE OF CONTENTS As of September 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 5 9 7 14 16 17 35 % of Total Annualized Rental Income Expiring 0.5% 1.3% 0.8 % 1.5% 6.0 % 5.0% 84.9% Major Tenants of Unconsolidated Joint Ventures Joint Venture Tenant % of Annualized Rental Income of Joint Ventures (2) Seaport Innovation LLC Vertex Pharmaceuticals Inc. 66.8% 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)

Q3 2025 17 FL: 12%TX: 9% GA: 7% CA: 7% NC: 5% MD: 5% WI: 4% VA: 4% IN: 4% IL: 4% 24 Other States + D.C.: 39% (based on Gross Book Value of Real Estate Assets as of September 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 Independent Living: 32% Medical Office: 29% Assisted Living: 15% Life Science: 14% Wellness Centers: 6% SNFs: 4% Property Type (1) (2) (based on Q3 2025 NOI)

Q3 2025 18 Portfolio Summary RETURN TO TABLE OF CONTENTS (dollars in thousands, except investment per square foot or unit) As of September 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 Q3 2025 Total Revenues % of Q3 2025 Total NOI Q3 2025 Q3 2025 Revenues NOI SHOP 229 24,906 units $ 4,600,223 69.1 % $ 184,703 $ 333,390 85.8 % $ 29,620 46.8 % Medical office 70 4,876,908 1,222,773 18.4 % $ 251 33,980 8.7 % 17,891 28.3 % Life science 18 2,054,499 495,381 7.4 % $ 241 14,221 3.7 % 8,784 13.8 % Subtotal Medical Office and Life Science Portfolio 88 6,931,407 sq. ft. 1,718,154 25.8 % $ 248 48,201 12.4 % 26,675 42.1 % Triple net leased senior living communities 8 1,180 units 133,324 2.0 % $ 112,986 3,217 0.8 % 3,216 5.1 % Wellness centers 10 812,246 sq. ft. 208,110 3.1 % $ 256 3,898 1.0 % 3,808 6.0 % Total 335 $ 6,659,811 100.0 % $ 388,706 100.0 % $ 63,319 100.0 %

Q3 2025 19 SHOP Units by Operator RETURN TO TABLE OF CONTENTS Unit Count as of September 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 (23 States) 97 5,567 7,765 1,277 — 14,609 Charter Senior Living FL/MD/TN/VA/IL/ WI 30 1,338 — 421 — 1,759 Phoenix Senior Living AL/AR/KY/MO/ NC/SC 26 1,037 337 284 164 1,822 Oaks-Caravita Senior Care (2) GA/SC 25 1,021 40 314 — 1,375 Stellar Senior Living (3) AZ/CO/NM/TX/ WY 16 383 763 131 922 2,199 Tutera Senior Living IL/IN 10 74 894 65 — 1,033 Northstar Senior Living AZ/CA 7 121 — 297 — 418 Navion Senior Solutions SC 5 213 — 25 — 238 Life Care Services (4) DE 3 73 194 12 238 517 Oaks Senior Living GA 3 159 — 105 — 264 WellQuest Living NV 2 97 170 21 — 288 IntegraCare Senior Living PA 2 113 — 33 — 146 Omega Senior Living NE 1 69 — — — 69 The RMR Group TX 1 — 169 — — 169 Total 228 10,265 10,332 2,985 1,324 24,906 % of Total 41.2% 41.5% 12.0% 5.3% 100% (1) Excludes one closed senior living community. (2) Includes 22 communities with 1,154 units (878 assisted living units and 276 memory care units) classified as held for sale as of September 30, 2025. These communities had NOI of $(1,213) for the three months ended September 30, 2025. (3) Includes two communities with 184 units (176 SNF units and 8 independent living units) classified as held for sale as of September 30, 2025. These communities had NOI of $(90) for the three months ended September 30, 2025. These communities were sold in October 2025. (4) These communities are classified as held for sale as of September 30, 2025 and had NOI of $174 for the three months ended September 30, 2025. (dollars in thousands)

