NEW YORK, Nov. 05, 2025 (GLOBE NEWSWIRE) -- National Healthcare Properties, Inc. (Nasdaq: NHPAP / NHPBP) (the "Company"), a self-managed diversified healthcare real estate investment trust focusing on seniors housing and outpatient medical facilities, today announced results for the three and nine months ended September 30, 2025.
Michael Anderson, Chief Executive Officer and President, commented, "We are very pleased with the continued strong momentum of our business across-the-board in the third quarter. The exceptional growth of same store cash net operating income within the Senior Housing Operating Property segment and the continued durable performance of the Outpatient Medical Facility segment are laying a solid foundation for our public listing preparation."
Financial Performance and Other Highlights
-- Net loss of $(0.56) per basic and diluted share. Nareit defined Funds
from Operations ("FFO") of $0.23 per diluted share, and Adjusted Funds
from Operations ("AFFO") of $0.36 per diluted share.
-- FFO per share increased 21.1% on a quarter-over-quarter basis.
-- AFFO per share increased 12.5% on a quarter-over-quarter basis.
-- Third quarter portfolio Same Store Cash Net Operating Income ("NOI")
growth was 12.2% year-over-year.
-- Senior Housing Operating Property ("SHOP") segment Same Store Cash
NOI growth was 27.2%.
-- Outpatient Medical Facility ("OMF") segment Same Store Cash NOI
growth was 4.7%.
-- Third quarter disposition totaled $1.8 million, representing the sale of
one non-core SHOP.
Operating Update
SHOP Portfolio
-- Year-over-year Same Store Cash NOI growth of 27.2%.
-- Quarter-over-quarter Same Store Cash NOI growth of 10.3%.
-- Same Store average occupancy totaled 83.7%, an increase of 4.0% on a
year-over-year basis.
-- Same Store revenue increased 12.0% on a year-over-year basis.
-- Same Store Cash NOI Margin totaled 21.5%, an expansion of 2.5% on a
year-over-year basis.
OMF Portfolio
-- Year-over-year Same Store Cash NOI growth of 4.7%.
-- Quarter-over-quarter Same Store Cash NOI decreased by 1.6%.
-- Same Store ending occupancy totaled 93.5%, a decrease of 0.4% on a
year-over-year basis.
Investment Activity
The Company completed the disposition of one non-core SHOP with a contract sales price of $1.8 million during the quarter ended September 30, 2025.
Balance Sheet and Capital
As of September 30, 2025, total debt outstanding (net of unamortized debt issuance costs) was $1.0 billion with a weighted average interest rate of 5.1% (when giving effect to interest rate hedges) and an average remaining term of 3.5 years.
Year-to-date through September 2025, the Company has paid down $83.1 million of debt using proceeds from dispositions. In April 2025, the Company fully repaid the $21.7 million Capital One OMF Warehouse Facility.
Net Leverage (Net Debt to Annualized Adjusted EBITDA) totaled 8.9x as of September 30, 2025, an improvement of 0.4x relative to June 30, 2025.
Preferred Stock
On September 19, 2025, 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 Cumulative
Redeemable Perpetual Preferred Stock to holders of record at the close of
business on October 3, 2025. The dividend was paid on October 15, 2025.
-- A dividend of $0.4453125 per share on its 7.125% Series B Cumulative
Redeemable Perpetual Preferred Stock to holders of record at the close of
business on October 3, 2025. The dividend was paid on October 15, 2025.
During the nine months ended September 30, 2025, the Company completed the repurchase of $4.5 million of previously outstanding shares of preferred stock at a weighted average yield of 11.9%, representing a $9.75 discount to face value and reducing leverage by $2.9 million.
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 is a self-managed real estate investment trust focusing on seniors housing and outpatient medical facilities. The Company's preferred stocks are traded on the Nasdaq Exchange under the tickers "NHPAP" and "NHPBP". Additional information about the Company can be found on its website at nhpreit.com.
