National Healthcare Properties Reports Second Quarter 2026 Results

— SHOP Same Store Cash NOI increased 20.1% on a year-over-year basis —

— $400 million of 2026 SHOP acquisitions completed or under definitive agreement —

—Secured an additional $650 million of credit facility commitments at improved spreads and terms —

— Transformed net leverage profile with successful IPO —

— Appointed Albert M. Campbell to Board of Directors, including its audit committee —

NEW YORK, August 5, 2026 (GLOBE NEWSWIRE) — National Healthcare Properties, Inc. (Nasdaq: NHP) (the

“Company”), 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, today announced results for the quarter ended June 30, 2026.

Michael Anderson, Chief Executive Officer and President, commented, “The second quarter marked an important

inflection point for the Company as we completed our transition to the public markets. Since then, we have executed

decisively on the outlined agenda. We closed 19 acquisitions, delivered solid organic growth across our SHOP

portfolio and also made meaningful progress towards building a balance sheet consistent with an investment-grade,

unsecured issuer. We are pleased to strengthen our Board with the addition of Al Campbell, reinforcing our

commitment to strong governance as we scale. Together, these results reflect disciplined capital allocation which the

Company expects will drive sustained value creation for our shareholders.”

Financial Performance and Recent Highlights

•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 portfolio Same Store Cash Net Operating Income (“NOI”) growth was 6.8% year-over-

year.

Senior Housing Operating Portfolio (“SHOP”) Segment:

•Same Store Cash NOI growth was 20.1% on a year-over-year basis.

•Same Store average occupancy totaled 84.1%, an increase of 1.4% on a year-over-year basis.

•Same Store RevPOR increased 5.9% on a year-over-year basis.

•Same Store Cash NOI Margin of 22.4%, an expansion of 2.3% on a year-over-year basis.

Outpatient Medical Facility (“OMF”) Segment:

•Same Store Cash NOI decreased by (0.4)% on a year-over-year basis.

•Same Store ending occupancy totaled 94.3%, an increase of 0.2% on a year-over-year basis.

Transactional Activity

Acquisitions and Pipeline

In late June 2026, the Company acquired two SHOP communities located in the Midwest with 211 total units for a

purchase price of $98 million. The communities will be managed by Senior Lifestyle Corporation.

In early July 2026, the Company acquired 16 SHOP communities comprised of 916 total units and located across

several Midwestern, Southern, Mid-Atlantic and Pacific Northwest states for an aggregate purchase price of

approximately $166 million. The communities will be managed by the Company's existing operating partners.

Thirteen of these communities were acquired through a joint venture with Discovery Senior Living. The Company

owns approximately 98.5% of the joint venture and, as part of this transaction, holds a right of first refusal and

purchase option on an additional 13 senior living communities managed by Discovery Senior Living.

In late July 2026, the Company acquired one SHOP community located in Iowa with 87 total units for a purchase

price of approximately $16 million. The community will be managed by one of the Company's existing operating

partners.

In late June 2026, the Company entered into a definitive purchase and sale agreement to acquire three SHOP

communities located in Illinois with 178 total units for a purchase price of approximately $30 million. This

transaction is expected to close in the third quarter of 2026, subject to closing conditions and applicable regulatory

approvals as specified in the purchase and sale agreement.

In July 2026, the Company entered into a definitive purchase and sale agreement to acquire two SHOP communities

located in Florida with 200 total units for a purchase price of $90 million. The transaction is expected to close in the

third quarter of 2026, subject to closing conditions and applicable regulatory approvals as specified in the purchase

and sale agreement.

Non-Core SHOP Disposition

In May 2026, the Company entered into a definitive purchase and sale agreement to sell one non-core SHOP

community in California for approximately $42 million, equating to a 1.7% trailing twelve-month yield.

Balance Sheet and Capital

As of June 30, 2026, total debt outstanding (net of discounts and unamortized debt issuance costs) 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 (Net Debt as of June 30, 2026 to Annualized Adjusted EBITDA for the quarter ended June 30, 2026)

improved 4.3x to 4.9x as of June 30, 2026 from 9.2x as of June 30, 2025.

In April 2026, the Company repaid in full the $186 million of indebtedness under its revolving facility with proceeds

from its initial public offering.

