{"id":18961,"date":"2026-05-13T10:43:34","date_gmt":"2026-05-13T15:43:34","guid":{"rendered":"https:\/\/1reason.com\/re\/national-healthcare-properties-reports-first-quarter-2026-results\/18961\/"},"modified":"2026-05-14T05:43:34","modified_gmt":"2026-05-14T10:43:34","slug":"national-healthcare-properties-reports-first-quarter-2026-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/national-healthcare-properties-reports-first-quarter-2026-results\/18961\/","title":{"rendered":"National Healthcare Properties Reports First Quarter 2026 Results"},"content":{"rendered":"<div>\n<p align=\"justify\">Michael Anderson, Chief Executive Officer and President, commented, \u201cOur IPO marks the culmination of years of work to position this Company for growth and is just the beginning of what comes next. We are highly confident in our ability to create shareholder value by executing on significant OMF dispositions and SHOP acquisitions in 2026, decisively orienting our portfolio toward the generational opportunity we see in needs-based, private-pay senior housing, and pursuing an investment grade balance sheet.\u201d<\/p>\n<p align=\"justify\"><strong>Financial Performance and Other Highlights<\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Net loss attributable to common stockholders of $(0.27) per basic and diluted share. Nareit defined Funds From Operations (\u201cFFO\u201d) of $0.31 per diluted share and Normalized Funds From Operations (\u201cNormalized FFO\u201d) of $0.26 per diluted share.\n<ul type=\"disc\">\n<li style=\"text-align:justify\">FFO per share increased 121.4% year-over-year.<\/li>\n<li style=\"text-align:justify\">Normalized FFO per share increased 100.0% year-over-year.<\/li>\n<\/ul>\n<\/li>\n<li style=\"text-align:justify\">First quarter portfolio Same Store Cash Net Operating Income (\u201cNOI\u201d) growth was 12.0% year-over-year.<\/li>\n<\/ul>\n<p align=\"justify\">Senior Housing Operating Property (\u201cSHOP\u201d) Segment<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">SHOP segment Same Store Cash NOI growth was 24.0% on a year-over-year basis.<\/li>\n<li style=\"text-align:justify\">Same Store average occupancy totaled 83.8%, an increase of 2.8% on a year-over-year basis.<\/li>\n<li style=\"text-align:justify\">Same Store revenue increased 8.4% on a year-over-year basis.<\/li>\n<li style=\"text-align:justify\">Same Store Cash NOI Margin totaled 22.1%, an expansion of 2.7% on a year-over-year basis.<\/li>\n<\/ul>\n<p align=\"justify\">Outpatient Medical Facility (\u201cOMF\u201d) Segment<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">OMF segment Same Store Cash NOI growth was 5.5% on a year-over-year basis.<\/li>\n<li style=\"text-align:justify\">Same Store ending occupancy totaled 94.0%, an increase of 0.5% on a year-over-year basis.<\/li>\n<\/ul>\n<p align=\"justify\"><strong>Transactional Activity<\/strong><\/p>\n<p align=\"justify\">During the first quarter of 2026, through a joint venture with Discovery Senior Living, the Company entered into a definitive purchase and sale agreement to purchase 13 senior living communities for $64.0million. The Company expects to own approximately 98.5% of the joint venture. As part of this transaction, the Company will hold a right of first refusal and purchase option on an additional 13 senior living communities managed by Discovery Senior Living. Closing of the acquisition is subject to closing conditions and applicable regulatory approvals as specified in the purchase and sale agreement.<\/p>\n<p align=\"justify\">In April 2026, the Company entered into a definitive purchase and sale agreement to acquire a $26.5 million SHOP in Oregon with 88 assisted living units. This transaction is expected to close in the second or third quarter of 2026, subject to closing conditions and applicable regulatory approvals as specified in the purchase and sale agreement.<\/p>\n<p align=\"justify\">In May 2026, the Company entered into a definitive purchase and sale agreement to acquire a $35.0 million SHOP in Florida with 108 assisted living and 22 memory care units. This transaction is expected to close in the third quarter of 2026, subject to closing conditions and applicable regulatory approvals as specified in the purchase and sale agreement.<\/p>\n<p align=\"justify\">In May 2026, the Company entered into a definitive purchase and sale agreement to sell a portfolio of 86 outpatient medical facilities for approximately $528.2million, including approximately $278.0million of secured debt to be defeased or assumed by the potential purchaser. Closing of the sale is subject to completion by the purchaser of its due diligence, approval by the lenders of loan assumption and other customary closing conditions as specified in the purchase and sale agreement.<\/p>\n<p align=\"justify\"><strong>Balance Sheet and Capital<\/strong><\/p>\n<p align=\"justify\">As of March 31, 2026, total debt outstanding (net of discounts and unamortized debt issuance costs) was approximately $1.0 billion with a weighted average economic interest rate of 5.69% (when giving effect to interest rate hedges and caps) and an average remaining term of 3.6 years.<\/p>\n<p align=\"justify\">Net Leverage (Net Debt as of March 31, 2026 to Annualized Adjusted EBITDA for the quarter ended March 31, 2026) improved 1.0x from 9.6x as of March 31, 2025 to 8.6x as of March 31, 2026.<\/p>\n<p align=\"justify\">Subsequent to quarter end, the Company completed a public offering of 44,275,000 shares of its Class A common stock, raising gross proceeds of $531.3million, and listed its Class A common stock on the NASDAQ under the symbol \u201cNHP\u201d. Net offering proceeds were used to repay $186.0million of outstanding debt on the Company&#8217;s revolving credit facility. This reduction in outstanding debt further improved the Company\u2019s leverage.<\/p>\n<p align=\"justify\"><strong>Preferred Stock<\/strong><\/p>\n<p align=\"justify\">On March 26, 2026, the Board of Directors declared dividends on the Company&#8217;s outstanding preferred stock as follows:<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">A dividend of $0.4609375 per share on its 7.375% Series A Preferred Stock to holders of record at the close of business on April 6, 2026. The dividend was paid on April 15, 2026.<\/li>\n<li style=\"text-align:justify\">A dividend of $0.4453125 per share on its 7.125% Series B Preferred Stock to holders of record at the close of business on April 6, 2026. The dividend was paid on April 15, 2026.<\/li>\n<\/ul>\n<p align=\"justify\"><strong>Full Year 2026 Guidance<\/strong><\/p>\n<p align=\"justify\">For the full year 2026, the Company has established the following guidance ranges:<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">SHOP Same Store Cash NOI growth of 13.0% to 16.0%<\/li>\n<li style=\"text-align:justify\">OMF Same Store Cash NOI growth of 2.5% to 3.5%<\/li>\n<li style=\"text-align:justify\">Acquisitions of approximately $375 million to $425 million<\/li>\n<li style=\"text-align:justify\">Dispositions of approximately $528 million<\/li>\n<li style=\"text-align:justify\">General and administrative expense of approximately $26 million to $27 million, including equity-based compensation of $5 million to $6 million<\/li>\n<li style=\"text-align:justify\">Same Store Recurring Capital Expenditures of $22 million to $25 million<\/li>\n<\/ul>\n<p align=\"justify\">Note: The Company\u2019s 2026 guidance contains forward-looking statements and is based on a number of assumptions and estimates, including those identified later in this press release. These assumptions and estimates are based on existing market conditions, transaction timing and other assumptions for the year ending December 31, 2026; actual results may differ materially.