National Healthcare Properties, Inc.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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Item 2. Properties
The following table presents certain additional information about the properties we owned as of December 31, 2025 (dollars in thousands):
| Number of properties | Gross leasable area (sq. ft.) | Available units | Percent leased (1) | WALTR (2) | Grossasset value (3) | |
|---|---|---|---|---|---|---|
| OMF segment | 130 | 3,695,586 | — | 92.8% | 5.6 | $1,165,887 |
| SHOP segment (4) | 37 | — | 3,615 | 85.5% | N/A | 1,020,898 |
| Total Portfolio | 167 | 3,695,586 | 3,615 | $2,186,785 | ||
(1)Percentage leased for the OMF and SHOP segments are presented as of the end of the period shown. For the SHOP segment, weighted by unit count.
(2)WALTR means the average lease term remaining, weighted based on occupied square feet as of December 31, 2025.
(3)Gross asset value represents total real estate investments, at cost ($2.2 billion total as of December 31, 2025), net of gross market lease intangible liabilities ($19.6 million total as of December 31, 2025). Cumulative impairment charges are already reflected within gross asset value.
(4)For the SHOP segment, excludes one parcel of land with a total gross asset value of $0.6 million.
N/A — Not applicable.
The following table details the geographic distribution, by state, of our portfolio as of December 31, 2025 (dollars in thousands):
| OMF Segment · SHOP Segment | ||||||
|---|---|---|---|---|---|---|
| State | Number of Properties (1) | Annualized rental income (2) | Annualized rental income % | Gross leasable area (sq. ft.) | Gross leasable area % | Available units |
| Arizona | 8 | 4,379 | 1.4% | 190,508 | 5.2% | — |
| Arkansas | 3 | 16,640 | 5.3% | — | —% | 299 |
| California | 7 | 15,897 | 5.0% | 243,032 | 6.6% | 156 |
| Colorado | 3 | 1,805 | 0.6% | 67,133 | 1.8% | — |
| Florida | 22 | 70,460 | 22.3% | 248,302 | 6.7% | 812 |
| Georgia | 14 | 33,405 | 10.6% | 237,954 | 6.4% | 485 |
| Illinois | 10 | 13,393 | 4.2% | 227,411 | 6.2% | 161 |
| Indiana | 11 | 5,684 | 1.8% | 225,861 | 6.1% | — |
| Iowa | 11 | 34,761 | 11.0% | 21,767 | 0.6% | 583 |
| Kansas | 1 | 4,414 | 1.4% | — | —% | 71 |
| Maryland | 1 | 1,050 | 0.3% | 36,260 | 1.0% | — |
| Michigan | 11 | 18,979 | 6.0% | 203,127 | 5.5% | 311 |
| Minnesota | 1 | 1,098 | 0.3% | 36,375 | 1.0% | — |
| Mississippi | 3 | 1,834 | 0.6% | 73,859 | 2.0% | — |
| Missouri | 2 | 9,402 | 3.0% | — | —% | 146 |
| Nevada | 2 | 3,291 | 1.0% | 86,342 | 2.3% | — |
| New Jersey | 1 | 734 | 0.2% | 25,164 | 0.7% | — |
| New York | 5 | 2,803 | 0.9% | 136,982 | 3.7% | — |
| North Carolina | 1 | 579 | 0.2% | 22,528 | 0.6% | — |
| Ohio | 5 | 7,949 | 2.5% | 172,085 | 4.7% | — |
| Oklahoma | 1 | 379 | 0.1% | 20,756 | 0.6% | — |
| Oregon | 6 | 11,582 | 3.7% | 66,572 | 1.8% | 252 |
| Pennsylvania | 15 | 35,484 | 11.2% | 607,095 | 16.4% | 289 |
| South Carolina | 2 | 1,103 | 0.3% | 52,527 | 1.4% | — |
| Tennessee | 2 | 1,759 | 0.6% | 85,234 | 2.3% | — |
| Texas | 5 | 3,363 | 1.1% | 170,749 | 4.6% | — |
| Virginia | 1 | 1,633 | 0.3% | 62,165 | 1.7% | — |
| Washington | 1 | 2,121 | 0.7% | 52,900 | 1.4% | — |
| Wisconsin | 12 | 10,354 | 3.3% | 322,898 | 8.7% | 50 |
| Total | 167 | $316,335 | 100% | 3,695,586 | 100% | 3,615 |
(1)Excludes one land parcel located in Iowa.
(2)Annualized rental income consists of: (i) for the OMF segment, annualized December 2025 rental income on a straight-line basis for the leases in place as of December 31, 2025, which includes tenant concessions such as free rent, as applicable, and (ii) for the SHOP segment, annualized gross revenue for the fourth quarter of 2025.
Tenant Lease Expirations Table
The following is a summary of lease expirations for the next 10 years and thereafter at the properties we owned (excluding our SHOP segment), assuming that none of the tenants exercise any of their renewal or purchase options, as of December 31, 2025 (dollars in thousands):
| Year of Expiration | Number of leases expiring | Annualized rental income (1) | Annualized rental income % | Leased GLA (sq. ft.) | Percent of leased GLA expiring |
|---|---|---|---|---|---|
| 2026 | 69 | $7,109 | 7.8% | 295,730 | 8.7% |
| 2027 | 82 | 11,142 | 12.2% | 469,223 | 13.8% |
| 2028 | 54 | 10,541 | 11.5% | 382,499 | 11.3% |
| 2029 | 40 | 5,672 | 6.2% | 234,707 | 6.9% |
| 2030 | 41 | 6,098 | 6.7% | 252,714 | 7.4% |
| 2031 | 16 | 4,605 | 5.0% | 183,098 | 5.4% |
| 2032 | 32 | 12,819 | 14.0% | 443,756 | 13.1% |
| 2033 | 11 | 3,172 | 3.5% | 121,582 | 3.6% |
| 2034 | 64 | 9,488 | 10.4% | 364,132 | 10.7% |
| 2035 | 14 | 3,591 | 3.9% | 132,219 | 3.9% |
| Thereafter | 21 | 17,154 | 18.8% | 519,984 | 15.2% |
| Total | 444 | $91,391 | 100.0% | 3,399,644 | 100.0% |
(1)Annualized December 2025 rental income on a straight-line basis for the leases in place as of December 31, 2025, which includes tenant concessions such as free rent, as applicable.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.