National Healthcare Properties (HLTC) Investor presentation summary

Financial performance and portfolio highlights

• Reported a net loss of $(0.92) per share, with Nareit FFO of $0.07 and Normalized FFO of $0.20 per diluted share for Q4 2025.

• FFO per share declined 49.1% year-over-year; Normalized FFO per share decreased 12.8%.

• Same Store Cash NOI grew 9.8% year-over-year, with SHOP segment up 26.5% and OMF segment up 1.9%.

• Disposed of $11.0 million in non-core assets and repurchased $8.6 million in preferred stock at an 11.5% yield.

• Net leverage reduced to 9.2x from 10.3x year-over-year.

Portfolio strategy and market positioning

• Focuses on senior housing and outpatient medical buildings, targeting primary and secondary markets for growth.

• Portfolio includes 166 properties, $2.0B gross real estate value, 3,615 senior housing units, and 3.6M sq. ft. of outpatient medical space.

• SHOP segment emphasizes high-acuity care, with 76% of units in assisted living and memory care.

• OMF portfolio consists of 129 buildings, 94% leased, with a 2.2% average annual escalator and $79.1M annualized cash NOI.

• Recent asset sales and reinvestment strategies aim to enhance portfolio quality and growth.

Leadership and governance

• Management internalized in 2024, eliminating external fees and aligning interests with shareholders.

• Board is majority independent, non-staggered, and recently added an experienced audit committee chair.

• Leadership team brings decades of experience in real estate, healthcare, and capital markets.