In August 2026, the Company recast its senior unsecured credit facilities, which provide for, among other things, (i)

an increase in total lender commitments from $550 million to $1.2 billion, with the revolving facility increasing

from $400 million to $750 million, the term loan increasing from $150 million to $300 million and a new

$150 million delayed draw term loan facility being added, (ii) an extension of the maturity of the revolving facility

and the term loan (including the delayed draw term loan) to August 2030 and August 2029, respectively, and (iii) a

reduction in the applicable pricing for interest rates based on the Company's corporate leverage ratio. In connection

with the credit facilities recast, the Company repaid the $332 million outstanding under its Fannie Mae secured debt

due to mature in November 2026.

Credit Facilities
	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

Common and Preferred Stock

Common Stock

In April 2026, the Company completed its public offering (the “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 connection with the Offering, the Class A common stock became

listed on The Nasdaq Global Market (“Nasdaq”) under the symbol “NHP” and began trading on April 22, 2026.

On July 1, 2026, the Board of Directors declared a quarterly dividend of $0.075 per share of its common stock

(including its Class A Common Stock). The dividend was paid in cash on July 30, 2026 to holders of record as of the

close of business on July 15, 2026.

Preferred Stock

On June 22, 2026, the Board of Directors declared dividends on the Company's outstanding preferred stock as

follows:

•A dividend of $0.4609375 per share on its 7.375% Series A Preferred Stock to holders of record at the

close of business on July 2, 2026. The dividend was paid on July 15, 2026.

•A dividend of $0.4453125 per share on its 7.125% Series B Preferred Stock to holders of record at the

close of business on July 2, 2026. The dividend was paid on July 15, 2026.

During the three months ended June 30, 2026, the Company completed its tender offer of previously outstanding

preferred stock with an aggregate liquidation preference of approximately $28.1 million at a weighted average yield

of 8.1%, representing a $2.50 discount to the liquidation preference of $25.00 per share and resulting in dividend

savings of $2.0 million annually.

Appointment of Albert M. Campbell to the Board of Directors

On August 4, 2026, the Board of Directors elected Albert M. Campbell to serve as a member of the Board and its

audit committee, effective August 10, 2026. Mr. Campbell is a seasoned financial executive with a 35-year career

spanning various financial and accounting leadership roles. From 1998 to 2024, he worked with Mid-America

Apartment Communities, Inc. (NYSE: MAA), a large publicly traded multifamily REIT, where Mr. Campbell held

various financial positions, including Treasurer and Director of Financial Planning, before becoming Executive Vice

President and Chief Financial Officer in January 2010. As Chief Financial Officer, he had responsibilities in the

areas of corporate finance, treasury, investor relations, accounting, information technology, and strategic planning.

He led key areas of company growth, including balance sheet restructuring, corporate mergers, systems integrations,

and team building. Mr. Campbell began his career as a Certified Public Accountant with Arthur Andersen &

Company before serving in various finance and accounting roles with Thomas & Betts Corporation, a former

publicly held electrical parts manufacturer and distributor. He currently serves on the Board of Directors and

Strategy Committee of Orgill, Inc., a large privately held distributor of hardware products, as well as on the

Advisory Board of Middleburg, a large privately held developer of multifamily communities. He is a Certified

Public Accountant (inactive status) and graduated magna cum laude with a Bachelor of Professional Accountancy

from Mississippi State University.

Revised Full Year 2026 Guidance

For the full year 2026, the Company is revising certain guidance ranges as follows:

	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

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.

Note: The Company’s 2026 guidance contains forward-looking statements and is based on a number of assumptions

and estimates, including those identified later in this press release. These assumptions and estimates are based on

existing market conditions, transaction timing and other assumptions for the year ending December 31, 2026; actual

results may differ materially.

Supplemental Information

Additional information regarding these results can be found in the Company’s supplemental financial package that

will be available on the Investor Relations section of the Company’s website at nhpreit.com.

About National Healthcare Properties

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 the

Company can be found on its website at nhpreit.com.

