National Healthcare Properties Reports First Quarter 2026 Results
Rhea-AI Summary
National Healthcare Properties (Nasdaq:NHPAP) reported first quarter 2026 results featuring a net loss of $(0.27) per share, FFO of $0.31 and Normalized FFO of $0.26 per diluted share. Same Store Cash NOI grew 12%, led by 24% growth in the SHOP segment.
The company entered agreements to buy senior housing assets totaling over $125 million and to sell 86 outpatient medical facilities for about $528.2 million. Net leverage improved to 8.6x. A follow-on offering raised $531.3 million and common shares listed on Nasdaq as “NHP.”
AI-generated analysis. Not financial advice.
Positive
- FFO per share up 121.4% year-over-year to $0.31
- Normalized FFO per share up 100.0% year-over-year to $0.26
- Portfolio Same Store Cash NOI growth of 12.0% year-over-year
- SHOP Same Store Cash NOI growth of 24.0% year-over-year
- Net leverage improved from 9.6x to 8.6x year-over-year
- Public equity raise of $531.3 million and Nasdaq listing completed
- Definitive agreement to sell 86 OMF assets for approximately $528.2 million
Negative
- Net loss attributable to common stockholders of $(0.27) per share
- Net leverage remains elevated at 8.6x annualized adjusted EBITDA
- Equity offering of 44,275,000 Class A shares implies shareholder dilution
News Market Reaction – NHPAP
On the day this news was published, NHPAP gained 2.48%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
NHPAP was up 1.05% pre-news. Key healthcare REIT peers were mixed: VTR (+1.95%), WELL (+1.98%), OHI (+0.69%), DOC (-0.33%). The mixed moves and lack of scanner momentum flag this as more company-specific than a broad sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 01 | Earnings release timing | Neutral | -0.3% | Announced schedule and webcast details for Q1 2026 financial results. |
| Feb 20 | Quarter & year results | Positive | +0.3% | Reported Q4 and full-year 2025 with strong Normalized FFO growth and NOI gains. |
| Feb 12 | Earnings release timing | Neutral | +0.0% | Set date and webcast timing for Q4 and full-year 2025 results. |
| Nov 05 | Quarterly results | Positive | +0.3% | Q3 2025 results with higher FFO, strong SHOP/OMF NOI growth and lower leverage. |
| Oct 29 | Earnings release timing | Neutral | +0.1% | Announced release and webcast schedule for Q3 2025 financial results. |
Earnings-related headlines have historically produced modest price moves, with an average move of 0.07% around such events.
Over the past few quarters, National Healthcare Properties has used its earnings cycle to highlight both operating momentum and balance sheet management. Q3 2025 results showed improving Same Store Cash NOI and lower net leverage, while Q4 2025 and full-year 2025 results emphasized strong Normalized FFO growth and expanded credit facilities. Multiple earnings-date announcements simply set timing for detailed results and webcasts, typically eliciting only small price changes. Today’s first-quarter 2026 report continues this pattern of pairing operating metrics with portfolio and capital structure updates.
Historical Comparison
Past earnings-tag headlines for NHPAP led to modest average moves of 0.07%, suggesting that detailed financial updates and timing notices have typically produced only limited price volatility.
Earnings history shows a progression from Q3 2025 results, to Q4 and full-year 2025 performance, and now into Q1 2026, consistently highlighting Same Store Cash NOI growth, strengthening SHOP contributions, and steady balance sheet management.
Market Pulse Summary
This announcement outlines Q1 2026 performance, with higher FFO metrics, strong Same Store Cash NOI growth and clear steps to reorient the portfolio toward needs-based, private-pay senior housing. It also details sizable OMF dispositions, multiple SHOP acquisitions and leverage improvement following a large equity offering. Investors may focus on execution of the acquisition and sale pipeline, progress toward guidance ranges, and ongoing balance sheet metrics such as net leverage around 8.6x and total debt near $1.0 billion.
