NASDAQ: NHP
National Healthcare Properties, Inc.CIK 0001561032 · SIC 6798 · Real Estate Investment Trusts
Small
Revenue $342M
Assets $2.0B
as of Aug 23, 2026
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10-Q
Filed Aug 6, 2026
· Period ending Jun 30, 2026
Summary not yet generated.
8-K
Filed Aug 5, 2026
· Period ending Aug 3, 2026
NHP doubles credit capacity to $1.2B, redeems $153M in preferred stock, reports 20% SHOP NOI growth
5 material changes detected. Sign up free to read the summary.
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8-K
Filed Jul 10, 2026
· Period ending Jul 7, 2026
National Healthcare Properties extends CEO employment agreement to 2030 with auto-renewal
2 material changes detected. Sign up free to read the summary.
8-K
Filed Jun 16, 2026
· Period ending Jun 15, 2026
NHP discloses unsolicited mini-tender offer at $7.27/share, 47% below market; Board neutral
5 material changes detected. Sign up free to read the summary.
8-K
Filed May 18, 2026
· Period ending May 18, 2026
NHP launches $100M tender for preferred stock at $22.50/share, prioritizing Series A
3 material changes detected. Sign up free to read the summary.
8-K
Filed May 15, 2026
· Period ending May 15, 2026
Summary not yet generated.
10-Q
Filed May 14, 2026
· Period ending Mar 31, 2026
revenue $86.3M, net income -$4.3M. National Healthcare completes IPO, repays revolver, announces 86-property sale
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424B4
Filed Apr 22, 2026
Summary not yet generated.
10-K
Filed Feb 20, 2026
· Period ending Dec 31, 2025
Summary not yet generated.
10-Q
Filed Nov 5, 2025
· Period ending Sep 30, 2025
Summary not yet generated.
10-Q
Filed May 8, 2025
· Period ending Mar 31, 2025
Summary not yet generated.
10-K
Filed Feb 27, 2025
· Period ending Dec 31, 2024
Summary not yet generated.
Latest financial statements
From 10-Q filed Aug 6, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(In thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue from tenants | 87,530 | 85,332 | 173,815 | 171,775 |
| Operating expenses: | ||||
| Property operating and maintenance | 54,119 | 54,179 | 107,037 | 112,035 |
| Impairment charges | 3,780 | 15,212 | 3,780 | 27,111 |
| Acquisition and transaction related | 130 | 497 | 183 | 548 |
| General and administrative | 6,604 | 5,075 | 12,071 | 9,971 |
| Depreciation and amortization | 17,811 | 18,539 | 35,549 | 42,245 |
| Total expenses | 82,444 | 93,502 | 158,620 | 191,910 |
| Operating income (loss) before gain (loss) on sale of real estate investments | 5,086 | (8,170) | 15,195 | (20,135) |
| Gain (loss) on sale of real estate investments | — | 2,652 | (2) | 27,641 |
| Operating income (loss) | 5,086 | (5,518) | 15,193 | 7,506 |
| Other income (expense): | ||||
| Interest expense | (12,723) | (15,836) | (27,394) | (30,365) |
| Interest and other income, net | 2,345 | 231 | 2,516 | 216 |
| Gain on extinguishment of debt | — | 257 | — | 257 |
| (Loss) gain on non-designated derivatives | (47) | 32 | 142 | 31 |
| Total other expenses, net | (10,425) | (15,316) | (24,736) | (29,861) |
| Loss before income taxes | (5,339) | (20,834) | (9,543) | (22,355) |
| Income tax (expense) benefit | (47) | — | (124) | 6 |
| Net loss | (5,386) | (20,834) | (9,667) | (22,349) |
| Net loss (income) attributable to non-controlling interests | 30 | 31 | 2 | (23) |
| Allocation for preferred stock | (2,785) | (3,386) | (6,079) | (6,836) |
| Net loss attributable to common stockholders | (8,141) | (24,189) | (15,744) | (29,208) |
| Other comprehensive loss: | ||||
| Unrealized loss on designated derivatives | (266) | (2,205) | (794) | (7,199) |
| Comprehensive loss attributable to common stockholders | (8,407) | (26,394) | (16,538) | (36,407) |
| Weighted-average shares outstanding Basic and Diluted (1) | 61,597 | 28,296 | 45,059 | 28,296 |
| Net loss per share attributable to common stockholders Basic and Diluted (1) | (0.13) | (0.85) | (0.35) | (1.03) |
Consolidated Balance Sheets (Unaudited)
(In thousands, except per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Real estate investments, at cost: | ||
| Land | 181,140 | 174,535 |
| Buildings, fixtures and improvements | 1,859,780 | 1,785,952 |
| Acquired intangible assets | 250,440 | 246,544 |
| Construction in progress | 7,170 | 2,994 |
| Total real estate investments, at cost | 2,298,530 | 2,210,025 |
| Less: accumulated depreciation and amortization | (706,002) | (691,200) |
| Total real estate investments, net | 1,592,528 | 1,518,825 |
| Cash and cash equivalents | 245,695 | 57,620 |
| Restricted cash | 56,681 | 50,832 |
| Derivative assets, at fair value | 2,367 | 569 |
| Straight-line rent receivable, net | 21,924 | 21,486 |
| Operating lease right-of-use assets | 7,299 | 7,377 |
| Prepaid expenses and other assets, net | 22,417 | 23,019 |
