National Healthcare Properties, Inc. NHP
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).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.) | $28.3M | $28.3M | $28.3M | $28.3M | $113.0M | $106.1M | $100.1M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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