National Healthcare Properties Reports Second Quarter 2025 Results
National Healthcare Properties (Nasdaq: NHPAP), a healthcare REIT focused on seniors housing and outpatient medical facilities, reported its Q2 2025 results with mixed performance. The company posted a net loss of $(0.85) per share, while achieving strong FFO of $0.19 per share (up 35.7% quarter-over-quarter) and AFFO of $0.32 per share (up 3.2%).
Notable highlights include 8.5% year-over-year Same Store Cash NOI growth, with the SHOP segment showing impressive 17.3% growth and OMF segment delivering 4.4% growth. The company completed $21.4 million in dispositions and reduced its debt by $83.1 million year-to-date. The balance sheet shows $1.0 billion in total debt with a 5.1% weighted average interest rate.
[ "Strong FFO growth of 35.7% quarter-over-quarter", "Impressive SHOP segment Same Store Cash NOI growth of 17.3% year-over-year", "Significant debt reduction of $83.1 million year-to-date", "SHOP occupancy increased 5.0% year-over-year to 82.8%", "High OMF portfolio occupancy of 92.2%", "Successfully disposed of non-core assets for $21.4 million with $2.7 million net gain" ]National Healthcare Properties (Nasdaq: NHPAP), un REIT sanitario focalizzato su strutture per anziani e ambulatori medici, ha riportato risultati misti per il secondo trimestre 2025. La società ha registrato una perdita netta di $(0,85) per azione, ma ha ottenuto un forte FFO di $0,19 per azione (in crescita del 35,7% rispetto al trimestre precedente) e un AFFO di $0,32 per azione (in aumento del 3,2%).
Tra i punti salienti, si evidenzia una crescita del 8,5% annuo del Same Store Cash NOI, con il segmento SHOP che ha mostrato una notevole crescita del 17,3% e il segmento OMF un incremento del 4,4%. La società ha completato disinvestimenti per 21,4 milioni di dollari e ridotto il debito di 83,1 milioni di dollari da inizio anno. Il bilancio evidenzia un debito totale di 1,0 miliardo di dollari con un tasso medio ponderato degli interessi del 5,1%.
- Forte crescita del FFO del 35,7% trimestre su trimestre
- Impressionante crescita del Same Store Cash NOI del segmento SHOP del 17,3% anno su anno
- Significativa riduzione del debito di 83,1 milioni di dollari da inizio anno
- Occupazione del segmento SHOP aumentata del 5,0% anno su anno al 82,8%
- Alta occupazione del portafoglio OMF al 92,2%
- Disposizione con successo di asset non core per 21,4 milioni di dollari con un guadagno netto di 2,7 milioni di dollari
National Healthcare Properties (Nasdaq: NHPAP), un REIT de salud enfocado en viviendas para personas mayores y centros médicos ambulatorios, reportó resultados mixtos en el segundo trimestre de 2025. La empresa registró una pérdida neta de $(0,85) por acción, pero logró un sólido FFO de $0,19 por acción (un aumento del 35,7% trimestre a trimestre) y un AFFO de $0,32 por acción (incremento del 3,2%).
Entre los aspectos destacados se incluye un crecimiento del 8,5% interanual en Same Store Cash NOI, con el segmento SHOP mostrando un impresionante crecimiento del 17,3% y el segmento OMF entregando un crecimiento del 4,4%. La compañía completó desinversiones por $21,4 millones y redujo su deuda en $83,1 millones en lo que va del año. El balance muestra una deuda total de $1,0 mil millones con una tasa de interés promedio ponderada del 5,1%.
- Fuerte crecimiento del FFO del 35,7% trimestre a trimestre
- Impresionante crecimiento del Same Store Cash NOI del segmento SHOP del 17,3% interanual
- Reducción significativa de la deuda de $83,1 millones en lo que va del año
- La ocupación en SHOP aumentó un 5,0% interanual alcanzando el 82,8%
- Alta ocupación en la cartera OMF del 92,2%
- Disposición exitosa de activos no centrales por $21,4 millones con una ganancia neta de $2,7 millones
National Healthcare Properties (나스닥: NHPAP)는 노인 주택 및 외래 의료 시설에 중점을 둔 헬스케어 REIT로, 2025년 2분기 실적을 발표했습니다. 회사는 주당 $(0.85)의 순손실을 기록했으나, 분기 대비 35.7% 증가한 주당 $0.19의 강력한 FFO와 3.2% 상승한 주당 $0.32의 AFFO를 달성했습니다.
주요 하이라이트로는 전년 동기 대비 8.5%의 Same Store Cash NOI 성장이 있으며, SHOP 부문은 17.3%의 인상적인 성장을, OMF 부문은 4.4% 성장을 기록했습니다. 회사는 2,140만 달러의 자산 매각을 완료했으며, 연초 대비 8,310만 달러의 부채 감축을 이뤘습니다. 대차대조표에는 10억 달러의 총 부채와 5.1%의 가중 평균 이자율이 나타나 있습니다.
