National Healthcare Properties, Inc. is a real estate investment trust for U.S. federal income tax purposes. The Company acquires, owns and manages a diversified portfolio of healthcare-related real estate, focused on outpatient medical facilities and senior housing operating properties. As of September 30, 2025, the Company owned 174 properties (including one land parcel and one property classified as held-for-sale) located in 30 states and comprised of 7.3 million rentable square feet. Substantially all the Company's business is conducted through the OP and its wholly owned subsidiaries, including taxable REIT subsidiaries. Prior to the consummation of the Internalization (as defined below) on September 27, 2024, the Company's former advisor, Healthcare Trust Advisors, LLC, managed its day-to-day business with the assistance of its property manager, Healthcare Trust Properties, LLC; the former Advisor and Property Manager were under common control with AR Global Investments, LLC (the "Advisor Parent"), and these related parties received compensation and fees for providing services to the Company. See the "Internalization" section in this Note for additional information. As of September 30, 2025, the Company owned 40 (including one property classified as held-for-sale) SHOPs using the REIT Investment Diversification and Empowerment Act of 2007 structure in its SHOP segment. Under RIDEA, a REIT may lease "qualified healthcare properties" on an arm's length basis to a TRS if the property is operated on behalf of such subsidiary by a person who qualifies as an eligible independent contractor. As of September 30, 2025, the Company had four eligible independent contractors operating 39 SHOPs. The Company has two operating and reportable business segments: OMFs and SHOPs. All the Company's properties across both business segments are located throughout the United States. In its OMF operating segment, the Company owns, manages and leases single and multi-tenant OMFs where tenants are generally required to pay their pro