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National Healthcare Properties August 2026 Investor Update
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Forward-Looking Statements and Disclaimer Wednesday, August 5, 2026 2 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 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995 (collectively with the Securities Act and Exchange Act, the “Acts”). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in the Acts. All statements (other than statements of historical fact) in this presentation regarding our prospects, expectations, intentions, plans, financial position and business strategy may constitute forward-looking statements. Forward-looking statements generally can be identified by the use of terminology such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “should,” “predict,” “project,” “potential,” “continue” or the negatives of these terms or variations of them or similar expressions. These statements are based on certain assumptions that we have made in light of our experience in the industry in which we operate as well as our evaluations of historical trends, current conditions, expected future developments and other factors that we believe are appropriate in these circumstances. As you read and consider this presentation, you should understand that these statements are not guarantees of performance or results. Forward-looking statements are only predictions and reflect our views as of the date they are made with respect to future events and financial performance. They involve risks, uncertainties and assumptions. Many factors could affect our actual results and could cause actual results to differ materially from those expressed in the forward-looking statements. Risks and uncertainties, the occurrence of which could adversely affect our business and cause actual results to differ materially from those expressed or implied in the forward-looking statements, include, but are not limited to, the following: changes in economic cycles generally and in the real estate and healthcare markets specifically; the success of our growth strategy, including our ability to successfully identify, complete and integrate new acquisitions; our ability to complete acquisitions or dispositions on the terms and timing we expect, or at all; changes to inflation and interest rates; competition in the real estate and healthcare markets; our ability to retain certain key personnel; legislative and regulatory changes in the healthcare and real estate industries; reductions or changes in reimbursement from third-party payors, including Medicare and Medicaid; discovery of previously undetected environmentally hazardous conditions; our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due; system failures, cyber incidents or deficiencies in our cybersecurity systems; the availability of capital on favorable terms, or at all; our ability to remain qualified as a real estate investment trust for U.S. federal income tax purposes; our operating partnership’s ability to remain qualified as a partnership for U.S. federal income tax purposes; and other risks and uncertainties described in the section titled Risk Factors of our most recent Annual Report on Form 10-K and all other filings with the Securities and Exchange Commission (the “SEC”). Finally, we assume no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements. Unless otherwise indicated herein, the financial results and other information included in this presentation are based on the financial results and information disclosed in our Form 10-K for the year ended December 31, 2025 and other information as we file or furnish them with the SEC. Market and Industry Data This presentation also includes market and industry data that the Company has obtained from market research, publicly available information and industry publications. The accuracy and completeness of such information are not guaranteed. Such data is often based on industry surveys and preparers’ experience in the industry. Similarly, although the Company believes that the surveys and market research that others have performed are reliable, such surveys and market research are subject to assumptions, estimates and other uncertainties and the Company has not independently verified this information. Non-GAAP Financial Measures This presentation contains certain supplemental non-GAAP financial measures. While the Company believes that non-GAAP financial measures are helpful in evaluating its operating performance, the use of non- GAAP financial measures in this presentation should not be considered in isolation from, or as an alternative for, a measure of financial or operating performance as defined by GAAP. We caution you that there are inherent limitations associated with the use of each of these supplemental non-GAAP financial measures as an analytical tool. Additionally, the Company’s computation of non-GAAP financial measures may not be comparable to those reported by other REITs. You can find the definitions of these GAAP financial measures and their reconciliations to the most directly comparable GAAP financial measures in our most recent annual and quarterly supplemental materials as made available on our website at http://investors.nhpreit.com under the heading “Quarterly Results.”
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04 Company Strategy 05 Second Quarter Highlights and Guidance 10 NHP at a Glance 11 IPO Summary 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
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Second Quarter 2026 4 A Disciplined Approach to Growth National Healthcare Properties, Inc. (Nasdaq: NHP) is a self-managed real estate investment trust focused on acquiring, owning and investing in a diversified portfolio of healthcare real estate, with an emphasis on providing senior housing to serve a growing elderly population in the United States. Additional information about NHP can be found on its website at nhpreit.com.