<\/p>\n<p align=\"justify\"><strong>Supplemental Information<\/strong><\/p>\n<p align=\"justify\">Additional information regarding these results can be found in the Company\u2019s supplemental financial package that will be available on the Investor Relations section of the Company\u2019s website at nhpreit.com.<\/p>\n<p align=\"left\"><strong>About National Healthcare Properties<\/strong><\/p>\n<p align=\"justify\">National Healthcare Properties, Inc. (Nasdaq: NHP) is a self-managed real estate investment trust focused on acquiring, owning and investing in a diversified portfolio of healthcare real estate, with an emphasis on providing senior housing to serve a growing elderly population in the United States. Additional information about the Company can be found on its website at nhpreit.com.<\/p>\n<p align=\"justify\"><strong>Investor &amp; Media Contact<\/strong><\/p>\n<p align=\"left\">Email: ir@nhpreit.com<\/p>\n<p align=\"left\"><strong>Forward-Looking Statements<\/strong><\/p>\n<p align=\"justify\">This press release may contain \u201cforward-looking\u201d statements as defined in the Private Securities Litigation Reform Act of 1995. All statements (other than statements of historical fact) in this press release regarding the Company&#8217;s prospects, expectations, intentions, plans, financial position, guidance and business strategy may constitute forward-looking statements. Forward-looking statements generally can be identified by the use of terminology such as \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201cseek,\u201d \u201cwill,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cpotential,\u201d \u201ccontinue\u201d or the negatives of these terms or variations of them or similar expressions. Risks and uncertainties, the occurrence of which could adversely affect the Company&#8217;s business and cause actual results to differ materially from those expressed or implied in the forward-looking statements, include, but are not limited to, the following: changes in economic cycles generally and in the real estate and healthcare markets specifically; the success of the Company&#8217;s growth strategy, including its ability to successfully identify, complete and integrate new acquisitions; the Company\u2019s ability to complete acquisitions or dispositions on the terms and timing the Company expects, or at all; changes to inflation and interest rates; competition in the real estate and healthcare markets; the Company&#8217;s ability to retain certain key personnel; legislative and regulatory changes in the healthcare and real estate industries; reductions or changes in reimbursement from third-party payors, including Medicare and Medicaid; discovery of previously undetected environmentally hazardous conditions; the Company&#8217;s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; system failures, cyber incidents or deficiencies in the Company&#8217;s cybersecurity systems; the availability of capital on favorable terms, or at all; the Company&#8217;s ability to remain qualified as a real estate investment trust for U.S. federal income tax purposes; and other risks and uncertainties described in the section titled Risk Factors of the Company&#8217;s most recent Annual Report on Form 10-K 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.<\/p>\n<p align=\"left\"><strong>Financial Statements and Definitions<\/strong><\/p>\n<p align=\"justify\">This press release includes certain non-GAAP financial measures, including Nareit FFO, Normalized FFO, 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\u2019s 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.<\/p>\n<p align=\"justify\"><strong>Nareit FFO\u200b and Normalized FFO<\/strong><\/p>\n<p align=\"justify\">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.<\/p>\n<p align=\"justify\">The Company calculates Normalized FFO by further adjusting FFO to reflect the performance of its portfolio for items it believes are not directly attributable to its operations. The Company&#8217;s adjustments to FFO to arrive at Normalized FFO include removing the impacts of (i) acquisition and transaction related costs (including certain expenses directly related to the Internalization and the Reverse Stock-Split); (ii) termination fees to related parties; (iii) severance and other related costs; (iv) mark-to-market gains and losses on non-designated derivatives and amortization related to terminated derivatives; (v) casualty-related charges, net relating to significantly disruptive events that are infrequent in nature; (vi) gains and losses on extinguishment of debt; (vii) similar adjustments for non-controlling interests; and (viii) certain other items set forth in the Normalized FFO reconciliation included therein.<\/p>\n<p align=\"justify\">The Company considers FFO and Normalized FFO to be useful supplemental measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed above, FFO and Normalized FFO can help investors compare the Company&#8217;s operating performance between periods or to other companies (though other companies may calculate these measures differently than the Company does and the value of any such comparison may be limited). While FFO and Normalized FFO are relevant and widely used measures of operating performance of REITs, they do not represent, nor are they meant to replace, cash flows from operations and net income or loss as defined by GAAP, and should not be considered alternatives to those measures in evaluating the Company&#8217;s liquidity or operating performance. Rather, FFO and Normalized FFO should be reviewed in conjunction with these and other GAAP measurements as an indication of the Company&#8217;s operational performance and are not necessarily indicative of cash available to fund the Company&#8217;s future cash requirements, including the Company&#8217;s ability to pay dividends and other distributions to the Company&#8217;s stockholders. Additionally, the Company&#8217;s computation of FFO and Normalized FFO may not be comparable to FFO and Normalized FFO reported by other REITs that do not define FFO in accordance with the current National Association of Real Estate Investment Trusts (\u201cNAREIT\u201d) definition or that interpret the current NAREIT definition or define Normalized FFO differently than the Company does.<\/p>\n<p align=\"justify\"><strong>Adjusted EBITDA<\/strong><br \/>The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, excluding (i) acquisition and transaction related costs; (ii) termination fees to related parties; (iii) impairment charges; (iv) casualty-related charges; (v) gains and losses on sale of real estate investments; (vi) gains and losses on extinguishment of debt; (vii) gains and losses on our derivatives; and (viii) non-cash items such as amortization of intangibles and equity-based compensation. Annualized Adjusted EBITDA means Adjusted EBITDA for the specified quarter, multiplied by four.<\/p>\n<p align=\"justify\"><strong>Cash NOI and NOI<\/strong><br \/>Cash NOI is defined as NOI excluding non-cash items such as straight-line rent adjustments and amortization of above and below market lease and lease intangibles that are included in GAAP revenue from tenants and property operating and maintenance.<\/p>\n<p align=\"justify\"><strong>Cash NOI Margin\u200b<\/strong><br \/>For the SHOP segment, Cash NOI divided by revenue from tenants or residents excluding net amortization of above- and below-market lease and lease intangibles.<\/p>\n<p align=\"justify\"><strong>Net Debt\u200b<\/strong><br \/>Net debt means total debt, net of deferred financing costs, mortgage discounts and premiums less cash and cash equivalents.<\/p>\n<p align=\"justify\"><strong>Net Debt to Annualized Adjusted EBITDA or Net Leverage\u200b<\/strong><br \/>Net Debt to Annualized Adjusted EBITDA or Net Leverage means Net Debt divided by Annualized Adjusted EBITDA.