- 분기 대비 35.7%의 강력한 FFO 성장
- 전년 대비 SHOP 부문의 Same Store Cash NOI 17.3% 인상적인 성장
- 연초 대비 8,310만 달러의 상당한 부채 감축
- SHOP 점유율이 전년 대비 5.0% 증가하여 82.8% 달성
- OMF 포트폴리오의 높은 점유율 92.2%
- 비핵심 자산을 2,140만 달러에 성공적으로 매각, 순이익 270만 달러 달성
National Healthcare Properties (Nasdaq : NHPAP), un REIT spécialisé dans le logement pour personnes âgées et les établissements médicaux ambulatoires, a publié des résultats mitigés pour le deuxième trimestre 2025. La société a enregistré une perte nette de $(0,85) par action, tout en réalisant un FFO solide de $0,19 par action (en hausse de 35,7 % d’un trimestre à l’autre) et un AFFO de $0,32 par action (en hausse de 3,2 %).
Parmi les points forts, on note une croissance du Same Store Cash NOI de 8,5 % sur un an, avec le segment SHOP affichant une croissance impressionnante de 17,3 % et le segment OMF une progression de 4,4 %. La société a réalisé des cessions pour 21,4 millions de dollars et réduit sa dette de 83,1 millions de dollars depuis le début de l’année. Le bilan fait état d’une dette totale de 1,0 milliard de dollars avec un taux d’intérêt moyen pondéré de 5,1 %.
- Forte croissance du FFO de 35,7 % d’un trimestre à l’autre
- Croissance impressionnante du Same Store Cash NOI du segment SHOP de 17,3 % sur un an
- Réduction significative de la dette de 83,1 millions de dollars depuis le début de l’année
- Augmentation de l’occupation du segment SHOP de 5,0 % sur un an, atteignant 82,8 %
- Forte occupation du portefeuille OMF à 92,2 %
- Cession réussie d’actifs non stratégiques pour 21,4 millions de dollars avec un gain net de 2,7 millions de dollars
National Healthcare Properties (Nasdaq: NHPAP), ein auf Seniorenwohnungen und ambulante medizinische Einrichtungen spezialisierter Healthcare-REIT, meldete gemischte Ergebnisse für das zweite Quartal 2025. Das Unternehmen verzeichnete einen Nettoverlust von $(0,85) je Aktie, erzielte jedoch ein starkes FFO von $0,19 je Aktie (ein Anstieg von 35,7% gegenüber dem Vorquartal) und ein AFFO von $0,32 je Aktie (plus 3,2%).
Bemerkenswerte Highlights umfassen ein 8,5%iges Wachstum des Same Store Cash NOI im Jahresvergleich, wobei das SHOP-Segment ein beeindruckendes Wachstum von 17,3% und das OMF-Segment ein Wachstum von 4,4% erzielte. Das Unternehmen schloss Veräußerungen im Wert von 21,4 Millionen US-Dollar ab und reduzierte seine Verschuldung seit Jahresbeginn um 83,1 Millionen US-Dollar. Die Bilanz weist eine Gesamtschuld von 1,0 Milliarde US-Dollar mit einem gewichteten durchschnittlichen Zinssatz von 5,1% aus.
- Starkes FFO-Wachstum von 35,7% im Quartalsvergleich
- Beeindruckendes Wachstum des Same Store Cash NOI im SHOP-Segment von 17,3% im Jahresvergleich
- Signifikante Schuldenreduzierung von 83,1 Millionen US-Dollar seit Jahresbeginn
- SHOP-Belegungsrate um 5,0% auf 82,8% im Jahresvergleich gestiegen
- Hohe Belegungsrate im OMF-Portfolio von 92,2%
- Erfolgreicher Verkauf von nicht zum Kerngeschäft gehörenden Vermögenswerten für 21,4 Millionen US-Dollar mit einem Nettogewinn von 2,7 Millionen US-Dollar
- None.
- Net loss of $(0.85) per basic and diluted share
- High leverage with Net Debt to Adjusted EBITDA at 9.3x
- OMF segment occupancy decreased 0.7% year-over-year
- Relatively high weighted average interest rate of 5.1% on debt
Insights
Strong Q2 results with exceptional NOI growth in senior housing (17.3%) and outpatient facilities (4.4%), though still operating with high leverage at 9.3x.
National Healthcare Properties delivered impressive operational results in Q2 2025, particularly in their Senior Housing Operating Property (SHOP) segment which posted
Looking at profitability metrics, the company reported a net loss of
The company's deleveraging efforts are noteworthy. They've paid down
The company's portfolio optimization continued with
The company's senior housing segment particularly stands out, with NOI margin expansion of
NEW YORK, Aug. 06, 2025 (GLOBE NEWSWIRE) -- National Healthcare Properties, Inc. (Nasdaq: NHPAP / NHPBP) (the “Company”), a self-managed diversified healthcare real estate investment trust focusing on seniors housing and outpatient medical facilities, today announced results for the three and six months ended June 30, 2025.
Michael Anderson, Chief Executive Officer and President, commented, “We are very pleased with our second quarter results, headlined by exceptional same store cash net operating income growth in each of the Senior Housing Operating Property and Outpatient Medical Facility segments. This across-the-board operational strength demonstrates the capabilities of our team and the quality of our portfolio, providing a tremendous backdrop for the Company as we prepare for an eventual public listing.”