Q3 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 9/30/2025 6/30/2025 9/30/2024 Number of Properties 229 230 232 Number of Units 24,906 24,872 25,152 Occupancy 81.5 % 80.6 % 79.4 % Average Monthly Rate $ 5,472 $ 5,440 $ 5,199 Year Over Year Average Monthly Rate % Change 5.3 % Residents Fees and Services $ 333,390 $ 327,545 $ 312,005 Property Operating Expenses (303,770) (290,930) (284,572) NOI $ 29,620 $ 36,615 $ 27,433 NOI Margin % 8.9 % 11.2 % 8.8 % Sequential NOI % Change (19.1) % Year Over Year NOI % Change 8.0 % SAME PROPERTY RESULTS OF OPERATIONS (1) As of and For the Three Months Ended 9/30/2025 6/30/2025 9/30/2024 Number of Properties 185 185 185 Number of Units 21,638 21,638 21,638 Occupancy 82.4 % 81.4 % 81.0 % Average Monthly Rate $ 5,413 $ 5,380 $ 5,142 Year Over Year Average Monthly Rate % Change 5.3 % Residents Fees and Services $ 289,378 $ 284,305 $ 271,453 Property Operating Expenses (257,344) (246,198) (239,028) NOI $ 32,034 $ 38,107 $ 32,425 NOI Margin % 11.1 % 13.4 % 11.9 % Sequential NOI % Change (15.9) % Year Over Year NOI % Change (1.2) % (1) Same property includes properties classified as same property for the three months ended September 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

Q3 2025 21RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended September 30, 2025 Five Star Managed Communities - To Be Transitioned Communities Transitioned from Five Star to Other Operators in 2025 Other Operator Managed Communities Total SHOP Segment Number of Properties 97 21 111 229 Number of Units 14,609 2,722 7,575 24,906 Occupancy 80.9 % 86.3 % 80.9 % 81.5 % Average Monthly Rate $ 5,101 $ 4,739 $ 6,464 $ 5,472 Average Monthly Rate % Change 5.0 % 6.9 % 5.2 % 5.3 % Residents Fees and Services $ 180,903 $ 33,329 $ 119,158 $ 333,390 Property Operating Expenses (164,129) (27,670) (111,971) (303,770) NOI $ 16,774 $ 5,659 $ 7,187 $ 29,620 NOI Margin % 9.3 % 17.0 % 6.0 % 8.9 % NOI % Change 4.1 % (22.4) % 78.6 % 8.0 % As of and for the Three Months Ended September 30, 2024 Five Star Managed Communities - To Be Transitioned Communities Transitioned from Five Star to Other Operators in 2025 Other Operator Managed Communities Total SHOP Segment Number of Properties 97 21 114 232 Number of Units 14,764 2,722 7,666 25,152 Occupancy 78.6 % 85.2 % 79.0 % 79.4 % Average Monthly Rate $ 4,860 $ 4,432 $ 6,145 $ 5,199 Residents Fees and Services $ 169,615 $ 30,775 $ 111,615 $ 312,005 Property Operating Expenses (153,498) (23,482) (107,592) (284,572) NOI $ 16,117 $ 7,293 $ 4,023 $ 27,433 NOI Margin % 9.5 % 23.7 % 3.6 % 8.8 % SHOP Segment - Five Star and Other Operator Managed Communities Results of Operations CONSOLIDATED RESULTS OF OPERATIONS (dollars in thousands, except average monthly rate)

Q3 2025 22 Senior Living NOI by Manager (1) RETURN TO TABLE OF CONTENTS Q3 2025 NOI Manager Number of Properties SHOP Triple Net Leased Senior Living Communities Total NOI % of Total Q3 2025 NOI (2) Five Star Senior Living 97 $ 19,853 $ — $ 19,853 60.5% Stellar Senior Living (3) 20 2,044 1,057 3,101 9.4% Phoenix Senior Living 26 2,836 — 2,836 8.6% Charter Senior Living 30 1,958 — 1,958 6.0% Stratford Retirement 1 — 1,149 1,149 3.5% Northstar Senior Living 7 1,121 — 1,121 3.4% Tutera Senior Living 10 919 — 919 2.8% Oaks Senior Living 3 677 — 677 2.1% Navion Senior Solutions 5 664 — 664 2.0% Covenant Care 1 — 508 508 1.5% Remaining (4) 37 (452) 502 50 0.2% Total 237 $ 29,620 $ 3,216 $ 32,836 100.0% (1) Managers' NOI for the three months ended September 30, 2025 reflect results of communities transitioned during the quarter. (2) Percentage calculated based on total NOI for the three months ended September 30, 2025 for SHOP and triple net leased senior living communities. (3) Includes two communities with 184 units classified as held for sale as of September 30, 2025. These communities had NOI of $(90) for the three months ended September 30, 2025. (4) Includes 22 communities with 1,154 units classified as held for sale as of September 30, 2025. These communities had NOI of $(1,213) for the three months ended September 30, 2025. (dollars in thousands)

