National Healthcare Properties, Inc.

Listed Company

NHPAPCIK 0001561032NasdaqNon-AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$342.28M

Net Income

$-57.69M

Total Assets

$1.71B

Equity

$600.06M

Shares Out

28.41M

Op. Cash Flow

$6.95M

Business

National Healthcare Properties, Inc. is a REIT that acquires, owns and manages healthcare real estate focused on outpatient medical facilities and seniors housing operating properties. It leases OMFs for physicians’ offices, imaging, rehabilitation clinics, ambulatory surgery centers and hospitals, and owns SHOPs comprising assisted living, memory care and independent living units under a RIDEA structure. The company reports two segments—OMFs and SHOPs—and holds properties via fee interests, leaseholds, joint ventures and a TRS. Its portfolio is diversified across U.S. regions and distributed through direct leases to tenants and third-party operators.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue from tenants	342	354	346	336	329
Property operating and maintenance	219	221	218	213	206
Impairment charges	45	25	5	28	41
Termination fees to related parties	0	107	0	0	—
Operating fees to related parties	0	19	26	25	24
Acquisition and transaction related	516,000	8	545,000	1	3
General and administrative	24	22	19	17	17
Depreciation and amortization	78	84	83	82	80
Total expenses	367	487	350	367	370
Operating loss before gain (loss) on sale of real estate investments	−25	−133	−4	−31	−41
Gain (loss) on sale of real estate investments	28	9	−322,000	−125,000	4
Operating income (loss)	3	−124	−5	−32	−37
Interest expense	−61	−69	−66	−52	—
Interest and other income, net	272,000	1	734,000	—	—
Gain on extinguishment of debt	257,000	392,000	0	0	—
(Loss) gain on non-designated derivatives	−72,000	2	−2	4	37,000
Total other expense, net	−61	−66	−67	−48	−48
Loss before income taxes	−58	−190	−72	−79	−85
Income tax expense	−161,000	−262,000	−303,000	−201,000	−203,000
Net loss	−58	−190	−72	−80	−85
Net loss attributable to non-controlling interests	64,000	567,000	82,000	135,000	260,000
Allocation for preferred stock	−13	−14	−14	−14	−8
Net loss attributable to common stockholders	−71	−203	−86	−93	−93
Unrealized loss on designated derivatives	−11	−7	−13	51	25
Comprehensive loss attributable to common stockholders	−82	−210	−100	−42	−68
Weighted-average common shares outstanding - Basic (in shares)	28	28	28	28	113
Weighted-average common shares outstanding - Diluted (in shares)	28	28	28	28	113
Net loss attributable to common stockholders per common share Basic (in usd per share)	−2.51	−7.19	−3.04	−3.3	−0.82
Net loss attributable to common stockholders per common share - Diluted (in usd per share)	−2.51	−7.19	−3.04	−3.3	−0.82

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	175	190	208	206	206
Buildings, fixtures and improvements	1,786	2,012	2,120	2,089	2,118
Acquired intangible assets	247	284	293	292	288
Construction in progress	3	8	—	—	—
Total real estate investments, at cost	2,210	2,495	2,622	2,588	2,613
Less: accumulated depreciation and amortization	−691	−726	−682	−609	−563
Total real estate investments, net	1,519	1,769	1,940	1,978	2,050
Cash and cash equivalents	58	22	46	54	60
Restricted cash	51	52	45	23	26
Derivative assets, at fair value	569,000	19	28	41	174,000
Straight-line rent receivable, net	21	23	26	25	24
Operating lease right-of-use assets	7	7	8	8	8
Prepaid expenses and other assets, net	23	26	36	35	33
Accounts receivable, net	9	6	—	—	—
Deferred costs, net	23	21	16	17	15
Total assets	1,712	1,946	2,145	2,180	2,214
Mortgage notes payable, net	368	779	809	579	584
Market lease intangible liabilities, net	5	6	8	9	11
Derivative liabilities, at fair value	188,000	0	—	0	14
Accounts payable and accrued expenses	44	90	48	45	43
Operating lease liabilities	8	8	8	8	8
Deferred rent	9	7	7	6	9
Distributions payable	3	3	3	3	3
Total liabilities	1,107	1,256	1,245	1,181	1,174
Commitments and Contingencies	—	—	—	—	—
Common stock, 0.01 par value, 300,000,000 shares authorized; 28,426,694 and 28,296,439 shares issued and outstanding as of December 31, 2025 and 2024, respectively	1	1	1	1	993,000
Additional paid-in capital	2,531	2,534	2,509	2,417	2,330
Accumulated other comprehensive income	6	17	23	37	−14
Distributions in excess of accumulated earnings	−1,938	−1,867	−1,640	−1,462	—
Total stockholders equity	600	685	894	993	1,034
Non-controlling interests	4	6	6	7	7
Total equity	605	690	901	999	1,040
Total liabilities and equity	1,712	1,946	2,145	2,180	2,214