Investor & Media Contact

Email: ir@nhpreit.com

Forward-Looking Statements

This press release may contain “forward-looking” statements as defined in the Private Securities Litigation Reform

Act of 1995. All statements (other than statements of historical fact) in this press release regarding the Company's

prospects, expectations, intentions, plans, financial position, guidance 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. Risks and

uncertainties, the occurrence of which could adversely affect the Company's 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 the Company's growth strategy, including its ability to successfully identify, complete and integrate new

acquisitions; the Company’s ability to complete acquisitions or dispositions on the terms and timing the Company

expects, or at all; changes to inflation and interest rates; competition in the real estate and healthcare markets; the

Company's 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; the Company's ability to pay down,

refinance, restructure or extend its indebtedness as it becomes due; system failures, cyber incidents or deficiencies in

the Company's cybersecurity systems; the availability of capital on favorable terms, or at all; the Company's ability

to remain qualified as a real estate investment trust for U.S. federal income tax purposes; and other risks and

uncertainties described in the section titled Risk Factors of the Company's most recent Annual Report on Form 10-K

and all other filings with the Securities and Exchange Commission. Finally, the Company assumes 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.

Financial Statements and Definitions

This press release includes certain non-GAAP financial measures, including Nareit FFO, Normalized FFO, Net

Debt, EBITDA, Adjusted EBITDA, NOI, Cash NOI and Same Store Cash NOI. 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 press release should not be considered in isolation from, or as an alternative for, a measure of

financial or operating performance as defined by GAAP. 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. Definitions

of these non-GAAP financial measures and reconciliations to their most directly comparable GAAP measures are

provided below.

Nareit FFO and Normalized FFO

The Company calculates FFO consistent with the standards established over time by Nareit. Nareit defines FFO as

net income or loss (computed in accordance with GAAP), adjusted for (i) real estate-related depreciation and

amortization, (ii) impairment charges on depreciable real property, (iii) gains or losses from sales of depreciable real

property and (iv) similar adjustments for non-controlling interests and unconsolidated entities.

The Company calculates Normalized FFO by further adjusting FFO to reflect the performance of its portfolio for

items it believes are not directly attributable to its operations. The Company's adjustments to FFO to arrive at

Normalized FFO include removing the impacts of (i) acquisition and transaction related costs; (ii) termination fees

to related parties; (iii) severance and other related costs; (iv) mark-to-market gains and losses on non-designated

derivatives and amortization related to terminated derivatives; (v) casualty-related charges, net relating to

significantly disruptive events that are infrequent in nature; (vi) gains and losses on extinguishment of debt; (vii)

similar adjustments for non-controlling interests; and (viii) certain other items set forth in the Normalized FFO

reconciliation included therein.

The Company considers FFO and Normalized FFO to be useful supplemental measures for reviewing comparative

operating and financial performance because, by excluding the applicable items listed above, FFO and Normalized

FFO can help investors compare the Company's operating performance between periods or to other companies

(though other companies may calculate these measures differently than the Company does and the value of any such

comparison may be limited). While FFO and Normalized FFO are relevant and widely used measures of operating

performance of REITs, they do not represent, nor are they meant to replace, cash flows from operations and net

income or loss as defined by GAAP, and should not be considered alternatives to those measures in evaluating the

Company's liquidity or operating performance. Rather, FFO and Normalized FFO should be reviewed in conjunction

with these and other GAAP measurements as an indication of the Company's operational performance and are not

necessarily indicative of cash available to fund the Company's future cash requirements, including the Company's

ability to pay dividends and other distributions to the Company's stockholders. Additionally, the Company's

computation of FFO and Normalized FFO may not be comparable to FFO and Normalized FFO reported by other

REITs that do not define FFO in accordance with the current National Association of Real Estate Investment Trusts

(“NAREIT”) definition or that interpret the current NAREIT definition or define Normalized FFO differently than

the Company does.

Adjusted EBITDA

The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, excluding

(i) acquisition and transaction related costs; (ii) termination fees to related parties; (iii) impairment charges; (iv)

casualty-related charges; (v) gains and losses on sale of real estate investments; (vi) gains and losses on

extinguishment of debt; (vii) gains and losses on our derivatives; and (viii) non-cash items such as amortization of

intangibles and equity-based compensation. Annualized Adjusted EBITDA means Adjusted EBITDA for the

specified quarter, multiplied by four.