<\/p>\n<p align=\"justify\"><strong>Non-Core Properties\u200b<\/strong><br \/>Non-Core properties are assets that have been deemed not essential to generating future economic benefit or value to our day-to-day operations and\/or are scheduled to be sold.<\/p>\n<p align=\"justify\"><strong>Leased % or Ending occupancy<\/strong><br \/>Leased % or Ending occupancy for the OMF segment is presented as of the end of the period shown.<\/p>\n<p align=\"justify\"><strong>Recurring Capital Expenditures<\/strong><br \/>Recurring Capital Expenditures means capital expenditures incurred to maintain the properties in current market condition and which are generally recurring in nature.<\/p>\n<p align=\"justify\"><strong>Same Store\u200b<\/strong><br \/>Same Store means operational properties owned by the Company for the full duration of the applicable comparative periods and that are not otherwise excluded. Properties are excluded from \u201csame store\u201d if they are (i) Non-Core Properties, (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 our OMF segment will be included in Same Store once substantial completion of work has occurred for the full period in the periods presented.<\/p>\n<p align=\"justify\"><strong>Same Store Cash NOI<\/strong><br \/>Same Store Cash NOI is defined as Cash NOI for our Same Store properties.<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"9\" style=\"text-align: center;vertical-align: middle\"><strong>NATIONAL HEALTHCARE PROPERTIES, INC.<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"text-align: center;vertical-align: middle\"><strong>CONSOLIDATED BALANCE SHEETS<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"text-align: center;vertical-align: middle\"><strong>(In thousands, except per share data)<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"text-align: center;vertical-align: middle\"><strong>(Unaudited)<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>March 31, 2026<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>December 31, 2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>ASSETS<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Real estate investments, at cost:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:72%;width:72%;min-width:72%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Land<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">174,535<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">174,535<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Buildings, fixtures and improvements<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,789,349<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,785,952<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Acquired intangible assets<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">246,544<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">246,544<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Construction in progress<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,752<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,994<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Total real estate investments, at cost<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2,214,180<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>2,210,025<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: bottom\">Less: accumulated depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(707,160<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(691,200<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Total real estate investments, net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,507,020<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,518,825<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Cash and cash equivalents<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">52,809<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">57,620<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Restricted cash<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">53,790<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">50,832<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Derivative assets, at fair value<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,395<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">569<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Straight-line rent receivable, net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,755<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,486<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Operating lease right-of-use assets<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,275<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,377<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Prepaid expenses and other assets, net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">22,290<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">23,019<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Accounts receivable, net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,193<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,252<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Deferred costs, net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">22,535<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">22,792<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\"><strong>Total assets<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,698,062<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,711,772<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>LIABILITIES AND EQUITY<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>Liabilities<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Mortgage notes payable, net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">367,723<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">367,629<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Fannie Mae and other secured debt<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">333,296<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">334,739<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Revolving credit facility<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">186,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">186,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Term loan, net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">148,539<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">148,405<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Market lease intangible liabilities, net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,616<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,851<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Derivative liabilities, at fair value<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">188<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Accounts payable and accrued expenses<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">42,702<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">44,381<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Operating lease liabilities<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,378<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,467<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Deferred rent<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,925<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,247<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Distributions payable<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,340<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,340<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Total