Investor & Media Contact
Email: ir@nhpreit.com
Forward-Looking Statements
This press release may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern and are based upon, among other things, the possible expansion of the Company's portfolio; the sale of properties; the performance of its operators/tenants and properties; its ability to enter into agreements with new viable tenants for vacant space on favorable terms, or at all; its occupancy rates; its ability to acquire, develop and/or manage properties; its ability to make distributions to shareholders; its policies and plans regarding investments, financings and other matters; its tax status as a real estate investment trust; its critical accounting policies; its ability to appropriately balance the use of debt and equity; its ability to access capital markets or other sources of funds; and its ability to finance and complete, and the effect of, future acquisitions. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The Company's expected results may not be achieved, and actual results may differ materially from expectations. This may be a result of various factors, including, but not limited, the risks and uncertainties described in the section titled Risk Factors of its most recent Annual Report on Form 10-K for the year ended December 31, 2024 and all other filings with the Securities and Exchange Commission. Finally, the Company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.
Financial Statements and Definitions
This press release includes certain non-GAAP financial measures, including FFO, AFFO, Net Debt, EBITDA, Adjusted EBITDA, NOI, Cash NOI and Same Store Cash NOI. While the Company believes that non-GAAP financial measures are helpful in evaluating its operating performance, the use of non-GAAP financial measures in this press release should not be considered in isolation from, or as an alternative for, a measure of financial or operating performance as defined by GAAP. There are inherent limitations associated with the use of each of these supplemental non-GAAP financial measures as an analytical tool. Additionally, the Company's computation of non-GAAP financial measures may not be comparable to those reported by other REITs. Definitions of these non-GAAP financial measures and reconciliations to their most directly comparable GAAP measures are provided below.
Nareit FFO and AFFO
The Company calculates FFO consistent with the standards established over time by Nareit. Nareit defines FFO as net income or loss (computed in accordance with GAAP), adjusted for (i) real estate-related depreciation and amortization, (ii) impairment charges on depreciable real property, (iii) gains or losses from sales of depreciable real property and (iv) similar adjustments for non-controlling interests and unconsolidated entities.
The Company calculates AFFO by further adjusting FFO to reflect the performance of its portfolio for items it believes are not directly attributable to its operations. The Company's adjustments to FFO to arrive at AFFO include removing the impacts of (i) acquisition and transaction related costs, (ii) amortization of market-lease intangible assets and liabilities, (iii) adjustments for straight-line rent, (iv) termination fees to related parties, (v) equity-based compensation expense, (vi) depreciation and amortization related to non-real estate related assets, (vii) mark-to-market gains and losses from its non-designated derivatives, (viii) non-cash components of interest expense, (ix) casualty-related charges, (x) gains or losses on extinguishment of debt and (xi) similar adjustments for non-controlling interests and unconsolidated entities.
The Company considers FFO and AFFO to be useful supplemental measures for reviewing comparative operating and financial performance because, by excluding the applicable items listed below, FFO and AFFO can help investors compare its operating performance between periods or as compared to other REITs.
Adjusted EBITDA
The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, excluding acquisition and transaction related costs, termination fees to related parties, interest and other income, amortization of market-lease intangible assets and liabilities and other non-cash items including equity-based compensation, impairment charges, casualty-related charges, gains and losses on sale of real estate investments, gains or losses on extinguishment of debt and gains and losses on derivative investments.
Cash NOI and NOI
The Company defines NOI as total revenues from tenants less property operating costs. The Company defines Cash NOI as NOI excluding net amortization of above/below market lease and lease intangibles and straight-line rent adjustments that are included in GAAP revenue from tenants and property operating and maintenance.
Cash NOI Margin
For the SHOP segment, Cash NOI divided by revenue from tenants excluding net amortization of above/below market lease and lease intangibles.
Net Debt
Total gross debt less cash and cash equivalents.
Net Debt to Annualized Adjusted EBITDA or Net Leverage
Net Debt divided by Annualized Adjusted EBITDA (annualized based on Adjusted EBITDA for the quarter multiplied by four).
