National Healthcare Properties (NHP) Investor presentation summary

Third-quarter performance

• Net income attributable to common stockholders was $0.24/basic and diluted share; Nareit FFO was $0.13/diluted share and Normalized FFO was $0.19/diluted share.

• FFO per share decreased 43.5% YoY and Normalized FFO per share decreased 29.6% YoY, reflecting share dilution after the April 2026 IPO.

• Portfolio same-store cash NOI grew 8.4% YoY; SHOP grew 13.6%, while OMF declined 0.3%.

• SHOP same-store cash NOI margin reached 23.4% in Q3'26, up from 20.4% in Q3'24; RevPOR grew 10.9% from Q3'25 to $6,454 in Q3'26.

Portfolio and operating strategy

• Portfolio comprised 159 properties, 5,045 senior housing units and 1.2M sq. ft. of outpatient medical space; gross real estate value was $2.3B.

• SHOP included 60 communities across 13 states, with 86.2% occupancy, 97% private-pay revenue and $54.1M Q3'26 same-store cash NOI.

• About 75% of SHOP same-store units were assisted living and memory care; strategy emphasizes needs-based care, operator partnerships and reinvestment in revenue-enhancing projects.

• OMF same-store portfolio included 60 buildings, 1.2M sq. ft., 95.6% leased and $28.8M annualized Q3'26 cash NOI.

Acquisitions, dispositions and guidance

• Through 2026, completed $424M of SHOP acquisitions; an additional $388M was under PSA or LOI, including $240M under PSA across nine communities.

• Evaluated $11.9B of potential opportunities and submitted non-binding LOIs totaling about $3.0B; PSA acquisitions are subject to closing conditions and approvals.

• Revised FY2026 SHOP same-store cash NOI growth guidance to 16.5%–18.5%, acquisitions to $425M–$645M and dispositions to $1.1B.

• Sold 30 of 86 OMF properties for $198M and repaid $119M of secured debt; the remaining 56 were expected to close in Q4 for $331M, subject to assumption of $219M mortgage debt.

• Signed a $531M PSA for 40 OMF properties and a non-binding LOI for the remaining four, targeting a complete exit from the OMF segment.