liabilities<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,101,519<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,107,247<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>Commitments and contingencies<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>Equity<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">7.375% Series A cumulative redeemable perpetual preferred stock, $0.01 par value, 4,608 authorized<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">38<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">38<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">7.125% Series B cumulative redeemable perpetual preferred stock, $0.01 par value, 3,467 authorized<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Common stock, $0.01 par value, 300,000 shares authorized<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,132<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,132<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Additional paid-in capital<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,531,539<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,531,315<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Accumulated other comprehensive income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,076<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,604<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Distributions in excess of accumulated earnings<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,945,664<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,938,060<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\"><strong>Total stockholders\u2019 equity<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>592,156<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>600,064<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Non-controlling interests<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,387<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,461<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\"><strong>Total equity<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>596,543<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>604,525<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>Total liabilities and equity<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,698,062<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>1,711,772<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"9\" style=\"width:100%;text-align: center;vertical-align: middle\"><strong>NATIONAL HEALTHCARE PROPERTIES, INC.<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:100%;text-align: center;vertical-align: middle\"><strong>CONSOLIDATED INCOME STATEMENTS<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:100%;text-align: center;vertical-align: middle\"><strong>(In thousands, except per share data)<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:100%;text-align: center;vertical-align: middle\"><strong>(Unaudited)<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:100%\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"width:26.9802%;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three months ended March 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:72%;width:72.0297%;min-width:72%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:11%;width:11.0149%;min-width:11%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:11%;width:11.0149%;min-width:11%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\"><strong>Revenue from tenants<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>86,285<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>86,443<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\"><strong>Operating expenses:<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Property operating and maintenance<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">52,918<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">57,856<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Impairment charges<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u2014<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">11,899<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Acquisition and transaction related<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">53<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">51<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">General and administrative<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">5,467<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">4,896<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Depreciation and amortization<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">17,738<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">23,706<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\"><strong>Total expenses<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>76,176<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>98,408<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Operating income (loss) before (loss) gain on sale of real estate investments<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">10,109<\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(11,965<\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">(Loss) gain on sale of real estate investments<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(2<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">24,989<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">Operating income<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">10,107<\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">13,024<\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\"><strong>Other income (expense):<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Interest expense<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(14,671<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(14,529<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Interest and other income (expense), net<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">171<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(15<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Gain (loss) on non-designated derivatives<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">189<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(1<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\"><strong>Total other expense, net<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>(14,311<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\"><strong>)<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>(14,545<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\"><strong>)<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\">Loss before income taxes<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(4,204<\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(1,521<\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\">Income tax (expense) benefit<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(77<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">6<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\"><strong>Net loss<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>(4,281<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\"><strong>)<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>(1,515<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\"><strong>)<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: top\">Net income attributable to non-controlling interests<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(28<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(54<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\">Allocation for preferred stock<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(3,294<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(3,450<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\"><strong>Net loss attributable to common