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National Healthcare Properties Reports Third Quarter 2025 Results

1. NHPAP reports net loss of $(0.56) per share for Q3 2025. 2. FFO and AFFO per share increased 21.1% and 12.5% quarter-over-quarter. 3. Senior Housing segment shows a 27.2% Same Store Cash NOI growth year-over-year. 4. Total occupancy increased to 83.7%, up 4% year-over-year. 5. Debt pay down of $83.1 million strengthens financial stability.

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Why Bullish?

The substantial growth in same-store cash net operating income indicates strong operational performance, potentially driving investor confidence. This growth mirrors successful patterns seen in other REITs, which often correlate with price appreciation.

How important is it?

Strong financial performance metrics and positive growth indicators can significantly impact investor sentiment and potential stock valuation. The current operational momentum and debt management strategies may enhance long-term company outlook.

Why Short Term?

Immediate investor reactions to positive financial metrics usually impact stock prices shortly after earnings releases. This reflects trends seen historically where REITs experiencing NOI growth see immediate stock price boosts.

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NHPBP
NEW YORK, Nov. 05, 2025 (GLOBE NEWSWIRE) -- National Healthcare Properties, Inc. (Nasdaq: NHPAP / NHPBP) (the “Company”), a self-managed diversified healthcare real estate investment trust focusing on seniors housing and outpatient medical facilities, today announced results for the three and nine months ended September 30, 2025. Michael Anderson, Chief Executive Officer and President, commented, “We are very pleased with the continued strong momentum of our business across-the-board in the third quarter. The exceptional growth of same store cash net operating income within the Senior Housing Operating Property segment and the continued durable performance of the Outpatient Medical Facility segment are laying a solid foundation for our public listing preparation.” Financial Performance and Other Highlights Net loss of $(0.56) per basic and diluted share. Nareit defined Funds from Operations (“FFO”) of $0.23 per diluted share, and Adjusted Funds from Operations (“AFFO”) of $0.36 per diluted share. FFO per share increased 21.1% on a quarter-over-quarter basis.AFFO per share increased 12.5% on a quarter-over-quarter basis. Third quarter portfolio Same Store Cash Net Operating Income (“NOI”) growth was 12.2% year-over-year. Senior Housing Operating Property (“SHOP”) segment Same Store Cash NOI growth was 27.2%.Outpatient Medical Facility (“OMF”) segment Same Store Cash NOI growth was 4.7%. Third quarter disposition totaled $1.8 million, representing the sale of one non-core SHOP. Operating Update SHOP Portfolio Year-over-year Same Store Cash NOI growth of 27.2%.Quarter-over-quarter Same Store Cash NOI growth of 10.3%.Same Store average occupancy totaled 83.7%, an increase of 4.0% on a year-over-year basis.Same Store revenue increased 12.0% on a year-over-year basis.Same Store Cash NOI Margin totaled 21.5%, an expansion of 2.5% on a year-over-year basis. OMF Portfolio Year-over-year Same Store Cash NOI growth of 4.7%.Quarter-over-quarter Same Store Cash NOI decreased by 1.6%.Same Store ending occupancy totaled 93.5%, a decrease of 0.4% on a year-over-year basis. Investment Activity The Company completed the disposition of one non-core SHOP with a contract sales price of $1.8 million during the quarter ended September 30, 2025. Balance Sheet and Capital As of September 30, 2025, total debt outstanding (net of unamortized debt issuance costs) was $1.0 billion with a weighted average interest rate of 5.1% (when giving effect to interest rate hedges) and an average remaining term of 3.5 years. Year-to-date through September 2025, the Company has paid down $83.1 million of debt using proceeds from dispositions. In April 2025, the Company fully repaid the $21.7 million Capital One OMF Warehouse Facility. Net Leverage (Net Debt to Annualized Adjusted EBITDA) totaled 8.9x as of September 30, 2025, an improvement of 0.4x relative to June 30, 2025. Preferred Stock On September 19, 2025, 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 Cumulative Redeemable Perpetual Preferred Stock to holders of record at the close of business on October 3, 2025. The dividend was paid on October 15, 2025.A dividend of $0.4453125 per share on its 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock to holders of record at the close of business on October 3, 2025. The dividend was paid on October 15, 2025. During the nine months ended September 30, 2025, the Company completed the repurchase of $4.5 million of previously outstanding shares of preferred stock at a weighted average yield of 11.9%, representing a $9.75 discount to face value and reducing leverage by $2.9 million. 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 is a self-managed real estate investment trust focusing on seniors housing and outpatient medical facilities. The Company’s preferred stocks are traded on the Nasdaq Exchange under the tickers “NHPAP” and “NHPBP”. 