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National Healthcare Properties Announces Definitive Agreement to Sell 40 Additional Outpatient Medical Facilities for $531 Million, Signs LOI for Remaining Four OMFs and Provides SHOP Acquisition Pipeline Update

Under the projected 0x net-debt scenario, total debt would consist primarily of $300 million in outstanding unsecured term loans.

(Moderate)

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

National Healthcare Properties (NHP) agreed to sell 40 outpatient medical facilities for approximately $531 million, advancing its planned exit from the segment.

The price represents a 6.9% nominal cap rate. The company expects a 6.5% economic cap rate and estimated cash proceeds of $511 million before transaction expenses and property operating prorations. It expects the sale to close in the fourth quarter of 2026 and plans to use proceeds to repay its revolving credit balance and fund senior housing operating portfolio (SHOP) acquisitions.

A non-binding letter of intent covers its final four outpatient facilities for $11 million in gross proceeds. Including a previously announced 86-facility sale for approximately $528 million, the company expects to exit the segment. Its SHOP acquisition pipeline covers 724 units and approximately $244 million. Based on announced disposition and capital markets transactions and closed SHOP acquisitions, it expects net debt to Further Adjusted EBITDA near 0x using second-quarter 2026 financials.

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Positive

  • 40 outpatient facilities are under a definitive sale agreement for approximately $531 million.
  • $511 million in estimated cash proceeds is expected before transaction expenses and property operating prorations.
  • All secured debt related to the 40-facility portfolio has recently been retired.
  • 6.9% nominal and expected 6.5% economic cap rates describe the planned sale.
  • Four remaining facilities are covered by a letter of intent for $11 million in gross proceeds.
  • 86 previously announced facility sales total approximately $528 million; 30 closed on September 10, 2026.
  • SHOP acquisition agreements or letters of intent cover approximately $244 million and 724 units.
  • Year-one and year-three SHOP cap rates are estimated at approximately 7.2% and 8.4%, respectively.
  • Revolving credit repayment and SHOP acquisitions are planned uses of the 40-facility sale proceeds.
  • Net debt to Further Adjusted EBITDA is expected to approximate 0x under the stated transaction scenario, using second-quarter 2026 financials.

Negative

  • Four-facility letter of intent is non-binding, leaving the planned $11 million sale unsigned.
  • SHOP acquisition pipeline includes non-binding letters of intent, not only definitive agreements.
  • SHOP closings remain subject to continued due diligence, closing conditions and applicable regulatory approvals.
  • $511 million in estimated sale proceeds excludes transaction expenses and property operating prorations.
  • $300 million in unsecured term loans would comprise most debt under the projected 0x net-debt scenario.

News Explained

Under the company’s scenario, cash would approximately equal total debt—primarily $300 million of unsecured term loans—so its projected 0x net-debt-to-further-adjusted-EBITDA measure is not a statement that gross debt is zero.

Key Figures

OMF portfolio sale price: $531 million Nominal cap rate: 6.9% Economic cap rate: 6.5% +5 more
OMF portfolio sale price
$531 million
Definitive agreement for 40 outpatient medical facilities
Nominal cap rate
6.9%
Based on trailing twelve-month in-place cash net operating income
Economic cap rate
6.5%
After recurring capital expenditure and customary closing adjustments
Expected cash proceeds
$511 million
Before transaction expenses and property operating prorations
Net Debt to Further Adjusted EBITDA
0x
Expected ratio based on second quarter 2026 financials
SHOP acquisition pipeline
$244 million
Signed purchase and sale agreements or non-binding letters of intent
Year-one cap rate
7.2%
Estimated weighted average for SHOP acquisitions
Year-three cap rate
8.4%
Estimated weighted average for SHOP acquisitions

Key Terms

net operating income, cap rate, revolving credit facility, letter of intent
4 terms
net operating income financial
"Based on trailing twelve-month in-place cash net operating income"
Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.
cap rate financial
"the sale price represents a nominal cap rate of 6.9%"
The cap rate is a way to estimate how much money a real estate investment might generate relative to its purchase price. Think of it as a measure of the property's annual income divided by its value, helping investors compare different properties quickly. A higher cap rate generally indicates a potentially higher return but may also come with more risk.
revolving credit facility financial
"repay the balance on the Company’s revolving credit facility"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
letter of intent financial
"signed a non-binding letter of intent for its final four OMFs"
A letter of intent is a document that shows an agreement in principle between parties to work towards a future deal or transaction. It outlines their intentions and key terms, acting like a roadmap before a formal contract is signed. For investors, it signals serious interest and helps clarify expectations early in the process.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Announced Transactions Expected to Complete Pivot to Pure-Play SHOP and Reduce Net Debt to Further Adjusted EBITDA to 0x Based on Q2 2026 Financials 
6.9% Nominal and 6.5% Economic Cap Rates on Anticipated OMF Portfolio Sale Facilitate Accretive Execution of Growing SHOP Acquisition Pipeline 