Non-Core Properties
Assets that have been deemed not essential to generating future economic benefit or value to the Company's day-to-day operations and/or are scheduled to be sold.
Occupancy or Leased %
Occupancy for the OMF segment is presented as of the end of the period shown; occupancy for the SHOP segment is presented for the duration of the period shown.
Same Store
The Company defines "same store" as operational properties owned for the full duration of the comparative periods and that are not otherwise excluded. Properties are excluded from same store if they are (i) Non-Core Properties (as defined above), (ii) sold, classified as held for sale, or classified as discontinued operations in accordance with GAAP, (iii) impacted by materially disruptive events, or (iv) undergoing, or intended to undergo, significant redevelopment. Redeveloped properties in the OMF segment will be included in same store once substantial completion of work has occurred for the full period in the periods presented.
NATIONAL HEALTHCARE PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
-------------------- -------------------- -------------------- -------------------- ----------------------
ASSETS
Real estate
investments, at
cost:
Land $ 176,510 $ 177,999 $ 182,662 $ 190,082 $ 198,124
Buildings,
fixtures and
improvements 1,795,014 1,804,274 1,837,150 2,012,401 2,051,313
Acquired
intangible
assets 248,061 249,941 256,440 284,447 290,408
Construction in
progress $ 2,535 $ 4,126 $ 9,558 $ 7,867 $ 3,930
------------------ ------------------ ------------------ ------------------ ------------------
Total real
estate
investments, at
cost 2,222,120 2,236,340 2,285,810 2,494,797 2,543,775
Less:
accumulated
depreciation
and
amortization (681,847) (671,070) (670,907) (725,831) (724,985)
------------------ ------------------ ------------------ ------------------ ------------------
Total real
estate
investments,
net 1,540,273 1,565,270 1,614,903 1,768,966 1,818,790
Assets held for sale 6,215 1,725 -- -- --
Cash and cash
equivalents 47,059 47,123 71,383 21,652 32,858
Restricted cash 55,477 56,047 55,025 52,443 52,054
Derivative assets,
at fair value 8,415 11,208 13,281 19,206 17,177
Straight-line rent
receivable, net 21,069 20,315 19,967 22,841 23,056
Operating lease
right-of-use
assets 7,280 6,841 6,879 7,480 7,553
Prepaid expenses and
other assets 24,972 22,591 23,721 26,316 23,706
Accounts receivable,
net 10,242 9,311 8,096 5,850 5,238
Deferred costs, net 18,055 18,465 18,630 21,269 17,238
------------------ ------------------ ------------------ ------------------ ------------------
Total assets 1,739,057 1,758,896 1,831,885 1,946,023 1,997,670
LIABILITIES AND
EQUITY
Mortgage notes
payable, net $ 696,806 $ 696,508 $ 711,065 $ 779,160 $ 816,988
Fannie Mae Secured
Debt 336,181 337,624 360,774 362,216 363,659
Market lease
intangible
liabilities, net 5,114 5,380 5,691 6,125 6,910
Derivative
liabilities, at fair
value -- -- -- -- --
Accounts payable
and accrued
expenses 46,440 46,322 54,649 89,575 84,472
Operating lease
liabilities 8,266 7,801 7,815 8,109 8,122
Deferred rent 10,230 9,347 8,275 7,217 5,717
Distributions
payable 3,372 3,432 3,496 3,496 3,496
------------------ ------------------ ------------------ ------------------ ------------------
Total
liabilities 1,106,409 1,106,414 1,151,765 1,255,898 1,289,364
Stockholders' Equity
7.375% Series A
cumulative
redeemable
perpetual preferred
stock, $0.01 par
value, 4,740,000
authorized 38 40 40 40 40
7.125% Series B
cumulative
redeemable
perpetual preferred
stock, $0.01 par
value, 3,680,000
authorized 35 35 36 36 36
Common stock, $0.01
par value,
300,000,000 shares
authorized 1,132 1,132 1,132 1,132 1,132
Additional paid-in
capital 2,530,535 2,532,585 2,533,737 2,533,706 2,533,697
Accumulated other
comprehensive
income 7,560 9,441 11,646 16,640 14,301
Distributions in
excess of
accumulated
earnings (1,912,081) (1,896,200) (1,872,012) (1,866,994) (1,846,558)
------------------ ------------------ ------------------ ------------------ ------------------
Total
stockholders'
equity 627,219 647,033 674,579 684,560 702,648
Non-controlling
interests 5,429 5,449 5,541 5,565 5,658
------------------ ------------------ ------------------ ------------------ ------------------
Total equity 632,648 652,482 680,120 690,125 708,306
------------------ ------------------ ------------------ ------------------ ------------------
Total
liabilities
and equity $ 1,739,057 $ 1,758,896 $ 1,831,885 $ 1,946,023 $ 1,997,670
NATIONAL HEALTHCARE PROPERTIES, INC.