Q3 2025 23 Senior Living Results of Operations by Location RETURN TO TABLE OF CONTENTS Q3 2025 NOI Core-Based Statistical Areas Number of Properties SHOP Triple Net Leased Senior Living Communities Total NOI % of Total Q3 2025 NOI Washington, DC 6 $ 2,051 $ — $ 2,051 6.2% Tampa, FL 2 1,918 — 1,918 5.8% Miami, FL 10 1,785 — 1,785 5.4% Baltimore, MD 4 1,702 — 1,702 5.2% New York, NY 4 1,249 — 1,249 3.8% Indianapolis, IN 4 — 1,149 1,149 3.5% Louisville, KY 1 1,142 — 1,142 3.5% Denver, CO 3 1,116 — 1,116 3.4% Albuquerque, NM 1 892 — 892 2.7% Lexington, KY 2 837 — 837 2.5% San Diego, CA 3 827 — 827 2.5% Atlanta, GA 14 753 — 753 2.3% San Antonio, TX 4 751 — 751 2.3% Knoxville, TN 3 744 — 744 2.3% Milwaukee, WI 3 696 — 696 2.1% Dallas, TX 3 663 — 663 2.0% Boston, MA 1 662 — 662 2.0% Tucson, AZ 1 662 — 662 2.0% Seattle, WA 2 — 638 638 1.9% Chicago, IL 2 590 — 590 1.8% Remaining 164 10,580 1,429 12,009 36.8% Total Senior Living 237 $ 29,620 $ 3,216 $ 32,836 100.0% As of and For the Three Months Ended NOI Occupancy Average Monthly Rate Markets Number of Properties 9/30/2025 % 9/30/2024 Change 9/30/2025 9/30/2024 Basis Point Change 9/30/2025 9/30/2024 Change Primary 83 $ 15,774 53.3% $ 15,592 1.2 % 80.9% 78.5% 240 $ 5,616 $ 5,334 5.3 % Secondary 62 4,973 16.8% 5,472 (9.1) % 80.4% 78.1% 230 $ 5,128 $ 4,914 4.4 % Other 84 8,873 29.9% 6,369 39.3 % 83.7% 82.5% 120 $ 5,519 $ 5,216 5.8 % Total / Average SHOP 229 $ 29,620 100.0% $ 27,433 8.0 % 81.5% 79.4% 210 $ 5,472 $ 5,199 5.3 % (dollars in thousands, except average monthly rate)

Q3 2025 24 (1) Same property includes properties classified as same property for the three months ended September 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 9/30/2025 6/30/2025 9/30/2024 Number of Properties 88 92 99 Square Feet 6,931 7,400 8,192 Occupancy 86.6 % 82.9 % 80.8 % Rental Income $ 48,201 $ 48,056 $ 52,901 NOI $ 26,675 $ 26,487 $ 27,827 Cash Basis NOI $ 26,251 $ 26,735 $ 27,297 NOI Margin % 55.3 % 55.1 % 52.6 % Cash Basis NOI Margin % 54.7 % 55.1 % 51.9 % Sequential NOI % Change 0.7 % Sequential Cash Basis NOI % Change (1.8) % Year Over Year NOI % Change (4.1) % Year Over Year Cash Basis NOI % Change (3.8) % SAME PROPERTY RESULTS OF OPERATIONS (1) (dollars and sq. ft. in thousands) As of and For the Three Months Ended 9/30/2025 6/30/2025 9/30/2024 Number of Properties 65 65 65 Square Feet 5,362 5,362 5,362 Occupancy 93.3 % 93.4 % 93.3 % Rental Income $ 40,266 $ 39,461 $ 40,432 NOI $ 23,849 $ 23,966 $ 23,550 Cash Basis NOI $ 23,777 $ 24,325 $ 23,408 NOI Margin % 59.2 % 60.7 % 58.2 % Cash Basis NOI Margin % 58.9 % 60.9 % 57.9 % Sequential NOI % Change (0.5) % Sequential Cash Basis NOI % Change (2.3) % Year Over Year NOI % Change 1.3 % Year Over Year Cash Basis NOI % Change 1.6 % Medical Office and Life Science Portfolio and Same Property - Results of Operations Valencia, CA Golden Valley, MN Blaine, MN