NEW YORK, Sept. 28, 2026 (GLOBE NEWSWIRE) -- National Healthcare Properties, Inc. (Nasdaq: NHP) (the “Company”) announced today the following business updates:

OMF Dispositions under Definitive Agreement and Letter of Intent

The Company entered into a definitive purchase and sale agreement to sell 40 outpatient medical facilities ("OMFs") for approximately $531 million. Based on trailing twelve-month in-place cash net operating income (“NOI”), the sale price represents a nominal cap rate of 6.9%. After adjusting for recurring capital expenditures over the same period, as well as capital expenditure and other customary adjustments at closing, the Company expects the sale to result in an economic cap rate of 6.5%.

Having recently retired all secured debt related to this portfolio, the Company expects estimated cash proceeds of $511 million before transaction expenses and property operating prorations but inclusive of capital expenditure and other customary adjustments. The Company expects to utilize these cash proceeds to repay the balance on the Company’s revolving credit facility, fund senior housing operating portfolio (“SHOP”) acquisitions and for general corporate purposes. The sale is expected to close in the fourth quarter of 2026, subject to customary closing conditions.

Based on announced disposition and capital markets transactions as well as closed SHOP acquisitions, the Company expects Net Debt to Further Adjusted EBITDA to approximate 0x (based on second quarter 2026 financials). In this scenario, the Company would hold cash and cash equivalents approximately equal to total debt comprised primarily of $300 million of outstanding unsecured term loans.

The Company also signed a non-binding letter of intent for its final four OMFs for gross proceeds of $11 million.

Inclusive of these transactions and the previously announced sale of 86 OMFs for approximately $528 million (including the sale of 30 OMFs closed on September 10, 2026), the Company expects to fully exit the OMF segment.

SHOP Pipeline

The Company currently has signed purchase and sale agreements or non-binding letters of intent for approximately $244 million of SHOP acquisitions, comprised of 724 primarily assisted living and memory care units, with estimated weighted average year-one and year-three cap rates of approximately 7.2% and 8.4%, respectively. Closing of these acquisitions is subject to continued purchaser due diligence, closing conditions and regulatory approvals as specified in the applicable agreements.

Michael Anderson, Chief Executive Officer and President, commented, “These expected transactions complete our strategic evolution into a pure-play SHOP platform with meaningful internal growth and a conservative, largely unencumbered balance sheet. Moreover, we believe the economics of our exit from the OMF segment will immediately provide additional capacity for the accretive execution of our robust and growing pipeline of high-acuity SHOP acquisition opportunities. As the population of older adults continues to expand and the need for specialized senior housing and care increases, we believe our focused strategy positions us well to capture the growth from this long-term demographic trend.”

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

Cautionary Statement Regarding Forward-Looking Statements

This press release may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. 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. Examples of forward-looking statements include statements regarding the timing, closing and proposed use of proceeds of OMF disposition, the expected benefits of the OMF disposition and SHOP acquisitions, future acquisition and disposition opportunities and other statements regarding the Company’s future strategy. 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. 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. Cap rates for the Company's acquisition pipeline included in this press release are calculated by dividing the underwritten cash NOI that the Company aims to achieve (some of which are based on preliminary information provided by sellers and certain assumptions applied by the Company) by the total aggregate purchase price, not including certain initial acquisition capital expenditures. The actual stabilized cash NOI yields from the Company’s pipeline may not be consistent with the targeted stabilized cash NOI yield range. 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. You can find the definitions of GAAP financial measures referenced in this press release and their reconciliations to the most directly comparable GAAP financial measures in our most recent annual and quarterly supplemental materials as made available on our website at http://investors.nhpreit.com under the heading “Quarterly Results.”


FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much will National Healthcare Properties receive from its 40-facility sale?

The agreed sale price is approximately $531 million, with estimated cash proceeds of $511 million before transaction expenses and property operating prorations. The proceeds estimate includes capital expenditure and other customary adjustments.

What is in National Healthcare Properties' SHOP acquisition pipeline?

Signed purchase and sale agreements or non-binding letters of intent cover approximately $244 million of acquisitions comprising 724 primarily assisted living and memory care units. Estimated weighted average cap rates are approximately 7.2% in year one and 8.4% in year three.

What remains before National Healthcare Properties can close its SHOP acquisitions?

The acquisitions remain subject to continued purchaser due diligence, closing conditions and regulatory approvals specified in the applicable agreements. The pipeline includes both signed purchase and sale agreements and non-binding letters of intent.

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