Financial Performance and Other Highlights
- Net loss of
$(0.85) per basic and diluted share. Nareit defined Funds from Operations (“FFO”) of$0.19 per diluted share, and Adjusted Funds from Operations (“AFFO”) of$0.32 per diluted share.- FFO per share increased
35.7% on a quarter-over-quarter basis. - AFFO per share increased
3.2% on a quarter-over-quarter basis.
- FFO per share increased
- Second quarter portfolio Same Store Cash Net Operating Income (“NOI”) growth was
8.5% year-over-year.- Senior Housing Operating Property (“SHOP”) segment Same Store Cash NOI growth was
17.3% . - Outpatient Medical Facility (“OMF”) segment Same Store Cash NOI growth was
4.4% .
- Senior Housing Operating Property (“SHOP”) segment Same Store Cash NOI growth was
- Second quarter dispositions totaled
$21.4 million , representing the sale of three non-core OMFs and three non-core SHOPs.
Operating Update
SHOP Portfolio
- Year-over-year Same Store Cash NOI growth of
17.3% . - Quarter-over-quarter Same Store Cash NOI growth of
6.6% . - Same Store average occupancy totaled
82.8% , an increase of5.0% on a year-over-year basis. - Same Store revenue increased
11.8% on a year-over-year basis. - Same Store Cash NOI Margin totaled
19.5% , an expansion of0.9% on a year-over-year basis.
OMF Portfolio
- Year-over-year Same Store Cash NOI growth of
4.4% . - Quarter-over-quarter Same Store Cash NOI growth of
5.7% . - Same Store ending occupancy totaled
92.2% , a decrease of0.7% on a year-over-year basis.
Investment Activity
The Company completed dispositions with an aggregate contract sales price of
Balance Sheet and Capital
As of June 30, 2025, total debt outstanding (net of unamortized debt issuance costs) was
Year-to-date through June 2025, the Company has paid down
Net Leverage (Net Debt to Annualized Adjusted EBITDA) totaled 9.3x, an improvement of 0.4x relative to March 31, 2025.
Preferred Stock
On June 20, 2025, the Board of Directors declared dividends on the Company’s outstanding preferred stock as follows:
- A dividend of
$0.46 09375 per share on its7.375% Series A Cumulative Redeemable Perpetual Preferred Stock to holders of record at the close of business on July 3, 2025. The dividend was paid on July 15, 2025. - A dividend of
$0.44 53125 per share on its7.125% Series B Cumulative Redeemable Perpetual Preferred Stock to holders of record at the close of business on July 3, 2025. The dividend was paid on July 15, 2025.
During the quarter ended June 30, 2025, the Company completed the repurchase of
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 is a self-managed real estate investment trust focusing on seniors housing and outpatient medical facilities. The Company’s preferred stocks are traded on the Nasdaq Exchange under the tickers “NHPAP” and “NHPBP”. 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. These forward-looking statements concern and are based upon, among other things, the possible expansion of the Company’s portfolio; the sale of properties; the performance of its operators/tenants and properties; its ability to enter into agreements with new viable tenants for vacant space on favorable terms, or at all; its occupancy rates; its ability to acquire, develop and/or manage properties; its ability to make distributions to shareholders; its policies and plans regarding investments, financings and other matters; its tax status as a real estate investment trust; its critical accounting policies; its ability to appropriately balance the use of debt and equity; its ability to access capital markets or other sources of funds; and its ability to finance and complete, and the effect of, future acquisitions. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The Company’s expected results may not be achieved, and actual results may differ materially from expectations. This may be a result of various factors, including, but not limited, the risks and uncertainties described in the section titled Risk Factors of its most recent Annual Report on Form 10-K for the year ended December 31, 2024 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 FFO, AFFO, 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 AFFO
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 AFFO 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 AFFO include removing the impacts of (i) acquisition and transaction related costs, (ii) amortization of market-lease intangible assets and liabilities, (iii) adjustments for straight-line rent, (iv) termination fees to related parties, (v) equity-based compensation expense, (vi) depreciation and amortization related to non-real estate related assets, (vii) mark-to-market gains and losses from its non-designated derivatives, (viii) non-cash components of interest expense, (ix) casualty-related charges, (x) gains or losses on extinguishment of debt and (xi) similar adjustments for non-controlling interests and unconsolidated entities.
The Company considers FFO and AFFO to be useful supplemental measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed below, FFO and AFFO can help investors compare its operating performance between periods or as compared to other REITs.
Adjusted EBITDA
The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, excluding acquisition and transaction related costs, termination fees to related parties, interest and other income, amortization of market-lease intangible assets and liabilities and other non-cash items including equity-based compensation, impairment charges, casualty-related charges, gains and losses on sale of real estate investments, gains or losses on extinguishment of debt and gains and losses on derivative investments.
Cash NOI and NOI
The Company defines NOI as total revenues from tenants less property operating costs. The Company defines Cash NOI as NOI excluding net amortization of above/below market lease and lease intangibles and straight-line rent adjustments 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 excluding net amortization of above/below market lease and lease intangibles.
Total gross debt less cash and cash equivalents.