Cash NOI and NOI

Cash NOI is defined as NOI excluding non-cash items such as straight-line rent adjustments and amortization of

above and below market lease and lease intangibles that are included in GAAP revenue from tenants and property

operating and maintenance.

Cash NOI Margin

For the SHOP segment, Cash NOI divided by revenue from tenants or residents excluding net amortization of

above- and below-market lease and lease intangibles.

Net Debt

Net debt means total debt, net of deferred financing costs, mortgage discounts and premiums less cash and cash

equivalents.

Net Debt to Annualized Adjusted EBITDA or Net Leverage

Net Debt to Annualized Adjusted EBITDA or Net Leverage means Net Debt divided by Annualized Adjusted

EBITDA.

Non-Core Properties

Non-Core properties are  assets that have been deemed not essential to generating future economic benefit or value

to our day-to-day operations and/or are scheduled to be sold with closing conditions substantially fulfilled.

Leased % or Ending occupancy

Leased % or Ending occupancy for the OMF segment is presented as of the end of the period shown.

Recurring Capital Expenditures

Recurring Capital Expenditures means capital expenditures incurred to maintain the properties in current market

condition and which are generally recurring in nature.

Same Store

Same Store means operational properties owned by the Company for the full duration of the applicable comparative

periods and that are not otherwise excluded. Properties are excluded from “same store” if they are (i) Non-Core

Properties, (ii) sold, classified as held for sale, or classified as discontinued operations in accordance with GAAP,

(iii) impacted by materially disruptive events, or (iv) undergoing, or intended to undergo, significant redevelopment.

Redeveloped properties in our OMF segment will be included in Same Store once substantial completion of work

has occurred for the full period in the periods presented.

Same Store Cash NOI

Same Store Cash NOI is defined as Cash NOI for our Same Store properties.

NATIONAL HEALTHCARE PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

(Unaudited)

		June 30, 2026		December 31, 2025
ASSETS
Real estate investments, at cost:
Land		$181,140		$174,535
Buildings, fixtures and improvements		1,859,780		1,785,952
Acquired intangible assets		250,440		246,544
Construction in progress		7,170		2,994
Total real estate investments, at cost		2,298,530		2,210,025
Less: accumulated depreciation and amortization		(706,002)		(691,200)
Total real estate investments, net		1,592,528		1,518,825
Cash and cash equivalents		245,695		57,620
Restricted cash		56,681		50,832
Derivative assets, at fair value		2,367		569
Straight-line rent receivable, net		21,924		21,486
Operating lease right-of-use assets		7,299		7,377
Prepaid expenses and other assets, net		22,417		23,019
Accounts receivable, net		7,157		9,252
Deferred costs, net		20,201		22,792
Total assets		$1,976,269		$1,711,772
LIABILITIES AND EQUITY
Liabilities
Mortgage notes payable, net		$367,629		$367,629
Fannie Mae secured debt		331,854		334,739
Revolving credit facility		—		186,000
Term loan, net		148,674		148,405
Market lease intangible liabilities, net		4,381		4,851
Derivative liabilities, at fair value		—		188
Accounts payable and accrued expenses		48,249		44,381
Operating lease liabilities		8,417		8,467
Deferred rent		7,038		9,247
Distributions payable		2,808		3,340
Total liabilities		919,050		1,107,247
Commitments and contingencies
Equity
7.375% Series A cumulative redeemable perpetual preferred stock, $0.01 par value, 4,052 authorized		33		38
7.125% Series B cumulative redeemable perpetual preferred stock, $0.01 par value, 2,900 authorized		29		35
Common stock, $0.01 par value, 300,000 shares authorized		1,132		1,132
Class A common stock, $0.01 par value, 100,0000 shares authorized		443		—
Additional paid-in capital		3,001,481		2,531,315
Accumulated other comprehensive income		4,810		5,604
Distributions in excess of accumulated earnings		(1,953,804)		(1,938,060)
Total stockholders’ equity		1,054,124		600,064
Non-controlling interests		3,095		4,461
Total equity		1,057,219		604,525
Total liabilities and equity		$1,976,269		$1,711,772

NATIONAL HEALTHCARE PROPERTIES, INC.