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Second Quarter 2026 5 Second Quarter Highlights Quarterly Highlights 757 Franciscan Munster, IN
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Financial Performance • Net loss attributable to common stockholders of $(0.13) per basic and diluted share. Nareit defined Funds From Operations (“FFO”) of $0.19 per diluted share and Normalized Funds From Operations (“Normalized FFO”) of $0.18 per diluted share. • FFO per share was consistent year-over- year. • Normalized FFO per share decreased (18.2)% year-over-year. Second Quarter Highlights Second Quarter 2026 6 Organic Growth • Second quarter portfolio Same Store Cash Net Operating Income (“NOI”) growth was 6.8% year-over-year. • SHOP segment Same Store Cash NOI growth was 20.1%. • OMF segment Same Store Cash NOI decreased by (0.4)%. Balance Sheet & Capital • As of June 30, 2026, total debt outstanding was approximately $0.8 billion with a weighted average economic interest rate of 5.69% (when giving effect to interest rate hedges and caps) and an average remaining term of 3.6 years. • Net leverage reduced to 4.9x in Q2’26, down from 9.2x in Q2’25. 1. Per share amounts include the dilutive impact of approximately 44.3m shares issued in connection with the Company's IPO in April 2026.
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2026 Transaction Summary Second Quarter 2026 7 SHOP Acquisitions and Non-Core Disposition • Through 2026, completed $280 million in SHOP acquisitions with an additional $120 million under contract • In May, entered into a definitive purchase and sale agreement to sell one non-core SHOP community in California for approximately $42 million Balance Sheet and Capital • In April, repaid $186 million of indebtedness outstanding under the Revolving Credit Facility using proceeds from the IPO • In August, recast credit facility, securing an additional $650 million of commitments at improved spreads and terms • In August, repaid $332 million of Fannie Mae Secured Debt due to mature in November 2026 Common and Preferred Stock • In April, completed the public offering and issued an aggregate of 44.3 million shares of Class A common stock, $0.01 par value per share (“Class A common stock”), for aggregate gross offering proceeds of approximately $531.3 million. • In June, completed tender of previously outstanding preferred stock with an aggregate liquidation preference of $28.1 million at a weighted average yield of 8.1% Governance • In August, appointed Albert M. Campbell to the Board of Directors
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Second Quarter Highlights Second Quarter 2026 8 NHP’s portfolio of SHOP and OMF assets have delivered exceptional growth Same Store Cash NOI ($M) $31.1 $31.9 $31.4 $33.1 $33.3 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Net Debt to Annualized Adjusted EBITDA 13.5x 10.3x 9.6x 9.2x 8.8x 9.2x 8.6x 4.9x Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26 (8.6x) Management remains focused on lowering corporate leverage, reducing leverage 8.6x since Q3’24 1. “Net Debt” means total debt, net of deferred financing costs and mortgage discounts and premiums, less cash and cash equivalents 6.8% Normalized FFO per share $0.22 $0.27 $0.20 $0.26 $0.18 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 (1) NHP’s NFFO per share reflected dilution resulting from the increase in shares necessary to dramatically reduce leverage and fund subsequent SHOP acquisitions
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Revised Full Year 2026 Guidance Second Quarter 2026 9 For the full year 2026, the Company is revising certain guidance ranges as follows: Full Year 2026 Guidance Commentary The revision in the Company’s guidance is primarily the result of SHOP segment outperformance through the current quarter as well as expectations for the remainder of the year, the expected disposition of a non-core SHOP asset, and an anticipated increase in equity-based compensation related to ongoing refreshment of our Board of Directors. As of 5/13/26 As of 8/5/26 SHOP Same Store Cash NOI growth 13.0% to 16.0% 15.0% to 18.0% OMF Same Store Cash NOI growth 2.5% to 3.5% 2.5% to 3.5% Acquisitions $375 million to $425 million $375 million to $425 million Dispositions $528 million $570 million General and administrative expense, including equity-based compensation $26 million to $27 million $27 million to $28 million Equity-based compensation $5 million to $6 million $6 million to $7 million Same Store Recurring Capital Expenditures $22 million to $25 million $22 million to $25 million
