National Healthcare Properties Reports Second Quarter 2026 Results
Rhea-AI Summary
National Healthcare Properties (Nasdaq: NHP) reported a second-quarter 2026 net loss attributable to common stockholders of $(0.13) per share, Nareit FFO of $0.19 per diluted share and Normalized FFO of $0.18 per diluted share, with Normalized FFO per share down 18.2% year-over-year while FFO per share was flat.
Same Store Cash NOI grew 6.8% overall, driven by SHOP Same Store Cash NOI growth of 20.1%, 84.1% SHOP occupancy and 5.9% RevPOR growth, partially offset by a 0.4% decline in OMF Same Store Cash NOI. The company completed or agreed to approximately $400 million of 2026 SHOP acquisitions and signed a $42 million sale of a non-core SHOP asset.
Net leverage improved to 4.9x from 9.2x year-over-year, supported by an April IPO that raised about $531.3 million and full repayment of revolving debt. In August, NHP recast its senior unsecured credit facilities, expanding total commitments from $550 million to $1.2 billion, extending maturities to 2029–2030 and reducing interest spreads, while repaying $332 million of Fannie Mae secured debt.
The Board declared a $0.075 quarterly common dividend and June 22 preferred dividends, and completed a preferred tender with an aggregate $28.1 million liquidation preference, generating about $2.0 million of annual dividend savings. NHP also appointed Albert M. Campbell, former CFO of Mid-America Apartment Communities, to its Board and audit committee, effective August 10, 2026.
For full-year 2026, NHP raised its SHOP Same Store Cash NOI growth guidance to 15.0%–18.0%, increased disposition expectations to $570 million, and modestly lifted guidance for total G&A and equity-based compensation, citing SHOP outperformance, a planned non-core sale and ongoing Board refreshment.
Positive
- SHOP Same Store Cash NOI growth 20.1% YoY in Q2 2026
- Same Store portfolio Cash NOI up 6.8% year-over-year in Q2 2026
- Net leverage reduced to 4.9x from 9.2x year-over-year
- Senior unsecured credit facilities expanded to $1.2 billion with lower spreads and longer maturities
- 2026 SHOP Same Store Cash NOI growth guidance raised to 15.0%–18.0%
- Preferred stock tender of $28.1 million liquidation preference, saving $2.0 million in annual dividends
Negative
- Net loss of $(0.13) per basic and diluted share in Q2 2026
- Normalized FFO per share declined 18.2% year-over-year
- OMF Same Store Cash NOI decreased 0.4% year-over-year
- 2026 G&A expense guidance increased to $27–$28 million
- 2026 equity-based compensation guidance raised to $6–$7 million
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 10 | earnings release notice | Neutral | +0.7% | Announced the release date and conference call timing for second-quarter 2026 results. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
The tag-specific history contains one earnings-related scheduling event with a 0.67% reaction, which is insufficient to establish a repeatable pattern.
Key Terms
nareit ffo financial
normalized ffo financial
net leverage financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
SHOP Same Store Cash NOI increased
Secured an additional
Transformed net leverage profile with successful IPO
Appointed Albert M. Campbell to Board of Directors, including its audit committee
NEW YORK, Aug. 05, 2026 (GLOBE NEWSWIRE) -- National Healthcare Properties, Inc. (Nasdaq: NHP) (the “Company”), 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 June 30, 2026.
Michael Anderson, Chief Executive Officer and President, commented, “The second quarter marked an important inflection point for the Company as we completed our transition to the public markets. Since then, we have executed decisively on the outlined agenda. We closed 19 acquisitions, delivered solid organic growth across our SHOP portfolio and also made meaningful progress towards building a balance sheet consistent with an investment-grade, unsecured issuer. We are pleased to strengthen our Board with the addition of Al Campbell, reinforcing our commitment to strong governance as we scale. Together, these results reflect disciplined capital allocation which the Company expects will drive sustained value creation for our shareholders.”