CONSOLIDATED INCOME STATEMENTS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
-------------------- -------------------- -------------------- -------------------- ----------------------
Revenue from
tenants $ 86,026 $ 85,332 $ 86,443 $ 87,738 $ 88,940
------------------ ------------------ ------------------ ------------------ ------------------
Operating
expenses:
Property
operating and
maintenance 53,845 54,179 57,856 54,895 56,407
Impairment
charges 6,641 15,212 11,899 13,383 8,829
Operating fees
to related
parties -- -- -- 22 6,391
Termination fees
to related
parties -- -- -- -- 8,409
Acquisition and
transaction
related 91 497 51 2,263 5,187
General and
administrative 5,671 5,075 4,896 5,502 5,502
Depreciation and
amortization 18,029 18,539 23,706 20,681 20,720
------------------ ------------------ ------------------ ------------------ ------------------
Total expenses 84,277 93,502 98,408 96,746 111,445
------------------ ------------------ ------------------ ------------------ ------------------
Operating
loss before
gain on
sale of
real estate
investments 1,749 (8,170) (11,965) (9,008) (22,505)
Gain on sale of
real estate
investments 626 2,652 24,989 7,953 1,579
------------------ ------------------ ------------------ ------------------ ------------------
Operating
(loss)
income 2,375 (5,518) 13,024 (1,055) (20,926)
Other income
(expense):
Interest expense (15,060) (15,836) (14,529) (17,305) (18,007)
Interest and
other income
(expense) 294 231 (15) (26) 548
Gain on
extinguishment
of debt -- 257 -- 392 --
Gain (loss) on
non-designated
derivatives (77) 32 (1) 1,095 (2,384)
------------------ ------------------ ------------------ ------------------ ------------------
Total other
expenses,
net (14,843) (15,316) (14,545) (15,844) (19,843)
------------------ ------------------ ------------------ ------------------ ------------------
Loss before
income taxes (12,468) (20,834) (1,521) (16,899) (40,769)
Income tax
expense
(benefit) (66) -- 6 (127) --
------------------ ------------------ ------------------ ------------------ ------------------
Net loss (12,534) (20,834) (1,515) (17,026) (40,769)
Net loss
(income)
attributable to
non-controlling
interests (21) 31 (54) 38 77
Allocation for
preferred
stock (3,326) (3,386) (3,450) (3,449) (3,450)
------------------ ------------------ ------------------ ------------------ ------------------
Net loss
attributable to
common
stockholders (15,881) (24,189) (5,019) (20,437) (44,142)
Other
comprehensive
loss:
Unrealized
(loss) gain on
designated
derivatives (1,881) (2,205) (4,994) 2,339 (10,167)
------------------ ------------------ ------------------ ------------------ ------------------
Comprehensive loss
attributable to
common
stockholders $ (17,762) $ (26,394) $ (10,013) $ (18,098) $ (54,309)
================== ================== ================== ================== ==================
Weighted-average
shares
outstanding --
Basic and
Diluted 28,296,919 28,296,439 28,296,439 28,296,439 28,291,594
Net loss per share
attributable to
common
stockholders --
Basic and
Diluted $ (0.56) $ (0.85) $ (0.18) $ (0.72) $ (1.56)
(1) See the Company's Quarterly Report on Form 10-Q
for the period ended September 30, 2025, Part I -
Note 2 "Summary of Significant Accounting Policies"
for additional details on reclassifications.