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NHP at a Glance Second Quarter 2026 10 $2.3B Gross Real Estate Value 168 3.6M Properties(1) Sq. Ft. of Outpatient Medical Gross Leasable Area(3) 3,824 $133.0M Senior Housing Units(2) Q2'26 Annualized Same Store Cash NOI(3) Note: Portfolio statistics and financial metrics presented as of June 30, 2026, unless otherwise stated (1) Number of properties excludes one land parcel and one redevelopment. (2) Available units are presented as of the end of period shown. Excludes units not available for occupancy (e.g., dark, under construction or land parcels). (3) Excludes one redevelopment. % Q2'26 Cash NOI 61% 39% OMF SHOP
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IPO Summary (1) Estimated initial annualized dividend, which is subject to authorization by the Board of Directors of the Company. (2) Existing stockholders not subject to formal lock-up agreement, but they hold stock that will not be listed on Nasdaq until 180 days after pricing of this offering. 11 Issuer National Healthcare Properties, Inc. Ticker (Exchange) NHP (Nasdaq) Shares of Class A Common Stock 44,275,000 (including overallotment) at $12.00 per share Gross Proceeds $531,300,000 Use of Proceeds • Repaid $186M of outstanding indebtedness under the Company's revolving credit facility • Fund external growth through property acquisitions • Other general corporate purposes Lock-up • 180-day lock-up for Company Directors, Executive Officers and existing stockholders(2) Second Quarter 2026
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SHOP Acquisition Pipeline 12 Successfully redeployed IPO proceeds into $280M of closed SHOP acquisitions with additional $120M under contract. (1) Second Quarter 2026 add pictures Addington Place of Cape Coral Cape Coral, FL Barrington of Oakley Cincinnati, OH Investment Activity Properties Units Gross Purchase Price ($M) Year 1 Yield (2) Year 3 Yield (2) Q2 2026 - SHOP Acquisitions 2 211 $ 98,000 7.0% 7.2% Subsequent - SHOP Acquisitions (1) 17 1,003 181,550 8.4% 11.0% 2026 YTD - SHOP Acquisitions 19 1,214 $ 279,550 7.9% 9.7% (1) Thirteen of these communities were acquired through a joint venture with Discovery Senior Living. The Company owns approximately 98.5% of the joint venture. (2) Cap rates for the Company's acquisition pipeline included in this supplemental are calculated by dividing the underwritten cash NOI that the Company aims to achieve (based on preliminary information provided by sellers and certain assumptions applied by the Company) by the total aggregate purchase price, not including certain initial acquisition capital expenditures. The actual stabilized cash NOI yields from the Company's pipeline may not be consistent with the targeted stabilized cash NOI yield range. Under Contract Properties Units Gross Purchase Price Illinois 3 178 $ 30,000 Florida 2 200 90,000 Total 5 378 $ 120,000
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SHOP 48% OMF 52% SHOP 39% OMF 61% SHOP Acquisition Pipeline $120M under PSA 13 Opportunities vetted to deploy capital where we have an opportunity to enhance long-term performance Note: Metrics presented as of July 31, 2026, unless otherwise stated. (1) Based on offering price. (2) Based on actual LOI prices. (3) These acquisitions and dispositions are subject to closing conditions and approvals from applicable authorities pursuant to their respective PSAs. (4) Includes closed and under PSA acquisition NOI which is based on Q2'26 underwriting financial data from seller.. Capacity to create and maintain a robust acquisition pipeline with highly selective underwriting standards (1) (2) (3) ~$2.0B of submitted non-binding LOIs +$6.7B of potential opportunities were evaluated and underwritten Second Quarter 2026 SHOP 73% Remaining OMF 27% Portfolio Mix (% of Q2'26 Cash NOI)Current Post Acquisitions(3)(4) & Dispositions Post Acquisitions(4)
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Second Quarter 2026 14 Investing with Purpose. Executing with Precision. Portfolio Strategy Bayshore Memory Care Naples, Florida
