National Healthcare Properties, Inc. · NASDAQ:NHP
National Healthcare Properties — Q3 2026 Earnings Presentation
27 slides from National Healthcare Properties's earnings presentation, Nov 5, 2026
Slide 1: Investor Update
November 2026 Investor Update
Slide 2: Forward-Looking Statements and Disclaimer
Forward-Looking Statements and Disclaimer 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 Securitie
Slide 3: Agenda
04 Company Strategy 05 Third Quarter Highlights and Guidance 10 NHP at a Glance 12 SHOP Acquisition Pipeline 14 Portfolio Strategy 15 Senior Housing Operating Properties 19 Outpatient Medical Facilities 23 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 providing needs-based senior housing to serve a growing elderly population in the United States. Additional information about NHP can be found on its website
Slide 5: Third Quarter Highlights
Quarterly Highlights Third Quarter Highlights 757 Franciscan Munster, IN Third Quarter 2026 5
Slide 6: Third Quarter Highlights
Third Quarter Highlights Financial Performance (1) Organic Growth Balance Sheet & Capital • Net income attributable to common • Third quarter portfolio Same Store Cash • As of September 30, 2026, total debt stockholders of $0.24 per basic and Net Operating Income (“NOI”) growth was outstanding was a
Slide 7: 2026 Transaction Summary
2026 Transaction Summary SHOP Acquisitions and Non-Core Dispositions • Through 2026, completed $424 million in SHOP acquisitions with an additional $388 million under PSA or non-binding LOI • In August, completed disposition of one non-core SHOP community in California for approximately $42 million
Slide 8: 2026 Transaction Summary continued
2026 Transaction Summary continued Common and Preferred Stock • On October 19, 2026, all outstanding shares of the Company's Class A common stock converted into the Company's common stock on a one-for-one basis. All shares of common stock became freely tradable on the Nasdaq Global Market on this da
Slide 9: Recent Performance
Recent Performance (1) SHOP Same Store Cash Net Debt to Annualized NOI ($M) Normalized FFO per share Adjusted EBITDA 13.6% (4.8x) $13.5 $0.27 $13.1 $0.26 $12.6 10.3x $11.9 $11.7 9.6x 9.2x 9.2x $0.20 8.8x 8.6x $0.19 $0.18 5.5x 4.9x Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'24 Q1'
Slide 10: Revised Full Year 2026 Guidance
Revised Full Year 2026 Guidance For the full year 2026, the Company is revising certain guidance ranges as follows: As of 5/13/26 As of 8/5/26 As of 11/4/26 SHOP Same Store Cash NOI growth 13.0% to 16.0% 15.0% to 18.0% 16.5% to 18.5% OMF Same Store Cash NOI growth 2.5% to 3.5% 2.5% to 3.5% — Acquisi
Slide 11: NHP at a Glance
NHP at a Glance % Q3'26 Same Store $2.3B Gross Real Estate Value Cash NOI 159 $82.8M 65% Properties(1) Q3'26 Annualized Same Store Cash NOI 35% 5,045 1.2M Senior Housing Units(2) Same Store Sq. Ft. of OMF SHOP Outpatient Medical Gross Leasable Area Note: Portfolio statistics and financial metrics pr
Slide 12: SHOP Acquisition Pipeline
SHOP Acquisition Pipeline Successfully redeployed IPO proceeds into $424M of closed SHOP acquisitions with additional $240M under PSA. Gross Purchase Year 1 Yield Year 3 Yield (1) Investment Activity Properties Units Price ($M) (2) (2) Q2 2026 - SHOP Acquisitions 2 211 $98 7.0% 7.2% Q3 2026 - SHOP A
Slide 13: SHOP Acquisition Pipeline Remains Robust
Addington Place of Cape Coral Cape Coral, FL SHOP Acquisition Pipeline Remains Robust Capital deployed selectively into opportunities that enhance long-term performance (1) +$11.9B of potential opportunities were PSAs signed for 9 communities evaluated and underwritten • ~$240M | Units: 547 AL, 181
Slide 14: Portfolio Strategy
Portfolio Strategy Investing with Purpose. Executing with Precision. Bayshore Memory Care Naples, Florida Third Quarter 2026 14
Slide 15: SHOP: Growing Relative Exposure to Generational Opportunity
SHOP: Growing Relative Exposure to Generational Opportunity Care Mix as a Percentage of Same Store 60 Communities(1) | 5,045 Units(1) | 13 States Units(5) 86.2% Occupied(2) | 97% Private Pay(3) | $54.1M SS Cash NOI(4) Independent Living 25% Assisted High-Acuity Care Emphasis Memory Living ~75% of ou
Slide 16: 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 17: 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 % Q3'26 CNOI 18
Slide 18: SHOP Translating Demographic Tailwinds into Operating Gains
SHOP Translating Demographic Tailwinds into Operating Gains SS Cash NOI Margin Expansion SS Revenue Per Occupied Room (RevPOR)(1) Growth 10.9% 24.3% 24.1% $6,454 23.4% 22.8% $6,205 22.4% 21.2% $5,821 20.4% 19.8% 18.9% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'24 Q3'25 Q3'26 NHP has de
Slide 19: Outpatient Medical Facilities (OMF) Predictable, Resilient Returns
Outpatient Medical Facilities (OMF) Predictable, Resilient Returns Same Store Properties 60 Buildings 761 Franciscan 1.2M Gross Leasable Munster, IN Area Mount Vernon Medical Building Mount Vernon, WA 95.6% Leased 2.2% Avg. Annual Escalator $28.8M Annualized Q3'26 SS Cash NOI 759 Franciscan Mainland
Slide 20: 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 21: OMF: Strong Tenants. Strategic Locations.
OMF: Strong Tenants. Strategic Locations. SS Sq. Ft. of Gross SS Top OMF Tenants SS OMF Assets States Leasable Area 60 25 1.2M # Tenant Credit Rating(1) WALTR(2) % ABR(3) 1 University of Pittsburgh Medical Center (UPMC) A 8.4 years 16.3 % 2 Advocate Aurora Healthcare AA 4.5 years 9.9 % 3 Memorial He
Slide 22: OMF: Well Laddered Expiration Schedule
OMF: Well Laddered Expiration Schedule OMF Expirations by Year (based on annualized rental income(1) %) 22% 22% 16% 11% 10% 10% Thereafter 7% 7% 6% 4% 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 23: Balance Sheet Strategy
Balance Sheet Strategy Declining Leverage and Improved Liquidity Laguna Professional Center Elk Grove, CA Third Quarter 2026 23
Slide 24: Disciplined Progress Toward Stronger Balance Sheet
Disciplined Progress Toward Stronger Balance Sheet • Well-laddered profile enhances balance sheet stability As of September 30, Amounts in millions, except coupon data 2026 Coupon(1) Maturity Mortgage notes payable • Further Annualized Adjusted EBITDA was 5.6x Secured Term Loan 4 219.5 6.54% Jun. 20
Slide 25: 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 • 20 years of experience in pub
Slide 26: Independent Oversight. Strong Commitment to Governance.
Independent Oversight. Strong Commitment to Governance. In 2026, NHP added two new independent directors, with Scott W. Humphrey joining as chair of the Audit Committee and Albert M. Campbell joining as a member of the Audit Committee, both bringing extensive public company, accounting and capital m
Slide 27: www.nhpreit.com
National Healthcare Properties www.nhpreit.com
National Healthcare Properties — Q3 2026 Earnings Presentation on 6ix