Net Debt to Annualized Adjusted EBITDA or Net Leverage
Net Debt divided by Annualized Adjusted EBITDA (annualized based on Adjusted EBITDA for the quarter multiplied by four).
Non-Core Properties
Assets that have been deemed not essential to generating future economic benefit or value to the Company’s day-to-day operations and/or are scheduled to be sold.
Occupancy or Leased %
Occupancy for the OMF segment is presented as of the end of the period shown; occupancy for the SHOP segment is presented for the duration of the period shown.
Same Store
The Company defines “same store” as operational properties owned for the full period in both comparison periods and that are not otherwise excluded. Properties are excluded from same store if they are (i) Non-Core Properties (as defined above), (ii) sold, classified as held for sale, or classified as discontinued operations in accordance with GAAP; or (iii) impacted by materially disrupted events. Refer to the reconciliation of Same Store properties below.
| NATIONAL HEALTHCARE PROPERTIES, INC. | |||||||||||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||
| (In thousands, except share and per share data) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | |||||||||||||||
| ASSETS | |||||||||||||||||||
| Real estate investments, at cost: | |||||||||||||||||||
| Land | $ | 177,999 | $ | 182,662 | $ | 190,082 | $ | 198,124 | $ | 208,522 | |||||||||
| Buildings, fixtures and improvements | 1,804,274 | 1,837,150 | 2,012,401 | 2,051,313 | 2,131,409 | ||||||||||||||
| Acquired intangible assets | 249,941 | 256,440 | 284,447 | 290,408 | 294,683 | ||||||||||||||
| Construction in progress | 4,126 | 9,558 | 7,867 | 3,930 | 4,967 | ||||||||||||||
| Total real estate investments, at cost | 2,236,340 | 2,285,810 | 2,494,797 | 2,543,775 | 2,639,581 | ||||||||||||||
| Less: accumulated depreciation and amortization | (671,070 | ) | (670,907 | ) | (725,831 | ) | (724,985 | ) | (720,254 | ) | |||||||||
| Total real estate investments, net | 1,565,270 | 1,614,903 | 1,768,966 | 1,818,790 | 1,919,327 | ||||||||||||||
| Assets held for sale | 1,725 | — | — | — | — | ||||||||||||||
| Cash and cash equivalents | 47,123 | 71,383 | 21,652 | 32,858 | 29,461 | ||||||||||||||
| Restricted cash | 56,047 | 55,025 | 52,443 | 52,054 | 51,512 | ||||||||||||||
| Derivative assets, at fair value | 11,208 | 13,281 | 19,206 | 17,177 | 31,568 | ||||||||||||||
| Straight-line rent receivable, net | 20,315 | 19,967 | 22,841 | 23,056 | 26,171 | ||||||||||||||
| Operating lease right-of-use assets | 6,841 | 6,879 | 7,480 | 7,553 | 7,587 | ||||||||||||||
| Prepaid expenses and other assets | 22,591 | 23,721 | 26,316 | 23,706 | 25,870 | ||||||||||||||
| Accounts receivable, net | 9,311 | 8,096 | 5,850 | 5,238 | 4,967 | ||||||||||||||
| Deferred costs, net | 18,465 | 18,630 | 21,269 | 17,238 | 16,916 | ||||||||||||||
| Total assets | 1,758,896 | 1,831,885 | 1,946,023 | 1,997,670 | 2,113,379 | ||||||||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||||
| Mortgage notes payable, net | $ | 696,508 | $ | 711,065 | $ | 779,160 | $ | 816,988 | $ | 816,757 | |||||||||
| Credit facilities | 337,624 | 360,774 | 362,216 | 363,659 | 365,101 | ||||||||||||||
| Market lease intangible liabilities, net | 5,380 | 5,691 | 6,125 | 6,910 | 7,211 | ||||||||||||||
| Derivative liabilities, at fair value | — | — | — | — | — | ||||||||||||||
| Accounts payable and accrued expenses | 46,322 | 54,649 | 89,575 | 84,472 | 143,620 | ||||||||||||||
| Operating lease liabilities | 7,801 | 7,815 | 8,109 | 8,122 | 8,133 | ||||||||||||||
| Deferred rent | 9,347 | 8,275 | 7,217 | 5,717 | 6,474 | ||||||||||||||
| Distributions payable | 3,432 | 3,496 | 3,496 | 3,496 | 3,496 | ||||||||||||||
| Total liabilities | 1,106,414 | 1,151,765 | 1,255,898 | 1,289,364 | 1,350,792 | ||||||||||||||
| Stockholders’ Equity | |||||||||||||||||||
| 40 | 40 | 40 | 40 | 40 | |||||||||||||||
| 35 | 36 | 36 | 36 | 36 | |||||||||||||||
| Common stock, | 1,132 | 1,132 | 1,132 | 1,132 | 1,132 | ||||||||||||||
