National Healthcare Properties, Inc. · NASDAQ:NHP
National Healthcare Properties — Q1 2025 Earnings Presentation
38 slides from National Healthcare Properties's earnings presentation, May 9, 2025
Slide 1: National Healthcare Properties, Inc. Investor Webcast Presentation
National Healthcare Properties, Inc. Investor Webcast Presentation (May 9, 2025) First Quarter 2025 1
Slide 2: Financial Highlights
Financial Highlights - National Health Properties, Inc. (NHP) Enterprise Results (First Quarter 2025) First Quarter Enterprise Sequential Results First Quarter Enterprise Year-over-Year Results % % Q1'25 Q4'24 $ Change Change Q1'25 Q1'24 $ Change Change Net Loss Attributable to Common Stockholders $
Slide 3: Portfolio Overview and Results
Portfolio Overview and Results • High quality OMF portfolio delivered durable Same Store occupancy results ◦ Proactive OMF leasing activity with eight lease renewals completed in Q1'25 totaling 25,994 SF at a positive Lease Renewal Rental Spread of 4.3% adding 5.5 years of WALT(1) • Strong SHOP Same
Slide 4: Enterprise Results and Leverage
Enterprise Results and Leverage Enterprise Results Q1'25 Q4'24 Q1'24 7% $0.31 $0.31 Net Loss Attributable to Common $0.28 10. Stockholders $(5,019) $(20,437) $(19,000) 0% FFO $4,116 $4,099 $908 52 AFFO $8,785 $7,925 $1,506 Net loss per share attributable to $0.05 common shareholders — Diluted $(0.18
Slide 5: 2024 and Q1 2025 Highlights
2024 and Q1 2025 Highlights • Completed internalization of management in 2024, marking a pivotal moment in NHP's evolution Internalization and ◦ More than $25 million of annualized cost savings estimated to be realized(1) Preparation for Public ◦ Internalization fee paid in full as of Q1'25 Listing
Slide 6: OMF Strategic Partners
OMF Strategic Partners NHP tenants and partners include some of the top healthcare brands in well-established markets Strong tenant relationships with leading healthcare institutions such as University of Pittsburgh Medical Center (UPMC), Advocate Aurora Health, Trinity Healthcare, Ascension and Dig
Slide 7: Portfolio Performance
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) 92.6% 92.9% 93.7% 92.3% 91.6% 136 Total Properties $19.6 $19.4 $19.0 $19.8 $19.1 27 States 3.7 Million Rentable Square Feet 128 Same Store Properties 2.3% Average Annual Base Cash Rent Escalations(1) 91.6% Same Store Occupanc
Slide 9: Case Study - Landis Memorial Hospital
Case Study - Landis Memorial Hospital The strategic disposition of Landis Memorial Hospital advanced NHP's OMF repositioning and deleveraging initiatives Investment Highlights Acquisition Date September 2014 • Due to the current use as a psychiatric care Purchase Price $42,565,000 facility as well a
Slide 10: Portfolio Performance
Portfolio Performance Senior Housing Operating Properties (SHOP) Addington Place of Jupiter Jupiter, FL 10 10
Slide 11: Senior Housing Strategic Partners
Senior Housing Strategic Partners Strategic partnership with top national senior housing operators and their dedicated in-house teams to deliver strong returns and exceptional services • Developed exclusive brands such as Arvum Senior Living with Discovery Senior Living for NHP's SHOP properties • U
Slide 12: Senior Housing Performance
Senior Housing Performance SHOP Portfolio Highlights 45 Total Properties 40 Same Store Properties 12 States 3,939 Total Available Units 4.9% Same Store YoY Occupancy Growth 18.0% Same Store YoY Cash NOI Growth $5,908 Total SHOP Segment RevPOR(1) Same Store Cash NOI (in millions) Same Store Occupancy
Slide 13: Senior Housing Key Metrics
Senior Housing Key Metrics Revenue Per Occupied Room Growth $5,908 $5,572 $5,562 $5,456 • RevPOR increased 6.2% quarter-over-quarter and 6.0% year-over-year to $5,908 in March 2025 • Steadily increasing census since Q1'24 demonstrates robust market demand and limited supply, supporting management's
Slide 14: Case Study - Addington Place of Des Moines
Case Study - Addington Place of Des Moines Strong SHOP occupancy and NOI growth driven by favorable demographic trends of aging and wealthy population, innovative management and strategic partnership with leading operator Addington Place of Des Moines Operated by: Discovery Senior Living Type: Assis
Slide 15: Strategic Initiatives
Strategic Initiatives Addington Place of Stuart Stuart, FL 15 15
Slide 16: Strategic Disposition Initiative Update
