National Healthcare Properties, Inc. · NASDAQ:NHP
National Healthcare Properties — Investor Presentation (January 2026)
25 slides from National Healthcare Properties's investor presentation, January 2026
Slide 1: Investor Update
January 2026 Investor Update
Slide 2: Forward Looking Statements
Forward Looking Statements References in this presentation to the “NHP,” the “Company,” “we,” “us” and “our” refer to National Healthcare Properties, Inc. and its consolidated subsidiaries. This presentation may contain “forward-looking” statements as defined in the Private Securities Litigation Ref
Slide 3: Company Overview, Portfolio Strategy, Balance Sheet Strategy
Company Overview 4-8 Portfolio Strategy a. SHOP 9 - 14 b. OMF 15 - 19 Balance Sheet Strategy 20 - 22 Recent Performance 23 - 24 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: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights Financial Performance Organic Growth Balance Sheet & Capital • Net loss of $(0.56) per basic and • Third quarter portfolio Same Store • Net Leverage reduced to 8.9x in diluted share. Nareit defined Funds Cash Net Operating Income (“NOI”) Q3’25, down from 13.7x in Q3’24
Slide 6: NHP at a Glance
NHP at a Glance % Cash NOI $2.0B Gross Real Estate Value 37% 174 $125.0M Properties(1) Cash NOI (Annualized) 63% 3,730 3.8M Senior Housing Sq. Ft. of Outpatient SHOP Units(2) Medical Gross OMF Leasable Area Note: Portfolio statistics and financial metrics presented as of September 30, 2025, unless o
Slide 7: 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. Michael Anderson Drew Babin Chief Executive Officer and President Chief
Slide 8: Independent Oversight. Strong Commitment to Governance.
Independent Oversight. Strong Commitment to Governance. Effective Jan. 12, NHP appointed Scott Humphrey as an independent director and chair of the Audit Committee, bringing extensive public company and capital markets experience. Leslie D. Michelson Michael Weil Non-Executive Chair Director Board G
Slide 9: Portfolio Strategy: Investing with Purpose. Executing with Precision.
Portfolio Strategy Investing with Purpose. Executing with Precision. Bayshore Memory Care Naples, Florida Third Quarter 2025 9
Slide 10: Growing Relative Exposure to Generational SHOP Opportunity
Growing Relative Exposure to Generational SHOP Opportunity SHOP Unit Mix 39 Communities(1) | 3,730 Units 84.9% Occupied(2) | 97% Private Pay | $47.2M Cash NOI (3) Assisted 37% Memory Living Care 23% 53% High-Acuity Care Emphasis 76% of our units are dedicated to assisted living and memory care— segm
Slide 11: 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 12: Positioned for Growth, Aligned with Demand
Positioned for Growth, Aligned with Demand Focused Investment in Needs-Based Senior Care Partnerships That Drive Operational Success NHP’s focus on Assisted Living and Memory Care reflects both Our strong operator relationships and a seasoned in-house team current demand and our strategy to pursue g
Slide 13: SHOP Geographic Distribution
SHOP Geographic Distribution Communities(1) States Units 39 12 3,730 Addington Place of Jupiter Jupiter, FL (1) Number of communities excludes one land parcel and one vacant property Third Quarter 2025 13
Slide 14: Translating Demographic Tailwinds into Operating Gains
Translating Demographic Tailwinds into Operating Gains SHOP Occupancy(1) SHOP RevPOR(2) 84.9% $6,125 10.8% 7.6% 79.2% $5,818 74.1% Increase in $5,690 Increase in Occupancy since RevPOR since Q3’23 Q3’23 Q3'23 Q3'24 Q3'25 Q3'23 Q3'24 Q3'25 NHP has demonstrated the ability to capitalize upon the gener
Slide 15: Outpatient Medical Facilities Portfolio: Predictable, Resilient Returns
Outpatient Medical Facilities Portfolio Predictable, Resilient Returns 133 Buildings 3.8M Gross 761 Franciscan Munster, IN Leasable Area Mount Vernon Medical Building 90.6% Leased Mount Vernon, WA 2.3% Avg. Annual Escalator $78.9M Annualized Cash NOI 759 Franciscan Mainland Medical Arts Pavilion Mun
Slide 16: Outpatient Medical Outlook: Rising Demand, Lower Hospitalization, Limited New Supply
Outpatient Medical Outlook Rising Demand, Lower Hospitalization, Limited New Supply Demographic Tailwinds Transition to Outpatient Care Favorable Supply Dynamics • National Health Expenditures (NHE) • Hospital utilization is in a long-term secular • Outpatient Medical Facilities are generally repres
Slide 17: Strong Tenants. Strategic Locations.
Strong Tenants. Strategic Locations. OMF Market Distribution OMF Assets States Area Asset # Market MSA Rank % Area % ABR Count 133 27 3.8M 1 2 Harrisburg, PA Chicago, IL 94 3 11 12 14.0% 7.6% 14.1% 8.0% 3 Atlanta, GA 8 8 6.0% 6.5% 4 Parkersburg, WV 374 1 2.1% 6.3% 5 Phoenix, AZ 10 7 4.6% 4.9% Top OM
Slide 18: Well Laddered OMF Expiration Schedule
Well Laddered OMF Expiration Schedule OMF Expirations by Year (% Leased Area) 17% 14% 13% 17% 11% 11% 11% 7% 7% Thereafter 5% 3% 1% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Expirations in 2026 and 2027 are at below-average rates, providing an opportunity to capture upside upon re
Slide 19: Recent OMF Dispositions Accretive to Portfolio Quality
Recent OMF Dispositions Accretive to Portfolio Quality Strategic Focus on Off-Campus Assets Tenant Type 68% of properties are off-campus and 65% are leased to health systems(1) —supporting community-based care. 63% Single Tenant 58% Multi Tenant Fee Simple Ownership 42% 85% of the portfolio is owned
Slide 20: Balance Sheet Strategy: Declining Leverage and Improved Liquidity
Balance Sheet Strategy Declining Leverage and Improved Liquidity Laguna Professional Center Elk Grove, CA Third Quarter 2025 20
Slide 21: Disciplined Progress Toward Stronger Balance Sheet
Disciplined Progress Toward Stronger Balance Sheet • Demonstrates management’s strong commitment to Capitalization capital optimization and long-term shareholder value Instrument Maturity Amount ($M) Coupon(1) • No near-term debt maturities; a well-laddered profile Fannie Mae Secured Debt 11/2026 $
Slide 22: 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 $150 million term loan, both maturing in December 2028. The facility includes two one-year extension options a
Slide 23: Recent Performance and Q3 2025 Results
Quarterly Highlights Recent Performance and Q3 2025 Results 757 Franciscan Munster, IN Third Quarter 2025 23
Slide 24: Recent Performance
Recent Performance Same Store Cash NOI Net Debt to Annualized Overhead Costs Pre- and ($M) Adjusted EBITDA Post-Internalization ($M) 12.2% 13.7x $6.4 (4.8x) $6.4 $6.4 10.4x 9.7x $6.8 9.3x $31.9 8.9x $31.1 $5.5 $5.5 $5.7 $4.9 $5.1 $29.5 $4.7 $28.5 $28.6 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25
Slide 25: nhpreit.com
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