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. These forward-looking statements concern and are based upon, among other things, the possible expansion of the Company’s portfolio; the sale of properties; the performance of its operators/tenants and properties; its ability to enter into agreements with new viable tenants for vacant space on favorable terms, or at all; its occupancy rates; its ability to acquire, develop and/or manage properties; its ability to make distributions to shareholders; its policies and plans regarding investments, financings and other matters; its tax status as a real estate investment trust; its critical accounting policies; its ability to appropriately balance the use of debt and equity; its ability to access capital markets or other sources of funds; and its ability to finance and complete, and the effect of, future acquisitions. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The Company’s expected results may not be achieved, and actual results may differ materially from expectations. This may be a result of various factors, including, but not limited, the risks and uncertainties described in the section titled Risk Factors of its most recent Annual Report on Form 10-K for the year ended December 31, 2024 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 FFO, AFFO, 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 AFFO 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 AFFO 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 AFFO include removing the impacts of (i) acquisition and transaction related costs, (ii) amortization of market-lease intangible assets and liabilities, (iii) adjustments for straight-line rent, (iv) termination fees to related parties, (v) equity-based compensation expense, (vi) depreciation and amortization related to non-real estate related assets, (vii) mark-to-market gains and losses from its non-designated derivatives, (viii) non-cash components of interest expense, (ix) casualty-related charges, (x) gains or losses on extinguishment of debt and (xi) similar adjustments for non-controlling interests and unconsolidated entities. The Company considers FFO and AFFO to be useful supplemental measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed below, FFO and AFFO can help investors compare its operating performance between periods or as compared to other REITs. Adjusted EBITDA The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, excluding acquisition and transaction related costs, termination fees to related parties, interest and other income, amortization of market-lease intangible assets and liabilities and other non-cash items including equity-based compensation, impairment charges, casualty-related charges, gains and losses on sale of real estate investments, gains or losses on extinguishment of debt and gains and losses on derivative investments.​ Cash NOI and NOI ​ The Company defines NOI as total revenues from tenants less property operating costs. The Company defines Cash NOI as NOI excluding net amortization of above/below market lease and lease intangibles and straight-line rent adjustments 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 excluding net amortization of above/below market lease and lease intangibles.​ Net Debt​ Total gross debt less cash and cash equivalents.​ Net Debt to Annualized Adjusted EBITDA or Net Leverage​ Net Debt divided by Annualized Adjusted EBITDA (annualized based on Adjusted EBITDA for the quarter multiplied by four).​ Non-Core Properties​ Assets that have been deemed not essential to generating future economic benefit or value to the Company’s day-to-day operations and/or are scheduled to be sold.​ Occupancy or Leased %​ Occupancy for the OMF segment is presented as of the end of the period shown; occupancy for the SHOP segment is presented for the duration of the period shown.​ Same Store​ The Company defines “same store” as operational properties owned for the full duration of the comparative periods and that are not otherwise excluded. Properties are excluded from same store if they are (i) Non-Core Properties (as defined above), (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 the OMF segment will be included in same store once substantial completion of work has occurred for the full period in the periods presented.           