National Healthcare Properties (NHP) Investor presentation summary

Strategic focus and portfolio overview

• Specializes in senior housing communities and outpatient medical buildings, targeting primary and secondary markets for growth opportunities aligned with demographic trends.

• Portfolio includes 174 properties, 3,730 senior housing units, and 3.8M sq. ft. of outpatient medical space, with $2.0B gross real estate value and $125M annualized cash NOI as of Q3 2025.

• SHOP (Senior Housing Operating Properties) accounts for 63% of cash NOI, with a focus on assisted living and memory care, while OMF (Outpatient Medical Facilities) contributes 37%.

• SHOP segment has 39 communities across 12 states, 84.9% occupancy, and 97% private pay, emphasizing high-acuity care.

• OMF portfolio consists of 133 buildings, 90.6% leased, with top tenants including major health systems and 82% of leases structured as triple or absolute net.

Financial and operational performance

• Q3 2025 net loss of $(0.56) per share; FFO of $0.23 and AFFO of $0.36 per diluted share, with FFO up 21.1% and AFFO up 12.5% quarter-over-quarter.

• Same Store Cash NOI grew 12.2% year-over-year; SHOP segment NOI up 27.2%, OMF segment up 4.7%.

• SHOP occupancy increased from 74.1% in Q3'23 to 84.9% in Q3'25, with RevPOR rising 7.6% over the same period.

• Net leverage reduced to 8.9x in Q3'25 from 13.7x in Q3'24; $2.8M in preferred stock repurchased at an 11.3% effective yield.

• Internalization of management in FY 2024 led to over $25M in annualized savings by eliminating advisor fees.

Market trends and growth drivers

• Senior housing demand driven by aging population (80+ cohort growing 4.1% annually through 2040) and affluent baby boomers with $18.7T in home equity.

• Limited new senior housing supply due to high construction costs and restrictive financing, with industry occupancy expected to exceed 90%.

• Outpatient medical facilities benefit from rising healthcare expenditures (18% of GDP), shift from inpatient to outpatient care, and limited new supply.

• Replacement costs for OMFs have increased over 40% since 2021, enhancing the value of existing assets.