National Healthcare Properties, Inc. (NHPAP) Form 8-K — Nov 4, 2026
National Healthcare Properties reported Q3 2026 net income of $0.24 per diluted share, with Normalized FFO of $0.19 per share, down 29.6% year-over-year. The SHOP segment drove strong operating results: same store cash NOI grew 13.6% YoY on 86.7% average occupancy and 24.3% NOI margin, and the company raised full-year SHOP same store cash NOI growth guidance to 16.5%-18.5%. The company is transforming into a SHOP-only REIT: it acquired $300 million of SHOP communities in Q3, has ~$388 million more in the pipeline, and expects to fully exit its Outpatient Medical Facility segment via dispositions including 86 OMFs for ~$528 million and 40 more for ~$531 million.
Key figures
- Eps
- 0.24
- Guidance
- Full year 2026 SHOP Same Store Cash NOI growth raised to 16.5%-18.5% (from 15.0%-18.0%); acquisitions guidance raised to $425-$645 million; dispositions guidance raised to $1.1 billion
- Net Income
- 20240000
- Total Debt
- 851200000
- Total Assets
- 1914815000
- Cash Position
- 125069000
- Omf exit
- 86 OMFs for ~$528 million plus additional 40 OMFs for ~$531 million; full OMF segment exit expected
- Net leverage
- 5.5x (from 8.8x a year ago)
- Ffo yoy change
- -43.5%
- Q3 acquisitions
- $300 million for 22 SHOP communities (1,381 units)
- Shop noi margin
- 24.3% (+1.5% YoY)
- Ytd acquisitions
- $424 million for 25 SHOP communities
- Shop revpor growth
- 4.0%
- Acquisition pipeline
- ~$388 million signed or under LOI
- Nareit ffo per share
- 0.13
- Normalized ffo per share
- 0.19
- Normalized ffo yoy change
- -29.6%
- Shop same store occupancy
- 86.7% (+2.2% YoY)
- Weighted avg interest rate
- 5.12%
- Preferred redemption savings
- $11 million annual preferred dividends
- Avg remaining debt term years
- 4.9
- Omf same store cash noi growth
- -0.3%
- Shop same store cash noi growth
- 13.6%
- Same store cash noi growth total
- 8.4%
AI analysis
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