10-K · February 20, 2026
National Healthcare Properties (10‑K for year ended 2025) presents a portfolio of 167 healthcare properties across 29 states and is shifting investment emphasis toward senior housing operating properties (SHOP) while…
Earnings analysis · 10-Q
NHPAP earnings analysis
Filed May 14, 2026 · Our reading of the company's report
The latest report
National Healthcare Properties, Inc. reported a net loss attributable to common stockholders of $7.6 million ($0.27 per share) for Q1 2026, a significant increase in loss compared to a net loss of $5.0 million in Q1…
Read full summary
National Healthcare Properties, Inc. reported a net loss attributable to common stockholders of $7.6 million ($0.27 per share) for Q1 2026, a significant increase in loss compared to a net loss of $5.0 million in Q1 2025. Despite flat revenue at $86.3 million, operating income improved significantly to $10.1 million from a loss of $12.0 million a year ago, attributed mainly to reduced operating expenses and no impairment charges during the period.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.27
- Operating margin
- 11.7%
- Segment
- SHOP
- Segment
- OMF
What stood out
-
Operating Income Shows Strong Recovery
Operating income improved to $10.1 million, a turnaround from a loss of $12.0 million in Q1 2025, reflecting an increase of over 184%.
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No Impairment Charges Recorded
The company recorded no impairment charges in Q1 2026, compared to $11.9 million in Q1 2025, positively impacting overall expenses.
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Significant NOI Growth in SHOP Segment
SHOP segment net operating income (NOI) increased 35.2% to $12.8 million from $9.4 million in Q1 2025, driven by improved occupancy and revenue.
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Increased Cash Flow from Operations
Net cash provided by operating activities increased to $9.0 million from a cash used of $21.2 million in the prior year, marking a $30.2 million improvement.
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Debt and Cash Position Relatively Stable
The total debt leverage ratio remained stable at 45.2% with net debt totaling $1.0 billion as of March 31, 2026.
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Operating Expenses Reduced
Total operating expenses decreased by 22.6% to $76.2 million from $98.4 million in Q1 2025, primarily due to the absence of impairment charges.
What to watch
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Increased Net Loss Amidst Flat Revenues
Net loss attributable to common stockholders rose to $7.6 million from $5.0 million, a 51.5% increase, indicating ongoing challenges despite flat revenue.
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Regulatory and Economic Risks Persist
Management highlights concerns over inflation, labor shortages, and regulatory changes impacting tenant abilities to pay, which could threaten revenue stability.
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Impact of Rising Interest Rates
Interest rates are affecting borrowing costs, reflected in the weighted-average interest rate of 5.81% on total gross borrowings of $1.0 billion.
Management's outlook
Management anticipates continued growth in SHOP Same Store Cash NOI between 13.0% to 16.0% for 2026.
Earlier filings 4
10-K · February 27, 2025
National Healthcare Properties, Inc. focuses on acquiring, owning, and managing a diversified portfolio of healthcare-related real estate, primarily in outpatient medical facilities and senior housing. The company's…
10-Q · November 12, 2024
National Healthcare Properties (formerly Healthcare Trust) reported a slight revenue increase to $88,940 for the quarter (from $85,686) but materially wider losses and negative operating cash flow following the…
10-Q · August 9, 2024
Healthcare Trust reported a modest revenue gain to $88,817 for the quarter (from $86,104) but swung to a materially larger loss as net loss widened to $(116,918) for the three months ended June 30, 2024 (vs. $(17,332)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.