Financial Performance and Recent Highlights
- Net loss attributable to common stockholders of
$(0.13) per basic and diluted share. Nareit defined Funds From Operations (“FFO”) of$0.19 per diluted share and Normalized Funds From Operations (“Normalized FFO”) of$0.18 per diluted share.- FFO per share was consistent year-over-year.
- Normalized FFO per share decreased (18.2)% year-over-year.
- Second quarter portfolio Same Store Cash Net Operating Income (“NOI”) growth was
6.8% year-over-year.
Senior Housing Operating Portfolio (“SHOP”) Segment:
- Same Store Cash NOI growth was
20.1% on a year-over-year basis. - Same Store average occupancy totaled
84.1% , an increase of1.4% on a year-over-year basis. - Same Store RevPOR increased
5.9% on a year-over-year basis. - Same Store Cash NOI Margin of
22.4% , an expansion of2.3% on a year-over-year basis.
Outpatient Medical Facility (“OMF”) Segment:
- Same Store Cash NOI decreased by (0.4)% on a year-over-year basis.
- Same Store ending occupancy totaled
94.3% , an increase of0.2% on a year-over-year basis.
Transactional Activity
Acquisitions and Pipeline
In late June 2026, the Company acquired two SHOP communities located in the Midwest with 211 total units for a purchase price of
In early July 2026, the Company acquired 16 SHOP communities comprised of 916 total units and located across several Midwestern, Southern, Mid-Atlantic and Pacific Northwest states for an aggregate purchase price of approximately
In late July 2026, the Company acquired one SHOP community located in Iowa with 87 total units for a purchase price of approximately
In late June 2026, the Company entered into a definitive purchase and sale agreement to acquire three SHOP communities located in Illinois with 178 total units for a purchase price of approximately
In July 2026, the Company entered into a definitive purchase and sale agreement to acquire two SHOP communities located in Florida with 200 total units for a purchase price of
Non-Core SHOP Disposition
In May 2026, the Company entered into a definitive purchase and sale agreement to sell one non-core SHOP community in California for approximately
Balance Sheet and Capital
As of June 30, 2026, total debt outstanding (net of discounts and unamortized debt issuance costs) was approximately
Net Leverage (Net Debt as of June 30, 2026 to Annualized Adjusted EBITDA for the quarter ended June 30, 2026) improved 4.3x to 4.9x as of June 30, 2026 from 9.2x as of June 30, 2025.
In April 2026, the Company repaid in full the
In August 2026, the Company recast its senior unsecured credit facilities, which provide for, among other things, (i) an increase in total lender commitments from
| Credit Facilities | ||
| Prior | Current | |
| Total Facility | ||
| Accordion | ||
| Unused Fee | 15 to 20 bps | N/A |
| Revolver | ||
| Spread | SOFR + 155 to 210 bps | SOFR + 105 to 155 bps |
| Facility Fee | N/A | 15 to 35 bps |
| Capacity | ||
| Term Loans | ||
| Spread | SOFR + 155 to 210 bps | SOFR + 110 to 180 bps |
| Capacity | ||
Common and Preferred Stock
Common Stock
In April 2026, the Company completed its public offering (the “Offering”) and issued an aggregate of 44.3 million shares of Class A common stock,
On July 1, 2026, the Board of Directors declared a quarterly dividend of
Preferred Stock
On June 22, 2026, the Board of Directors declared dividends on the Company's outstanding preferred stock as follows:
- A dividend of
$0.4609375 per share on its7.375% Series A Preferred Stock to holders of record at the close of business on July 2, 2026. The dividend was paid on July 15, 2026. - A dividend of
$0.4453125 per share on its7.125% Series B Preferred Stock to holders of record at the close of business on July 2, 2026. The dividend was paid on July 15, 2026.
