National Healthcare Properties (NHP) Q3 2026 earnings summary

Executive summary

• Q3 same-store cash NOI grew 8.4% YoY, led by 13.6% SHOP growth; strategy advanced toward a senior-housing-focused portfolio through SHOP acquisitions and planned OMF sales.

• OMF sale proceeds and unsecured financing supported debt reduction; net leverage fell to 5.5x from 8.8x a year earlier.

Financial highlights

• Q3 revenue rose 19.8% YoY to $103.1M; net income attributable to common stockholders was $17.8M, or $0.24 per diluted share, versus a $15.9M loss.

• Operating income was $31.8M versus $2.4M, including a $38.3M gain on property sales; before sale gains, operating results were a $6.5M loss.

• Nareit FFO was $0.13 per diluted share and Normalized FFO was $0.19, down 43.5% and 29.6% YoY, respectively; per-share results reflected IPO share dilution.

• Q3 NOI was $33.5M versus $32.2M; SHOP NOI rose to $18.1M from $11.6M, while OMF NOI was $15.4M versus $20.6M.

Outlook and guidance

• FY2026 SHOP same-store cash NOI growth guidance increased to 16.5%–18.5% from 15.0%–18.0%; OMF same-store NOI guidance was discontinued ahead of the planned segment exit.

• FY2026 acquisition guidance is $425M–$645M and disposition guidance is $1.1B, reflecting expected SHOP acquisitions and OMF and non-core SHOP sales.

• Management plans to issue inaugural FFO-per-share guidance with Q4 results in early 2027, after portfolio and balance-sheet effects stabilize.

• Nine SHOP communities totaling $240.2M were under definitive purchase agreements as of Nov. 4; closings remain subject to conditions and approvals.