National Healthcare Properties Inc

For the period ended Dec 31, 2024. Filed Feb 27, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 27, 2025

NHPBP$25.44+0.0%Stored close · as of Oct 5, 2026

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Contents

Item 2. Properties

The following table presents certain additional information about the properties we owned as of December 31, 2024:

Portfolio · Numberof Properties · Rentable Square Feet · Percent Leased (1)(6) · Weighted Average Remaining Lease Term (2) · Gross Asset Value (3)
(In thousands)
Outpatient Medical Facilities	148		4,716,949	89.7%		6.5	$1,381,166
Seniors Housing Operating Properties	45	(4)	3,683,949	78.5%	(5)	N/A	1,082,953
Total Portfolio	193		8,400,898				$2,464,119

(1)Inclusive of leases signed but not yet commenced as of December 31, 2024.

(2)Weighted-average remaining lease term in years is calculated based on square feet as of December 31, 2024.

(3)Gross asset value represents total real estate investments, at cost ($2.5 billion total as of December 31, 2024), net of gross market lease intangible liabilities ($22.8 million total as of December 31, 2024). Cumulative impairment charges are already reflected within gross asset value.

(4)Includes one parcel of land with a total gross asset value of $0.6 million.

(5)Weighted by unit count as of December 31, 2024. As of December 31, 2024, we had 3,919 rentable units in our SHOP segment. The SHOP segment excludes one closed SHOP with 39 rentable units, one SHOP with 20 units under renovation and one land parcel.

(6)Percentage leased for the OMF segment is presented as of the end of the period shown; percentage leased for the SHOP segment is presented for the duration of the period shown.

N/A Not applicable.

The following table details the geographic distribution, by state, of our portfolio as of December 31, 2024:

State	Number of Properties (1)	Annualized Rental Income (2)	Annualized Rental Income %	Rentable Square Feet	Rentable Square Feet %	Rentable Units in SHOP Segment
(In thousands)
Alabama	—	$—	—%	—	—%	—
Arizona	14	10,170	3.1%	509,806	6.1%	—
Arkansas	3	15,315	4.7%	248,783	3.0%	299
California	7	14,874	4.6%	366,613	4.4%	156
Colorado	3	1,771	0.5%	67,133	0.8%	—
Florida	22	68,754	21.2%	1,099,729	13.1%	812
Georgia	16	33,502	10.4%	802,179	9.5%	624
Idaho	—	—	—%	—	—%	—
Illinois	16	19,601	6.1%	530,955	6.3%	317
Indiana	11	5,672	1.8%	225,861	2.7%	—
Iowa	11	29,175	9.0%	505,781	6.0%	583
Kansas	1	3,471	1.1%	49,360	0.6%	71
Louisiana	1	—	—%	17,830	0.2%	—
Maryland	1	1,046	0.3%	36,260	0.4%	—
Massachusetts	3	948	0.3%	36,563	0.4%	—
Michigan	11	18,133	5.6%	404,434	4.8%	291
Minnesota	1	1,098	0.3%	36,375	0.4%	—
Mississippi	3	1,515	0.5%	73,859	0.9%	—
Missouri	2	8,934	2.8%	96,016	1.1%	146
Nevada	2	3,291	1.0%	86,342	1.0%	—
New Jersey	1	734	0.2%	25,164	0.3%	—
New York	5	2,908	0.9%	136,982	1.6%	—
North Carolina	3	1,737	0.5%	90,650	1.1%	—
Ohio	5	7,934	2.5%	172,085	2.0%	—
Oklahoma	2	1,084	0.3%	47,407	0.6%	—
Oregon	6	10,699	3.3%	322,354	3.8%	252
Pennsylvania	16	37,524	11.6%	1,413,595	16.8%	289
South Carolina	2	1,103	0.3%	52,527	0.6%	—
Tennessee	3	3,473	1.1%	175,669	2.1%	—
Texas	6	4,173	1.3%	282,120	3.4%	—
Virginia	1	1,633	0.3%	62,165	0.7%	—
Washington	1	2,031	0.6%	52,900	0.6%	—
Wisconsin	13	11,270	3.5%	373,401	4.4%	79
Total	192	$323,573	100%	8,400,898	100%	3,919

(1)Includes one land parcel located in Iowa.

(2)Annualized rental income on a straight-line basis for the leases in place in the property portfolio as of December 31, 2024, which includes tenant concessions such as free rent, as applicable, as well as annualized gross revenue from our SHOPs based off the fourth quarter of 2024.

Future Minimum Lease Payments

The following table presents future minimum base rental cash payments due to us (excluding our SHOP segment) over the next ten years and thereafter as of December 31, 2024. The SHOP segment is excluded as the leased units with residents are generally for annual periods or month-to-month. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to performance thresholds and increases in annual rent based on exceeding certain economic indexes, among other items.

(In thousands)	Future MinimumBase Rent Payments
2025	$102,490
2026	98,736
2027	89,887
2028	76,345
2029	66,636
2030	60,069
2031	54,372
2032	47,926
2033	37,945
2034	34,844
Thereafter	80,678
	$749,928

Future Lease Expirations Table

The following is a summary of lease expirations for the next ten years at the properties we owned (excluding our SHOP segment) as of December 31, 2024:

Year of Expiration	Number of Leases Expiring	Annualized Rental Income (1)	Annualized Rental Income as a Percentage of the Total Portfolio	Leased Rentable Square Feet	Percent of Portfolio Rentable Square Feet Expiring
(In thousands)
2025	59	$6,068	7.2%	231,301	6.9%
2026	77	8,019	9.5%	393,347	11.8%
2027	101	12,972	15.4%	547,366	16.4%
2028	61	12,478	14.8%	472,066	14.2%
2029	53	7,460	8.9%	308,304	9.2%
2030	42	6,387	7.6%	259,910	7.8%
2031	16	4,871	5.8%	188,948	5.7%
2032	33	13,975	16.6%	467,067	14.0%
2033	10	2,675	3.2%	106,787	3.2%
2034	65	9,303	11.0%	360,758	10.8%
Total	517	$84,208	100.0%	3,335,854	100.0%

(1)Annualized rental income on a straight-line basis for the leases in place in the property portfolio as of December 31, 2024, which includes tenant concessions such as free rent, as applicable.

Property Financings

See Note 4 — Mortgage Notes Payable, Net and Note 5 — Credit Facilities to our Consolidated Financial Statements for property financings as of December 31, 2024 and 2023.

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