NATIONAL HEALTHCARE PROPERTIES, INC.CONSOLIDATED BALANCE SHEETS(In thousands, except share and per share data)(Unaudited)           Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024ASSETS         Real estate investments, at cost:         Land$        176,510  $        177,999  $        182,662  $        190,082  $        198,124 Buildings, fixtures and improvements 1,795,014   1,804,274   1,837,150   2,012,401   2,051,313 Acquired intangible assets         248,061           249,941           256,440           284,447           290,408 Construction in progress$2,535  $4,126  $9,558  $7,867  $3,930 Total real estate investments, at cost 2,222,120   2,236,340   2,285,810   2,494,797   2,543,775 Less: accumulated depreciation and amortization         (681,847)          (671,070)          (670,907)          (725,831)          (724,985)Total real estate investments, net 1,540,273   1,565,270   1,614,903   1,768,966   1,818,790 Assets held for sale         6,215           1,725           —           —           — Cash and cash equivalents         47,059           47,123           71,383           21,652           32,858 Restricted cash         55,477           56,047           55,025           52,443           52,054 Derivative assets, at fair value         8,415           11,208           13,281           19,206           17,177 Straight-line rent receivable, net         21,069           20,315           19,967           22,841           23,056 Operating lease right-of-use assets         7,280           6,841           6,879           7,480           7,553 Prepaid expenses and other assets         24,972           22,591           23,721           26,316           23,706 Accounts receivable, net         10,242           9,311           8,096           5,850           5,238 Deferred costs, net         18,055           18,465           18,630           21,269           17,238 Total assets         1,739,057           1,758,896           1,831,885           1,946,023           1,997,670 LIABILITIES AND EQUITY         Mortgage notes payable, net$        696,806  $        696,508  $        711,065  $        779,160  $        816,988 Fannie Mae Secured Debt         336,181           337,624           360,774           362,216           363,659 Market lease intangible liabilities, net         5,114           5,380           5,691           6,125           6,910 Derivative liabilities, at fair value         —           —           —           —           — Accounts payable and accrued expenses         46,440           46,322           54,649           89,575           84,472 Operating lease liabilities         8,266           7,801           7,815           8,109           8,122 Deferred rent         10,230           9,347           8,275           7,217           5,717 Distributions payable         3,372           3,432           3,496           3,496           3,496 Total liabilities         1,106,409           1,106,414           1,151,765           1,255,898           1,289,364 Stockholders’ Equity         7.375% Series A cumulative redeemable perpetual preferred stock, $0.01 par value, 4,740,000 authorized         38           40           40           40           40 7.125% Series B cumulative redeemable perpetual preferred stock, $0.01 par value, 3,680,000 authorized         35           35           36           36           36 Common stock, $0.01 par value, 300,000,000 shares authorized         1,132           1,132           1,132           1,132           1,132 Additional paid-in capital         2,530,535           2,532,585           2,533,737           2,533,706           2,533,697 Accumulated other comprehensive income         7,560           9,441           11,646           16,640           14,301 Distributions in excess of accumulated earnings         (1,912,081)          (1,896,200)          (1,872,012)          (1,866,994)          (1,846,558)Total stockholders’ equity         627,219           647,033           674,579           684,560           702,648 Non-controlling interests         5,429           5,449           5,541           5,565           5,658 Total equity         632,648           652,482           680,120           690,125           708,306 Total liabilities and equity$        1,739,057  $        1,758,896  $        1,831,885  $        1,946,023  $        1,997,670    NATIONAL HEALTHCARE PROPERTIES, INC.CONSOLIDATED INCOME STATEMENTS(In thousands, except share and per share data)(Unaudited)   Three Months Ended Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024          Revenue from tenants$        86,026  $        85,332  $        86,443  $        87,738  $        88,940           Operating expenses:         Property operating and maintenance 53,845   54,179   57,856   54,895   56,407 Impairment charges 6,641   15,212   11,899   13,383   8,829 Operating fees to related parties —   —   —   22   6,391 Termination fees to related parties —   —   —   —   8,409 Acquisition and transaction related 91   497   51   2,263   5,187 General and administrative 5,671   5,075   4,896   5,502   5,502 Depreciation and amortization 18,029   18,539   23,706   20,681   20,720 Total expenses 84,277   93,502   98,408   96,746   111,445 Operating loss before gain on sale of real estate investments         1,749           (8,170)          (11,965)          (9,008)          (22,505)Gain on sale of real estate investments         626           2,652           24,989           7,953           1,579 Operating (loss) income         2,375           (5,518)          13,024           (1,055)          (20,926)Other income (expense):         Interest expense         (15,060)          (15,836)          (14,529)          (17,305)          (18,007)Interest and other income (expense)         294           