stockholders<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>(7,603<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\"><strong>)<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>(5,019<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\"><strong>)<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\"><strong>Other comprehensive loss:<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Unrealized loss on designated derivatives<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(528<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(4,994<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\"><strong>Comprehensive loss attributable to common stockholders<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td style=\"width:11.0149%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>(8,131<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\"><strong>)<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td style=\"width:11.0149%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>(10,013<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\"><strong>)<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-top: double black 3pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Weighted-average shares outstanding \u2014 Basic and Diluted<sup>(1)<\/sup><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">28,336<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">28,296<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 20.0px;vertical-align: top\">Net loss per share attributable to common stockholders \u2014 Basic and Diluted<sup>(1)<\/sup><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">$<\/td>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(0.27<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">$<\/td>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(0.18<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:100%\">(1) Potential common shares are not included in the computation of diluted earnings per share (\u201cEPS\u201d) when a net loss exists as the effect would be an antidilutive per share amount.<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"9\" style=\"width:100%;text-align: center;vertical-align: middle\"><strong>NATIONAL HEALTHCARE PROPERTIES, INC.<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:100%;text-align: center;vertical-align: middle\"><strong>NON-GAAP FINANCIAL MEASURES RECONCILIATION<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:100%;text-align: center;vertical-align: middle\"><strong>(In thousands, except per share data)<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:100%;text-align: center;vertical-align: middle\"><strong>(Unaudited)<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:100%\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"width:26.9802%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three months ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>Q1 2026<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>Q1 2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:72%;width:72.0297%;min-width:72%;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>Net loss attributable to common stockholders<\/strong><\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"max-width:11%;width:11.0149%;min-width:11%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(7,603<\/strong><\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"max-width:11%;width:11.0149%;min-width:11%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>(5,019<\/strong><\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>)<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: middle\">Adjustments:<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Impairment charges<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">11,899<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Acquisition and transaction related<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">53<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">51<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">General and administrative<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">5,467<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">4,896<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Depreciation and amortization<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">17,738<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">23,706<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Loss (gain) on sale of real estate investments<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(24,989<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Interest expense<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">14,671<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">14,529<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Interest and other (income) expense, net<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(171<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">15<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">(Gain) loss on non-designated derivatives<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(189<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Income tax expense (benefit)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">77<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(6<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Net (income) loss attributable to non-controlling interests<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">28<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">54<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Allocation for preferred stock<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">3,294<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">3,450<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>NOI<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"width:11.0149%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>33,367<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"width:11.0149%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>28,587<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>NOI by Segment<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">OMF<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">20,604<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">19,150<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">SHOP<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">12,763<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">9,437<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>Total NOI<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"width:11.0149%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>33,367<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"width:11.0149%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>28,587<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:100%\">(1) Certain 2025 amounts have been reclassified from general and administrative to property operating and maintenance to align with the current period presentation.<strong><br \/><\/strong><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"9\" style=\"width:100%;text-align: center;vertical-align: middle\"><strong>NATIONAL HEALTHCARE PROPERTIES, INC.