Key Terms
funds from operations financial
normalized funds from operations financial
same store cash noi financial
net operating income financial
senior housing operating property technical
outpatient medical facility technical
right of first refusal financial
annualized adjusted ebitda financial
AI-generated analysis. Not financial advice.
NEW YORK, May 13, 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 March 31, 2026.
Michael Anderson, Chief Executive Officer and President, commented, “Our 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.”
Financial Performance and Other Highlights
- Net loss attributable to common stockholders of
$(0.27) per basic and diluted share. Nareit defined Funds From Operations (“FFO”) of$0.31 per diluted share and Normalized Funds From Operations (“Normalized FFO”) of$0.26 per diluted share.- FFO per share increased
121.4% year-over-year. - Normalized FFO per share increased
100.0% year-over-year.
- FFO per share increased
- First quarter portfolio Same Store Cash Net Operating Income (“NOI”) growth was
12.0% year-over-year.
Senior Housing Operating Property (“SHOP”) Segment
- SHOP segment Same Store Cash NOI growth was
24.0% on a year-over-year basis. - Same Store average occupancy totaled
83.8% , an increase of2.8% on a year-over-year basis. - Same Store revenue increased
8.4% on a year-over-year basis. - Same Store Cash NOI Margin totaled
22.1% , an expansion of2.7% on a year-over-year basis.
Outpatient Medical Facility (“OMF”) Segment
- OMF segment Same Store Cash NOI growth was
5.5% on a year-over-year basis. - Same Store ending occupancy totaled
94.0% , an increase of0.5% on a year-over-year basis.
Transactional Activity
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
In April 2026, the Company entered into a definitive purchase and sale agreement to acquire a
In May 2026, the Company entered into a definitive purchase and sale agreement to acquire a
In May 2026, the Company entered into a definitive purchase and sale agreement to sell a portfolio of 86 outpatient medical facilities for approximately
Balance Sheet and Capital
As of March 31, 2026, total debt outstanding (net of discounts and unamortized debt issuance costs) was approximately
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.
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
Preferred Stock
On March 26, 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 April 6, 2026. The dividend was paid on April 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 April 6, 2026. The dividend was paid on April 15, 2026.
Full Year 2026 Guidance
For the full year 2026, the Company has established the following guidance ranges:
- SHOP Same Store Cash NOI growth of
13.0% to16.0% - OMF Same Store Cash NOI growth of
2.5% to3.5% - Acquisitions of approximately
$375 million to$425 million - Dispositions of approximately
$528 million - General and administrative expense of approximately
$26 million to$27 million , including equity-based compensation of$5 million to$6 million - Same Store Recurring Capital Expenditures of
$22 million to$25 million
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 (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.
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.
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) | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Real estate investments, at cost: | ||||||||
| Land | $ | 174,535 | $ | 174,535 | ||||