Q3 2025 25RETURN TO TABLE OF CONTENTS CONSOLIDATED RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended September 30, 2025 As of and For the Three Months Ended September 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 70 18 88 76 23 99 Square Feet 4,877 2,054 6,931 5,630 2,562 8,192 Occupancy 85.9 % 88.4 % 86.6 % 82.2 % 77.6 % 80.8 % Rental Income $ 33,980 $ 14,221 $ 48,201 $ 36,000 $ 16,901 $ 52,901 NOI $ 17,891 $ 8,784 $ 26,675 $ 18,357 $ 9,470 $ 27,827 Cash Basis NOI $ 17,672 $ 8,579 $ 26,251 $ 18,045 $ 9,252 $ 27,297 NOI Margin % 52.7 % 61.8 % 55.3 % 51.0 % 56.0 % 52.6 % Cash Basis NOI Margin % 52.1 % 61.0 % 54.7 % 50.4 % 55.3 % 51.9 % NOI % Change (2.5) % (7.2) % (4.1) % Cash Basis NOI % Change (2.1) % (7.3) % (3.8) % SAME PROPERTY RESULTS OF OPERATIONS (dollars and sq. ft. in thousands) As of and For the Three Months Ended September 30, 2025 As of and For the Three Months Ended September 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 51 14 65 51 14 65 Square Feet 3,725 1,637 5,362 3,725 1,637 5,362 Occupancy 91.2 % 98.2 % 93.3 % 91.2 % 98.2 % 93.3 % Rental Income $ 27,234 $ 13,032 $ 40,266 $ 27,501 $ 12,931 $ 40,432 NOI $ 15,553 $ 8,296 $ 23,849 $ 15,452 $ 8,098 $ 23,550 Cash Basis NOI $ 15,720 $ 8,057 $ 23,777 $ 15,415 $ 7,993 $ 23,408 NOI Margin % 57.1 % 63.7 % 59.2 % 56.2 % 62.6 % 58.2 % Cash Basis NOI Margin % 57.1 % 62.8 % 58.9 % 55.9 % 62.2 % 57.9 % NOI % Change 0.7 % 2.4 % 1.3 % Cash Basis NOI % Change 2.0 % 0.8 % 1.6 % Medical Office and Life Science Portfolio and Same Property - Results of Operations (continued) Three Months Ended September 30, 2025 and 2024

Q3 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 Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 Properties 88 92 93 98 99 88 Total square feet 6,931 7,400 7,620 7,953 8,192 6,931 Occupancy 86.6 % 82.9 % 80.6 % 82.2 % 80.8 % 86.6 % Leasing Activity (sq. ft.): New leases 10 4 120 10 28 134 Renewals 76 102 25 102 55 203 Total 86 106 145 112 83 337 % Change in GAAP Rent: (2) New leases 29.8 % (1.9) % 22.0 % 15.8 % 6.4 % 21.8 % Renewals 6.9 % 12.0 % 4.2 % 6.0 % 4.2 % 8.9 % Total 9.1 % 11.5 % 18.4 % 6.9 % 4.8 % 13.6 % Weighted Average Lease Term (years): New leases 7.5 6.2 11.6 5.3 9.0 11.1 Renewals 6.6 7.1 3.5 6.7 6.8 6.5 Total 6.7 7.0 10.2 6.5 7.4 8.3 Leasing Costs and Concession Commitments: New leases $ 601 $ 165 $ 9,832 $ 411 $ 2,157 $ 10,598 Renewals 1,793 2,214 291 1,671 1,652 4,298 Total $ 2,394 $ 2,379 $ 10,123 $ 2,082 $ 3,809 $ 14,896 Leasing Costs and Concession Commitments per Sq. Ft.: New leases $ 62.74 $ 36.62 $ 82.19 $ 42.59 $ 77.08 $ 79.27 Renewals $ 23.46 $ 21.75 $ 11.61 $ 16.36 $ 30.25 $ 21.14 Total $ 27.84 $ 22.38 $ 69.96 $ 18.62 $ 46.12 $ 44.20 Leasing Costs and Concession Commitments per Sq. Ft. per Year: New leases $ 8.42 $ 5.91 $ 7.08 $ 8.09 $ 8.58 $ 7.13 Renewals $ 3.54 $ 3.08 $ 3.31 $ 2.46 $ 4.44 $ 3.28 Total $ 4.14 $ 3.18 $ 6.87 $ 2.86 $ 6.21 $ 5.35 (dollars and sq. ft. in thousands, except per sq. ft. data)