231           (15)          (26)          548 Gain on extinguishment of debt         —           257           —           392           — Gain (loss) on non-designated derivatives         (77)          32           (1)          1,095           (2,384)Total other expenses, net         (14,843)          (15,316)          (14,545)          (15,844)          (19,843)Loss before income taxes         (12,468)          (20,834)          (1,521)          (16,899)          (40,769)Income tax expense (benefit)         (66)          —           6           (127)          — Net loss         (12,534)          (20,834)          (1,515)          (17,026)          (40,769)Net loss (income) attributable to non-controlling interests         (21)          31           (54)          38           77 Allocation for preferred stock         (3,326)          (3,386)          (3,450)          (3,449)          (3,450)Net loss attributable to common stockholders         (15,881)          (24,189)          (5,019)          (20,437)          (44,142)          Other comprehensive loss:         Unrealized (loss) gain on designated derivatives         (1,881)          (2,205)          (4,994)          2,339           (10,167)Comprehensive loss attributable to common stockholders$        (17,762) $        (26,394) $        (10,013) $        (18,098) $        (54,309)          Weighted-average shares outstanding — Basic and Diluted         28,296,919           28,296,439           28,296,439           28,296,439           28,291,594 Net loss per share attributable to common stockholders — Basic and Diluted$        (0.56) $        (0.85) $        (0.18) $        (0.72) $        (1.56) (1) See the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025, Part I - Note 2 "Summary of Significant Accounting Policies" for additional details on reclassifications.  NATIONAL HEALTHCARE PROPERTIES, INC.NON-GAAP FINANCIAL MEASURES RECONCILIATION(In thousands, except share and per share data)(Unaudited)   Three Months Ended  Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024OMFs:          Revenue from tenants $29,022  $29,252  $30,635  $33,744  $34,303 Property operating and maintenance          (8,391)          (8,342)          (11,485)          (9,422)          (10,656)OMF segment net operating income $20,631  $20,910  $19,150  $24,322  $23,647 SHOPs:          Revenue from tenants $57,004  $56,078  $55,808  $53,994  $54,637 Property operating and maintenance          (45,454)          (45,835)          (46,371)          (45,473)          (45,751)SHOP segment net operating income $11,550  $10,243  $9,437  $8,521  $8,886  Net operating income (NOI) $32,181  $31,153  $28,587  $32,843  $32,533 Impairment charges          (6,641)          (15,212)          (11,899)          (13,383)          (8,829)Operating fees to related parties          —           —           —           (22)          (6,391)Termination fees to related parties          —           —           —           —           (8,409)Acquisition and transaction related          (91)          (497)          (51)          (2,263)          (5,187)General and administrative          (5,671)          (5,075)          (4,896)          (5,502)          (5,502)Depreciation and amortization          (18,029)          (18,539)          (23,706)          (20,681)          (20,720)Gain on sale of real estate investments          626           2,652           24,989           7,953           1,579 Interest expense          (15,060)          (15,836)          (14,529)          (17,305)          (18,007)Interest and other income (expense)          294           231           (15)          (26)          548 Gain (loss) on non-designated derivatives          (77)          32           (1)          1,095           (2,384)Gain on extinguishment of debt          —           257           —           392           — Income tax (expense) benefit          (66)          —           6           (127)          — Net loss (income) attributable to non-controlling interests          (21)          31           (54)          38           77 Preferred stock dividends          (3,326)          (3,386)          (3,450)          (3,449)          (3,450)Net loss attributable to common stockholders (in accordance with GAAP) $        (15,881) $        (24,189) $        (5,019) $        (20,437) $        (44,142)                     (1) See the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025, Part I - Note 2 "Summary of Significant Accounting Policies" for additional details on reclassifications.   