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
----------------- ----------------- ----------------- -------------------
OMFs:
Revenue from
tenants $ 29,022 $ 29,252 $ 30,635 $ 33,744 $ 34,303
Property
operating and
maintenance (8,391) (8,342) (11,485) (9,422) (10,656)
OMF segment net
operating
income $ 20,631 $ 20,910 $ 19,150 $ 24,322 $ 23,647
--------------- --------------- --------------- --------------- ---------------
SHOPs:
Revenue from
tenants $ 57,004 $ 56,078 $ 55,808 $ 53,994 $ 54,637
Property
operating and
maintenance (45,454) (45,835) (46,371) (45,473) (45,751)
SHOP segment net
operating
income $ 11,550 $ 10,243 $ 9,437 $ 8,521 $ 8,886
--------------- --------------- --------------- --------------- ---------------
Net
operating
income
(NOI) $ 32,181 $ 31,153 $ 28,587 $ 32,843 $ 32,533
--------------- --------------- --------------- --------------- ---------------
Impairment
charges (6,641) (15,212) (11,899) (13,383) (8,829)
Operating fees to
related parties -- -- -- (22) (6,391)
Termination fees
to related
parties -- -- -- -- (8,409)
Acquisition and
transaction
related (91) (497) (51) (2,263) (5,187)
General and
administrative (5,671) (5,075) (4,896) (5,502) (5,502)
Depreciation and
amortization (18,029) (18,539) (23,706) (20,681) (20,720)
Gain on sale of
real estate
investments 626 2,652 24,989 7,953 1,579
Interest expense (15,060) (15,836) (14,529) (17,305) (18,007)
Interest and
other income
(expense) 294 231 (15) (26) 548
Gain (loss) on
non-designated
derivatives (77) 32 (1) 1,095 (2,384)
Gain on
extinguishment
of debt -- 257 -- 392 --
Income tax
(expense)
benefit (66) -- 6 (127) --
Net loss (income)
attributable to
non-controlling
interests (21) 31 (54) 38 77
Preferred stock
dividends (3,326) (3,386) (3,450) (3,449) (3,450)
Net loss
attributable to
common
stockholders (in
accordance with
GAAP) $ (15,881) $ (24,189) $ (5,019) $ (20,437) $ (44,142)
=============== =============== =============== =============== ===============
(1) See the Company's Quarterly Report on Form 10-Q
for the period ended September 30, 2025, Part I -
Note 2 "Summary of Significant Accounting Policies"
for additional details on reclassifications.