Q3 2025 27 As of September 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 $ 16,939 7.7% 2031 2 Life Time Athletic Wellness center 12,285 5.6% 2040 - 2044 3 Alamar Biosciences, Inc. Life science 6,827 3.1% 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 2.4% 2027 - 2028 7 Boston Children's Hospital Medical office 4,525 2.1% 2028 8 Stratford Retirement, LLC Senior living 4,341 2.0% 2033 9 Stellar Senior Living, LLC Senior living 4,229 1.9% 2027 10 AbbVie Inc. Life science 4,002 1.8% 2027 11 Tokio Marine Holdings Inc. Medical office 3,908 1.8% 2025 - 2033 12 McKesson Corporation Medical office 3,834 1.7% 2028 - 2030 13 United Healthcare Services, Inc. Medical office 3,741 1.7% 2026 14 Revvity, Inc. Life science 3,681 1.7% 2028 15 Hawaii Pacific Health Medical office 3,592 1.6% 2029 - 2036 16 HCA Holdings Inc. Medical office 3,522 1.6% 2025 - 2029 17 New York University Medical office 3,335 1.5% 2025 - 2030 18 Ultragenyx Pharmaceutical Inc. Life science 3,139 1.4% 2026 19 Sentara Health Medical office 3,008 1.4% 2027 - 2032 20 Orthofix Medical Inc. Life science 2,814 1.3% 2037 21 The University of Kansas Health System Medical office 2,447 1.1% 2027 - 2028 22 Cytek BioSciences, Inc. Life science 2,232 1.0% 2029 All Other Tenants 110,506 50.6% 2025 - 2045 Total Tenants $ 219,219 100.0%

Q3 2025 28 Medical Office and Life Science Portfolio Lease Expiration Schedule RETURN TO TABLE OF CONTENTS (dollars in thousands) As of September 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 $ 2,936 $ — $ 2,936 1.5% 1.5% 2026 14,194 6,569 20,763 10.9% 12.4% 2027 13,066 6,117 19,183 10.0% 22.4% 2028 20,379 14,939 35,318 18.5% 40.9% 2029 14,138 4,466 18,604 9.7% 50.6% 2030 10,708 1,574 12,282 6.4% 57.0% 2031 23,298 411 23,709 12.4% 69.4% 2032 8,687 5,559 14,246 7.5% 76.9% 2033 9,714 5,495 15,209 8.0% 84.9% 2034 and thereafter 17,760 11,129 28,889 15.1% 100.0% Total $ 134,880 $ 56,259 $ 191,139 100.0% Average remaining lease term (weighted by annualized rental income) 5.0 years 4.9 years 5.0 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 71,907 — 71,907 1.2% 1.2% 2026 461,487 183,977 645,464 10.7% 11.9% 2027 435,235 314,541 749,776 12.5% 24.4% 2028 572,170 576,006 1,148,176 19.1% 43.5% 2029 411,821 196,118 607,939 10.1% 53.6% 2030 353,987 97,400 451,387 7.5% 61.1% 2031 824,715 13,434 838,149 14.0% 75.1% 2032 325,201 54,633 379,834 6.3% 81.4% 2033 243,906 116,444 360,350 6.0% 87.4% 2034 and thereafter 488,166 264,183 752,349 12.6% 100.0% Total 4,188,595 1,816,736 6,005,331 100.0% Average remaining lease term (weighted by leased square feet) 5.0 years 4.1 years 4.7 years

Q3 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 4,229 15.1% 15.1% 2028 — — — —% 15.1% 2029 1 155 units 547 1.9% 17.0% 2030 5 277 units and 129,600 sq. ft. 5,046 18.0% 35.0% 2031 — — — —% 35.0% 2032 — — — —% 35.0% 2033 1 215 units 4,341 15.5% 50.5% 2034 and thereafter 7 682,646 sq. ft. 13,917 49.5% 100.0% Total 18 $ 28,080 100.0% Average remaining lease term (weighted by annualized rental income): 10.1 years. All Other Lease Expiration Schedule As of September 30, 2025 RETURN TO TABLE OF CONTENTS (dollars in thousands) The Horizon Club Deerfield Beach, FL

Q3 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 September 30, 2025, DHC’s approximately $6.7 billion portfolio included 335 properties in 34 states and Washington, D.C., with more than 26,000 senior living units, approximately 6.9 million square feet of medical office and life science properties and occupied by approximately 420 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 September 30, 2025, RMR had approximately $39 billion of real estate assets under management and the combined RMR managed companies owned approximately 1,900 properties. 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.

