National Healthcare Properties, Inc. · NASDAQ:NHP
National Healthcare Properties — Q1 2026 Earnings Presentation
24 slides from National Healthcare Properties's earnings presentation, May 14, 2026
Slide 1: Investor Update
May 2026 Investor Update
Slide 2: Forward-Looking Statements
Forward-Looking Statements 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 Securities Act, Section
Slide 3: Company Strategy First Quarter Highlights and Guidance NHP at a Glance
04 Company Strategy 05 First Quarter Highlights and Guidance 09 NHP at a Glance 10 IPO Summary 11 SHOP Acquisition Pipeline 12 Portfolio Strategy 13 Senior Housing Operating Properties 17 Outpatient Medical Facilities 22 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: First Quarter Highlights
Quarterly Highlights First Quarter Highlights 757 Franciscan Munster, IN First Quarter 2026 5
Slide 6: First Quarter Highlights
First Quarter Highlights Financial Performance Organic Growth Balance Sheet & Capital • Net loss attributable to common • First quarter portfolio Same Store Cash Net • As of March 31, 2026, total debt stockholders of $(0.27) per basic and Operating Income (“NOI”) growth was outstanding ( was approxi
Slide 7: First Quarter Highlights
First Quarter Highlights Same Store Cash NOI ($M) Normalized FFO per share Net Debt to Annualized (1) Adjusted EBITDA $0.27 12% $33.1 $0.26 13.5x $31.9 $0.22 (4.9x) $31.4 $0.20 10.3x $30.5 9.6x 9.2x 9.2x 8.8x 8.6x $29.5 $0.13 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q3'24 Q4'24 Q1
Slide 8: Full Year 2026 Guidance
Full Year 2026 Guidance For the full year 2026, the Company has established the following guidance ranges: • SHOP Same Store Cash NOI growth of 13.0% to 16.0% • OMF Same Store Cash NOI growth of 2.5% to 3.5% • Acquisitions of approximately $375 million to $425 million • Dispositions of approximately
Slide 9: NHP at a Glance
NHP at a Glance % Q1'26 Cash NOI $2.2B Gross Real Estate Value 166 $132.2M 61% Properties(1) Q1'26 Annualized Same Store Cash NOI(3) 3,615 3.6M 39% Senior Housing Sq. Ft. of Outpatient Medical OMF SHOP Units(2) Gross Leasable Area(3) Note: Portfolio statistics and financial metrics presented as of M
Slide 10: 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 Estimated Dividend(1) $0.30 per share Use of Proceeds • Repaid $186M of outstanding indebtedness
Slide 11: SHOP Acquisition Pipeline
SHOP Acquisition Pipeline Opportunities vetted to deploy capital where we have an opportunity to enhance long-term performance • PSA signed for 13 communities • ~$64M | 592 AL units | Operator: to remain DSL (1) +$5.3B • Sourced off-market through DSL due to SHOP team’s close relationship of potenti
Slide 12: Portfolio Strategy
Portfolio Strategy Investing with Purpose. Executing with Precision. Bayshore Memory Care Naples, Florida First Quarter 2026 12
Slide 13: SHOP: Growing Relative Exposure to Generational Opportunity
SHOP: Growing Relative Exposure to Generational Opportunity Care Mix as a Percentage of Total Units(5) 37 Communities(1) | 3,615 Units | 12 States 85.2% Occupied(2) | 96% Private Pay(3) | $51.0M SS Cash NOI(4) Independent Living 24% Assisted High-Acuity Care Emphasis Living ~76% of our units are ded
Slide 14: 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 15: 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 % Q1'26 CNOI 16
Slide 16: SHOP: Translating Demographic Tailwinds into Operating Gains
SHOP: Translating Demographic Tailwinds into Operating Gains Spot Occupancy Same Store RevPOR (1) $6,340 85.2% $6,071 80.9% 9.1% $5,805 9.2% 76.1% Increase since Increase since Q1'24 Q1'24 Q1'24 Q1'25 Q1'26 Q1'24 Q1'25 Q1'26 NHP has demonstrated the ability to capitalize upon the generational opport
Slide 17: 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 94.0% Leased 2.2% Avg. Annual Escalator $81.2M Annualized Q1'26 SS Cash NOI 759 Franciscan Mainlan
Slide 18: Outpatient Medical Outlook
Outpatient Medical Outlook Rising Demand, Lower Hospitalization, Limited New Supply Demographic Tailwinds Transition to Outpatient Care Favorable Supply Dynamics • National Health Expenditures (NHE) • Hospital utilization is in a long-term secular • Outpatient Medical Facilities are generally repres
Slide 19: OMF: Strong Tenants. Strategic Locations.
OMF: Strong Tenants. Strategic Locations. Sq. Ft. of Gross Top OMF Tenants OMF Assets States Leasable Area 129 26 3.6M # Tenant Credit Rating(1) WALTR(2) % ABR(3) 1 University of Pittsburgh Medical Center (UPMC) A 8.9 years 13.0 % 2 Advocate Aurora Healthcare AA 5.0 years 7.8 % 3 Memorial Health Sys
Slide 20: OMF: Well Laddered Expiration Schedule
OMF: Well Laddered Expiration Schedule OMF Expirations by Year (based on annualized rental income(1) %) 18% 14% 18% 13% 12% 10% 8% 7% Thereafter 6% 5% 4% 3% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter Expirations in 2026 and 2027 are at below-average rates, providing an opportunity
Slide 21: OMF: Recent Dispositions Accretive to Portfolio Quality
OMF: Recent Dispositions Accretive to Portfolio Quality Proactive Pruning Demonstrates Value Creation(1) Strategic Focus on Off-Campus Assets 68% of properties are off-campus and 65% are leased to health systems — supporting community-based care. Fee Simple Ownership 85% of the portfolio is owned fe
Slide 22: Balance Sheet Strategy
Balance Sheet Strategy Declining Leverage and Improved Liquidity Laguna Professional Center Elk Grove, CA First Quarter 2026 22
Slide 23: Disciplined Progress Toward Stronger Balance Sheet
Disciplined Progress Toward Stronger Balance Sheet • Well-laddered profile enhances balance sheet stability As of March 31, 2026 ($ millions) Coupon(1) Maturity • Further Annualized Adjusted EBITDA was 8.6x Mortgage notes payable • Assumes that properties with negative NOI that Secured Term Loan 1 $
Slide 24: www.nhpreit.com
National Healthcare Properties www.nhpreit.com
National Healthcare Properties — Q1 2026 Earnings Presentation on 6ix