| Additional paid-in capital | 2,532,585 | 2,533,737 | 2,533,706 | 2,533,697 | 2,533,484 | ||||||||||||||
| Accumulated other comprehensive income | 9,441 | 11,646 | 16,640 | 14,301 | 24,468 | ||||||||||||||
| Distributions in excess of accumulated earnings | (1,896,200 | ) | (1,872,012 | ) | (1,866,994 | ) | (1,846,558 | ) | (1,802,415 | ) | |||||||||
| Total stockholders’ equity | 647,033 | 674,579 | 684,560 | 702,648 | 756,745 | ||||||||||||||
| Non-controlling interests | 5,449 | 5,541 | 5,565 | 5,658 | 5,842 | ||||||||||||||
| Total equity | 652,482 | 680,120 | 690,125 | 708,306 | 762,587 | ||||||||||||||
| Total liabilities and equity | $ | 1,758,896 | $ | 1,831,885 | $ | 1,946,023 | $ | 1,997,670 | $ | 2,113,379 | |||||||||
| NATIONAL HEALTHCARE PROPERTIES, INC. | |||||||||||||||||||
| CONSOLIDATED INCOME STATEMENTS | |||||||||||||||||||
| (In thousands, except share and per share data) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | |||||||||||||||
| Revenue from tenants | $ | 85,332 | $ | 86,443 | $ | 87,738 | $ | 88,940 | $ | 88,817 | |||||||||
| Operating expenses: | |||||||||||||||||||
| Property operating and maintenance | 53,848 | 57,540 | 54,591 | 56,407 | 55,005 | ||||||||||||||
| Impairment charges | 15,212 | 11,899 | 13,383 | 8,829 | 2,409 | ||||||||||||||
| Operating fees to related parties | — | — | 22 | 6,391 | 6,424 | ||||||||||||||
| Termination fees to related parties | — | — | — | 8,409 | 98,241 | ||||||||||||||
| Acquisition and transaction related | 497 | 51 | 2,263 | 5,187 | 357 | ||||||||||||||
| General and administrative | 5,406 | 5,212 | 5,806 | 5,502 | 4,668 | ||||||||||||||
| Depreciation and amortization | 18,539 | 23,706 | 20,681 | 20,720 | 21,928 | ||||||||||||||
| Total expenses | 93,502 | 98,408 | 96,746 | 111,445 | 189,032 | ||||||||||||||
| Operating loss before gain on sale of real estate investments | (8,170 | ) | (11,965 | ) | (9,008 | ) | (22,505 | ) | (100,215 | ) | |||||||||
| Gain (loss) on sale of real estate investments | 2,652 | 24,989 | 7,953 | 1,579 | (225 | ) | |||||||||||||
| Operating (loss)/income | (5,518 | ) | 13,024 | (1,055 | ) | (20,926 | ) | (100,440 | ) | ||||||||||
| Other income (expense): | |||||||||||||||||||
| Interest expense | (15,836 | ) | (14,529 | ) | (17,305 | ) | (18,007 | ) | (17,752 | ) | |||||||||
| Interest and other income (expense) | 231 | (15 | ) | (26 | ) | 548 | 457 | ||||||||||||
| Gain on extinguishment of debt | 257 | — | 392 | — | — | ||||||||||||||
| Gain (loss) on non-designated derivatives | 32 | (1 | ) | 1,095 | (2,384 | ) | 882 | ||||||||||||
| Total other expenses, net | (15,316 | ) | (14,545 | ) | (15,844 | ) | (19,843 | ) | (16,413 | ) | |||||||||
| Loss before income taxes | (20,834 | ) | (1,521 | ) | (16,899 | ) | (40,769 | ) | (116,853 | ) | |||||||||
| Income tax expense (benefit) | — | 6 | (127 | ) | — | (65 | ) | ||||||||||||
| Net loss | (20,834 | ) | (1,515 | ) | (17,026 | ) | (40,769 | ) | (116,918 | ) | |||||||||
| Net loss (income) attributable to non-controlling interests | 31 | (54 | ) | 38 | 77 | 452 | |||||||||||||
| Allocation for preferred stock | (3,386 | ) | (3,450 | ) | (3,449 | ) | (3,450 | ) | (3,450 | ) | |||||||||
| Net loss attributable to common stockholders | (24,189 | ) | (5,019 | ) | (20,437 | ) | (44,142 | ) | (119,916 | ) | |||||||||
| Other comprehensive loss: | |||||||||||||||||||
| Unrealized (loss) gain on designated derivatives | (2,205 | ) | (4,994 | ) | 2,339 | (10,167 | ) | (1,276 | ) | ||||||||||
| Comprehensive loss attributable to common stockholders | $ | (26,394 | ) | $ | (10,013 | ) | $ | (18,098 | ) | $ | (54,309 | ) | $ | (121,192 | ) | ||||
| Weighted-average shares outstanding — Basic and Diluted | 28,296,439 | 28,296,439 | 28,296,439 | 28,291,594 | 28,296,439 | ||||||||||||||
| Net loss per share attributable to common stockholders — Basic and Diluted | $ | (0.85 | ) | $ | (0.18 | ) | $ | (0.72 | ) | $ | (1.56 | ) | $ | (4.24 | ) | ||||
| NATIONAL HEALTHCARE PROPERTIES, INC. | ||||||||||||||||||||