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	78	84	83	82	80
Amortization of deferred financing costs and mortgage discounts (premiums)	5	3	7	—	—
Accretion of terminated swap	−344,000	−1	−4	423,000	846,000
Amortization (accretion) of market lease and other intangibles, net	2	−1	−890,000	−625,000	−198,000
Stock-based compensation amortization expense	4	613,000	919,000	1	1
Cash received from non-designated derivative instruments	3	7	6	300,000	0
Impairment charges	45	25	5	28	41
Deferred tax valuation allowance	2	2	1	3	−483,000
Straight-line rent receivable, net	1	−794,000	−1	—	—
Prepaid expenses and other assets, net	4	−6	−6	−3	−2
Accounts receivable, net	−3	3	705,000	−2	−761,000
Deferred leasing costs	−8	−11	−3	—	—
Accounts payable, accrued expenses and other liabilities	−41	16	3	−3	1
Deferred rent	2	1	576,000	−3	2
Net cash provided by (used in) operating activities	7	−80	22	28	39
Acquisitions of real estate	−250,000	−6	−35	−26	−159
Capital expenditures	−29	−22	−22	−28	−19
Investments in non-designated interest rate caps, net	−1	−2	−10	0	0
Proceeds from sales of real estate, net	100	93	5	12	130
Net cash provided by (used in) investing activities	70	64	−63	−42	−48
Repayments of Fannie Mae and other secured debt	−27	−6	−201	−3	−299
Proceeds from mortgage notes payable	0	0	240	0	43
Repayments of mortgage notes payable	−331	−19	−1	−7	−1
Proceeds from interest rate swap terminations	8	0	5	0	0
Payments of deferred financing costs	−6	0	−9	−2	−1
Proceeds from promissory note	0	30	0	0	—
Taxes paid for net settlement of equity-based awards	−612,000	0	0	—	—
Payment of offering costs	−1	0	0	—	—
Repurchase of Preferred Stock	−5	0	0	—	—
Purchase of non-controlling interest	−978,000	0	0	—	—
Contributions from non-controlling interest holders	0	0	284,000	0	0
Distributions to non-controlling interest holders	−184,000	−184,000	−185,000	−184,000	−46,000
Net cash (used in) provided by financing activities	−42	−1	56	5	4
Net change in cash, cash equivalents and restricted cash	34	−17	15	−9	−5
Cash paid for interest	−54	−61	−64	45	43
Cash (received) paid for income and franchise taxes	10,000	−416,000	−454,000	—	—
Common stock issued through stock dividends	0	24	91	86	81
Preferred stock dividend declared	−3	−3	−3	—	—
Mortgages issued with acquisition of real estate investments	0	8	0	0	—
Accrued capital expenditures	598,000	455,000	3	0	0
Accrued offering costs on Series B Preferred Stock	0	0	0	78,000	78,000
Proceeds from real estate sales used to repay mortgage notes payable	83	20	3	0	0
Mortgage notes payable repaid with proceeds from real estate sales	−83	−20	−3	0	0
Proceeds from real estate sales used to repay amounts outstanding under the Prior Credit Facility	0	0	5	0	0
Amounts outstanding under the Prior Credit Facility repaid with proceeds from real estate sales	0	0	−5	0	0

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