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SHOP: Growing Relative Exposure to Generational Opportunity High-Acuity Care Emphasis ~77% of our units are dedicated to assisted living and memory care—segments poised for rapid demand growth as the 80+ population expands. Best-in-Class Team With over 110 years of combined experience, our cross-functional team is uniquely equipped to enhance community-level outcomes Strong, Aligned Operator Relationships We collaborate with trusted operators to share insights, improve performance, and scale efficiently. Proactive Portfolio Management Recent sales of underperforming assets and facilities better suited for alternative uses. Funds reinvested into revenue enhancing capital projects to enhance growth. Second Quarter 2026 15 39 Communities(1) | 3,824 Units(1) | 13 States 84.1% Occupied(2) | 96% Private Pay(3) | $52.3M SS Cash NOI(4) (1) Number of communities excludes one land parcel. Number of units reflects total available units. (2) Average occupancy % are presented for the three months ended 6/31/2026 (3) Based on Q2'26 SHOP revenues. (4) Annualized Q2'26 Same Store Cash NOI (5) Reflects percentage of total available units rounded to the nearest whole percentage (54.3%% for AL, 22.6% for MC and 23.1% for IL) % Cash NOI from SHOP ~77% Needs-Based Care Mix as a Percentage of Total Units(5) Q2'26 39% Q2'25 35% Independent Living 23% Assisted Living 54%Memory Care 23%
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Senior Housing Outlook: Rising Demand, Affluent Consumers, Constrained Supply Demographic Tailwinds • The first Baby Boomers are entering their early 80s – the prime cohort for needs- based Assisted Living and Memory Care • The population of Americans aged +80 is expected to grow 4.1% / year through 20401, fueling long-term secular demand 1 Source: US Census 2023 National Population Projections 2 Source: NIC Investment Guide (Seventh Edition) Second Quarter 2026 16 Consumer Profile • Residing within a Senior Housing community has become a “lifestyle choice” rather than “last resort” • Baby Boomers hold an estimated $18.7 trillion in home equity2, providing ample capital to cover senior living expenses Favorable Supply Dynamics • New Senior Housing supply is limited due to rising construction costs and restrictive financing conditions • NIC anticipates that limited new supply and high absorption rates may push industry occupancy to +90% in the near future2
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SHOP: Positioned for Growth, Aligned with Demand Second Quarter 2026 17 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 % Q2'26 CNOI 18 62.9% 16 27.0% 5 10.1%
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SHOP Translating Demographic Tailwinds into Operating Gains Note: All periods shown exclude any closed acquisitions, dispositions and disposition pipeline properties. 1. Revenue per occupied room for the SHOP segment is calculated as total revenue generated by occupied rooms divided by the number of average occupied rooms during the period presented. Second Quarter 2026 18 NHP has demonstrated the ability to capitalize upon the generational opportunity offered by senior housing real estate. SS Revenue Per Occupied Room (RevPOR)(1) GrowthSS Cash NOI Margin Expansion 18.3% 19.3% 19.0% 18.3% 20.1% 21.5% 20.8% 22.1% 22.4% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 $5,790 $6,034 $6,390 Q2'24 Q2'25 Q2'26 10.4%
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Outpatient Medical Facilities (OMF) Predictable, Resilient Returns Note: Portfolio statistics and financial metrics presented as of March 31, 2026, unless otherwise stated, and excludes one redevelopment. Second Quarter 2026 19 Mainland Medical Arts Pavilion Texas City, TX Mount Vernon Medical Building Mount Vernon, WA 761 Franciscan Munster, IN 759 Franciscan Munster, IN Same Store Properties 129 Buildings 3.6M Gross Leasable Area 94.3% Leased 2.2% Avg. Annual Escalator $80.7M Annualized Q2'26 SS Cash NOI
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Outpatient Medical Outlook Rising Demand, Lower Hospitalization, Limited New Supply Demographic Tailwinds • National Health Expenditures (NHE) represent ~18% of GDP(1) • CMS anticipates that NHE growth will average 5.6% / year through 20321) due to the aging of America • Per-capita healthcare spending for those 65 and older is 2.5x that of a working-age person(1) (1) Source: CMS National Health Expenditure Fact Sheet (2) Source: Kaiser Family Foundation (3) Source: Revista 4Q24 US Construction Report Second Quarter 2026 20 Transition to Outpatient Care • Hospital utilization is in a long-term secular decline, with Inpatient Days and Admissions declining ~20% since 2000(2) • Outpatient utilization has grown 31% during the same period(2) Favorable Supply Dynamics • Outpatient Medical Facilities are generally constructed on a built-to-suit basis, restricting speculative development • In-progress OMF projects total ~2% of existing inventory(3) • Replacement costs have increased >40% since 2021, enhancing value of existing supply(3)
