National Healthcare Properties, Inc. · NASDAQ:NHP
National Healthcare Properties — Q4 2025 Earnings Presentation
24 slides from National Healthcare Properties's earnings presentation, March 2026
Slide 1: Investor Update
Properties March 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: Agenda
Fourth Quarter Highlights 5 NHP at a Glance 8 Leadership 9 Governance 10 Portfolio Strategy: 11 SHOP 12 OMF 16 Balance Sheet Strategy 21 Addington Place of Stuart Stuart, FL
Slide 4: A Disciplined Approach to Growth
A Disciplined Approach to Growth At National Healthcare Properties, we focus on acquiring and owning senior housing communities and outpatient medical buildings that benefit from powerful, long-term demographic and care delivery trends. By targeting primary and secondary market portfolios of all siz
Slide 5: Fourth Quarter Highlights
Quarterly Highlights Fourth Quarter Highlights 757 Franciscan Munster, IN Fourth Quarter 2025 5
Slide 6: Fourth Quarter Highlights
Fourth Quarter Highlights Financial Performance Organic Growth Balance Sheet & Capital • Net loss attributable to common • Fourth quarter portfolio Same Store • Fourth quarter dispositions totaled stockholders of $(0.92) per basic Cash Net Operating Income (“NOI”) $11.0 million, representing the and
Slide 7: Fourth Quarter Highlights
Fourth Quarter Highlights Same Store Cash NOI Net Debt to Annualized Overhead Costs Pre- and ($M) Adjusted EBITDA Post-Internalization ($M)(1) 9.8% 10.3x (1.1x) 9.6x $6.4 9.2x 9.2x $6.4 8.8x $6.4 $6.8 $31.9 $5.5 $5.5 $5.7 $5.6 $31.1 $31.4 $4.9 $5.1 $29.5 $4.7 $28.6 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'2
Slide 8: NHP at a Glance
NHP at a Glance $2.0B Gross Real Estate Value % Q4’25 Cash NOI 37% 166 $125.7M Properties(1) Q4'25 Annualized Same Store Cash NOI(3) 63% 3,615 3.6M SHOP Senior Housing Sq. Ft. of Outpatient Medical OMF Units(2) Gross Leasable Area(3) Note: Portfolio statistics and financial metrics presented as of D
Slide 9: Cross-Functional Team with Deep Industry Experience
Cross-Functional Team with Deep Industry Experience Management was internalized in FY 2024, with consideration satisfied in Q1 2025, eliminating external fees and strengthening shareholder alignment, governance and scalability. • CEO and President since September 2023 • Brings 30 years of experience
Slide 10: Independent Oversight. Strong Commitment to Governance.
Independent Oversight. Strong Commitment to Governance. Effective Jan. 12, NHP appointed Scott M. Humphrey as an independent director and chair of the Audit Committee, bringing extensive public company and capital markets experience. Key Highlights Board of Directors Board Governance Leslie D. Miche
Slide 11: Portfolio Strategy: Investing with Purpose. Executing with Precision.
Portfolio Strategy Investing with Purpose. Executing with Precision. Bayshore Memory Care Naples, Florida Fourth Quarter 2025 11
Slide 12: 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 85.5% Occupied(2) | 98% Private Pay(3) | $46.6M SS Cash NOI(4) Independent Living 24% Assisted High-Acuity Care Emphasis Memory Living ~76% of our units
Slide 13: 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 14: 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 % Q4'25 CNOI 16
Slide 15: SHOP: Translating Demographic Tailwinds into Operating Gains
SHOP: Translating Demographic Tailwinds into Operating Gains SHOP Occupancy(1) SHOP Same Store RevPOR(2) 85.5% $6,107 78.5% 11.4% $5,800 7.5% 74.1% Increase in $5,680 Increase in Occupancy since RevPOR since Q4’23 Q4’23 Q4'23 Q4'24 Q4'25 Q4'23 Q4'24 Q4'25 NHP has demonstrated the ability to capitali
Slide 16: Outpatient Medical Facilities (OMF) Portfolio: Predictable, Resilient Returns
Outpatient Medical Facilities (OMF) Portfolio 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 $79.1M Annualized Q4'25 Cash NOI 759 Franciscan
Slide 17: Outpatient Medical Outlook: Rising Demand, Lower Hospitalization, Limited New Supply
Outpatient Medical Outlook Rising Demand, Lower Hospitalization, Limited New Supply Demographic Tailwinds Transition to Outpatient Care Favorable Supply Dynamics • National Health Expenditures (NHE) • Hospital utilization is in a long-term secular • Outpatient Medical Facilities are generally repres
Slide 18: OMF: Strong Tenants. Strategic Locations.
OMF: Strong Tenants. Strategic Locations. Top OMF Tenants Sq. Ft. of Gross OMF Assets States Leasable Area Credit # Tenant WALTR(2) % ABR(3) Rating(1) 129 26 3.6M 1 2 University of Pittsburgh Medical Center Advocate Aurora Healthcare A AA 9.2 Years 5.2 Years 13.0% 7.8% 3 Memorial Health System (OH)
Slide 19: OMF: Well Laddered Expiration Schedule
OMF: Well Laddered Expiration Schedule OMF Expirations by Year (based on annualized rental income(1) %) 17% 14% 13% 17% 12% 10% 8% 6% 7% Thereafter 5% 4% 4% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter Expirations in 2026 and 2027 are at below-average rates, providing an opportunity
Slide 20: OMF: Recent Dispositions Accretive to Portfolio Quality
OMF: Recent Dispositions Accretive to Portfolio Quality Proactive Pruning Demonstrates Value Creation(2) Strategic Focus on Off-Campus Assets 68% of properties are off-campus and 66% are leased to health systems(1) —supporting community-based care. OMF Asset Age 32 Fee Simple Ownership 85% of the po
Slide 21: Balance Sheet Strategy: Declining Leverage and Improved Liquidity
Balance Sheet Strategy Declining Leverage and Improved Liquidity Laguna Professional Center Elk Grove, CA Fourth Quarter 2025 21
Slide 22: Disciplined Progress Toward Stronger Balance Sheet
Disciplined Progress Toward Stronger Balance Sheet December 31, • Well-laddered profile enhances balance sheet stability 2025 ($ millions) Coupon(1) Maturity • Net Debt to Annualized Adjusted EBITDA was 9.2x for Mortgage notes payable the fourth quarter, representing an improvement of more Secured T
Slide 23: Disciplined Progress Toward Stronger Balance Sheet
Disciplined Progress Toward Stronger Balance Sheet In December 2025, NHP closed a $550 million senior unsecured credit facility, consisting of a $400 million revolving credit facility and a $150 million term loan, both maturing in December 2028. The facility includes two one-year extension options a
Slide 24: nhpreit.com
nhpreit.com
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