| Buildings, fixtures and improvements | 1,789,349 | 1,785,952 | ||||||
| Acquired intangible assets | 246,544 | 246,544 | ||||||
| Construction in progress | 3,752 | 2,994 | ||||||
| Total real estate investments, at cost | 2,214,180 | 2,210,025 | ||||||
| Less: accumulated depreciation and amortization | (707,160 | ) | (691,200 | ) | ||||
| Total real estate investments, net | 1,507,020 | 1,518,825 | ||||||
| Cash and cash equivalents | 52,809 | 57,620 | ||||||
| Restricted cash | 53,790 | 50,832 | ||||||
| Derivative assets, at fair value | 1,395 | 569 | ||||||
| Straight-line rent receivable, net | 21,755 | 21,486 | ||||||
| Operating lease right-of-use assets | 7,275 | 7,377 | ||||||
| Prepaid expenses and other assets, net | 22,290 | 23,019 | ||||||
| Accounts receivable, net | 9,193 | 9,252 | ||||||
| Deferred costs, net | 22,535 | 22,792 | ||||||
| Total assets | $ | 1,698,062 | $ | 1,711,772 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Liabilities | ||||||||
| Mortgage notes payable, net | $ | 367,723 | $ | 367,629 | ||||
| Fannie Mae and other secured debt | 333,296 | 334,739 | ||||||
| Revolving credit facility | 186,000 | 186,000 | ||||||
| Term loan, net | 148,539 | 148,405 | ||||||
| Market lease intangible liabilities, net | 4,616 | 4,851 | ||||||
| Derivative liabilities, at fair value | — | 188 | ||||||
| Accounts payable and accrued expenses | 42,702 | 44,381 | ||||||
| Operating lease liabilities | 8,378 | 8,467 | ||||||
| Deferred rent | 6,925 | 9,247 | ||||||
| Distributions payable | 3,340 | 3,340 | ||||||
| Total liabilities | 1,101,519 | 1,107,247 | ||||||
| Commitments and contingencies | ||||||||
| Equity | ||||||||
| 38 | 38 | |||||||
| 35 | 35 | |||||||
| Common stock, | 1,132 | 1,132 | ||||||
| Additional paid-in capital | 2,531,539 | 2,531,315 | ||||||
| Accumulated other comprehensive income | 5,076 | 5,604 | ||||||
| Distributions in excess of accumulated earnings | (1,945,664 | ) | (1,938,060 | ) | ||||
| Total stockholders’ equity | 592,156 | 600,064 | ||||||
| Non-controlling interests | 4,387 | 4,461 | ||||||
| Total equity | 596,543 | 604,525 | ||||||
| Total liabilities and equity | $ | 1,698,062 | $ | 1,711,772 | ||||
| NATIONAL HEALTHCARE PROPERTIES, INC. | ||||||||
| CONSOLIDATED INCOME STATEMENTS | ||||||||
| (In thousands, except per share data) | ||||||||
| (Unaudited) | ||||||||
| Three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenue from tenants | $ | 86,285 | $ | 86,443 | ||||
| Operating expenses: | ||||||||
| Property operating and maintenance | 52,918 | 57,856 | ||||||
| Impairment charges | — | 11,899 | ||||||
| Acquisition and transaction related | 53 | 51 | ||||||
| General and administrative | 5,467 | 4,896 | ||||||
| Depreciation and amortization | 17,738 | 23,706 | ||||||
| Total expenses | 76,176 | 98,408 | ||||||
| Operating income (loss) before (loss) gain on sale of real estate investments | 10,109 | (11,965 | ) | |||||
| (Loss) gain on sale of real estate investments | (2 | ) | 24,989 | |||||
| Operating income | 10,107 | 13,024 | ||||||
| Other income (expense): | ||||||||
| Interest expense | (14,671 | ) | (14,529 | ) | ||||
| Interest and other income (expense), net | 171 | (15 | ) | |||||
| Gain (loss) on non-designated derivatives | 189 | (1 | ) | |||||
| Total other expense, net | (14,311 | ) | (14,545 | ) | ||||
| Loss before income taxes | (4,204 | ) | (1,521 | ) | ||||
| Income tax (expense) benefit | (77 | ) | 6 | |||||
| Net loss | (4,281 | ) | (1,515 | ) | ||||