<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:100%;text-align: center;vertical-align: middle\"><strong>NON-GAAP FINANCIAL MEASURES RECONCILIATION<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:100%;text-align: center;vertical-align: middle\"><strong>(In thousands, except per share data)<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:100%;text-align: center;vertical-align: middle\"><strong>(Unaudited)<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:100%\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"width:26.9802%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three months ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Q1 2026<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Q1 2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:72%;width:72.0297%;min-width:72%;text-align: left;vertical-align: middle;vertical-align: top\"><strong>Net loss attributable to common stockholders<\/strong><\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td style=\"max-width:11%;width:11.0149%;min-width:11%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>(7,603<\/strong><\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\"><strong>)<\/strong><\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td style=\"max-width:11%;width:11.0149%;min-width:11%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>(5,019<\/strong><\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\"><strong>)<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Depreciation and amortization on real estate assets<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">16,406<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">22,281<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Impairment charges<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u2014<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">11,899<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Loss (gain) on sale of real estate<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">2<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(24,989<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Depreciation on real estate assets related to non-controlling interests<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(72<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(56<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\"><strong>FFO attributable to common stockholders<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>8,733<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>4,116<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Acquisition and transaction related<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">53<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">51<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Derivatives mark-to-market and terminations<sup>(<\/sup><sup>1<\/sup><sup>)<\/sup><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(1,389<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(531<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Casualty-related charges, net<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">142<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">115<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Normalizing items related to non-controlling interests<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(4<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(19<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\"><strong>Normalized FFO attributable to common stockholders<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>7,535<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>$<\/strong><\/td>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\"><strong>3,732<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-top: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: bottom\">FFO and Normalized FFO weighted average shares outstanding \u2014 Diluted<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">28,624<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">28,530<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>FFO per common share \u2014 Diluted<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>0.31<\/strong><\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>0.14<\/strong><\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>Normalized FFO per common share \u2014 Diluted<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>0.26<\/strong><\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>0.13<\/strong><\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\"><strong>Other Items:<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\">(Accretion) amortization of market lease and other intangibles, net<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">$<\/td>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(147<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">$<\/td>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">2,331<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\">Straight-line rent adjustments<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(268<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(1,023<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\">Equity-based compensation<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">612<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u2014<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\">Depreciation and amortization on non-real estate assets<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1,332<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1,425<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: top\">Amortization of deferred financing costs and mortgage discounts or premiums<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">1,044<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">858<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\" \/><\/tr>\n<tr>\n<td style=\"width:72.0297%;text-align: left;vertical-align: middle;vertical-align: middle\">Recurring Capital Expenditures<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(2,918<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(6,658<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"width:100%\">(1) For the three months ended March 31, 2026 and 2025, include gains reclassified from other comprehensive income to earnings (recorded as a reduction to interest expense) relating to a terminated swap and a partial unwind of a hedge, respectively.<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"width:30.0124%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"19\" style=\"width:68.9356%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>Three months ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:30.0124%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Q1 2026<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Q4 2025<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Q3 2025<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Q2 2025<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Q1 2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:30%;width:30.0124%;min-width:30%;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>Net loss (in accordance with GAAP)<\/strong><\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"max-width:11%;width:11.0149%;min-width:11%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(4,281<\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"max-width:11%;width:11.0149%;min-width:11%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(22,802<\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"max-width:11%;width:11.0149%;min-width:11%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(12,534<\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"max-width:11%;width:11.0149%;min-width:11%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(20,834<\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"max-width:11%;width:11.0149%;min-width:11%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(1,515<\/td>\n<td style=\"max-width:1%;width:0.990099%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:30.0124%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Interest