National Healthcare Properties (NHP) Q4 2024 earnings summary

Executive summary

• Completed internalization of management, estimated to yield over $25 million in annualized cost savings.

• Engaged BMO for public listing preparation and future equity offerings.

• Strategic dispositions of 26 assets closed for $232.6 million, with $38 million more under LOI or contract.

• Strong tenant relationships with leading healthcare brands and senior housing operators.

Financial highlights

• Q4 2024 net loss attributable to common stockholders was $(20.4) million, improved from $(28.3) million in Q4 2023.

• Q4 2024 AFFO rose to $7.9 million from $1.2 million in Q4 2023, a 576% increase; AFFO per share up to $0.28 from $0.04.

• Full year 2024 net loss was $(203.5) million, up from $(86.1) million in 2023, mainly due to non-recurring internalization costs.

• Full year 2024 AFFO increased 41% to $15.7 million; AFFO per share up 41% to $0.55.

• Q4 2024 same store cash NOI up 22.8% for SHOP and 5.0% for OMF year-over-year.

Outlook and guidance

• Management expects demographic trends to drive organic growth in SHOP occupancy and cash NOI.

• Strategic pipeline includes $38 million in dispositions under LOI or contract.

• Additional secured debt paydown of $70.7 million planned in Q1 2025.