National Healthcare Properties (NHP) Corporate presentation summary

Strategic transformation and portfolio focus

• Completed exit from the OMF segment, selling 126 properties for $1.06B at a 7.5% nominal cap rate, accelerating the shift to a pure-play SHOP platform by year-end 2026.

• SHOP portfolio expanded from 36 to 60 communities, increasing unit count by 46% and focusing on need-based, private-pay senior housing.

• All OMF properties are either sold, under purchase and sale agreements, or under non-binding LOIs, with proceeds redeployed into SHOP acquisitions.

• SHOP now represents 100% of cash NOI, with 97% of SHOP revenue from private payors and improved operator diversification.

Financial performance and acquisitions

• $400M in SHOP acquisitions closed at forecasted year-one and year-three yields of 8.0% and 9.5%, respectively.

• Additional $244M of SHOP acquisitions under PSA or LOI, with a robust pipeline evaluated at $9.4B and $2.9B in submitted LOIs.

• Same-store SHOP performance improved: occupancy up 150 bps to 85.3%, RevPOR up 4.2% to $6,425, and CNOI margin up 60 bps to 22.7%.

• Redeployment of OMF sale proceeds into SHOP communities expected to provide positive yield spread and enhance portfolio profitability.

Balance sheet and capital structure

• New unsecured credit facility with $1.2B in commitments and improved terms; all secured Fannie Mae debt repaid.

• Net debt reduced to zero post-OMF sales and acquisitions, with preferred stock to be redeemed by October 2026.

• Approximately 45% of NOI dilution from OMF sales offset by interest and preferred dividend savings, with the remainder expected to be replaced by SHOP NOI.