CONSOLIDATED INCOME STATEMENTS

(In thousands, except per share data)

(Unaudited)

		Three months ended June 30,				Six months ended June 30,
		2026		2025		2026		2025
Revenue from tenants		$87,530		$85,332		$173,815		$171,775
Operating expenses:
Property operating and maintenance		54,119		54,179		107,037		112,035
Impairment charges		3,780		15,212		3,780		27,111
Acquisition and transaction related		130		497		183		548
General and administrative		6,604		5,075		12,071		9,971
Depreciation and amortization		17,811		18,539		35,549		42,245
Total expenses		82,444		93,502		158,620		191,910
Operating income (loss) before gain (loss) on sale of real estate investments		5,086		(8,170)		15,195		(20,135)
Gain (loss) on sale of real estate investments		—		2,652		(2)		27,641
Operating income (loss)		5,086		(5,518)		15,193		7,506
Other income (expense):
Interest expense		(12,723)		(15,836)		(27,394)		(30,365)
Interest and other income, net		2,345		231		2,516		216
Gain on extinguishment of debt		—		257		—		257
(Loss) gain on non-designated derivatives		(47)		32		142		31
Total other expense, net		(10,425)		(15,316)		(24,736)		(29,861)
Loss before income taxes		(5,339)		(20,834)		(9,543)		(22,355)
Income tax (expense) benefit		(47)		—		(124)		6
Net loss		(5,386)		(20,834)		(9,667)		(22,349)
Net loss (income) attributable to non-controlling interests		30		31		2		(23)
Allocation for preferred stock		(2,785)		(3,386)		(6,079)		(6,836)
Net loss attributable to common stockholders		(8,141)		(24,189)		(15,744)		(29,208)
Other comprehensive loss:
Unrealized loss on designated derivatives		(266)		(2,205)		(794)		(7,199)
Comprehensive loss attributable to common stockholders		$(8,407)		$(26,394)		$(16,538)		$(36,407)
Weighted-average shares outstanding — Basic and Diluted (1)		61,597		28,296		45,059		28,296
Net loss per share attributable to common stockholders — Basic and Diluted (1)		$(0.13)		$(0.85)		$(0.35)		$(1.03)

(1)  Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a net loss

exists as the effect would be an antidilutive per share amount.

NATIONAL HEALTHCARE PROPERTIES, INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATION

(In thousands, except per share data)

(Unaudited)

		Three months ended
		Q2 2026		Q2 2025
Net loss attributable to common stockholders		$(8,141)		$(24,189)
Adjustments:
Impairment charges		3,780		15,212
Acquisition and transaction related		130		497
General and administrative		6,604		5,075
Depreciation and amortization		17,811		18,539
Gain on sale of real estate investments		—		(2,652)
Interest expense		12,723		15,836
Interest and other income, net		(2,345)		(231)
Gain on extinguishment of debt		—		(257)
Loss (gain) on non-designated derivatives		47		(32)
Income tax expense		47		—
Net income attributable to non-controlling interests		(30)		(31)
Allocation for preferred stock		2,785		3,386
NOI		$33,411		$31,153
NOI by Segment
OMF		$20,398		$20,910
SHOP		13,013		10,243
Total NOI		$33,411		$31,153

(1)Certain 2025 amounts have been reclassified from general and administrative to property operating and maintenance

to align with the current period presentation.

NATIONAL HEALTHCARE PROPERTIES, INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATION

(In thousands, except per share data)

(Unaudited)

		Three months ended
		Q2 2026		Q2 2025
Net loss attributable to common stockholders		$(8,141)		$(24,189)
Depreciation and amortization on real estate assets		16,402		17,127
Impairment charges		3,780		15,212
Gain on sale of real estate		—		(2,652)
Depreciation on real estate assets related to non-controlling interests		(89)		(146)
FFO attributable to common stockholders		11,952		5,352
Acquisition and transaction related		130		497
Derivatives mark-to-market and terminations (1)		(1,236)		813
Casualty-related charges, net		7		7
Gain on extinguishment of debt		—		(257)
Normalizing items related to non-controlling interests		(7)		(13)
Other normalizing items, net		21		—
Normalized FFO attributable to common stockholders		$10,867		$6,399
FFO and Normalized FFO weighted average shares outstanding — Diluted		61,975		28,533
FFO per common share — Diluted		$0.19		$0.19
Normalized FFO per common share — Diluted		$0.18		$0.22
Other Items:
(Accretion) amortization of market lease and other intangibles, net		$(147)		$(135)
Straight-line rent adjustments		(168)		(635)
Equity-based compensation		1,614		570
Depreciation and amortization on non-real estate assets		1,409		1,411
Amortization of deferred financing costs and mortgage discounts or premiums		1,058		1,481
Recurring Capital Expenditures		(3,444)		(10,571)

