National Healthcare Properties, Inc. · NASDAQ:NHP
National Healthcare Properties — Q3 2025 Earnings Presentation
30 slides from National Healthcare Properties's earnings presentation, Nov 6, 2025
Slide 1: National Health Investors Q3 2025 Supplemental
National Health Investors Q3 2025 Supplemental
Slide 2: Table of Contents; Forward Looking Statements and Non-GAAP Measures
TABLE OF CONTENTS FORWARD LOOKING STATEMENTS AND NON-GAAP MEASURES: COMPANY This Supplemental Information and other materials we have COMPANY INFORMATION & LEADERSHIP 02 filed or may file with the Securities and Exchange Commission, as well as information included in oral statements made, or to PORTFO
Slide 3: Leadership: We Invest in Relationships
LEADERSHIP WE INVEST IN RELATIONSHIPS NATIONAL HEALTH INVESTORS, INC. (NYSE: NHI), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust (“REIT”) specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary se
Slide 4: Portfolio Overview
PORTFOLIO OVERVIEW As of September 30, 2025
Slide 5: Real Estate Investments NOI
REAL ESTATE INVESTMENTS NOI (DOLL ARS IN THOUSANDS) Leases Senior Housing - Need Driven Assisted Living 86 4,726 $ 22,956 $ 975 $ 21,981 $ 89 $ 22,070 $ 61,018 $ 83,088 Senior Living Campus 7 867 3,302 124 3,178 1 3,179 9,538 12,717 Total Need Driven 93 5,593 26,258 1
Slide 6: Senior Housing Operating Portfolio (SHOP)
SENIOR HOUSING OPERATING PORTFOLIO (SHOP) TOTAL SENIOR HOUSING OPERATING PORTFOLIO (DOLL ARS IN THOUSANDS EXCEPT REVPOR)
Slide 7: Industry Partners
INDUSTRY PARTNERS Senior Living Communities owns and operates luxury retirement communities located in Connecticut, South Carolina, North Carolina, Florida, Georgia and Indiana. NHC affiliates operate for themselves and third parties 80 skilled nursing facilities with 10,329
Slide 8: Lease Portfolio EBITDARM Coverage & Occupancy
LEASE PORTFOLIO EBITDARM COVERAGE & OCCUPANCY NHI TOTAL PORTFOLIO Properties 112 68 1 181 2Q24 Coverage 1.49x 3.04x 3.32x 2.05x 2Q24 Occupancy 85.2% 82.4% 79.5% 83.9% 1.54x 2Q25 Coverage 1.53x 3.17x 2.56x 2.10x 2Q25 Occupancy 86.4% 83.8% 77.2% 85.2% £ £
Slide 9: Purchase Options & Lease Maturities
PURCHASE OPTIONS & LEASE MATURITIES TENANT PURCHASE OPTIONS (DOLL ARS IN THOUSANDS) £ SH 2 May 2035 2029 A $6,463 2.32% SNF 1 September 2028 2028 B $522 0.19% SNF 1 April 2032 2031 C $ $2,659 0.95% 3.46% Option Type: ¢ ¤ 1 Based
Slide 10: We Invest in Relationships, Not Just Properties
INVESTMENT RATIONALE WE INVEST IN RELATIONSHIPS, NOT JUST PROPERTIES FOCUSED ON GROWING WITH OUR 38 OPERATING PARTNERS AND SELECT NEW CUSTOMERS INVESTMENT SHOP NOTES 8.1% STRUCTURE 6.6% DIVERSIFIED INVESTMENT PLAN EMPHASIZING PRIVATE PAY SENIOR HOUSING PROPERTIES AND BEST-IN-CLASS SNF OPERATORS EXPE
Slide 11: Recent Investments
RECENT INVESTMENTS RECENT LEASE AND SHOP ACTIVITIES (DOLL ARS IN THOUSANDS) ¥ ¢ ¥ ¦ ¥ § ¨ ¦ ¥ § ¥ © ¦ ¥ © ¦ ¥
Slide 12: Capitalization Overview
CAPITALIZATION OVERVIEW (DOLL AR AND SHARE AMOUNTS IN THOUSANDS) ¢ ¨ ¤ «
Slide 13: Debt Capital Structure
DEBT1 CAPITAL STRUCTURE UNSECURED, VARIABLE 20.0% FIXED CHARGE COVERAGE UNSECURED, Notes FIXED unsecured, v 80.0% Lease REVOLVER LIQUIDIT Y (DOLL ARS IN MILLIONS) NET DEBT TO ADJUSTED EBITDA ¢ ¢
Slide 14: Debt Maturities
DEBT MATURITIES DEBT SCHEDULE (DOLL ARS IN THOUSANDS) ¥ ® ¢ ® ©
Slide 15: Select Debt Covenants
SELECT DEBT COVENANTS1 « ¯° ¯° ¯° § § ±° « ¯°
Slide 16: Performance
PERFORMANCE EBITDARM COVERAGE1 GENERAL & ADMINISTRATIVE AS % OF GROSS ASSETS SENIOR HOUSING SKILLED NURSING2 TOTAL G&A EXPENSE G&A EXPENSE EXCL.STOCK COMPENSATION EBITDARM coverage is based on trailing twelve month results through the period indicated. 1 2 Includes NHC Fixed Charge Coverage Ratio wh
Slide 17: Balance Sheets
BALANCE SHEETS (DOLL ARS IN THOUSANDS) ¢ « ¤«
Slide 18: Statements of Income
STATEMENTS OF INCOME (DOLL ARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) ¨ ¨ «
Slide 19: FFO & FAD Reconciliation
FFO & FAD RECONCILIATION (DOLL ARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) ³ ¨ µ §
Slide 20: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION (DOLL ARS IN THOUSANDS) ADJUSTED EBITDA RECONCILIATION ¨ § µ § ¢ §
Slide 21: NOI Reconciliations
NOI RECONCILIATIONS (DOLL ARS IN THOUSANDS) NOI SEGMENT RECONCILIATION NOI TO ADJUSTED NOI RECONCILIATION µ §
Slide 22: NOI Reconciliations
NOI RECONCILIATIONS (DOLL ARS IN THOUSANDS) NET INCOME ¨ § § § § ¨ « § ¨ § § ¨ µ § § § § ¨ µ §
Slide 23: SHOP Reconciliations
SHOP RECONCILIATIONS (DOLL ARS IN THOUSANDS)
Slide 24: SNF Revenue by State
SNF REVENUE BY STATE £ ¶ ANNUALIZED CASH NOI IN
Slide 25: Deferrals & Repayments
DEFERRALS & REPAYMENTS1,2 ¢ § § § § § § § § § § ¢ § § §
Slide 26: Notes
NOTES 25 Q3 2025
Slide 27: Notes
NOTES Q3 2025 26
Slide 28: Glossary
GLOSSARY Adjusted EBITDA & EBITDARM We consider Adjusted EBITDA to be an important supplemental FFO, as defined by the National Association of Real Estate Investment measure because it provides information which we use to evaluate Trusts (“NAREIT”) and applied by us, is net income (computed in our pe
Slide 29: Glossary
GLOSSARY Facility Types Properties are excluded from Same-Store if they are: (i) sold, classified SH - Senior housing HOSP - Hospital as held for sale or properties whose operations were classified as EFC - Entrance Fee Community MOB - Medical office building discontinued operations in accordance with
Slide 30: National Health Investors Q3 2025 Supplemental
National Health Investors Q3 2025 Supplemental
National Healthcare Properties — Q3 2025 Earnings Presentation on 6ix