National Healthcare Properties, Inc. · NASDAQ:NHP
National Healthcare Properties — Q2 2026 Earnings Presentation
25 slides from National Healthcare Properties's earnings presentation, Aug 6, 2026
Slide 1: Investor Update
August 2026 Investor Update
Slide 2: Forward-Looking Statements and Disclaimer
Forward-Looking Statements and Disclaimer References in this presentation to the “Company,” “we,” “us” and “our” refer to National Healthcare Properties, Inc. and its consolidated subsidiaries. This presentation contains “forward-looking” statements within the meaning of Section 27A of the Securitie
Slide 3: Agenda
04 Company Strategy 05 Second Quarter Highlights and Guidance 10 NHP at a Glance 11 IPO Summary 12 SHOP Acquisition Pipeline 14 Portfolio Strategy 15 Senior Housing Operating Properties 19 Outpatient Medical Facilities 23 Balance Sheet Strategy Addington Place of Stuart Stuart, FL
Slide 4: A Disciplined Approach to Growth
A Disciplined Approach to Growth National Healthcare Properties, Inc. (Nasdaq: NHP) is a self-managed real estate investment trust focused on acquiring, owning and investing in a diversified portfolio of healthcare real estate, with an emphasis on providing senior housing to serve a growing elderly
Slide 5: Second Quarter Highlights
Quarterly Highlights Second Quarter Highlights 757 Franciscan Munster, IN Second Quarter 2026 5
Slide 6: Second Quarter Highlights
Second Quarter Highlights Financial Performance Organic Growth Balance Sheet & Capital • Net loss attributable to common • Second quarter portfolio Same Store Cash • As of June 30, 2026, total debt stockholders of $(0.13) per basic and Net Operating Income (“NOI”) growth was outstanding was approxim
Slide 7: 2026 Transaction Summary
2026 Transaction Summary SHOP Acquisitions and Non-Core Disposition • Through 2026, completed $280 million in SHOP acquisitions with an additional $120 million under contract • In May, entered into a definitive purchase and sale agreement to sell one non-core SHOP community in California for approxi
Slide 8: Second Quarter Highlights
Second Quarter Highlights Same Store Cash NOI ($M) Normalized FFO per share Net Debt to Annualized (1) Adjusted EBITDA 6.8% $33.1 $33.3 $0.27 $0.26 (8.6x) 13.5x $31.9 $0.22 $31.4 $31.1 $0.20 10.3x $0.18 9.6x 9.2x 9.2x 8.8x 8.6x 4.9x Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'24 Q
Slide 9: Revised Full Year 2026 Guidance
Revised Full Year 2026 Guidance For the full year 2026, the Company is revising certain guidance ranges as follows: As of 5/13/26 As of 8/5/26 SHOP Same Store Cash NOI growth 13.0% to 16.0% 15.0% to 18.0% OMF Same Store Cash NOI growth 2.5% to 3.5% 2.5% to 3.5% Acquisitions $375 million to $425 mill
Slide 10: NHP at a Glance
NHP at a Glance % Q2'26 Cash NOI $2.3B Gross Real Estate Value 168 $133.0M 61% Properties(1) Q2'26 Annualized Same Store Cash NOI(3) 3,824 3.6M 39% Senior Housing Units(2) Sq. Ft. of Outpatient Medical OMF SHOP Gross Leasable Area(3) Note: Portfolio statistics and financial metrics presented as of J
Slide 11: IPO Summary
IPO Summary Issuer National Healthcare Properties, Inc. Ticker (Exchange) NHP (Nasdaq) Shares of Class A Common Stock 44,275,000 (including overallotment) at $12.00 per share Gross Proceeds $531,300,000 Use of Proceeds • Repaid $186M of outstanding indebtedness under the Company's revolving credit f
Slide 12: SHOP Acquisition Pipeline
SHOP Acquisition Pipeline Successfully redeployed IPO proceeds into $280M of closed SHOP acquisitions with additional $120M under contract. Gross Purchase Year 1 Year 3 (1) Investment Activity Properties Units Price ($M) Yield (2) Yield (2) Q2 2026 - SHOP Acquisitions 2 211 $ 98,000 7.0% 7.2% Subseq
Slide 13: SHOP Acquisition Pipeline
