National Healthcare Properties, Inc.

We are a real estate investment trust ( REIT ) for U.S. federal income tax purposes. We acquire, own and manage a diversified portfolio of healthcare real estate assets focused on senior housing operating properties ( SHOP ) and outpatient medical facilities ( OMF ) in the United States. As described in further details herein, we operate in two reportable business segments for management and internal financial reporting purposes: SHOP and OMF. As of December 31, 2025, we owned 167 properties and a land parcel located in 29 states, consisted of 37 senior housing communities, with 3,615 units, in our SHOP segment and 130 outpatient medical facilities, with approximately 3.7 million square feet of gross leasable area ( GLA ), in our OMF segment. See Item 2, Properties for additional details regarding our portfolio. Internalization and Reverse Stock Split Prior to September 27, 2024, our former advisor, Healthcare Trust Advisors, LLC (the Advisor ), and its affiliated entities managed our day-to-day business and received compensation and fees for providing services to us. On September 27, 2024, we internalized our advisory and property management functions with our own dedicated workforce (the Internalization ) (see Note 1 Organization and Note 10 Related Party Transactions and Arrangements to our consolidated financial statements in this Annual Report on Form 10-K (the Consolidated Financial Statements ) for additional information). On September 30, 2024, we also effected a reverse stock split of our common stock (the Reverse Stock Split ).