| NON-GAAP FINANCIAL MEASURES RECONCILIATION | ||||||||||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | ||||||||||||||||
| OMFs: | ||||||||||||||||||||
| Revenue from tenants | $ | 29,252 | $ | 30,635 | $ | 33,744 | $ | 34,303 | $ | 34,671 | ||||||||||
| Property operating and maintenance | (8,013 | ) | (11,169 | ) | (9,118 | ) | (10,656 | ) | (9,727 | ) | ||||||||||
| OMF Segment Net Operating Income | $ | 21,239 | $ | 19,466 | $ | 24,626 | $ | 23,647 | $ | 24,944 | ||||||||||
| SHOPs: | ||||||||||||||||||||
| Revenue from tenants | $ | 56,080 | $ | 55,808 | $ | 53,994 | $ | 54,637 | $ | 54,146 | ||||||||||
| Property operating and maintenance | (45,835 | ) | (46,371 | ) | (45,473 | ) | (45,751 | ) | (45,278 | ) | ||||||||||
| SHOP Segment Net Operating Income | $ | 10,245 | $ | 9,437 | $ | 8,521 | $ | 8,886 | $ | 8,868 | ||||||||||
| Net Operating Income (NOI) | $ | 31,484 | $ | 28,903 | $ | 33,147 | $ | 32,533 | $ | 33,812 | ||||||||||
| Impairment charges | (15,212 | ) | (11,899 | ) | (13,383 | ) | (8,829 | ) | (2,409 | ) | ||||||||||
| Operating fees to related parties | — | — | (22 | ) | (6,391 | ) | (6,424 | ) | ||||||||||||
| Termination fees to related parties | — | — | — | (8,409 | ) | (98,241 | ) | |||||||||||||
| Acquisition and transaction related | (497 | ) | (51 | ) | (2,263 | ) | (5,187 | ) | (357 | ) | ||||||||||
| General and administrative | (5,406 | ) | (5,212 | ) | (5,806 | ) | (5,502 | ) | (4,668 | ) | ||||||||||
| Depreciation and amortization | (18,539 | ) | (23,706 | ) | (20,681 | ) | (20,720 | ) | (21,928 | ) | ||||||||||
| Gain (loss) on sale of real estate investments | 2,652 | 24,989 | 7,953 | 1,579 | (225 | ) | ||||||||||||||
| Interest expense | (15,836 | ) | (14,529 | ) | (17,305 | ) | (18,007 | ) | (17,752 | ) | ||||||||||
| Interest and other income (expense) | 231 | (15 | ) | (26 | ) | 548 | 457 | |||||||||||||
| Gain (loss) on non-designated derivatives | 32 | (1 | ) | 1,095 | (2,384 | ) | 882 | |||||||||||||
| Gain (loss) on extinguishment of debt | 257 | — | 392 | — | — | |||||||||||||||
| Income tax (expense) benefit | — | 6 | (127 | ) | — | (65 | ) | |||||||||||||
| Net loss (income) attributable to non-controlling interests | 31 | (54 | ) | 38 | 77 | 452 | ||||||||||||||
| Preferred stock dividends | (3,386 | ) | (3,450 | ) | (3,449 | ) | (3,450 | ) | (3,450 | ) | ||||||||||
| Net loss attributable to common stockholders (in accordance with GAAP) | $ | (24,189 | ) | $ | (5,019 | ) | $ | (20,437 | ) | $ | (44,142 | ) | $ | (119,916 | ) | |||||
| NATIONAL HEALTHCARE PROPERTIES, INC. | |||||||||||||||||||
| NON-GAAP FINANCIAL MEASURES RECONCILIATION | |||||||||||||||||||
| (In thousands, except share and per share data) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | |||||||||||||||
| Net loss attributable to common stockholders (in accordance with GAAP) | $ | (24,189 | ) | $ | (5,019 | ) | $ | (20,437 | ) | $ | (44,142 | ) | $ | (119,916 | ) | ||||
| Depreciation and amortization on real estate assets | 17,127 | 22,281 | 19,287 | 19,293 | 20,903 | ||||||||||||||
| Impairment charges | 15,212 | 11,899 | 13,383 | 8,829 | 2,409 | ||||||||||||||
| (Gain) loss on sale of real estate | (2,652 | ) | (24,989 | ) | (7,953 | ) | (1,579 | ) | 225 | ||||||||||
| Adjustments for non-controlling interests | (146 | ) | (56 | ) | (181 | ) | (64 | ) | (120 | ) | |||||||||
| FFO (as defined by NAREIT) attributable to common stockholders | 5,352 | 4,116 | 4,099 | (17,663 | ) | (96,499 | ) | ||||||||||||
| Amortization (accretion) of market lease and other intangibles, net | (135 | ) | 2,331 | (606 | ) | (134 | ) | (228 | ) | ||||||||||
| Straight-line rent adjustments | (635 | ) | (1,023 | ) | (434 | ) | (458 | ) | (90 | ) | |||||||||
| Acquisition and transaction related(1) | 497 | 51 | 2,263 | 5,187 | 357 | ||||||||||||||
| Termination fees to related parties(2) | — | — | — | 8,409 | 98,241 | ||||||||||||||
| Equity-based compensation | 570 | — | — | 153 | 230 | ||||||||||||||
