National Healthcare Properties (NHP) Q3 2025 earnings summary

Executive summary

• Internalization of management in late 2024 led to improved asset performance, transparency, and reduced leverage, eliminating related party fees and transitioning to self-management.

• Same Store Cash NOI reached $32M in Q3 2025, reflecting 12.2% year-over-year growth, driven by strong SHOP and OMF asset performance.

• Net loss attributable to common stockholders was $15.9 million for Q3 2025, a significant improvement from $44.1 million in Q3 2024, driven by lower expenses and higher gains on property sales.

• Portfolio consists of 174 properties in 30 states, with 7.3 million rentable square feet, 63% of cash NOI from OMF and 37% from SHOP.

• Significant progress made toward public listing, including asset dispositions and IPO preparations.

Financial highlights

• Adjusted FFO reached $10.4 million ($0.36/share) in Q3 2025, up $0.04 sequentially and from $7.9M in Q3 2024.

• Nareit-defined FFO was $6.7 million ($0.23/share), up $0.04 from prior quarter; FFO per share rose 21.1% quarter-over-quarter.

• Net operating income (NOI) for Q3 2025 was $32.2 million, nearly flat year-over-year.

• Net leverage reduced to 4.8x Net Debt to Annualized Adjusted EBITDA, down from 13.7x a year ago.

• Total revenue from tenants was $86.0 million in Q3 2025, down from $88.9 million in Q3 2024, mainly due to property dispositions.

Outlook and guidance

• Momentum expected to continue in Q4, with September spot occupancy at 84.9% in SHOP and management focused on further reducing leverage.

• Anticipates closing an unsecured corporate credit facility in Q4 2025 or Q1 2026, followed by IPO preparations.

• Sufficient liquidity is anticipated to meet financial obligations for at least the next twelve months, with funding from cash on hand, operations, property dispositions, and potential new financings.