National Healthcare Properties, Inc. · NASDAQ:NHP
National Healthcare Properties — Q4 2024 Earnings Presentation
35 slides from National Healthcare Properties's earnings presentation, Feb 28, 2025
Slide 1: National Healthcare Properties, Inc. Investor Webcast Presentation
National Healthcare Properties, Inc. Investor Webcast Presentation (February 28, 2025) Fourth Quarter 2024 1
Slide 2: Financial Highlights - National Health Properties, Inc. (NHP)
Financial Highlights - National Health Properties, Inc. (NHP) Enterprise Results (Fourth Quarter & Full Year 2024) Fourth Quarter Enterprise Results Full Year Enterprise Results % % Q4'24 Q4'23 $ Change Change 2024 2023 $ Change Change Net Loss Attributable to Common Stockholders $(20,437) $(28,268)
Slide 3: Portfolio Overview and Results
Portfolio Overview and Results Portfolio Overview (As of December 31, 2024) • High quality OMF portfolio delivered durable Same Store Cash NOI and occupancy results ◦ Proactive OMF leasing activity with 26 lease renewals completed in Q4'24 totaling 803,256 SF at a positive Lease Number of Properties
Slide 4: Enterprise Results and Leverage
Enterprise Results and Leverage Enterprise Results (Fourth Quarter & Full Year 2024) .8% Q4'24 Q4'23 2024 2023 $ in millions 40 $15,740 Net Loss Attributable to $11,179 Common Stockholders $(20,437) $(28,268) $(203,495) $(86,097) .8% 59 1 $7,925 FFO $4,099 $(3,164) $(109,156) $(1,445) AFFO $7,925 $1
Slide 5: FY 2024 Highlights
FY 2024 Highlights • Completed internalization of management, marking a pivotal moment in NHP's evolution ◦ More than $25 million of annualized cost savings estimated to be realized from the Internalization and internalization(1) • Engaged BMO for continued preparation for a public listing, corporat
Slide 6: Strategic Partners
Strategic Partners NHP tenants and partners include some of the top healthcare brands in well-established markets OMF SHOP ☑ Developed strong tenant relationships with leading healthcare institutions such as University of Pittsburgh Medical Center (UPMC), Advocate Aurora Health, Trinity Healthcare,
Slide 7: Portfolio Performance: Outpatient Medical Facilities (OMF)
Portfolio Performance Outpatient Medical Facilities (OMF) Bowie Gateway Medical Center Bowie, Maryland 7 7
Slide 8: OMF Performance
OMF Performance OMF Portfolio Highlights Same Store Cash NOI (in millions) 93.6% 93.0% 93.2% 94.0% 93.0% 148 Total Properties 100.0% $19.7 $19.4 $19.0 $19.8 28 States $18.8 4.7 Million Rentable Square Feet 50.0% 121 Same Store Properties ) 2.2% Average Annual Base Cash Rent Escalations(1 —% 93% Same
Slide 9: Outpatient Medical Facility Tenant Highlight: UPMC Portfolio Lease Renewals
Outpatient Medical Facility Tenant Highlight UPMC Portfolio Lease Renewals • In 2014, NHP acquired a portfolio of eight outpatient medical facilities in Central Pennsylvania from Pinnacle Health Hospitals (predecessor to UPMC). At the time of acquisition, five of the assets were fully leased with a
Slide 10: Portfolio Performance: Senior Housing Operating Properties (SHOP)
Portfolio Performance Senior Housing Operating Properties (SHOP) Addington Place of Jupiter Jupiter, FL 10 10
Slide 11: Senior Housing Aging Population
Senior Housing Aging Population Baby Boomers begin turning 80 for the first time in 2026, driving demand for SHOP assets nationwide The Baby Boomer generation holds a significant portion of the nation's wealth, controlling approximately 51% of the wealth in the U.S. This aging and wealthy population
Slide 12: Senior Housing Performance
Senior Housing Performance Same Store Revenue (in millions) SHOP Portfolio Highlights 45 Total Properties $52.0 $52.5 40 Same Store Properties $51.0 $49.7 $50.0 12 States $49.0 $47.8 3,919 Available Units $47.5 5.2% Same Store YoY Occupancy Growth Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 22.8% Same Store YoY C
Slide 13: Strategic Initiatives
Strategic Initiatives Addington Place of Stuart Stuart, FL 13 13
Slide 14: Strategic Disposition Initiative Update
Strategic Disposition Initiative Update Expected # of Disposition Price Cash Cap Rate(1) Wtd. Avg. Lease Disposition Properties Closing Properties ($ mm) Term Remaining Copper Springs (SHOP) - Meridian, ID Closed: Q2'24 1 $3.3 N/M N/A Illinois 7-Property Portfolio (OMF) Closed: Q3'24 7 $50.5 10.0% 3
Slide 15: Capitalization
Capitalization FOC Clinical OMF Mechanicsburg, Pennsylvania 15 15
Slide 16: Capitalization Highlights
Capitalization Highlights Net Debt / Annualized Adjusted EBITDA Debt Capitalization ($mm) Q4'24 Mortgage Notes Payable $790 18.0x Fannie Mae Master Credit Facilities 341 15.0x Capital One OMF Warehouse Facility 22 12.0x Total Debt $1,153 Economic Interest Rate(1) 5.0% 9.0x 14.2x 14.3x 13.6x 6.0x 12.