During the three months ended June 30, 2026, the Company completed its tender offer of previously outstanding preferred stock with an aggregate liquidation preference of approximately
Appointment of Albert M. Campbell to the Board of Directors
On August 4, 2026, the Board of Directors elected Albert M. Campbell to serve as a member of the Board and its audit committee, effective August 10, 2026. Mr. Campbell is a seasoned financial executive with a 35-year career spanning various financial and accounting leadership roles. From 1998 to 2024, he worked with Mid-America Apartment Communities, Inc. (NYSE: MAA), a large publicly traded multifamily REIT, where Mr. Campbell held various financial positions, including Treasurer and Director of Financial Planning, before becoming Executive Vice President and Chief Financial Officer in January 2010. As Chief Financial Officer, he had responsibilities in the areas of corporate finance, treasury, investor relations, accounting, information technology, and strategic planning. He led key areas of company growth, including balance sheet restructuring, corporate mergers, systems integrations, and team building. Mr. Campbell began his career as a Certified Public Accountant with Arthur Andersen & Company before serving in various finance and accounting roles with Thomas & Betts Corporation, a former publicly held electrical parts manufacturer and distributor. He currently serves on the Board of Directors and Strategy Committee of Orgill, Inc., a large privately held distributor of hardware products, as well as on the Advisory Board of Middleburg, a large privately held developer of multifamily communities. He is a Certified Public Accountant (inactive status) and graduated magna cum laude with a Bachelor of Professional Accountancy from Mississippi State University.
Revised Full Year 2026 Guidance
For the full year 2026, the Company is revising certain guidance ranges as follows:
| As of 5/13/26 | As of 8/5/26 | ||
| SHOP Same Store Cash NOI growth | |||
| OMF Same Store Cash NOI growth | |||
| Acquisitions | |||
| Dispositions | |||
| General and administrative expense, including equity-based compensation | |||
| Equity-based compensation | |||
| Same Store Recurring Capital Expenditures |
Full Year 2026 Guidance Commentary
The revision in the Company’s guidance is primarily the result of SHOP segment outperformance through the current quarter as well as expectations for the remainder of the year, the expected disposition of a non-core SHOP asset, and an anticipated increase in equity-based compensation related to ongoing refreshment of our Board of Directors.
Note: The Company’s 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.
Supplemental Information
Additional information regarding these results can be found in the Company’s supplemental financial package that will be available on the Investor Relations section of the Company’s website at nhpreit.com.
About National Healthcare Properties
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.
Investor & Media Contact
Email: ir@nhpreit.com
Forward-Looking Statements
This press release may contain “forward-looking” 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'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 “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “should,” “predict,” “project,” “potential,” “continue” 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'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's growth strategy, including its ability to successfully identify, complete and integrate new acquisitions; the Company’s 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'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's ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; system failures, cyber incidents or deficiencies in the Company's cybersecurity systems; the availability of capital on favorable terms, or at all; the Company'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'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.
Financial Statements and Definitions
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’s 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.
Nareit FFO and Normalized FFO
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.
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's adjustments to FFO to arrive at Normalized FFO include removing the impacts of (i) acquisition and transaction related costs; (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.
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'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'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's operational performance and are not necessarily indicative of cash available to fund the Company's future cash requirements, including the Company's ability to pay dividends and other distributions to the Company's stockholders. Additionally, the Company'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 (“NAREIT”) definition or that interpret the current NAREIT definition or define Normalized FFO differently than the Company does.
Adjusted EBITDA
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.
Cash NOI and NOI
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.
Cash NOI Margin
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.
Net Debt
Net debt means total debt, net of deferred financing costs, mortgage discounts and premiums less cash and cash equivalents.
Net Debt to Annualized Adjusted EBITDA or Net Leverage
Net Debt to Annualized Adjusted EBITDA or Net Leverage means Net Debt divided by Annualized Adjusted EBITDA.
Non-Core Properties
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 with closing conditions substantially fulfilled.
Leased % or Ending occupancy
Leased % or Ending occupancy for the OMF segment is presented as of the end of the period shown.