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OMF: Strong Tenants. Strategic Locations. (1) Credit Ratings presented for Moody’s, S&P and Fitch, except where noted. Parent or guarantor rating used where appropriate. (2) Weighted Average Lease Term Remaining as of June 30, 2026 (3) Annualized Base Rent (ABR) means contractual base rent for the last month of the period multiplied by 12. ABR does not include future rent escalators, percentage rent, which is a rental charge typically based on certain tenants’ gross revenue, common area maintenance charges or non-cash items such as straight-line rental income, the amortization of above- or below-market lease intangibles or other items. (4) Sourced from US Census Bureau “"Metropolitan and Micropolitan Statistical Areas Population Totals: 2020-2024". Second Quarter 2026 21 129 SS OMF Assets 26 States 3.6M SS Sq. Ft. of Gross Leasable Area SS OMF Market Distribution # Market MSA Rank(4) Asset Count % Area % ABR(3) 1 Harrisburg, PA 94 11 14.6 % 14.1 % 2 Chicago, IL 3 12 8.0 % 8.0 % 3 Atlanta, GA 8 9 6.3 % 6.6 % 4 Parkersburg, WV 374 1 2.1 % 6.2 % 5 Phoenix, AZ 10 8 4.9 % 5.2 % SS Top OMF Tenants # Tenant Credit Rating(1) WALTR(2) % ABR(3) 1 University of Pittsburgh Medical Center (UPMC) A 8.7 years 13.0 % 2 Advocate Aurora Healthcare AA 4.7 years 7.8 % 3 Memorial Health System B 11.7 years 6.2 % 4 CommonSpirit Health A- 5.8 years 4.4 % 5 Trinity Health AA- 3.9 years 4.1 %
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OMF: Well Laddered Expiration Schedule Second Quarter 2026 22 Expirations in 2026 and 2027 are at below-average rates, providing an opportunity to capture upside upon reversion. 18% Thereafter (1) June 2026 annualized rental income is based on the base rent of leases in place as of June 30, 2026, which includes tenant concessions such as free rent, as applicable. 6% 12% 11% 6% 7% 8% 15% 3% 10% 4% 18% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter OMF Expirations by Year (based on annualized rental income(1) %)
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Balance Sheet Strategy Second Quarter 2026 23 Declining Leverage and Improved Liquidity Laguna Professional Center Elk Grove, CA
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Disciplined Progress Toward Stronger Balance Sheet • Well-laddered profile enhances balance sheet stability • Further Annualized Adjusted EBITDA was 4.6x • Assumes that properties acquired during the year had been acquired at the beginning of the quarter • Represents improvement of over four full turns year-over-year • Proceeds from the IPO further reduces leverage • Credit Facilities recast in August, funding repayment of $332 million of Fannie Mae secured debt due to mature in November • Repaid $186.0 million on Revolving Credit Facility in April 2026 with proceeds from the IPO 1) Includes the impact of designated derivative instruments; does not include the effect of undesignated SOFR caps. 2) Maturity date assumes the exercise of two one-year extensions subject to customary conditions in the credit agreement. 3) Variable rate loan, based on daily SOFR which is fixed through an interest rate swap agreement. 4) All in economic rate on total debt is 5.69%. Second Quarter 2026 24 100% of Debt Fixed / Hedged / Capped 4.6x Net Debt / Ann. Further Adj. EBITDA 6.2x Net Debt + Preferred / Ann. Adj. EBITDA Amounts in millions, except coupon data As of June 30, 2026 Coupon(1) Maturity Mortgage notes payable Secured Term Loan 1 $ 85.8 4.60% May 2028 Secured Term Loan 3 33.1 2.93% Dec. 2031 Secured Term Loan 4 219.5 6.54% Jun. 2033 Single/Multi Property Mortgages 36.7 3.97% Various Total mortgage notes payable 375.0 5.53% Fannie Mae secured debt 331.9 6.22% Nov. 2026 Term loan(2)(3) 150.0 5.36% Dec. 2030 Revolving credit facility (2) 0.0 —% Dec. 2030 Total debt (4) 856.9 5.77% Deferred financing costs, net (7.7) Mortgage premiums and discounts, net (1.1) Total debt, net 848.2 Total preferred stock 153.5 Cash & cash equivalents (245.7) Net debt & preferred stock $ 756.0 Credit Facilities Recast Prior Current Total Facility $550 million $1.2 billion Accordion $450 million $1 billion Unused Fee 15 to 20 bps N/A Revolver Spread SOFR + 155 to 210 bps SOFR + 105 to 155 bps Facility Fee N/A 15 to 35 bps Capacity $400 million $750 million Term Loans Spread SOFR + 155 to 210 bps SOFR + 110 to 180 bps Capacity $150 million $300 million + $150 million Delayed Draw
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