expense<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">14,671<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">15,856<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">15,060<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">15,836<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">14,529<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:30.0124%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Income tax expense (benefit)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">77<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">101<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">66<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(6<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:30.0124%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Depreciation and amortization<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">17,738<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">17,987<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">18,029<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">18,539<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">23,706<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:30.0124%;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>EBITDA<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>28,205<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>11,142<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>20,621<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>13,541<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>36,714<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:30.0124%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Acquisition and transaction related<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">53<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(123<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">91<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">497<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">51<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:30.0124%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Equity-based compensation<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">612<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">682<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,333<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">570<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:30.0124%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Severance and related costs<sup>(1)<\/sup><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,907<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:30.0124%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Impairment charges<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">11,162<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">6,641<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">15,212<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">11,899<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:30.0124%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Loss (gain) on sale of real estate investments<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">467<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(626<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(2,652<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(24,989<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:30.0124%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">(Gain) loss on non-designated derivatives<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(189<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">26<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">77<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(32<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:30.0124%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Gain on extinguishment of debt<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(257<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:30.0124%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">(Accretion) amortization of market lease and other intangibles, net<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(147<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(165<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(174<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(135<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,331<\/td>\n<td style=\"width:0.990099%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:30.0124%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Casualty-related charges, net<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">142<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">627<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">115<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">7<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">115<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:30.0124%;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>Adjusted EBITDA<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>28,678<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>26,725<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>28,078<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>26,751<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>26,122<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"width:30.0124%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle\">Adjustment for current period activity<\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">13<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:11.0149%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">429<\/td>\n<td style=\"width:0.990099%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:30.0124%;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>Further Adjusted EBITDA<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"width:11.0149%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>28,691<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"width:11.0149%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>27,154<\/strong><\/td>\n<td style=\"width:0.990099%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:30.0124%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;vertical-align: bottom\" \/>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:30.0124%;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>Net Leverage (Net debt \/ Annualized Adjusted EBITDA)<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>8.6<\/strong><strong>x<\/strong><\/td>\n<td style=\"width:0.990099%;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>9.2<\/strong><strong>x<\/strong><\/td>\n<td style=\"width:0.990099%;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>8.8<\/strong><strong>x<\/strong><\/td>\n<td style=\"width:0.990099%;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>9.2<\/strong><strong>x<\/strong><\/td>\n<td style=\"width:0.990099%;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>9.6<\/strong><strong>x<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:30.0124%;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>Net debt \/ Annualized Further Adjusted EBITDA<\/strong><\/td>\n<td style=\"width:0.990099%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>8.6<\/strong><strong>x<\/strong><\/td>\n<td style=\"width:0.990099%;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>9.0<\/strong><strong>x<\/strong><\/td>\n<td style=\"width:0.990099%;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"width:0.990099%;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td colspan=\"3\" style=\"width:12.995%;text-align: right;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td colspan=\"21\" style=\"width:99.9381%\"><strong><br \/><\/strong>(1) Represents cash severance, acceleration of equity vesting and other related expenses in connection with the transition of the chief financial officer role in 2025.