National Healthcare Properties (NHP) Q1 2026 earnings summary

Executive summary

• Completed IPO and Nasdaq listing in April 2026, raising $531.3 million, with proceeds used to repay $186 million in debt and fund acquisitions, strengthening the balance sheet.

• Strategic focus shifting toward senior housing, with planned divestiture of $528.2 million in outpatient medical facilities (OMF) and active acquisition pipeline in senior housing.

• Owns 168 properties in 29 states, including 37 senior housing communities and 130 outpatient medical facilities as of March 31, 2026.

• SHOP segment delivered strong results, with broad-based occupancy and margin expansion, and continued momentum into 2026.

• Entered agreements to acquire multiple senior living communities and to sell a large portfolio of outpatient medical facilities.

Financial highlights

• Q1 2026 normalized FFO was $7.5 million or $0.26 per share, doubling year-over-year; Nareit FFO per diluted share was $0.31, up 121.4% year-over-year.

• Same Store Cash NOI grew 12% year-over-year; SHOP segment up 24%, OMF segment up 5.5%.

• Revenue from tenants was $86.3 million for Q1 2026, nearly flat year-over-year.

• Net loss attributable to common stockholders was $(0.27) per share for Q1 2026.

• SHOP same-store average occupancy reached 83.8%, with RevPOR up 4.4% to $6,340.

Outlook and guidance

• 2026 guidance: SHOP same-store cash NOI expected to grow 13%-16% to $50.7M-$52M; OMF same-store cash NOI to grow 2.5%-3.5% to $81.2M-$82M.

• Plans to acquire $375M-$425M of SHOP properties and dispose of $528M of OMF properties in 2026.

• Total G&A expected at $26M-$27M, including $5M-$6M non-cash equity-based compensation; recurring CapEx forecasted at $22M-$25M.

• Per-share and FFO guidance to begin in 2027 due to portfolio transition.

• Liquidity is considered sufficient to meet obligations for at least the next 12 months.