| Depreciation and amortization on non-real estate assets | 1,411 | 1,425 | 1,394 | 1,427 | 1,025 | ||||||||||||||
| Mark-to-market (gains)/losses from derivatives(3) | 813 | 931 | 310 | 4,224 | 910 | ||||||||||||||
| Non-cash components of interest expense(4) | 1,481 | 858 | 879 | 880 | 862 | ||||||||||||||
| Adjustments for non-controlling interests(1) | (13 | ) | (19 | ) | — | (91 | ) | (451 | ) | ||||||||||
| Gain on extinguishment of debt | (257 | ) | — | (392 | ) | — | — | ||||||||||||
| Casualty-related charges(5) | 7 | 115 | 412 | 2 | 17 | ||||||||||||||
| Adjusted funds from operations (AFFO) attributable to common stockholders | $ | 9,091 | $ | 8,785 | $ | 7,925 | $ | 1,936 | $ | 4,374 | |||||||||
| Percentage increase Q2'25 vs Q1'25 | 3.5 | % | |||||||||||||||||
| Percentage increase Q2'25 vs Q2'24 | 107.8 | % | |||||||||||||||||
| Recurring Capital Expenditures | $ | 10,571 | $ | 6,658 | $ | 10,570 | $ | 5,917 | $ | 7,281 | |||||||||
| FFO and AFFO weighted-average shares outstanding — Diluted | 28,533,395 | 28,530,465 | 28,530,264 | 28,525,620 | 28,543,571 | ||||||||||||||
| FFO per common share — Diluted | $ | 0.19 | $ | 0.14 | $ | 0.14 | $ | (0.62 | ) | $ | (3.38 | ) | |||||||
| AFFO per common share — Diluted | $ | 0.32 | $ | 0.31 | $ | 0.28 | $ | 0.07 | $ | 0.15 | |||||||||
(1) Includes certain advisory, legal, accounting, information technology, tax and other professional expenses and other non-recurring employee transition expenses that were directly related to the Company's internalization and the reverse stock split.
(2) Represents the closing payments paid in connection with the Company's internalization.
(3) Presented as total gains or losses from the Company's non-designated derivatives net of cash received.
(4) Non-cash components of interest expense include (i) deferred financing cost amortization, (ii) mortgage discount and premium amortization and (iii) amortized gains or losses from terminated hedging instruments
(5) Includes labor, supplies and evacuation expenses from natural disasters not covered by insurance.
| NATIONAL HEALTHCARE PROPERTIES, INC. | |||||||||||||||||||
| NON-GAAP FINANCIAL MEASURES RECONCILIATION | |||||||||||||||||||
| (In thousands, except share and per share data) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | |||||||||||||||
| Net loss (in accordance with GAAP) | $ | (20,834 | ) | $ | (1,515 | ) | $ | (17,025 | ) | $ | (40,771 | ) | $ | (116,918 | ) | ||||
| Interest expense | 15,836 | 14,529 | 17,305 | 18,007 | 17,752 | ||||||||||||||
| Income tax expense | — | (6 | ) | 127 | — | 65 | |||||||||||||
| Depreciation and amortization | 18,539 | 23,706 | 20,681 | 20,720 | 21,928 | ||||||||||||||
| EBITDA | 13,541 | 36,714 | 21,088 | (2,044 | ) | (77,173 | ) | ||||||||||||
| Acquisition and transaction related | 497 | 51 | 2,263 | 5,187 | 357 | ||||||||||||||
| Termination fees to related parties | — | — | — | 8,409 | 98,241 | ||||||||||||||
| Equity-based compensation | 570 | — | — | 153 | 230 | ||||||||||||||
| Impairment charges | 15,212 | 11,899 | 13,383 | 8,829 | 2,409 | ||||||||||||||
| (Gain)/loss on sale of real estate investments | (2,652 | ) | (24,989 | ) | (7,953 | ) | (1,579 | ) | 225 | ||||||||||
| (Gain)/loss on non-designated derivatives | (32 | ) | 1 | (1,095 | ) | 2,384 | (882 | ) | |||||||||||
| Gain on extinguishment of debt | (257 | ) | — | (392 | ) | — | — | ||||||||||||
| Amortization (accretion) of market lease and other intangibles, net | (135 | ) | 2,331 | (606 | ) | (135 | ) | (228 | ) | ||||||||||
| Casualty-related charges | 7 | 115 | 412 | 2 | 17 | ||||||||||||||
| Adjusted EBITDA | 26,751 | 26,122 | 27,100 | 21,206 | 23,196 | ||||||||||||||
| Operating fees to related parties | — | — | 22 | 6,391 | 6,424 | ||||||||||||||
| General and administrative | 4,836 | 5,212 | 5,806 | 5,349 | 4,438 | ||||||||||||||
| Interest and Other income | (231 | ) | 15 | 25 | (546 | ) | (457 | ) | |||||||||||
| Amortization (accretion) of market lease and other intangibles, net | 135 | (2,331 | ) | 606 | 135 | 228 | |||||||||||||