| Net income attributable to non-controlling interests | (28 | ) | (54 | ) | ||||
| Allocation for preferred stock | (3,294 | ) | (3,450 | ) | ||||
| Net loss attributable to common stockholders | (7,603 | ) | (5,019 | ) | ||||
| Other comprehensive loss: | ||||||||
| Unrealized loss on designated derivatives | (528 | ) | (4,994 | ) | ||||
| Comprehensive loss attributable to common stockholders | $ | (8,131 | ) | $ | (10,013 | ) | ||
| Weighted-average shares outstanding — Basic and Diluted(1) | 28,336 | 28,296 | ||||||
| Net loss per share attributable to common stockholders — Basic and Diluted(1) | $ | (0.27 | ) | $ | (0.18 | ) | ||
(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 | ||||||||
| Q1 2026 | Q1 2025 | |||||||
| Net loss attributable to common stockholders | $ | (7,603 | ) | $ | (5,019 | ) | ||
| Adjustments: | ||||||||
| Impairment charges | — | 11,899 | ||||||
| Acquisition and transaction related | 53 | 51 | ||||||
| General and administrative | 5,467 | 4,896 | ||||||
| Depreciation and amortization | 17,738 | 23,706 | ||||||
| Loss (gain) on sale of real estate investments | 2 | (24,989 | ) | |||||
| Interest expense | 14,671 | 14,529 | ||||||
| Interest and other (income) expense, net | (171 | ) | 15 | |||||
| (Gain) loss on non-designated derivatives | (189 | ) | 1 | |||||
| Income tax expense (benefit) | 77 | (6 | ) | |||||
| Net (income) loss attributable to non-controlling interests | 28 | 54 | ||||||
| Allocation for preferred stock | 3,294 | 3,450 | ||||||
| NOI | $ | 33,367 | $ | 28,587 | ||||
| NOI by Segment | ||||||||
| OMF | $ | 20,604 | $ | 19,150 | ||||
| SHOP | 12,763 | 9,437 | ||||||
| Total NOI | $ | 33,367 | $ | 28,587 | ||||
(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 | ||||||||
| Q1 2026 | Q1 2025 | |||||||
| Net loss attributable to common stockholders | $ | (7,603 | ) | $ | (5,019 | ) | ||
| Depreciation and amortization on real estate assets | 16,406 | 22,281 | ||||||
| Impairment charges | — | 11,899 | ||||||
| Loss (gain) on sale of real estate | 2 | (24,989 | ) | |||||
| Depreciation on real estate assets related to non-controlling interests | (72 | ) | (56 | ) | ||||
| FFO attributable to common stockholders | 8,733 | 4,116 | ||||||
| Acquisition and transaction related | 53 | 51 | ||||||
| Derivatives mark-to-market and terminations(1) | (1,389 | ) | (531 | ) | ||||
| Casualty-related charges, net | 142 | 115 | ||||||
| Normalizing items related to non-controlling interests | (4 | ) | (19 | ) | ||||
| Normalized FFO attributable to common stockholders | $ | 7,535 | $ | 3,732 | ||||
| FFO and Normalized FFO weighted average shares outstanding — Diluted | 28,624 | 28,530 | ||||||
| FFO per common share — Diluted | $ | 0.31 | $ | 0.14 | ||||
| Normalized FFO per common share — Diluted | $ | 0.26 | $ | 0.13 | ||||
| Other Items: | ||||||||
| (Accretion) amortization of market lease and other intangibles, net | $ | (147 | ) | $ | 2,331 | |||
| Straight-line rent adjustments | (268 | ) | (1,023 | ) | ||||
| Equity-based compensation | 612 | — | ||||||
| Depreciation and amortization on non-real estate assets | 1,332 | 1,425 | ||||||
| Amortization of deferred financing costs and mortgage discounts or premiums | 1,044 | 858 | ||||||
| Recurring Capital Expenditures | (2,918 | ) | (6,658 | ) | ||||
(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. | ||||||||
| Three months ended | ||||||||||||||||||||
| Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | ||||||||||||||||
