National Healthcare Properties, Inc. NHP

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived Nasdaq

We are a real estate investment trust ("REIT") for U.S. federal income tax purposes. We acquire, own and manage a diversified portfolio of healthcare real estate assets focused on senior housing operating properties ("SHOP") and outpatient medical facilities ("OMF") in the United States. As described in further details herein, we operate in two reportable business segments for management and internal financial reporting purposes: SHOP and OMF.

Prior to September 27, 2024, our former advisor, Healthcare Trust Advisors, LLC (the "Advisor"), and its affiliated entities managed our day-to-day business and received compensation and fees for providing services to us. On September 27, 2024, we internalized our advisory and property management functions with our own dedicated workforce (the "Internalization") (see Note 1 — Organization and Note 10 — Related Party Transactions and Arrangements to our consolidated financial statements in this Annual Report on Form 10-K (the "Consolidated Financial Statements") for additional information).

Last close 15.51 2026-10-23
Market cap $440.7M 2025-12-31 share count
52-week range 11.25 - 17.46

Valuation FY2025 figures against the last close

P/S1.3x
P/E—
P/FCF63.4x
EV/EBITDA5.4x
Dividend yield—
Diluted EPS-2.51

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Shop
  • OMF
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Shop, FY2025: 225.2M (65.8%) 66% Shop OMF, FY2025: 117.1M (34.2%) 34% OMF FY2024 Shop, FY2024: 216.5M (61.2%) 61% OMF, FY2024: 137.3M (38.8%) 39% FY2023 Shop, FY2023: 210.5M (60.8%) 61% OMF, FY2023: 135.4M (39.2%) 39%
Segment FY2025FY2024FY2023
Shop $225.2M $216.5M $210.5M
OMF $117.1M $137.3M $135.4M

As the company reported it, from the “Segment Reporting - Reconciliation of Segment Activity (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $342.3M$353.8M$345.9M$335.8M$329.4M$381.6M$374.9M$362.4M$311.2M$302.6M
Gross profit $123.4M$132.3M$128.1M$122.4M$123.5M$138.1M$140.7M$141.4M$124.9M$130.5M
SG&A $24.2M$22.4M$18.9M$17.3M$16.8M$21.6M$20.5M$17.3M$15.7M$12.1M
Total operating expenses $366.8M$486.6M$350.3M$367.3M$370.4M$406.7M$415.5M$365.5M$323.8M$307.2M
Operating income $3.3M-$123.5M-$4.7M-$31.5M-$37.4M-$19.9M-$31.8M-$3.2M-$12.2M-$3.3M
Interest expense $61.3M$69.4M$66.1M$51.7M$47.9M$51.5M$56.1M$49.5M$30.3M$19.9M
Pre-tax income -$57.5M-$190.0M-$72.1M-$79.4M-$85.2M-$71.4M-$87.9M-$52.8M-$42.1M-$23.1M
Income tax $161.0K$262.0K$303.0K$201.0K$203.0K$4.1M$399.0K$197.0K$647.0K$2.1M
Net income -$57.7M-$190.3M-$72.4M-$79.6M-$85.4M-$75.5M-$88.3M-$53.0M-$42.5M-$20.9M
EPS, basic -2.51-7.19-3.04-3.30-0.82-0.74-0.88———
EPS, diluted -2.51-7.19-3.04-3.30-0.82-0.74-0.88-0.56-0.47-0.24
Shares, diluted (wtd. avg.) 28.3M28.3M28.3M28.3M113.0M106.1M100.1M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $57.6M$21.7M$46.4M$76.5M$85.4M$90.3M$111.6M$91.4M$102.6M$33.2M
Other intangibles $40.4M$55.4M$69.2M$80.7M$93.1M$91.4M$102.5M$100.7M$117.2M$112.7M
Total assets $1.71B$1.95B$2.15B$2.18B$2.21B$2.29B$2.33B$2.38B$2.37B$2.19B
Total liabilities $1.11B$1.26B$1.24B$1.18B$1.17B$1.33B$1.22B$1.14B$1.02B$689.4M
Retained earnings ———-$1.46B-$1.28B-$1.11B-$971.2M-$804.3M-$665.0M-$486.6M
Total equity $600.1M$684.6M$900.6M$999.2M$1.04B$961.4M$1.11B$1.24B$1.36B$1.50B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $7.0M-$79.8M$21.6M$28.3M$38.9M$41.8M$47.4M$54.2M$64.0M$78.7M
Depreciation and amortisation $78.3M$84.1M$82.9M$82.1M$79.9M$81.1M$81.0M$83.2M$77.6M$98.9M
Stock-based compensation $3.8M$613.0K$919.0K$1.2M$1.3M$1.3M$1.3M$1.2M$470.0K$160.0K
Capital expenditure ——————$16.7M$12.9M$8.3M$7.5M
Investing cash flow $69.8M$64.0M-$62.8M-$41.8M-$47.9M-$82.5M-$46.2M-$115.1M-$194.4M-$19.1M
Financing cash flow -$42.4M-$1.3M$56.0M$4.6M$4.1M$19.4M$19.1M$49.7M$199.8M-$55.6M
Dividends paid ———$0$0$31.4M$51.4M$55.3M$76.7M$75.4M
Buybacks ———$0$0$10.5M$1.7M$14.2M$33.6M$12.2M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001561032-26-000009.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M Revenue, FY2016: 302.6M Gross profit, FY2016: 130.5M Net income, FY2016: -20.9M Revenue, FY2017: 311.2M Gross profit, FY2017: 124.9M Net income, FY2017: -42.5M Revenue, FY2018: 362.4M Gross profit, FY2018: 141.4M Net income, FY2018: -53M Revenue, FY2019: 374.9M Gross profit, FY2019: 140.7M Net income, FY2019: -88.3M Revenue, FY2020: 381.6M Gross profit, FY2020: 138.1M Net income, FY2020: -75.5M Revenue, FY2021: 329.4M Gross profit, FY2021: 123.5M Net income, FY2021: -85.4M Revenue, FY2022: 335.8M Gross profit, FY2022: 122.4M Net income, FY2022: -79.6M Revenue, FY2023: 345.9M Gross profit, FY2023: 128.1M Net income, FY2023: -72.4M Revenue, FY2024: 353.8M Gross profit, FY2024: 132.3M Net income, FY2024: -190.3M Revenue, FY2025: 342.3M Gross profit, FY2025: 123.4M Net income, FY2025: -57.7M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $302.6M $311.2M $362.4M $374.9M $381.6M $329.4M $335.8M $345.9M $353.8M $342.3M
Gross profit $130.5M $124.9M $141.4M $140.7M $138.1M $123.5M $122.4M $128.1M $132.3M $123.4M
Net income -$20.9M -$42.5M -$53.0M -$88.3M -$75.5M -$85.4M -$79.6M -$72.4M -$190.3M -$57.7M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Item 5.02
  • Other event Item 8.01
  • Other event Item 8.01
  • Material agreement signed Item 1.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Material agreement signed Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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