Recurring Capital Expenditures
Recurring Capital Expenditures means capital expenditures incurred to maintain the properties in current market condition and which are generally recurring in nature.
Same Store
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 “same store” 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.
Same Store Cash NOI
Same Store Cash NOI is defined as Cash NOI for our Same Store properties.
| NATIONAL HEALTHCARE PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) | ||||||||
| June 30, 2026 | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Real estate investments, at cost: | ||||||||
| Land | $ | 181,140 | $ | 174,535 | ||||
| Buildings, fixtures and improvements | 1,859,780 | 1,785,952 | ||||||
| Acquired intangible assets | 250,440 | 246,544 | ||||||
| Construction in progress | 7,170 | 2,994 | ||||||
| Total real estate investments, at cost | 2,298,530 | 2,210,025 | ||||||
| Less: accumulated depreciation and amortization | (706,002 | ) | (691,200 | ) | ||||
| Total real estate investments, net | 1,592,528 | 1,518,825 | ||||||
| Cash and cash equivalents | 245,695 | 57,620 | ||||||
| Restricted cash | 56,681 | 50,832 | ||||||
| Derivative assets, at fair value | 2,367 | 569 | ||||||
| Straight-line rent receivable, net | 21,924 | 21,486 | ||||||
| Operating lease right-of-use assets | 7,299 | 7,377 | ||||||
| Prepaid expenses and other assets, net | 22,417 | 23,019 | ||||||
| Accounts receivable, net | 7,157 | 9,252 | ||||||
| Deferred costs, net | 20,201 | 22,792 | ||||||
| Total assets | $ | 1,976,269 | $ | 1,711,772 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Liabilities | ||||||||
| Mortgage notes payable, net | $ | 367,629 | $ | 367,629 | ||||
| Fannie Mae secured debt | 331,854 | 334,739 | ||||||
| Revolving credit facility | — | 186,000 | ||||||
| Term loan, net | 148,674 | 148,405 | ||||||
| Market lease intangible liabilities, net | 4,381 | 4,851 | ||||||
| Derivative liabilities, at fair value | — | 188 | ||||||
| Accounts payable and accrued expenses | 48,249 | 44,381 | ||||||
| Operating lease liabilities | 8,417 | 8,467 | ||||||
| Deferred rent | 7,038 | 9,247 | ||||||
| Distributions payable | 2,808 | 3,340 | ||||||
| Total liabilities | 919,050 | 1,107,247 | ||||||
| Commitments and contingencies | ||||||||
| Equity | ||||||||
| 33 | 38 | |||||||
| 29 | 35 | |||||||
| Common stock, | 1,132 | 1,132 | ||||||
| Class A common stock, | 443 | — | ||||||
| Additional paid-in capital | 3,001,481 | 2,531,315 | ||||||
| Accumulated other comprehensive income | 4,810 | 5,604 | ||||||
| Distributions in excess of accumulated earnings | (1,953,804 | ) | (1,938,060 | ) | ||||
| Total stockholders’ equity | 1,054,124 | 600,064 | ||||||
| Non-controlling interests | 3,095 | 4,461 | ||||||
| Total equity | 1,057,219 | 604,525 | ||||||
| Total liabilities and equity | $ | 1,976,269 | $ | 1,711,772 | ||||
| NATIONAL HEALTHCARE PROPERTIES, INC. CONSOLIDATED INCOME STATEMENTS (In thousands, except per share data) (Unaudited) | ||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue from tenants | $ | 87,530 | $ | 85,332 | $ | 173,815 | $ | 171,775 | ||||||||
| Operating expenses: | ||||||||||||||||
| Property operating and maintenance | 54,119 | 54,179 | 107,037 | 112,035 | ||||||||||||
| Impairment charges | 3,780 | 15,212 | 3,780 | 27,111 | ||||||||||||
| Acquisition and transaction related | 130 | 497 | 183 | 548 | ||||||||||||
| General and administrative | 6,604 | 5,075 | 12,071 | 9,971 | ||||||||||||
