Table of Contents Title Of Each Class Trading Symbol(s) Name Of Each Exchange On Which Registered Common Shares of Beneficial Interest DHC The Nasdaq Stock Market LLC 5.625% Senior Notes due 2042 DHCNI The Nasdaq Stock Market LLC 6.25% Senior Notes due 2046 DHCNL The Nasdaq Stock Market LLC Large Accelerated Filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPO ...

Financial Data and Key Metrics Changes - The company reported normalized FFO attributable to common shareholders of $0.09 per share, which was $0.03 per share higher than the third quarter [29] - Interest expense was $57.8 million for the fourth quarter, consistent with the third quarter but increased approximately $14.5 million year-over-year [32] - The company had $74 million of cash at December 31, 2020, and following recent transactions, had $800 million available on its revolving credit facility, which remains undrawn [28] Business Line Data and Key Metrics Changes - Same property SHOP average occupancy declined to 72.7% in the fourth quarter, down 320 basis points sequentially [14] - Same property revenues in the SHOP segment were down 2.1% from the third quarter, driven by lower occupancy, while same property average monthly rates were up 70 basis points compared to the third quarter [30] - The office portfolio's same property occupancy was 93.7%, a 70 basis point increase over the third quarter [20] Market Data and Key Metrics Changes - The company executed 413,000 square feet of new and renewal leases during the fourth quarter, more than doubling the previous quarter's results [21] - Rent collections in the office portfolio were approximately 99% during the fourth quarter and in January and February [34] - The triple net senior living portfolio represented 10% of fourth quarter NOI, with rent coverage of 1.61x in aggregate as of the third quarter of 2020 [24] Company Strategy and Development Direction - The company shifted its strategy in 2020 due to COVID-19, focusing on supporting tenants and safeguarding health in senior living communities [9] - The company plans to reposition its portfolio and invest capital to recover from COVID-19 impacts, with no current plans for dispositions beyond a few properties [38] - The company is optimistic about post-COVID demographic tailwinds supporting growth and improved profitability [12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding vaccination progress in senior living communities and the potential for a return to normalcy [35] - The company noted a favorable supply-demand dynamic in the senior living industry as construction starts slowed and inventory growth is expected to moderate in 2021 [19] - Management highlighted the critical need for socialization and quality care in senior living communities, especially in light of studies linking social isolation to health risks [18] Other Important Information - The company amended its credit facilities to provide waivers of most financial covenants through June 2022 and extended the maturity of the revolving credit facility into January 2024 [27] - The company spent $64.7 million on capital expenditures in the fourth quarter, with a significant portion allocated to recurring building improvements [33] Q&A Session Summary Question: What might be a reasonable expectation for dispositions in 2021? - Management indicated that cap rate expectations remain around 8% and mentioned one property under agreement for sale, with a focus on repositioning the portfolio rather than extensive dispositions [37][38] Question: How do discussions go between DHC and Five Star regarding property sales? - Management confirmed regular discussions with Five Star's senior management to identify underperforming properties for potential sale, ensuring no competition with other communities [39] Question: Is there any situation in which the company would have to return any of the CARES Act funds? - Management expressed confidence that there is little risk of having to return the CARES Act funds, with some money still on the balance sheet awaiting recognition [40]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-15319 DIVERSIFIED HEALTHCARE TRUST (Exact Name of Registrant as Specified in Its Charter) Maryland 04-3445278 (State of Organization) (IRS Employer Identification N ...

Diversified Healthcare Trust (NASDAQ:DHC) Q3 2020 Earnings Conference Call November 5, 2020 10:00 AM ET Company Participants Michael Kodesch - Director, IR Jennifer Francis - President & COO Richard Siedel - CFO & Treasurer Conference Call Participants Vikram Malhotra - Morgan Stanley Bryan Maher - B. Riley Securities, Inc. Michael Carroll - RBC Capital Markets Kyle Bauser - Colliers Securities Joshua Dennerlein - Bank of America Merrill Lynch Operator Good day, and welcome to the Diversified Healthcare Tru ...

Table of Contents Title Of Each Class Trading Symbol(s) Name Of Each Exchange On Which Registered Common Shares of Beneficial Interest DHC The Nasdaq Stock Market LLC 5.625% Senior Notes due 2042 DHCNI The Nasdaq Stock Market LLC 6.25% Senior Notes due 2046 DHCNL The Nasdaq Stock Market LLC Large Accelerated Filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPO ...

Table of Contents Title Of Each Class Trading Symbol(s) Name Of Each Exchange On Which Registered Common Shares of Beneficial Interest DHC The Nasdaq Stock Market LLC 5.625% Senior Notes due 2042 DHCNI The Nasdaq Stock Market LLC 6.25% Senior Notes due 2046 DHCNL The Nasdaq Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ ...

Diversified Healthcare Trust (NASDAQ:DHC) Q2 2020 Earnings Conference Call August 6, 2020 10:00 AM ET Company Participants Michael Kodesch - Director, IR Jennifer Francis - President and COO Richard Siedel - CFO Conference Call Participants Jason Idoine - RBC Capital Markets Bryan Maher - B. Riley FBR Aaron Hecht - JMP Securities Operator Good morning and welcome to the Diversified Healthcare Trust Second Quarter 2020 Financial Results Conference Call. All participants will be in a listen-only mode. [Operat ...

Table of Contents Title Of Each Class Trading Symbol(s) Name Of Each Exchange On Which Registered Common Shares of Beneficial Interest DHC The Nasdaq Stock Market LLC 5.625% Senior Notes due 2042 DHCNI The Nasdaq Stock Market LLC 6.25% Senior Notes due 2046 DHCNL The Nasdaq Stock Market LLC Large Accelerated Filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPO ...

Diversified Healthcare Trust (NASDAQ:DHC) Q1 2020 Earnings Conference Call May 7, 2020 10:00 AM ET Company Participants Michael Kodesch - Director, IR Jennifer Francis - President & COO Richard Siedel - CFO & Treasurer Conference Call Participants Bryan Maher - B. Riley FBR, Inc. Operator Good day, and welcome to the Diversified Healthcare Trust First Quarter 2020 Results Conference Call and Webcast. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference ...

Diversified Healthcare Trust (NASDAQ:DHC) Q4 2019 Results Conference Call March 2, 2020 10:00 AM ET Company Participants Michael Kodesch - Director, IR Jennifer Francis - President and COO Rick Siedel - CFO and Treasurer Conference Call Participants Drew Babin - Baird Vikram Malhotra - Morgan Stanley Bryan Maher - B. Riley FBR Michael Carroll - RBC Capital Markets Omotayo Okusanya - Mizuho Operator Good morning, and welcome to the Diversified Healthcare Trust Fourth Quarter 2019 Financial Results Conference ...