NATIONAL HEALTHCARE PROPERTIES, INC.NON-GAAP FINANCIAL MEASURES RECONCILIATION(In thousands, except share and per share data)(Unaudited)   Three Months Ended Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024Net loss attributable to common stockholders (in accordance with GAAP)$        (15,881) $        (24,189) $        (5,019) $        (20,437) $        (44,142)Depreciation and amortization on real estate assets         16,647           17,127           22,281           19,287           19,293 Impairment charges         6,641           15,212           11,899           13,383           8,829 Gain on sale of real estate         (626)          (2,652)          (24,989)          (7,953)          (1,579)Adjustments for non-controlling interests         (73)          (146)          (56)          (181)          (64)FFO (as defined by NAREIT) attributable to common stockholders         6,708           5,352           4,116           4,099           (17,663)Amortization (accretion) of market lease and other intangibles, net         (174)          (135)          2,331           (606)          (134)Straight-line rent adjustments         (753)          (635)          (1,023)          (434)          (458)Acquisition and transaction related(1)         91           497           51           2,263           5,187 Termination fees to related parties(2)         —           —           —           —           8,409 Equity-based compensation         1,333           570           —           —           153 Depreciation and amortization on non-real estate assets         1,382           1,411           1,425           1,394           1,427 Mark-to-market (gains)/losses from derivatives(3)         911           813           931           310           4,224 Non-cash components of interest expense(4)         761           1,481           858           879           880 Adjustments for non-controlling interests         (10)          (13)          (19)          —           (91)Gain on extinguishment of debt         —           (257)          —           (392)          — Casualty-related charges(5)         115           7           115           412           2 AFFO$        10,364  $        9,091  $        8,785  $        7,925  $        1,936 Percentage increase Q3 2025 vs Q2 2025         14.0%        Percentage increase Q3 2025 vs Q3 2024         435.3%        Recurring Capital Expenditures$        4,452  $        10,571  $        6,658  $        10,570  $        5,917           FFO and AFFO Weighted-average shares outstanding — Diluted         28,549,088           28,533,395           28,530,465           28,530,264           28,525,620 FFO per common share — Diluted$        0.23  $        0.19  $        0.14  $        0.14  $        (0.62)AFFO per common share — Diluted$        0.36  $        0.32  $        0.31  $        0.28  $        0.07                     (1) Includes certain advisory, legal, accounting, information technology, tax and other professional expenses and other non-recurring employee transition expenses that were directly related to the Company's internalization and the reverse stock split.(2) Represents the closing payments paid in connection with the Company's internalization.(3) Presented as total gains or losses from the Company's non-designated derivatives net of cash received.(4) Non-cash components of interest expense include (i) deferred financing cost amortization, (ii) mortgage discount and premium amortization and (iii) amortized gains or losses from terminated hedging instruments.(5) Includes labor, supplies and evacuation expenses from natural disasters not covered by insurance.(6) See the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025, Part I - Note 2 "Summary of Significant Accounting Policies" for additional details on reclassifications.   NATIONAL HEALTHCARE PROPERTIES, INC.NON-GAAP FINANCIAL MEASURES RECONCILIATION(In thousands, except share and per share data)(Unaudited)   Three Months EndedAmounts in thousandsQ3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024Net loss (in accordance with GAAP)$        (12,534) $        (20,834) $        (1,515) $        (17,025) $        (40,771)Interest expense         15,060           15,836           14,529           17,305           18,007 Income tax expense         66           —           (6)          127           — Depreciation and amortization         18,029           18,539           23,706           20,681           20,720 EBITDA         20,621           13,541           36,714           21,088           (2,044)Acquisition and transaction related         91           497           51           2,263           5,187 Termination fees to related parties         —           —           —           —           8,409 Equity-based compensation         1,333           570           —           —           153 Impairment charges         6,641           15,212           11,899           13,383           8,829 (Gain)/loss on sale of real estate investments         (626)          (2,652)          (24,989)          (7,953)          (1,579)(Gain)/loss on non-designated derivatives         77           (32)          1           (1,095)          2,384 Gain on extinguishment of debt         —           (257)          —           (392)          — Amortization (accretion) of market lease and other intangibles, net         (174)          (135)          2,331           (606)          (135)Casualty-related charges         115           7           115           412           2 Adjusted EBITDA         28,078           26,751           26,122           27,100           21,206 Operating fees to related parties         —           —           —           22           6,391 General and administrative         4,338           4,505           4,896           5,502           5,349 Interest and other income         (294)          (231)          15           25           (546)Amortization (accretion) of market lease and other intangibles, net         174           135           (2,331)          606           135 Casualty-related charges         (115)          (7)          (115)          (412)          (2)NOI         32,181           31,153           28,587           32,843           32,533 Adjustments for straight-line rent         (753)          (634)          (1,021)          (435)          (458)Accretion of market lease and other intangibles, net         (174)          (135)          2,331           (605)          (133)Cash NOI$        31,254  $        30,384  $        29,897  $        31,803  $        31,942 Dispositions         299           502           (758)          (3,241)          (3,496)Redevelopment         85           99           160           (196)          (196)Non-Core Properties         297           158           229           252           220 Same-store Cash NOI$        31,935  $        31,143  $        29,528  $        28,618  $        28,470 Percentage increase Q3 2025 vs Q2 2025         2.5%        Percentage increase Q3 2025 vs Q3 2024         12.2%                    (1) See the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025, Part I - Note 2 "Summary of Significant Accounting Policies" for additional details on reclassifications.   NATIONAL HEALTHCARE PROPERTIES, INC.NON-GAAP FINANCIAL MEASURES RECONCILIATION(In thousands, except share,  per share, and property data)(Unaudited)   Three Months Ended Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024OMF segment - revenue from tenants$        29,022  $        29,252  $        30,635  $        33,744  $        34,303 OMF segment - property operating and maintenance         (8,391)          (8,342)          (11,485)          (9,422)          (10,656)OMF segment NOI$        20,631  $        20,910  $        19,150  $        24,322  $        23,647 Straight line rent adjustments         (754)          (634)          (1,021)          (437)          (460)Accretion of market lease and other intangibles, net         (164)          (167)          2,335           (541)          (131)OMF segment cash NOI$        19,713  $        20,109  $        20,464  $        23,344  $        23,056 Dispositions         36           (51)          (1,456)          (3,798)          (3,852)Redevelopment         85           99           160           (196)          (196)Non-Core properties         94           103           76           50           26 OMF segment same store cash NOI$        19,928  $        20,260  $        19,244  $        19,400  $        19,034 Percentage increase Q3 2025 vs Q2 2025 (1.6)%        Percentage increase Q3 2025 vs Q3 2024         4.7%                    (1) See the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025, Part I - Note 2 "Summary of Significant Accounting Policies" for additional details on reclassifications.   NATIONAL HEALTHCARE PROPERTIES, INC.NON-GAAP FINANCIAL MEASURES RECONCILIATION(In thousands, except share,  per share, and property data)(Unaudited)   Three Months Ended Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024SHOP segment - revenue from tenants$        57,004  $        56,081  $        55,808  $        53,994  $        54,637 SHOP segment - property operating and maintenance         (45,454)          (45,836)          (46,371)          (45,472)          (45,751)SHOP segment NOI $        11,550  $        10,245  $        9,437  $        8,522  $        8,886 Non-cash adjustments         (9)          30           (4)          (63)          — SHOP segment cash NOI $        11,541  $        10,275  $        9,433  $        8,459  $        8,886 Dispositions         263           553           698           557           356 Non-Core properties         203           55           153           202           194 SHOP segment same store Cash NOI $        12,007  $        10,883  $        10,284  $        9,218  $        9,436 Percentage increase Q3 2025 vs Q2 2025         10.3%        Percentage increase Q3 2025 vs Q3 2024         27.2%                    (1) See the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025, Part I - Note 2 "Summary of Significant Accounting Policies" for additional details on reclassifications.     NATIONAL HEALTHCARE PROPERTIES, INC.NON-GAAP FINANCIAL MEASURES RECONCILIATION(In thousands, except share,  per share, and property data)(Unaudited)    For the three months ended September 30, 2025    OMF SHOPTotal properties as of June 30, 2025133 42Dispositions— (1)Total properties as of September 30, 2025133 41Non-Core properties(3) (3)Redevelopments(1) —Same store properties as of September 30, 2025129 38    (1) See the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025, Part I - Note 2 "Summary of Significant Accounting Policies" for additional details on reclassifications.

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