| Depreciation and amortization | 17,811 | 18,539 | 35,549 | 42,245 | ||||||||||||
| Total expenses | 82,444 | 93,502 | 158,620 | 191,910 | ||||||||||||
| Operating income (loss) before gain (loss) on sale of real estate investments | 5,086 | (8,170 | ) | 15,195 | (20,135 | ) | ||||||||||
| Gain (loss) on sale of real estate investments | — | 2,652 | (2 | ) | 27,641 | |||||||||||
| Operating income (loss) | 5,086 | (5,518 | ) | 15,193 | 7,506 | |||||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | (12,723 | ) | (15,836 | ) | (27,394 | ) | (30,365 | ) | ||||||||
| Interest and other income, net | 2,345 | 231 | 2,516 | 216 | ||||||||||||
| Gain on extinguishment of debt | — | 257 | — | 257 | ||||||||||||
| (Loss) gain on non-designated derivatives | (47 | ) | 32 | 142 | 31 | |||||||||||
| Total other expense, net | (10,425 | ) | (15,316 | ) | (24,736 | ) | (29,861 | ) | ||||||||
| Loss before income taxes | (5,339 | ) | (20,834 | ) | (9,543 | ) | (22,355 | ) | ||||||||
| Income tax (expense) benefit | (47 | ) | — | (124 | ) | 6 | ||||||||||
| Net loss | (5,386 | ) | (20,834 | ) | (9,667 | ) | (22,349 | ) | ||||||||
| Net loss (income) attributable to non-controlling interests | 30 | 31 | 2 | (23 | ) | |||||||||||
| Allocation for preferred stock | (2,785 | ) | (3,386 | ) | (6,079 | ) | (6,836 | ) | ||||||||
| Net loss attributable to common stockholders | (8,141 | ) | (24,189 | ) | (15,744 | ) | (29,208 | ) | ||||||||
| Other comprehensive loss: | ||||||||||||||||
| Unrealized loss on designated derivatives | (266 | ) | (2,205 | ) | (794 | ) | (7,199 | ) | ||||||||
| Comprehensive loss attributable to common stockholders | $ | (8,407 | ) | $ | (26,394 | ) | $ | (16,538 | ) | $ | (36,407 | ) | ||||
| Weighted-average shares outstanding — Basic and Diluted(1) | 61,597 | 28,296 | 45,059 | 28,296 | ||||||||||||
| Net loss per share attributable to common stockholders — Basic and Diluted(1) | $ | (0.13 | ) | $ | (0.85 | ) | $ | (0.35 | ) | $ | (1.03 | ) | ||||
(1) Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a net loss exists as the effect would be an antidilutive per share amount.
| NATIONAL HEALTHCARE PROPERTIES, INC. NON-GAAP FINANCIAL MEASURES RECONCILIATION (In thousands, except per share data) (Unaudited) | ||||||||
| Three months ended | ||||||||
| Q2 2026 | Q2 2025 | |||||||
| Net loss attributable to common stockholders | $ | (8,141 | ) | $ | (24,189 | ) | ||
| Adjustments: | ||||||||
| Impairment charges | 3,780 | 15,212 | ||||||
| Acquisition and transaction related | 130 | 497 | ||||||
| General and administrative | 6,604 | 5,075 | ||||||
| Depreciation and amortization | 17,811 | 18,539 | ||||||
| Gain on sale of real estate investments | — | (2,652 | ) | |||||
| Interest expense | 12,723 | 15,836 | ||||||
| Interest and other income, net | (2,345 | ) | (231 | ) | ||||
| Gain on extinguishment of debt | — | (257 | ) | |||||
| Loss (gain) on non-designated derivatives | 47 | (32 | ) | |||||
| Income tax expense | 47 | — | ||||||
| Net income attributable to non-controlling interests | (30 | ) | (31 | ) | ||||
| Allocation for preferred stock | 2,785 | 3,386 | ||||||
| NOI | $ | 33,411 | $ | 31,153 | ||||
| NOI by Segment | ||||||||
| OMF | $ | 20,398 | $ | 20,910 | ||||
| SHOP | 13,013 | 10,243 | ||||||
| Total NOI | $ | 33,411 | $ | 31,153 | ||||
(1) Certain 2025 amounts have been reclassified from general and administrative to property operating and maintenance to align with the current period presentation.