Strategic Disposition Initiative Update # of Wtd. Avg. Lease Disposition Properties Expected Closing Properties Disposition Price ($ mm) Term Remaining Mesa, AZ (OMF) Closed Q1'25 1 $6.0 3.3 Multi-State 10-Property Portfolio (OMF) Closed Q1'25 10 $108.4 4.0 Harrisburg, PA (OMF) Closed Q1'25 1 $54.0
Slide 17: Capitalization
Capitalization FOC Clinical OMF Mechanicsburg, Pennsylvania 17 17
Slide 18: Capitalization Highlights
Capitalization Highlights Debt Capitalization ($mm) Q1'25 Net Debt / Annualized Adjusted EBITDA Mortgage Notes Payable $721 18.0x Fannie Mae Master Credit Facilities 339 15.0x Capital One OMF Warehouse Facility(3) 22 Total Debt $361 12.0x Economic Interest Rate(1) 5.1% 9.0x 14.6x 13.7x 6.0x 12.5x Ke
Slide 19: Leadership Team
Leadership Team Estate at Hyde Park Tampa, Florida 19 19
Slide 20: 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 21: Leadership - Board of Directors
Leadership - Board of Directors Seasoned and Distinguished 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 Capital Corporation and independent director of Global
Slide 22: 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 23: Appendix: Financial Definitions
Appendix: Financial Definitions 23 23 23
Slide 24: Appendix: Financial Definitions
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 25: Caution on the Use of Non-GAAP Measures
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 26: 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 27: 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 28: Annualized Straight-Line Base Rent
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 29: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations 29 29 29
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended March 31, December September June 30, March 31, Amounts in thousands, except per share data 2025 31, 2024 30, 2024 2024 2024 OMFs: Revenue from tenants $30,635 $33,744 $34,303 $34,671 $34,599 Property operating and maintenance 11,169 9,118 10,656 9,727 9,7
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended March 31, December 31, September 30, March 31, Amounts in thousands, except per share data 2025 2024 2024 June 30, 2024 2024 Net loss attributable to common stockholders (in accordance with GAAP) $ (5,019) $ (20,437) $ (44,142) $ (119,916) $ (19,000) Depre
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended March 30, December 31, September 30, March 30, Amounts in thousands 2025 2024 2024 June 30, 2024 2024 Net loss (in accordance with GAAP) $ (1,515) $ (17,025) $ (40,771) $ (116,918) $ (15,549) Interest expense 14,529 17,305 18,007 17,752 16,383 Income tax e
Slide 33: Total & Same Store Property Reconciliation
Total & Same Store Property Reconciliation OMF SHOP Total Properties as of December 31, 2024 148 45 Acquisitions — — Dispositions (12) — Total Properties as of March 31, 2025 136 45 Total Properties as of March 31, 2025 136 45 Non-Core Properties(1) (4) (5) Acquisitions — — Dispositions (4) — Same S
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended March 31, December 31, September 30, March 31, $ in thousands 2025 2024 2024 June 30, 2024 2024 OMF Segment - Revenue from tenants $ 30,635 $ 33,744 $ 34,303 $ 34,671 $ 34,599 OMF Segment - Property operating and (11,169) (9,118) (10,656) (9,727) (9,700) m
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended March 31, December 31, September 30, March 31, $ in thousands 2025 2024 2024 June 30, 2024 2024 SHOP Segment - Revenue from tenants $ 55,808 $ 53,994 $ 54,637 $ 54,145 $ 53,701 SHOP Segment - Property operating and (46,371) (45,472) (45,751) (45,279) (45,4
Slide 36: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended $ in thousands December September June 30, March 31, March 31, 2025 31, 2024 30, 2024 2024 2024 OMF Revenue Total Portfolio $ 30,635 $ 33,744 $ 34,303 $ 34,671 $ 34,599 Acquisitions (298) (298) (301) (298) (127) Dispositions (1,790) (5,568) (5,475) (6,529)
Slide 37: Capital Expenditures
Capital Expenditures Q1 2025 2024 (Amounts in thousands) OMF SHOP Total OMF SHOP Total Recurring Capital Expenditures (1) 1,034 1,666 2,700 4,901 7,983 12,884 Tenant Improvements 2,083 — 2,083 3,437 — 3,437 Leasing Commissions 1,564 692 2,256 8,618 2,648 11,265 Recurring Capital Expenditures and Lea
Slide 38: For account information, including balances
§ 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 38 38
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