| Net loss (in accordance with GAAP) | $ | (4,281 | ) | $ | (22,802 | ) | $ | (12,534 | ) | $ | (20,834 | ) | $ | (1,515 | ) | |||||
| Interest expense | 14,671 | 15,856 | 15,060 | 15,836 | 14,529 | |||||||||||||||
| Income tax expense (benefit) | 77 | 101 | 66 | — | (6 | ) | ||||||||||||||
| Depreciation and amortization | 17,738 | 17,987 | 18,029 | 18,539 | 23,706 | |||||||||||||||
| EBITDA | 28,205 | 11,142 | 20,621 | 13,541 | 36,714 | |||||||||||||||
| Acquisition and transaction related | 53 | (123 | ) | 91 | 497 | 51 | ||||||||||||||
| Equity-based compensation | 612 | 682 | 1,333 | 570 | — | |||||||||||||||
| Severance and related costs(1) | — | 2,907 | — | — | — | |||||||||||||||
| Impairment charges | — | 11,162 | 6,641 | 15,212 | 11,899 | |||||||||||||||
| Loss (gain) on sale of real estate investments | 2 | 467 | (626 | ) | (2,652 | ) | (24,989 | ) | ||||||||||||
| (Gain) loss on non-designated derivatives | (189 | ) | 26 | 77 | (32 | ) | 1 | |||||||||||||
| Gain on extinguishment of debt | — | — | — | (257 | ) | — | ||||||||||||||
| (Accretion) amortization of market lease and other intangibles, net | (147 | ) | (165 | ) | (174 | ) | (135 | ) | 2,331 | |||||||||||
| Casualty-related charges, net | 142 | 627 | 115 | 7 | 115 | |||||||||||||||
| Adjusted EBITDA | 28,678 | 26,725 | 28,078 | 26,751 | 26,122 | |||||||||||||||
| Adjustment for current period activity | 13 | 429 | ||||||||||||||||||
| Further Adjusted EBITDA | $ | 28,691 | $ | 27,154 | ||||||||||||||||
| Net Leverage (Net debt / Annualized Adjusted EBITDA) | 8.6x | 9.2x | 8.8x | 9.2x | 9.6x | |||||||||||||||
| Net debt / Annualized Further Adjusted EBITDA | 8.6x | 9.0x | ||||||||||||||||||
(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. | ||||||||||||||||||||
| NATIONAL HEALTHCARE PROPERTIES, INC. | ||||||||
| NON-GAAP FINANCIAL MEASURES RECONCILIATION | ||||||||
| (In thousands, except share, per share and property data) | ||||||||
| (Unaudited) | ||||||||
| Three months ended | ||||||||
| Q1 2026 | Q1 2025 | |||||||
| OMF Segment | ||||||||
| OMF segment - revenue from tenants | $ | 28,654 | $ | 30,635 | ||||
| OMF segment - property operating and maintenance | (8,050 | ) | (11,485 | ) | ||||
| OMF segment NOI | 20,604 | 19,150 | ||||||
| Straight line rent adjustments | (268 | ) | (1,021 | ) | ||||
| (Accretion) amortization of market lease and other intangibles, net | (141 | ) | 2,335 | |||||
| OMF segment Cash NOI | 20,195 | 20,464 | ||||||
| Dispositions | 18 | (1,380 | ) | |||||
| Redevelopment | 92 | 160 | ||||||
| OMF segment Same Store Cash NOI | $ | 20,305 | $ | 19,244 | ||||
| Three months ended | ||||||||
| Q1 2026 | Q1 2025 | |||||||
| SHOP Segment | ||||||||
| SHOP segment - revenue from tenants | $ | 57,631 | $ | 55,808 | ||||
| SHOP segment - property operating and maintenance | (44,868 | ) | (46,371 | ) | ||||
| SHOP segment NOI | 12,763 | 9,437 | ||||||
| Non-cash adjustments | (6 | ) | (4 | ) | ||||
| SHOP segment Cash NOI | 12,757 | 9,433 | ||||||
| Dispositions | (4 | ) | 851 | |||||
| SHOP segment Same Store Cash NOI | $ | 12,753 | $ | 10,284 | ||||
| OMF | SHOP | Land | Total | |||||||
| Total properties as of December 31, 2025 | 130 | 37 | 1 | 168 | ||||||
| Dispositions | — | — | — | — | ||||||
| Total properties as of March 31, 2026 | 130 | 37 | 1 | 168 | ||||||
| Redevelopments | (1 | ) | — | — | (1 | ) | ||||
| Same Store properties as ofMarch 31, 2026 | 129 | 37 | 1 | 167 | ||||||