| NATIONAL HEALTHCARE PROPERTIES, INC. NON-GAAP FINANCIAL MEASURES RECONCILIATION (In thousands, except per share data) (Unaudited) | ||||||||
| Three months ended | ||||||||
| Q2 2026 | Q2 2025 | |||||||
| Net loss attributable to common stockholders | $ | (8,141 | ) | $ | (24,189 | ) | ||
| Depreciation and amortization on real estate assets | 16,402 | 17,127 | ||||||
| Impairment charges | 3,780 | 15,212 | ||||||
| Gain on sale of real estate | — | (2,652 | ) | |||||
| Depreciation on real estate assets related to non-controlling interests | (89 | ) | (146 | ) | ||||
| FFO attributable to common stockholders | 11,952 | 5,352 | ||||||
| Acquisition and transaction related | 130 | 497 | ||||||
| Derivatives mark-to-market and terminations(1) | (1,236 | ) | 813 | |||||
| Casualty-related charges, net | 7 | 7 | ||||||
| Gain on extinguishment of debt | — | (257 | ) | |||||
| Normalizing items related to non-controlling interests | (7 | ) | (13 | ) | ||||
| Other normalizing items, net | 21 | — | ||||||
| Normalized FFO attributable to common stockholders | $ | 10,867 | $ | 6,399 | ||||
| FFO and Normalized FFO weighted average shares outstanding — Diluted | 61,975 | 28,533 | ||||||
| FFO per common share — Diluted | $ | 0.19 | $ | 0.19 | ||||
| Normalized FFO per common share — Diluted | $ | 0.18 | $ | 0.22 | ||||
| Other Items: | ||||||||
| (Accretion) amortization of market lease and other intangibles, net | $ | (147 | ) | $ | (135 | ) | ||
| Straight-line rent adjustments | (168 | ) | (635 | ) | ||||
| Equity-based compensation | 1,614 | 570 | ||||||
| Depreciation and amortization on non-real estate assets | 1,409 | 1,411 | ||||||
| Amortization of deferred financing costs and mortgage discounts or premiums | 1,058 | 1,481 | ||||||
| Recurring Capital Expenditures | (3,444 | ) | (10,571 | ) | ||||
(1) For Q2 2026, includes
| NATIONAL HEALTHCARE PROPERTIES, INC. NON-GAAP FINANCIAL MEASURES RECONCILIATION (In thousands, except per share data) (Unaudited) | ||||||||||||||||||||
| Three months ended | ||||||||||||||||||||
| Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | ||||||||||||||||
| Net loss (in accordance with GAAP) | $ | (5,386 | ) | $ | (4,281 | ) | $ | (22,802 | ) | $ | (12,534 | ) | $ | (20,834 | ) | |||||
| Interest expense | 12,723 | 14,671 | 15,856 | 15,060 | 15,836 | |||||||||||||||
| Income tax expense (benefit) | 47 | 77 | 101 | 66 | — | |||||||||||||||
| Depreciation and amortization | 17,811 | 17,738 | 17,987 | 18,029 | 18,539 | |||||||||||||||
| EBITDA | 25,195 | 28,205 | 11,142 | 20,621 | 13,541 | |||||||||||||||
| Acquisition and transaction related | 130 | 53 | (123 | ) | 91 | 497 | ||||||||||||||
| Equity-based compensation | 1,614 | 612 | 682 | 1,333 | 570 | |||||||||||||||
| Severance and related costs(1) | — | — | 2,907 | — | — | |||||||||||||||
