National Healthcare Properties (NHP) Q4 2025 earnings summary

Executive summary

• 2025 marked the first full year as a self-managed REIT, with strong internal growth in senior housing, steady outpatient medical performance, and significant leverage reduction.

• Completed key business initiatives, including management transitions, building an integrated management platform, and internalization of management.

• Submitted a confidential draft registration statement for a proposed IPO.

• Reported a net loss attributable to common stockholders of $(2.51) per share for the year and $(0.92) per share for Q4.

• FFO per share rose 116.7% year-over-year to $0.64; Normalized FFO per share up 163% to $0.83 for the year.

Financial highlights

• Fourth quarter normalized FFO was $6 million ($0.20/share), down 12.8% year-over-year; full year normalized FFO was $24 million ($0.83/share), up 163% from 2024.

• Q4 FFO per share was $0.07, down 49.1% year-over-year; full year FFO per share was $0.64, up 116.7%.

• Q4 same-store cash NOI grew 9.8% year-over-year, with SHOP segment up 26.5% and OMF up 1.9%.

• Full year same-store cash NOI for SHOP increased 21.8%; OMF increased 2.9%.

• Portfolio comprised 166 properties generating $31.5M in Cash NOI as of December 31, 2025.

Outlook and guidance

• Expect continued organic growth, additional asset dispositions, and potential IPO to further reduce leverage.

• SHOP rental rate increases for 2026 in mid-single digits; January occupancy just under 85%.

• OMF segment expected to provide capital via asset sales and maintain strong tenant retention and lease escalators in 2026.

• Management remains optimistic about healthcare real estate fundamentals, especially in senior housing, and is committed to strong performance in 2026.

• Continued emphasis on balance sheet strengthening and opportunistic preferred stock repurchases.