Slide 17: Leadership Team
Leadership Team Estate at Hyde Park Tampa, Florida 17 17
Slide 18: Leadership - Senior Management Team
Leadership - Senior Management Team Highly Accomplished Senior Management Team Michael Anderson • Chief Executive Officer and President since September 2023 and member of Board of Directors since September 2024 • Led over $10 billion in real estate, equity/debt, M&A and other corporate transactions
Slide 19: Leadership - Board of Directors
Leadership - Board of Directors Seasoned Board of Director Members (1) Leslie D. Michelson, Non-Executive Chair of the Board of Directors, Chair of Audit Committee • Currently serves as lead independent director of Franklin BSP Franklin Lending Corporation and independent director of Global Net Leas
Slide 20: Disclaimer
Disclaimer References in this presentation to the “NHP,” “we,” “us” and “our” refer to National Healthcare Properties, Inc. and its consolidated subsidiaries. This presentation contains “forward-looking statements,” as that term is defined under Section 21E of the Securities Exchange Act of 1934, as
Slide 21: Appendix: Financial Definitions
Appendix: Financial Definitions 21 21 21
Slide 22: Non-GAAP Financial Measures
Appendix: Financial Definitions Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, including funds from operations (“FFO”), adjusted funds from operations (“AFFO”), Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted Earnings b
Slide 23: Caution on the Use of Non-GAAP Measures (continued)
Appendix: Financial Definitions Caution on the Use of Non-GAAP Measures (continued) As a result, NHP believes that the use of FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of its operating performance including relative to its peers and a more inf
Slide 24: Adjusted Funds from Operations
Appendix: Financial Definitions Adjusted Funds from Operations NHP also believes that AFFO is a meaningful supplemental non-GAAP measure of its operating results. NHP calculates AFFO by further adjusting FFO to reflect the performance of its portfolio for items it believes are not directly attributa
Slide 25: Net Operating Income
Appendix: Financial Definitions Net Operating Income Net Operating Income (“NOI”) is a non-GAAP financial measure equal to total revenues from tenants, less property operating costs. NHP evaluates the performance of the combined properties in each segment based NOI. As such, this excludes all other
Slide 26: Financial Definitions
Appendix: Financial Definitions Annualized Straight-Line Base Rent: Represents the total contractual base rents on a straight-line basis to be received throughout the duration of the lease currently in place expressed as a per annum value. Includes adjustments for non-cash portions of rent. Cash Ren
Slide 27: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations 27 27 27
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended Years Ended December 31, September 30, December 31, Amounts in thousands, except per share data 2024 2024 June 30, 2024 March 31, 2024 2023 2024 2023 OMFs: Revenue from tenants $33,744 $34,303 $34,671 $34,599 $34,263 $137,317 $135,449 Property operating an
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended Years Ended December 31, September 30, March 31, December 31, Amounts in thousands, except per share data 2024 2024 June 30, 2024 2024 2023 2024 2023 Net loss attributable to common stockholders (in accordance with GAAP) $ (20,437) $ (44,142) $ (119,916) $
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended Years Ended December 31, September 30, December 31, Amounts in thousands 2024 2024 June 30, 2024 March 30, 2024 2023 2024 2023 Net loss (in accordance with GAAP) $ (17,025) $ (40,771) $ (116,918) $ (15,549) $ (24,856) $ (190,263) $ (72,380) Interest expens
Slide 31: Same Store Property Reconciliation
Same Store Property Reconciliation OMF SHOP Total Properties as of December 31, 2023 156 48 Acquisitions 4 — Dispositions (12) (3) Total Properties as of December 31, 2024 148 45 Total Properties as of December 31, 2024 148 45 Non-Core Properties(1) (16) (5) Acquisitions (7) — Dispositions (4) — Sam
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended Years Ended December September June 30, March 31, December $ in thousands 31, 2024 30, 2024 2024 2024 31, 2023 2024 2023 OMF Segment - Revenue from tenants $ 33,744 $ 34,303 $ 34,671 $ 34,599 $ 34,263 $ 137,317 $ 135,449 OMF Segment - Property operating an
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended Years Ended December September June 30, March 31, December $ in thousands 31, 2024 30, 2024 2024 2024 31, 2023 2024 2023 SHOP Segment - Revenue from tenants $ 53,994 $ 54,637 $ 54,145 $ 53,701 $ 52,516 216,477 210,476 SHOP Segment - Property operating and
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended Years Ended $ in thousands December 31, September 30, March 31, December 31, 2024 2024 June 30, 2024 2024 2023 2024 2023 OMF Revenue Total Portfolio $ 33,743 $ 34,303 $ 34,671 $ 34,599 $ 34,263 $ 137,317 $ 135,449 Acquisitions (1,119) (1,069) (1,029) (867)
Slide 35: Shareholder account information and contact
§ For account information, including balances and the status of submitted paperwork, please call us at 1-888-796-2490 § Financial Advisors may view client accounts at www.computershare.com/ advisorportal NHPREIT.com § Shareholders may access their accounts at www.computershare.com/hti 35 35
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