Q3 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

Q3 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 Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Calculation of NOI and Cash Basis NOI: Revenues: Rental income $ 55,316 $ 55,167 $ 58,558 $ 63,883 $ 61,635 $ 169,041 $ 187,155 Residents fees and services 333,390 327,545 328,306 315,736 312,005 989,241 928,653 Total revenues 388,706 382,712 386,864 379,619 373,640 1,158,282 1,115,808 Property operating expenses (325,387) (312,580) (314,326) (315,176) (309,697) (952,293) (921,366) NOI 63,319 70,132 72,538 64,443 63,943 205,989 194,442 Non-cash straight line rent adjustments included in rental income (450) 146 (455) 160 (658) (759) (1,605) Lease value amortization included in rental income 29 28 26 22 27 83 84 Lease termination fees included in rental income — — (600) — — (600) (203) Non-cash amortization included in property operating expenses (199) (199) (199) (201) (199) (597) (597) Cash Basis NOI $ 62,699 $ 70,107 $ 71,310 $ 64,424 $ 63,113 $ 204,116 $ 192,121 Reconciliation of Net Loss to NOI and Cash Basis NOI: Net loss $ (164,040) $ (91,639) $ (8,986) $ (87,446) $ (98,689) $ (264,665) $ (282,809) Equity in net (earnings) losses of investees (5,083) (3,082) (1,487) (11,479) (527) (9,652) 9,882 Income tax expense (benefit) 337 843 49 (38) 148 1,229 505 Loss on modification or early extinguishment of debt 11,191 126 29,071 115 — 40,388 209 Interest expense 48,886 50,926 57,831 59,518 59,443 157,643 175,721 Interest income and other expense 774 (2,982) (2,099) (1,735) (2,575) (4,307) (7,215) Gain on insurance recoveries — — (7,522) — — (7,522) — (Gain) loss on sale of properties (1,260) 7,429 (110,140) (38) (111) (103,971) 18,976 Impairment of assets 93,243 30,993 38,472 29,016 23,031 162,708 41,718 Acquisition and certain other transaction related costs 1,158 75 24 267 331 1,257 2,243 General and administrative 12,789 11,177 9,000 (1,245) 13,933 32,966 27,763 Depreciation and amortization 65,324 66,266 68,325 77,508 68,959 199,915 207,449 NOI 63,319 70,132 72,538 64,443 63,943 205,989 194,442 Non-cash straight line rent adjustments included in rental income (450) 146 (455) 160 (658) (759) (1,605) Lease value amortization included in rental income 29 28 26 22 27 83 84 Lease termination fees included in rental income — — (600) — — (600) (203) Non-cash amortization included in property operating expenses (199) (199) (199) (201) (199) (597) (597) Cash Basis NOI $ 62,699 $ 70,107 $ 71,310 $ 64,424 $ 63,113 $ 204,116 $ 192,121

Q3 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 September 30, 2025 For the Three Months Ended June 30, 2025 For the Three Months Ended September 30, 2024 Calculation of NOI and Cash Basis NOI: SHOP Medical Office and Life Science Portfolio All Other Total SHOP Medical Office and Life Science Portfolio All Other Total SHOP Medical Office and Life Science Portfolio All Other Total Rental income / residents fees and services $ 333,390 $ 48,201 $ 7,115 $ 388,706 $ 327,545 $ 48,056 $ 7,111 $ 382,712 $ 312,005 $ 52,901 $ 8,734 $ 373,640 Property operating expenses (303,770) (21,526) (91) (325,387) (290,930) (21,569) (81) (312,580) (284,572) (25,074) (51) (309,697) NOI $ 29,620 $ 26,675 $ 7,024 $ 63,319 $ 36,615 $ 26,487 $ 7,030 $ 70,132 $ 27,433 $ 27,827 $ 8,683 $ 63,943 NOI $ 29,620 $ 26,675 $ 7,024 $ 63,319 $ 36,615 $ 26,487 $ 7,030 $ 70,132 $ 27,433 $ 27,827 $ 8,683 $ 63,943 Non-cash straight line rent adjustments included in rental income — (254) (196) (450) — 419 (273) 146 — (358) (300) (658) Lease value amortization included in rental income — 29 — 29 — 28 — 28 — 27 — 27 Non-cash amortization included in property operating expenses — (199) — (199) — (199) — (199) — (199) — (199) Cash Basis NOI $ 29,620 $ 26,251 $ 6,828 $ 62,699 $ 36,615 $ 26,735 $ 6,757 $ 70,107 $ 27,433 $ 27,297 $ 8,383 $ 63,113 Reconciliation of NOI to Same Property NOI: NOI $ 29,620 $ 26,675 $ 7,024 $ 63,319 $ 36,615 $ 26,487 $ 7,030 $ 70,132 $ 27,433 $ 27,827 $ 8,683 $ 63,943 NOI of properties not included in same property results 2,414 (2,826) — (412) 1,492 (2,521) — (1,029) 4,992 (4,277) (2,026) (1,311) Same Property NOI $ 32,034 $ 23,849 $ 7,024 $ 62,907 $ 38,107 $ 23,966 $ 7,030 $ 69,103 $ 32,425 $ 23,550 $ 6,657 $ 62,632 Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same Property NOI $ 32,034 $ 23,849 $ 7,024 $ 62,907 $ 38,107 $ 23,966 $ 7,030 $ 69,103 $ 32,425 $ 23,550 $ 6,657 $ 62,632 Non-cash straight line rent adjustments included in rental income — 39 (196) (157) — 461 (273) 188 — (51) (292) (343) Lease value amortization included in rental income — 30 — 30 — 28 — 28 — 35 — 35 Non-cash amortization included in property operating expenses — (141) — (141) — (130) — (130) — (126) — (126) Same Property Cash Basis NOI $ 32,034 $ 23,777 $ 6,828 $ 62,639 $ 38,107 $ 24,325 $ 6,757 $ 69,189 $ 32,425 $ 23,408 $ 6,365 $ 62,198