| Casualty-related charges | (7 | ) | (115 | ) | (412 | ) | (2 | ) | (17 | ) | |||||||||
| NOI | 31,484 | 28,903 | 33,147 | 32,533 | 33,812 | ||||||||||||||
| Adjustments for straight-line rent | (634 | ) | (1,021 | ) | (435 | ) | (458 | ) | (90 | ) | |||||||||
| Accretion of market lease and other intangibles, net | (135 | ) | 2,331 | (605 | ) | (133 | ) | (228 | ) | ||||||||||
| Cash NOI | $ | 30,715 | $ | 30,213 | $ | 32,107 | $ | 31,942 | $ | 33,494 | |||||||||
| NATIONAL HEALTHCARE PROPERTIES, INC. | |||||||||||||||||||
| NON-GAAP FINANCIAL MEASURES RECONCILIATION | |||||||||||||||||||
| (In thousands, except share, per share, and property data) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | |||||||||||||||
| OMF Segment - Revenue from tenants | $ | 29,252 | $ | 30,635 | $ | 33,744 | $ | 34,303 | $ | 34,671 | |||||||||
| OMF Segment - Property operating and maintenance | (8,013 | ) | (11,169 | ) | (9,118 | ) | (10,656 | ) | (9,727 | ) | |||||||||
| OMF Segment Net Operating Income | $ | 21,239 | $ | 19,466 | $ | 24,626 | $ | 23,647 | $ | 24,944 | |||||||||
| Straight line rent adjustments | (634 | ) | (1,021 | ) | (434 | ) | (456 | ) | (88 | ) | |||||||||
| Accretion of market lease and other intangibles, net | (165 | ) | 2,335 | (544 | ) | (135 | ) | (227 | ) | ||||||||||
| OMF Segment Cash NOI | $ | 20,440 | $ | 20,780 | $ | 23,648 | $ | 23,056 | $ | 24,629 | |||||||||
| Acquisitions | — | — | — | — | — | ||||||||||||||
| Dispositions | (51 | ) | (1,456 | ) | (3,798 | ) | (3,852 | ) | (5,070 | ) | |||||||||
| Non-Core Properties | 73 | 41 | 44 | 51 | 38 | ||||||||||||||
| OMF Segment Same Store Cash NOI | $ | 20,462 | $ | 19,365 | $ | 19,894 | $ | 19,255 | $ | 19,597 | |||||||||
| Percentage increase Q2'25 vs Q1'25 | 5.7 | % | |||||||||||||||||
| Percentage increase Q2'25 vs Q2'24 | 4.4 | % | |||||||||||||||||
| NATIONAL HEALTHCARE PROPERTIES, INC. | |||||||||||||||||||
| NON-GAAP FINANCIAL MEASURES RECONCILIATION | |||||||||||||||||||
| (In thousands, except share and per share data) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | |||||||||||||||
| SHOP Segment - Revenue from tenants | $ | 56,081 | $ | 55,808 | $ | 53,994 | $ | 54,637 | $ | 54,145 | |||||||||
| SHOP Segment - Property operating and maintenance | (45,836 | ) | (46,371 | ) | (45,472 | ) | (45,751 | ) | (45,279 | ) | |||||||||
| SHOP Segment Net Operating Income | $ | 10,245 | $ | 9,437 | $ | 8,522 | $ | 8,886 | $ | 8,866 | |||||||||
| Non-cash adjustments | 30 | (4 | ) | (63 | ) | — | — | ||||||||||||
| SHOP Segment Cash NOI | $ | 10,275 | $ | 9,433 | $ | 8,459 | $ | 8,886 | $ | 8,866 | |||||||||
| Acquisitions | — | — | — | — | — | ||||||||||||||
| Dispositions | 455 | 533 | (2 | ) | (292 | ) | (130 | ) | |||||||||||
| Non-Core Properties | 114 | 207 | 508 | 675 | 508 | ||||||||||||||
| SHOP Segment Same Store Cash NOI | $ | 10,844 | $ | 10,173 | $ | 8,965 | $ | 9,269 | $ | 9,244 | |||||||||
| Percentage increase Q2'25 vs Q1'25 | 6.6 | % | |||||||||||||||||
| Percentage increase Q2'25 vs Q2'24 | 17.3 | % | |||||||||||||||||
| NATIONAL HEALTHCARE PROPERTIES, INC. | |||||
| NON-GAAP FINANCIAL MEASURES RECONCILIATION | |||||
| (In thousands, except share, per share, and property data) | |||||
| (Unaudited) | |||||
| For the three months ended June 30, 2025 | |||||
| OMF | SHOP | ||||
| Total properties as of March 31, 2025 | 136 | 45 | |||
| Acquisitions | — | — | |||
| Dispositions | (3 | ) | (3 | ) | |
| Total properties as of June 30, 2025 | 133 | 42 | |||
| Non-core properties | (1 | ) | (2 | ) | |
| Same Store properties as of June 30, 2025 | 132 | 40 | |||
FAQ
What were National Healthcare Properties' (NHPAP) key financial metrics for Q2 2025?
How did National Healthcare Properties' Senior Housing segment perform in Q2 2025?
What is National Healthcare Properties' current debt position as of Q2 2025?
How much did National Healthcare Properties reduce its debt in 2025?
What dividend did NHPAP declare for its preferred stockholders in Q2 2025?