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
-----------------------------------------------------------------------------------------------------------------
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
----------------------- -------------------- -------------------- -------------------- ----------------------
Net loss
attributable to
common
stockholders (in
accordance with
GAAP) $ (15,881) $ (24,189) $ (5,019) $ (20,437) $ (44,142)
Depreciation and
amortization on
real estate
assets 16,647 17,127 22,281 19,287 19,293
Impairment
charges 6,641 15,212 11,899 13,383 8,829
Gain on sale of
real estate (626) (2,652) (24,989) (7,953) (1,579)
Adjustments for
non-controlling
interests (73) (146) (56) (181) (64)
------------------ ------------------ ------------------ ------------------ ------------------
FFO (as defined
by NAREIT)
attributable to
common
stockholders 6,708 5,352 4,116 4,099 (17,663)
Amortization
(accretion) of
market lease and
other
intangibles,
net (174) (135) 2,331 (606) (134)
Straight-line
rent
adjustments (753) (635) (1,023) (434) (458)
Acquisition and
transaction
related(1) 91 497 51 2,263 5,187
Termination fees
to related
parties(2) -- -- -- -- 8,409
Equity-based
compensation 1,333 570 -- -- 153
Depreciation and
amortization on
non-real estate
assets 1,382 1,411 1,425 1,394 1,427
Mark-to-market
(gains)/losses
from
derivatives(3) 911 813 931 310 4,224
Non-cash
components of
interest
expense(4) 761 1,481 858 879 880
Adjustments for
non-controlling
interests (10) (13) (19) -- (91)
Gain on
extinguishment
of debt -- (257) -- (392) --
Casualty-related
charges(5) 115 7 115 412 2
------------------ ------------------ ------------------ ------------------ ------------------
AFFO $ 10,364 $ 9,091 $ 8,785 $ 7,925 $ 1,936
Percentage
increase Q3 2025
vs Q2 2025 14.0%
Percentage
increase Q3 2025
vs Q3 2024 435.3%
Recurring Capital
Expenditures $ 4,452 $ 10,571 $ 6,658 $ 10,570 $ 5,917
FFO and AFFO
Weighted-average
shares
outstanding --
Diluted 28,549,088 28,533,395 28,530,465 28,530,264 28,525,620
FFO per common
share --
Diluted $ 0.23 $ 0.19 $ 0.14 $ 0.14 $ (0.62)
AFFO per common
share --
Diluted $ 0.36 $ 0.32 $ 0.31 $ 0.28 $ 0.07
(1) Includes certain advisory, legal, accounting,
information technology, tax and other professional
expenses and other non-recurring employee transition
expenses that were directly related to the Company's
internalization and the reverse stock split.
(2) Represents the closing payments paid in connection
with the Company's internalization.
(3) Presented as total gains or losses from the Company's
non-designated derivatives net of cash received.
(4) Non-cash components of interest expense include
(i) deferred financing cost amortization, (ii) mortgage
discount and premium amortization and (iii) amortized
gains or losses from terminated hedging instruments.
(5) Includes labor, supplies and evacuation expenses
from natural disasters not covered by insurance.
(6) See the Company's Quarterly Report on Form 10-Q
for the period ended September 30, 2025, Part I -
Note 2 "Summary of Significant Accounting Policies"
for additional details on reclassifications.
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
Amounts in
thousands Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
----------------- ----------------- ----------------- -------------------
Net loss (in
accordance with
GAAP) $ (12,534) $ (20,834) $ (1,515) $ (17,025) $ (40,771)
Interest expense 15,060 15,836 14,529 17,305 18,007
Income tax
expense 66 -- (6) 127 --
Depreciation and
amortization 18,029 18,539 23,706 20,681 20,720
EBITDA 20,621 13,541 36,714 21,088 (2,044)
Acquisition and
transaction
related 91 497 51 2,263 5,187
Termination fees
to related
parties -- -- -- -- 8,409
Equity-based
compensation 1,333 570 -- -- 153
Impairment
charges 6,641 15,212 11,899 13,383 8,829
(Gain)/loss on
sale of real
estate
investments (626) (2,652) (24,989) (7,953) (1,579)
(Gain)/loss on
non-designated
derivatives 77 (32) 1 (1,095) 2,384
Gain on
extinguishment
of debt -- (257) -- (392) --
Amortization
(accretion) of
market lease and
other
intangibles,
net (174) (135) 2,331 (606) (135)
Casualty-related
charges 115 7 115 412 2
Adjusted EBITDA 28,078 26,751 26,122 27,100 21,206
Operating fees to
related parties -- -- -- 22 6,391
General and
administrative 4,338 4,505 4,896 5,502 5,349
Interest and
other income (294) (231) 15 25 (546)
Amortization
(accretion) of
market lease and
other
intangibles,
net 174 135 (2,331) 606 135
Casualty-related
charges (115) (7) (115) (412) (2)
NOI 32,181 31,153 28,587 32,843 32,533
Adjustments for
straight-line
rent (753) (634) (1,021) (435) (458)
Accretion of
market lease and
other
intangibles,
net (174) (135) 2,331 (605) (133)
Cash NOI $ 31,254 $ 30,384 $ 29,897 $ 31,803 $ 31,942
Dispositions 299 502 (758) (3,241) (3,496)
Redevelopment 85 99 160 (196) (196)
Non-Core
Properties 297 158 229 252 220
Same-store Cash
NOI $ 31,935 $ 31,143 $ 29,528 $ 28,618 $ 28,470
=============== =============== =============== =============== ===============
Percentage
increase Q3 2025
vs Q2 2025 2.5%
Percentage
increase Q3 2025
vs Q3 2024 12.2%
(1) See the Company's Quarterly Report on Form 10-Q
for the period ended September 30, 2025, Part I -
Note 2 "Summary of Significant Accounting Policies"
for additional details on reclassifications.