| Impairment charges | 3,780 | — | 11,162 | 6,641 | 15,212 | |||||||||||||||
| Loss (gain) on sale of real estate investments | — | 2 | 467 | (626 | ) | (2,652 | ) | |||||||||||||
| Loss (gain) on non-designated derivatives | 47 | (189 | ) | 26 | 77 | (32 | ) | |||||||||||||
| Gain on extinguishment of debt | — | — | — | — | (257 | ) | ||||||||||||||
| (Accretion) amortization of market lease and other intangibles, net | (147 | ) | (147 | ) | (165 | ) | (174 | ) | (135 | ) | ||||||||||
| Casualty-related charges, net | 7 | 142 | 627 | 115 | 7 | |||||||||||||||
| Other normalizing items, net | 21 | — | — | — | — | |||||||||||||||
| Adjusted EBITDA | 30,647 | 28,678 | 26,725 | 28,078 | 26,751 | |||||||||||||||
| Adjustment for current period activity | 1,980 | 13 | 429 | |||||||||||||||||
| Further Adjusted EBITDA | $ | 32,627 | $ | 28,691 | $ | 27,154 | ||||||||||||||
| Net Leverage (Net debt / Annualized Adjusted EBITDA) | 4.9x | 8.6x | 9.2x | 8.8x | 9.2x | |||||||||||||||
| Net debt / Annualized Further Adjusted EBITDA | 4.6x | 8.6x | 9.0x | |||||||||||||||||
| NATIONAL HEALTHCARE PROPERTIES, INC. NON-GAAP FINANCIAL MEASURES RECONCILIATION (In thousands, except share, per share and property data) (Unaudited) | ||||||||
| Three months ended | ||||||||
| Q2 2026 | Q2 2025 | |||||||
| OMF Segment | ||||||||
| OMF segment - revenue from tenants | $ | 29,182 | $ | 29,252 | ||||
| OMF segment - property operating and maintenance | (8,783 | ) | (8,342 | ) | ||||
| OMF segment NOI | 20,399 | 20,910 | ||||||
| Straight line rent adjustments | (168 | ) | (634 | ) | ||||
| (Accretion) amortization of market lease and other intangibles, net | (140 | ) | (167 | ) | ||||
| OMF segment Cash NOI | 20,091 | 20,109 | ||||||
| Dispositions | 5 | 52 | ||||||
| Redevelopment | 86 | 99 | ||||||
| OMF segment Same Store Cash NOI | $ | 20,182 | $ | 20,260 | ||||
| Three months ended | ||||||||
| Q2 2026 | Q2 2025 | |||||||
| SHOP Segment | ||||||||
| SHOP segment - revenue from tenants | $ | 58,348 | $ | 56,081 | ||||
| SHOP segment - property operating and maintenance | (45,335 | ) | (45,838 | ) | ||||
| SHOP segment NOI | 13,013 | 10,243 | ||||||
| Non-cash adjustments | (6 | ) | 32 | |||||
| SHOP segment Cash NOI | 13,007 | 10,275 | ||||||
| Acquisitions | (22 | ) | — | |||||
| Dispositions | 86 | 608 | ||||||
| SHOP segment Same Store Cash NOI | $ | 13,071 | $ | 10,883 | ||||
| OMF | SHOP | Land | Total | ||||||||
| Total properties as of March 31, 2026 | 130 | 37 | 1 | 168 | |||||||
| Acquisitions | — | 2 | — | 2 | |||||||
| Total properties as of June 30, 2026 | 130 | 39 | 1 | 170 | |||||||
| Redevelopments | (1 | ) | — | — | (1 | ) | |||||
| Acquisitions | — | (2 | ) | (2 | ) | ||||||
| Same Store properties as of June 30, 2026 | 129 | 37 | 1 | 167 | |||||||
