National Healthcare Properties (NHP) Q2 2026 earnings summary

Executive summary

• Completed a successful IPO in April 2026, raising $531.3 million and listing Class A common stock on Nasdaq, with proceeds used to repay debt and fund acquisitions.

• Focused on acquiring and operating a diversified healthcare real estate portfolio, emphasizing senior housing and outpatient medical facilities to serve the growing elderly U.S. population.

• Closed 19 acquisitions and executed $400 million in SHOP acquisitions or agreements, expanding the senior housing portfolio.

• Secured $650 million in additional credit facility commitments at improved terms, transforming the net leverage profile.

• Appointed Albert M. Campbell to the Board of Directors and audit committee, strengthening governance.

Financial highlights

• Reported a net loss attributable to common stockholders of $(0.13) per share for Q2 2026, compared to $(0.85) per share in Q2 2025.

• Nareit FFO per diluted share was $0.19; Normalized FFO per diluted share was $0.18, down 18.2% year-over-year.

• Same Store Cash NOI grew 6.8% year-over-year; SHOP segment grew 20.1%, while OMF segment declined 0.4%.

• Total revenue from tenants was $87.5 million, up from $85.3 million year-over-year.

• Consolidated NOI increased to $33.4 million from $31.2 million year-over-year.

Outlook and guidance

• Revised 2026 guidance: SHOP Same Store Cash NOI growth raised to 15.0%-18.0%; OMF Same Store Cash NOI growth maintained at 2.5%-3.5%.

• Acquisition guidance unchanged at $375M-$425M; disposition guidance increased to $570M.

• General and administrative expense guidance increased to $27-$28 million, with equity-based compensation to $6-$7 million.