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except share, per share, and property
data)
(Unaudited)
Three Months Ended
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
------------------- ---------------- ----------------- ---------------- -------------------
OMF segment -
revenue from
tenants $ 29,022 $ 29,252 $ 30,635 $ 33,744 $ 34,303
OMF segment -
property
operating and
maintenance (8,391) (8,342) (11,485) (9,422) (10,656)
OMF segment
NOI $ 20,631 $ 20,910 $ 19,150 $ 24,322 $ 23,647
Straight line
rent
adjustments (754) (634) (1,021) (437) (460)
Accretion of
market lease
and other
intangibles,
net (164) (167) 2,335 (541) (131)
OMF segment
cash NOI $ 19,713 $ 20,109 $ 20,464 $ 23,344 $ 23,056
Dispositions 36 (51) (1,456) (3,798) (3,852)
Redevelopment 85 99 160 (196) (196)
Non-Core
properties 94 103 76 50 26
OMF segment
same store
cash NOI $ 19,928 $ 20,260 $ 19,244 $ 19,400 $ 19,034
Percentage
increase Q3
2025 vs Q2
2025 (1.6)%
Percentage
increase Q3
2025 vs Q3
2024 4.7%
(1) See the Company's Quarterly Report on Form 10-Q
for the period ended September 30, 2025, Part I -
Note 2 "Summary of Significant Accounting Policies"
for additional details on reclassifications.
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except share, per share, and property
data)
(Unaudited)
Three Months Ended
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
----------------- ----------------- ----------------- -------------------
SHOP segment
- revenue
from
tenants $ 57,004 $ 56,081 $ 55,808 $ 53,994 $ 54,637
SHOP segment
- property
operating
and
maintenance (45,454) (45,836) (46,371) (45,472) (45,751)
SHOP segment
NOI $ 11,550 $ 10,245 $ 9,437 $ 8,522 $ 8,886
Non-cash
adjustments (9) 30 (4) (63) --
SHOP segment
cash NOI $ 11,541 $ 10,275 $ 9,433 $ 8,459 $ 8,886
Dispositions 263 553 698 557 356
Non-Core
properties 203 55 153 202 194
SHOP segment
same store
Cash NOI $ 12,007 $ 10,883 $ 10,284 $ 9,218 $ 9,436
=============== =============== =============== =============== ===============
Percentage
increase Q3
2025 vs Q2
2025 10.3%
Percentage
increase Q3
2025 vs Q3
2024 27.2%
(1) See the Company's Quarterly Report on Form 10-Q
for the period ended September 30, 2025, Part I -
Note 2 "Summary of Significant Accounting Policies"
for additional details on reclassifications.
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except share, per share, and property
data)
(Unaudited)
For the three months ended September 30, 2025
OMF SHOP
Total properties as of June 30, 2025 133 42
Dispositions -- (1)
Total properties as of September 30, 2025 133 41
Non-Core properties (3) (3)
Redevelopments (1) --
Same store properties as of September 30, 2025 129 38
=== ====
(1) See the Company's Quarterly Report on Form 10-Q
for the period ended September 30, 2025, Part I -
Note 2 "Summary of Significant Accounting Policies"
for additional details on reclassifications.
(END) Dow Jones Newswires
November 05, 2025 16:52 ET (21:52 GMT)