(MENAFN- GlobeNewsWire - Nasdaq) 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.

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

Investor & Media Contact

Email:...

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 2024
ASSETS
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 2024
OMFs:
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 2024
Net 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 Ended
Amounts in thousands	Q3 2025		Q2 2025		Q1 2025		Q4 2024		Q3 2024
Net 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 2024
OMF 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 2024
SHOP 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		SHOP
Total properties as of June 30, 2025	133		42
Dispositions	-		(1)
Total properties as of September 30, 2025	133		41
Non-Core properties	(3)		(3)
Redevelopments	(1)		-
Same store properties as of September 30, 2025	129		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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