<strong><br \/><\/strong><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"9\" style=\"text-align: center;vertical-align: middle\"><strong>NATIONAL HEALTHCARE PROPERTIES, INC.<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"text-align: center;vertical-align: middle\"><strong>NON-GAAP FINANCIAL MEASURES RECONCILIATION<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"text-align: center;vertical-align: middle\"><strong>(In thousands, except share, per share and property data)<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"text-align: center;vertical-align: middle\"><strong>(Unaudited)<br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>Three months ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>Q1 2026<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>Q1 2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\"><strong>OMF Segment<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:72%;width:72%;min-width:72%;text-align: left;vertical-align: middle;vertical-align: middle\">OMF segment &#8211; revenue from tenants<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">28,654<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">30,635<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\">OMF segment &#8211; property operating and maintenance<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(8,050<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(11,485<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\"><strong>OMF segment NOI<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>20,604<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>19,150<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\">Straight line rent adjustments<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(268<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(1,021<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\">(Accretion) amortization of market lease and other intangibles, net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(141<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,335<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\"><strong>OMF segment Cash NOI<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>20,195<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>20,464<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\">Dispositions<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">18<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(1,380<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\">Redevelopment<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">92<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">160<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\"><strong>OMF segment Same Store Cash NOI<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>20,305<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>19,244<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three months ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>Q1 2026<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>Q1 2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\"><strong>SHOP Segment<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:72%;width:72%;min-width:72%;text-align: left;vertical-align: middle;vertical-align: middle\">SHOP segment &#8211; revenue from tenants<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">57,631<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">55,808<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\">SHOP segment &#8211; property operating and maintenance<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(44,868<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(46,371<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\"><strong>SHOP segment NOI<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>12,763<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>9,437<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\">Non-cash adjustments<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(6<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(4<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\"><strong>SHOP segment Cash NOI<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>12,757<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>9,433<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\">Dispositions<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(4<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">851<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\"><strong>SHOP segment Same Store Cash NOI<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>12,753<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>$<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>10,284<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>OMF<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>SHOP<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>Land<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>Total<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:45%;width:45%;min-width:45%;text-align: left;vertical-align: middle;vertical-align: middle\"><strong>Total properties as of December31, 2025<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>130<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>37<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:13%;width:13%;min-width:13%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>1<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>168<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\">Dispositions<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\"><strong>Total properties as of March31, 2026<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>130<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>37<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>1<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>168<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: middle\">Redevelopments<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(1<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u2014<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(1<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\"><strong>Same Store properties as of<\/strong><strong>March31, 2026<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>129<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>37<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: center;vertical-align: middle;vertical-align: middle\"><strong>1<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\"><strong>167<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\" \/><\/tr>\n<\/table>\n<p><\/p>\n<p><img alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/ZjhlOTYzNDgtZDFhNy00YTdmLTkyOTItMzA1NTcwNTdkNzI0LTEzMDkyNjAtMjAyNi0wNS0xMy1lbg==\/tiny\/National-Healthcare-Properties.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p align=\"justify\">NEW YORK, May 13, 2026 (GLOBE NEWSWIRE) &#8212; National Healthcare Properties, Inc. (Nasdaq: NHP) (the \u201cCompany\u201d), a self-managed real estate investment trust focused on acquiring, owning and investing in a diversified portfolio of healthcare real estate, with an emphasis on providing senior housing to serve a growing elderly population in the United States, today announced results for the quarter ended March 31, 2026.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/18961"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=18961"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/18961\/revisions"}],"predecessor-version":[{"id":18965,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/18961\/revisions\/18965"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=18961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=18961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=18961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}