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 as of September 30, 2025: 174 properties in 30 states, with 7.3 million rentable square feet, focused on OMFs and SHOPs.

• Portfolio delivered 27.2% year-over-year same-store Cash NOI growth in the SHOP segment, with occupancy and rate gains.

Financial highlights

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

• Nareit-defined FFO was $6.7 million ($0.23/share), up $0.04 from prior quarter.

• Annualized adjusted EBITDA rose 5% quarter-over-quarter to $112.3 million.

• Net loss attributable to common stockholders was $(15.9) million, improved from $(44.1) million in Q3 2024.

• 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

• Continued focus on asset performance, transparency, and leverage reduction into 2026, with IPO preparations underway and timing dependent on market conditions.

• Management remains focused on further reducing corporate leverage and capitalizing on demographic trends favoring healthcare and senior housing assets.

• 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.