Q3 2025 34 Calculation and Reconciliation of EBITDA, EBITDAre and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Net loss $ (164,040) $ (91,639) $ (8,986) $ (87,446) $ (98,689) $ (264,665) $ (282,809) Interest expense 48,886 50,926 57,831 59,518 59,443 157,643 175,721 Income tax expense (benefit) 337 843 49 (38) 148 1,229 505 Depreciation and amortization 65,324 66,266 68,325 77,508 68,959 199,915 207,449 EBITDA (49,493) 26,396 117,219 49,542 29,861 94,122 100,866 (Gain) loss on sale of properties (1,260) 7,429 (110,140) (38) (111) (103,971) 18,976 Impairment of assets 93,243 30,993 38,472 29,016 23,031 162,708 41,718 Equity in net (earnings) losses of investees (5,083) (3,082) (1,487) (11,479) (527) (9,652) 9,882 Share of EBITDAre from unconsolidated joint ventures 4,511 4,463 4,494 4,515 4,117 13,468 11,827 Adjustments to reflect DHC's share of EBITDAre attributable to an equity method investment 4,831 1,502 1,589 1,679 2,222 7,922 16,551 EBITDAre 46,749 67,701 50,147 73,235 58,593 164,597 199,820 General and administrative expense paid in common shares 1,164 1,062 592 324 925 2,818 2,423 Incentive management fees (1) 5,676 4,148 2,407 (6,934) 6,934 12,231 6,934 Acquisition and certain other transaction related costs 1,158 75 24 267 331 1,257 2,243 Gain on insurance recoveries — — (7,522) — — (7,522) — Loss on modification or early extinguishment of debt 11,191 126 29,071 115 — 40,388 209 Adjustments to reflect DHC's share of Adjusted EBITDAre attributable to an equity method investment (3,072) 501 390 42 34 (2,181) (11,857) Adjusted EBITDAre $ 62,866 $ 73,613 $ 75,109 $ 67,049 $ 66,817 $ 211,588 $ 199,772 RETURN TO TABLE OF CONTENTS (1) DHC did not recognize an incentive management fee for the year ended December 31, 2024.

Q3 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 Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Net loss $ (164,040) $ (91,639) $ (8,986) $ (87,446) $ (98,689) $ (264,665) $ (282,809) Depreciation and amortization 65,324 66,266 68,325 77,508 68,959 199,915 207,449 (Gain) loss on sale of properties (1,260) 7,429 (110,140) (38) (111) (103,971) 18,976 Impairment of assets 93,243 30,993 38,472 29,016 23,031 162,708 41,718 Equity in net (earnings) losses of investees (5,083) (3,082) (1,487) (11,479) (527) (9,652) 9,882 Share of FFO from unconsolidated joint ventures 2,199 2,715 2,737 2,672 2,273 7,651 6,334 Adjustments to reflect DHC's share of FFO attributable to an equity method investment 3,731 895 1,073 1,572 1,698 5,699 12,235 FFO (5,886) 13,577 (10,006) 11,805 (3,366) (2,315) 13,785 Incentive management fees (1) 5,676 4,148 2,407 (6,934) 6,934 12,231 6,934 Acquisition and certain other transaction related costs 1,158 75 24 267 331 1,257 2,243 Gain on insurance recoveries — — (7,522) — — (7,522) — Loss on modification or early extinguishment of debt 11,191 126 29,071 115 — 40,388 209 Adjustments to reflect DHC's share of Normalized FFO attributable to an equity method investment (2,418) 646 331 37 127 (1,441) (8,792) Normalized FFO $ 9,721 $ 18,572 $ 14,305 $ 5,290 $ 4,026 $ 42,598 $ 14,379 (1) DHC did not recognize an incentive management fee for the year ended December 31, 2024.

