National Healthcare Properties Inc
nhpreit.comWhat Do They Do?
Owns senior housing communities offering assisted living and memory care to residents, and leases outpatient medical facilities to healthcare providers.
10-K for FY2025, filed Feb 20, 2026We are a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We acquire, own and manage a diversified portfolio of…View ↗
As of December 31, 2025, we owned 37 senior housing properties under the REIT Investment Diversification and Empowerment Act of 2007…View ↗
As of December 31, 2025, we owned 130 OMFs and other health care related buildings under lease totaling approximately 3.7 million square…View ↗
How Do They Make Money?
Residents pay monthly rent for occupancy and basic services; healthcare tenants pay rent under leases over their lease terms.
10-K for FY2025, filed Feb 20, 2026
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10-K for FY2025, filed Feb 20, 2026
FY2025 revenue by reportable segment ↗
$342.3M
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10-K for FY2025, filed Feb 20, 2026
$342.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
SHOP
Recurring
10-K for FY2025, filed Feb 20, 2026 |
66%
FY2022: 61%
|
SHOP, FY2025
$225.2M Sources
|
Recurring |
|
OMF
Recurring
10-K for FY2025, filed Feb 20, 2026 |
34%
FY2022: 39%
|
OMF, FY2025
$117.1M Sources
|
Recurring |
Who Are Their Customers?
SHOP residents pay directly or through private insurance for housing and services; healthcare providers lease the outpatient facilities.
10-K for FY2025, filed Feb 20, 2026
Do Revenues Turn Into Profits?
No. It lost $57.7M in FY2025.
10-K for FY2025, filed Feb 20, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
−$5.4MView ↗
- ▼ −74% (Loss)
- vs −$20.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Sep 25, 2026
Sale agreement advanced for 40 outpatient medical facilities
The purchaser's certain termination rights ended; the sale is expected to close in the fourth quarter of 2026.
Sources
8-K, filed Sep 29, 2026
On September 25, 2026, certain termination rights of the purchaser terminated under the purchase and sale agreement (the “PSA”), dated as…View ↗
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Sep 10, 2026
Completed the first tranche of an outpatient-facility sale
The first tranche covered 30 properties; the company received approximately $79 million in net cash and repaid approximately $119 million of secured debt.
Sources
8-K, filed Sep 10, 2026
On September 10, 2026, National Healthcare Properties, Inc., a Maryland corporation (the “Company”), through certain subsidiaries…View ↗
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Aug 5, 2026
Raised SHOP same-store cash NOI growth guidance
The range moved from 13.0% to 16.0% to 15.0% to 18.0%.
Sources
8-K, filed Aug 5, 2026
SHOP Same Store Cash NOI growth 13.0% to 16.0% 15.0% to 18.0%View ↗
Flat. Revenue was $342.3M in FY2025, about the same as the $329.4M of FY2021.
Investment focus
The earlier report described investment in medical office and other healthcare buildings alongside senior housing; the latest says future real estate investments will focus primarily on senior housing.
10-K for FY2022, filed Mar 17, 2023 10-K for FY2025, filed Feb 20, 2026We have invested, and expect to continue investing, primarily in MOBs and seniors housing properties, primarily structured as SHOPs. In…View ↗
We generally seek investments that produce current income. Going forward, we expect our real estate investments to focus primarily on…View ↗
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