(1) For Q2 2026, includes $1.5 million of amortization reclassified from OCI to earnings (reduced interest expense)

from a swap termination.

NATIONAL HEALTHCARE PROPERTIES, INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATION

(In thousands, except per share data)

(Unaudited)

		Three months ended
		Q2 2026		Q1 2026		Q4 2025		Q3 2025		Q2 2025
Net loss (in accordance with GAAP)		$(5,386)		$(4,281)		$(22,802)		$(12,534)		$(20,834)
Interest expense		12,723		14,671		15,856		15,060		15,836
Income tax expense (benefit)		47		77		101		66		—
Depreciation and amortization		17,811		17,738		17,987		18,029		18,539
EBITDA		25,195		28,205		11,142		20,621		13,541
Acquisition and transaction related		130		53		(123)		91		497
Equity-based compensation		1,614		612		682		1,333		570
Severance and related costs (1)		—		—		2,907		—		—
Impairment charges		3,780		—		11,162		6,641		15,212
Loss (gain) on sale of real estate investments		—		2		467		(626)		(2,652)
Loss (gain) on non-designated derivatives		47		(189)		26		77		(32)
Gain on extinguishment of debt		—		—		—		—		(257)
(Accretion) amortization of market lease and other intangibles, net		(147)		(147)		(165)		(174)		(135)
Casualty-related charges, net		7		142		627		115		7
Other normalizing items, net		21		—		—		—		—
Adjusted EBITDA		30,647		28,678		26,725		28,078		26,751
Adjustment for current period activity		1,980		13		429
Further Adjusted EBITDA		$32,627		$28,691		$27,154
Net Leverage (Net debt / Annualized Adjusted EBITDA)		4.9x		8.6x		9.2x		8.8x		9.2x
Net debt / Annualized Further Adjusted EBITDA		4.6x		8.6x		9.0x

(1) Represents cash severance, acceleration of equity vesting and other related expenses in connection with the transition of the chief

financial officer role in 2025.

NATIONAL HEALTHCARE PROPERTIES, INC.

NON-GAAP FINANCIAL MEASURES RECONCILIATION

(In thousands, except share, per share and property data)

(Unaudited)

		Three months ended
		Q2 2026		Q2 2025
OMF Segment
OMF segment - revenue from tenants		$29,182		$29,252
OMF segment - property operating and maintenance		(8,783)		(8,342)
OMF segment NOI		20,399		20,910
Straight line rent adjustments		(168)		(634)
(Accretion) amortization of market lease and other intangibles, net		(140)		(167)
OMF segment Cash NOI		20,091		20,109
Dispositions		5		52
Redevelopment		86		99
OMF segment Same Store Cash NOI		$20,182		$20,260

		Three months ended
		Q2 2026		Q2 2025
SHOP Segment
SHOP segment - revenue from tenants		$58,348		$56,081
SHOP segment - property operating and maintenance		(45,335)		(45,838)
SHOP segment NOI		13,013		10,243
Non-cash adjustments		(6)		32
SHOP segment Cash NOI		13,007		10,275
Acquisitions		(22)		—
Dispositions		86		608
SHOP segment Same Store Cash NOI		$13,071		$10,883

		OMF		SHOP		Land		Total
Total properties as of March 31, 2026		130		37		1		168
Acquisitions		—		2		—		2
Total properties as of June 30, 2026		130		39		1		170
Redevelopments		(1)		—		—		(1)
Acquisitions		—		(2)				(2)
Same Store properties as of June 30, 2026		129		37		1		167