National Healthcare Properties Inc.

05/13/2026 | Press release | Distributed by Public on 05/13/2026 15:17

National Healthcare Properties Reports First Quarter 2026 Results (Form 8-K)

National Healthcare Properties Reports First Quarter 2026 Results
NEW YORK, May 13, 2026 (GLOBE NEWSWIRE) - National Healthcare Properties, Inc. (Nasdaq: NHP) (the
"Company"), a self-managed real estate investment trust focused on acquiring, owning and investing in a diversified
portfolio of healthcare real estate, with an emphasis on providing senior housing to serve a growing elderly
population in the United States, today announced results for the quarter ended March 31, 2026.
Michael Anderson, Chief Executive Officer and President, commented, "Our IPO marks the culmination of years of
work to position this Company for growth and is just the beginning of what comes next. We are highly confident in
our ability to create shareholder value by executing on significant OMF dispositions and SHOP acquisitions in 2026,
decisively orienting our portfolio toward the generational opportunity we see in needs-based, private-pay senior
housing, and pursuing an investment grade balance sheet."
Financial Performance and Other Highlights
•Net loss attributable to common stockholders of $(0.27) per basic and diluted share. Nareit defined Funds
From Operations ("FFO") of $0.31 per diluted share and Normalized Funds From Operations ("Normalized
FFO") of $0.26 per diluted share.
•FFO per share increased 121.4% year-over-year.
•Normalized FFO per share increased 100.0% year-over-year.
•First quarter portfolio Same Store Cash Net Operating Income ("NOI") growth was 12.0% year-over-year.
Senior Housing Operating Property ("SHOP") Segment
•SHOP segment Same Store Cash NOI growth was 24.0% on a year-over-year basis.
•Same Store average occupancy totaled 83.8%, an increase of 2.8% on a year-over-year basis.
•Same Store revenue increased 8.4% on a year-over-year basis.
•Same Store Cash NOI Margin totaled 22.1%, an expansion of 2.7% on a year-over-year basis.
Outpatient Medical Facility ("OMF") Segment
•OMF segment Same Store Cash NOI growth was 5.5% on a year-over-year basis.
•Same Store ending occupancy totaled 94.0%, an increase of 0.5% on a year-over-year basis.
Transactional Activity
During the first quarter of 2026, through a joint venture with Discovery Senior Living, the Company entered into a
definitive purchase and sale agreement to purchase 13 senior living communities for $64.0 million. The Company
expects to own approximately 98.5% of the joint venture. As part of this transaction, the Company will hold a right
of first refusal and purchase option on an additional 13 senior living communities managed by Discovery Senior
Living. Closing of the acquisition is subject to closing conditions and applicable regulatory approvals as specified in
the purchase and sale agreement.
In April 2026, the Company entered into a definitive purchase and sale agreement to acquire a $26.5 million SHOP
in Oregon with 88 assisted living units. This transaction is expected to close in the second or third quarter of 2026,
subject to closing conditions and applicable regulatory approvals as specified in the purchase and sale agreement.
In May 2026, the Company entered into a definitive purchase and sale agreement to acquire a $35.0 million SHOP
in Florida with 108 assisted living and 22 memory care units. This transaction is expected to close in the third
quarter of 2026, subject to closing conditions and applicable regulatory approvals as specified in the purchase and
sale agreement.
In May 2026, the Company entered into a definitive purchase and sale agreement to sell a portfolio of 86 outpatient
medical facilities for approximately $528.2 million, including approximately $278.0 million of secured debt to be
defeased or assumed by the potential purchaser. Closing of the sale is subject to completion by the purchaser of its
due diligence, approval by the lenders of loan assumption and other customary closing conditions as specified in the
purchase and sale agreement.
Balance Sheet and Capital
As of March 31, 2026, total debt outstanding (net of discounts and unamortized debt issuance costs) was
approximately $1.0 billion with a weighted average economic interest rate of 5.69% (when giving effect to interest
rate hedges and caps) and an average remaining term of 3.6 years.
Net Leverage (Net Debt as of March 31, 2026 to Annualized Adjusted EBITDA for the quarter ended March 31,
2026) improved 1.0x from 9.6x as of March 31, 2025 to 8.6x as of March 31, 2026.
Subsequent to quarter end, the Company completed a public offering of 44,275,000 shares of its Class A common
stock, raising gross proceeds of $531.3 million, and listed its Class A common stock on the NASDAQ under the
symbol "NHP". Net offering proceeds were used to repay $186.0 million of outstanding debt on the Company's
revolving credit facility. This reduction in outstanding debt further improved the Company's leverage.
Preferred Stock
On March 26, 2026, the Board of Directors declared dividends on the Company's outstanding preferred stock as
follows:
•A dividend of $0.4609375 per share on its 7.375% Series A Preferred Stock to holders of record at the
close of business on April 6, 2026. The dividend was paid on April 15, 2026.
•A dividend of $0.4453125 per share on its 7.125% Series B Preferred Stock to holders of record at the close
of business on April 6, 2026. The dividend was paid on April 15, 2026.
Full Year 2026 Guidance
For the full year 2026, the Company has established the following guidance ranges:
•SHOP Same Store Cash NOI growth of 13.0% to 16.0%
•OMF Same Store Cash NOI growth of 2.5% to 3.5%
•Acquisitions of approximately $375 million to $425 million
•Dispositions of approximately $528 million
•General and administrative expense of approximately $26 million to $27 million, including equity-based
compensation of $5 million to $6 million
•Same Store Recurring Capital Expenditures of $22 million to $25 million
Note: The Company's 2026 guidance contains forward-looking statements and is based on a number of assumptions
and estimates, including those identified later in this press release. These assumptions and estimates are based on
existing market conditions, transaction timing and other assumptions for the year ending December 31, 2026; actual
results may differ materially.
Supplemental Information
Additional information regarding these results can be found in the Company's supplemental financial package that
will be available on the Investor Relations section of the Company's website at nhpreit.com.
About National Healthcare Properties
National Healthcare Properties, Inc. (Nasdaq: NHP) is a self-managed real estate investment trust focused on
acquiring, owning and investing in a diversified portfolio of healthcare real estate, with an emphasis on providing
senior housing to serve a growing elderly population in the United States. Additional information about the
Company can be found on its website at nhpreit.com.
Investor & Media Contact
National Healthcare Properties Inc. published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 13, 2026 at 21:17 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]