SHOP Acquisition Pipeline Opportunities vetted to deploy capital where we have an opportunity to enhance long-term performance Portfolio Mix Current (% of Q2'26 Cash NOI) Post Acquisitions(3)(4) & (1) +$6.7B Dispositions of potential opportunities were evaluated and underwritten SHOP Remaining 39% O
Slide 14: Portfolio Strategy
Portfolio Strategy Investing with Purpose. Executing with Precision. Bayshore Memory Care Naples, Florida Second Quarter 2026 14
Slide 15: SHOP: Growing Relative Exposure to Generational Opportunity
SHOP: Growing Relative Exposure to Generational Opportunity Care Mix as a Percentage of Total Units(5) 39 Communities(1) | 3,824 Units(1) | 13 States 84.1% Occupied(2) | 96% Private Pay(3) | $52.3M SS Cash NOI(4) Independent Living 23% Assisted High-Acuity Care Emphasis Living ~77% of our units are
Slide 16: Senior Housing Outlook: Rising Demand, Affluent Consumers, Constrained Supply
Senior Housing Outlook: Rising Demand, Affluent Consumers, Constrained Supply Demographic Tailwinds Consumer Profile Favorable Supply Dynamics • The first Baby Boomers are entering their • Residing within a Senior Housing • New Senior Housing supply is limited early 80s – the prime cohort for needs-
Slide 17: SHOP: Positioned for Growth, Aligned with Demand
SHOP: Positioned for Growth, Aligned with Demand Partnerships That Drive Operational Success Our strong operator relationships and a seasoned in-house team enable hands-on management that drives strong occupancy, protects margins and unlocks growth opportunities. Partner Communities % Q2'26 CNOI 18
Slide 18: SHOP Translating Demographic Tailwinds into Operating Gains
SHOP Translating Demographic Tailwinds into Operating Gains SS Cash NOI Margin Expansion SS Revenue Per Occupied Room (RevPOR)(1) Growth 10.4% $6,390 22.4% 22.1% 21.5% $6,034 20.8% $5,790 20.1% 19.3% 19.0% 18.3% 18.3% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'24 Q2'25 Q2'26 NHP has de
Slide 19: Outpatient Medical Facilities (OMF) Predictable, Resilient Returns
Outpatient Medical Facilities (OMF) Predictable, Resilient Returns Same Store Properties 129 Buildings 761 Franciscan 3.6M Gross Leasable Munster, IN Area Mount Vernon Medical Building Mount Vernon, WA 94.3% Leased 2.2% Avg. Annual Escalator $80.7M Annualized Q2'26 SS Cash NOI 759 Franciscan Mainlan
Slide 20: Outpatient Medical Outlook
Outpatient Medical Outlook Rising Demand, Lower Hospitalization, Limited New Supply Demographic Tailwinds Transition to Outpatient Care Favorable Supply Dynamics • National Health Expenditures (NHE) • Hospital utilization is in a long-term secular • Outpatient Medical Facilities are generally repres
Slide 21: OMF: Strong Tenants. Strategic Locations.
OMF: Strong Tenants. Strategic Locations. SS Sq. Ft. of Gross SS Top OMF Tenants SS OMF Assets States Leasable Area 129 26 3.6M # Tenant Credit Rating(1) WALTR(2) % ABR(3) 1 University of Pittsburgh Medical Center (UPMC) A 8.7 years 13.0 % 2 Advocate Aurora Healthcare AA 4.7 years 7.8 % 3 Memorial H
Slide 22: OMF: Well Laddered Expiration Schedule
OMF: Well Laddered Expiration Schedule OMF Expirations by Year (based on annualized rental income(1) %) 18% 15% 12% 11% 8% 10% 18% 7% Thereafter 6% 6% 4% 3% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter Expirations in 2026 and 2027 are at below-average rates, providing an opportunity
Slide 23: Balance Sheet Strategy
Balance Sheet Strategy Declining Leverage and Improved Liquidity Laguna Professional Center Elk Grove, CA Second Quarter 2026 23
Slide 24: Disciplined Progress Toward Stronger Balance Sheet
Disciplined Progress Toward Stronger Balance Sheet • Well-laddered profile enhances balance sheet stability Amounts in millions, except coupon data As of June 30, 2026 Coupon(1) Maturity Mortgage notes payable • Further Annualized Adjusted EBITDA was 4.6x Secured Term Loan 1 $ 85.8 4.60% May 2028 Se
Slide 25: www.nhpreit.com
National Healthcare Properties www.nhpreit.com
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