| Accounts receivable, net | 7,157 | 9,252 |
| Deferred costs, net | 20,201 | 22,792 |
| Total assets | 1,976,269 | 1,711,772 |
| LIABILITIES AND EQUITY | ||
| Liabilities | ||
| Mortgage notes payable, net | 367,629 | 367,629 |
| Fannie Mae secured debt | 331,854 | 334,739 |
| Revolving credit facility | — | 186,000 |
| Term loan, net | 148,674 | 148,405 |
| Market lease intangible liabilities, net | 4,381 | 4,851 |
| Derivative liabilities, at fair value | — | 188 |
| Accounts payable and accrued expenses | 48,249 | 44,381 |
| Operating lease liabilities | 8,417 | 8,467 |
| Deferred rent | 7,038 | 9,247 |
| Distributions payable | 2,808 | 3,340 |
| Total liabilities | 919,050 | 1,107,247 |
| Commitments and Contingencies | ||
| Equity | ||
| 7.375% Series A cumulative redeemable perpetual preferred stock, $0.01 par value, 4,052 and 4,608 authorized as of June 30, 2026 and December 31, 2025, respectively; 3,289 and 3,846 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 33 | 38 |
| 7.125% Series B cumulative redeemable perpetual preferred stock, $0.01 par value, 2,900 and 3,467 authorized as of June 30, 2026 and December 31, 2025, respectively; 2,850 and 3,417 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 29 | 35 |
| Common stock, $0.01 par value, 300,000 shares authorized, 28,630 and 28,427 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 1,132 | 1,132 |
| Class A common stock, $0.01 par value, 100,000 and zero authorized as of June 30, 2026 and December 31, 2025, respectively; 44,275 and zero issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 443 | — |
| Additional paid-in capital | 3,001,481 | 2,531,315 |
| Accumulated other comprehensive income | 4,810 | 5,604 |
| Distributions in excess of accumulated earnings | (1,953,804) | (1,938,060) |
| Total stockholders’ equity | 1,054,124 | 600,064 |
| Non-controlling interests | 3,095 | 4,461 |
| Total equity | 1,057,219 | 604,525 |
| Total liabilities and equity | 1,976,269 | 1,711,772 |
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (9,667) | (22,349) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 35,549 | 42,245 |
| Amortization of deferred financing costs and mortgage discounts (premiums) | 2,102 | 2,339 |
| Accretion of terminated swap | (2,968) | — |
| (Accretion) amortization of market lease and other intangibles, net | (293) | 2,196 |
| Equity-based compensation amortization expense | 2,227 | 570 |
| Gain on sale of real estate investments | — | (27,641) |
| Cash received from non-designated derivative instruments | 608 | 1,775 |
| Gain on non-designated derivative instruments | (142) | (31) |
| Impairment charges | 3,780 | 27,111 |
| Gain on extinguishment of debt | — | (257) |
| Deferred tax valuation allowance | (122) | 946 |
| Changes in assets and liabilities: | ||
| Straight-line rent receivable, net | (436) | (1,658) |
| Prepaid expenses and other assets, net | 957 | (1,990) |
| Accounts receivable, net | 2,091 | 4,076 |
| Accounts payable, accrued expenses and other liabilities | 910 | (36,416) |
| Deferred leasing costs | (1,767) | (6,223) |
| Deferred rent | (2,209) | 2,130 |
| Net cash provided by (used in) operating activities | 30,620 | (13,177) |
| Cash flows from investing activities: | ||
| Acquisitions of real estate | (98,031) | (250) |
| Capital expenditures | (10,609) | (12,365) |
| Investments in non-designated interest rate caps, net | (154) | — |
| Proceeds from sales of real estate, net | — | 88,759 |
| Net cash (used in) provided by investing activities | (108,794) | 76,144 |
| Cash flows from financing activities: | ||
| Repayments under revolving credit facility and term loan | (186,000) | — |
| Repayments of Fannie Mae secured debt | (2,885) | (24,593) |
| Repayments of mortgage notes payable | (443) | (429) |
| Payments of deferred financing costs | (187) | (205) |
| Taxes paid for net settlement of equity-based awards | (444) | — |
| Payment of offering costs | (3,950) | — |
| Common stock issuance, net | 499,422 | — |
| Repurchase of Preferred Stock | (25,610) | (1,738) |
| Dividends paid on Series A Preferred Stock | (3,545) | (3,634) |
| Dividends paid on Series B Preferred Stock | (3,043) | (3,200) |
| Distributions to non-controlling interest holders | (92) | (93) |
| Purchase of non-controlling interest | (1,125) | — |
| Net cash provided by (used in) financing activities | 272,098 | (33,892) |
| Net change in cash, cash equivalents and restricted cash | 193,924 | 29,075 |
| Cash, cash equivalents and restricted cash, beginning of period | 108,452 | 74,095 |
| Cash, cash equivalents and restricted cash, end of period | 302,376 | 103,170 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share data); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