Q3 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 Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Normalized FFO $ 9,721 $ 18,572 $ 14,305 $ 5,290 $ 4,026 $ 42,598 $ 14,379 General and administrative expense paid in common shares 1,164 1,062 592 324 925 2,818 2,423 Net amortization of debt discounts, premiums and issuance costs 20,121 19,886 26,087 26,795 26,188 66,094 76,642 Non-cash amortization included in expenses (943) (942) (943) (944) (943) (2,828) (2,828) Non-cash straight line rent adjustments included in rental income (450) 146 (455) 160 (658) (759) (1,605) Lease value amortization included in rental income 29 28 26 22 27 83 84 Recurring capital expenditures (40,562) (29,329) (26,486) (44,241) (38,274) (96,377) (96,711) Share of FFO from unconsolidated joint ventures (2,199) (2,715) (2,737) (2,672) (2,273) (7,651) (6,334) Adjustments to reflect DHC's share of FFO and Normalized FFO attributable to an equity method investment (1,313) (1,541) (1,404) (1,609) (1,825) (4,258) (3,443) Unconsolidated joint venture distributions (1) 28,250 — — — — 28,250 1,231 Equity method investment distribution 3,400 — 17,000 — — 20,400 — CAD $ 17,218 $ 5,167 $ 25,985 $ (16,875) $ (12,807) $ 48,370 $ (16,162) Weighted average common shares outstanding (basic and diluted) 240,385 240,132 239,957 239,949 239,667 240,160 239,396 Per common share data (basic and diluted): Net loss $ (0.68) $ (0.38) $ (0.04) $ (0.36) $ (0.41) $ (1.10) $ (1.18) FFO $ (0.02) $ 0.06 $ (0.04) $ 0.05 $ (0.01) $ (0.01) $ 0.06 Normalized FFO $ 0.04 $ 0.08 $ 0.06 $ 0.02 $ 0.02 $ 0.18 $ 0.06 CAD $ 0.07 $ 0.02 $ 0.11 $ (0.07) $ (0.05) $ 0.20 $ (0.07) (1) In August 2025, DHC received a cash distribution of $28,000 from the Seaport Innovation LLC in connection with the refinancing of the Seaport Innovation LLC's prior mortgage loan.

Q3 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

Q3 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 September 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 September 30, 2025 and 100% of rents pursuant to existing leases as of September 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

Q3 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 September 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

Q3 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. 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 September 30, 2025, same property consists of properties owned, in service and reported in the same segment since July 1, 2024; excludes properties classified as held for sale, closed or out of service, if any, planned dispositions and medical office and life science properties owned by unconsolidated joint ventures in which DHC owns an equity interest. Properties are included in same property once stabilized for the full period in both comparison periods presented. As of and for the nine months ended September 30, 2025, same property consists of properties owned, in service and reported in the same segment since January 1, 2024; excludes properties classified as held for sale, closed or out of service, if any, planned dispositions and medical office and life science properties owned by unconsolidated joint ventures in which DHC owns an equity interest. Properties are included in same property once stabilized for the full period in both comparison periods presented. 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. 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. Non-GAAP Financial Measures and Certain Definitions (continued) RETURN TO TABLE OF CONTENTS

Q3 2025 41 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 September 30, 2025. Non-GAAP Financial Measures and Certain Definitions (continued) RETURN TO TABLE OF CONTENTS

Q3 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: leasing momentum in DHC's Medical Office and Life Science Portfolio; the demand in, performance of and improvement in DHC's SHOP segment; expected timing of the management transitions of the remaining AlerisLife-managed communities to third party managers; DHC's expectations regarding labor expenses in its SHOP segment; DHC's ability to address its near term debt maturities, maintain a strong balance sheet and deliver attractive returns for shareholders; DHC's property dispositions; DHC’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, any U.S. government shutdown, 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; the likelihood that DHC may experience temporary disruption, including reductions in its cash flows, as DHC transitions the management of 116 of its senior living communities managed by Five Star to seven different third party managers; 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, tariffs, 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 secured 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