NASDAQ : NHP
National Healthcare Properties, Inc. — Financial statements
Real Estate · REIT - Residential · United States
Last price 14.96 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.09B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 344.32M | 342.28M | 353.79M | 345.93M | 335.85M | 329.36M |
| Total Revenue | 344.32M | 342.28M | 353.79M | 345.93M | 335.85M | 329.36M |
| Property Expenses | 213.90M | 218.90M | 347.31M | 243.32M | 238.80M | 224.92M |
| Selling, General & Administrative | 23.38M | 21.28M | 22.44M | 18.93M | 17.29M | 16.83M |
| Depreciation & Amortization | 71.56M | 78.26M | 84.07M | 82.87M | 82.06M | 79.93M |
| Total Operating Expenses | 308.85M | 318.44M | 453.81M | 345.12M | 338.15M | 321.67M |
| Operating Income | 35.47M | 23.84M | -100.02M | 805.00K | -2.30M | 7.68M |
| Interest Expense | -58.31M | -61.28M | -69.45M | -66.08M | -51.74M | -47.90M |
| Interest & Investment Income | 2.57M | 272.00K | 1.05M | 734.00K | 27.00K | 61.00K |
| Other Non-Operating Income | 39.00K | -72.00K | 1.54M | -2.00M | 3.83M | 37.00K |
| EBT Excluding Unusual Items | -20.23M | -37.24M | -166.87M | -66.53M | -50.18M | -40.12M |
| Merger & Restructuring Charges | -151.00K | -516.00K | -7.95M | -545.00K | -1.48M | -2.71M |
| Gain (Loss) on Sale of Assets | 157.00K | 27.80M | 9.31M | -322.00K | -125.00K | 3.65M |
| Asset Writedown | -21.58M | -44.91M | -24.88M | -4.68M | -27.63M | -40.95M |
| Other Unusual Items | -2.91M | -2.65M | 392.00K | -5.10M | ||
| Pretax Income | -44.71M | -57.52M | -190.00M | -72.08M | -79.42M | -85.24M |
| Income Tax Expense | 291.00K | 161.00K | 262.00K | 303.00K | 201.00K | 203.00K |
| Earnings From Continuing Operations | -45.00M | -57.69M | -190.26M | -72.38M | -79.62M | -85.44M |
| Minority Interest in Earnings | 89.00K | 64.00K | 567.00K | 82.00K | 135.00K | 260.00K |
| Net Income | -44.91M | -57.62M | -189.70M | -72.30M | -79.49M | -85.18M |
| Preferred Dividends & Other Adjustments | 12.69M | 13.45M | 13.80M | 13.80M | 13.80M | 7.76M |
| Net Income to Common | -57.60M | -71.07M | -203.50M | -86.10M | -93.28M | -92.94M |
| Basic Shares Outstanding | 36.69M | 28.30M | 28.29M | 28.28M | 28.26M | 28.24M |
| Diluted Shares Outstanding | 36.69M | 28.30M | 28.29M | 28.28M | 28.26M | 28.24M |
| EPS (Basic) | -1.57 | -2.51 | -7.19 | -3.04 | -3.30 | -3.29 |
| EPS (Diluted) | -1.57 | -2.51 | -7.19 | -3.04 | -3.30 | -3.29 |
| Dividend Per Share | 0.07 | |||||
| Operating Margin | 10.30% | 6.96% | -28.27% | 0.23% | -0.69% | 2.33% |
| Profit Margin | -16.73% | -20.76% | -57.52% | -24.89% | -27.78% | -28.22% |
| EBITDA | 106.44M | 103.99M | -17.38M | 82.79M | 79.14M | 87.41M |
| EBITDA Margin | 30.91% | 30.38% | -4.91% | 23.93% | 23.56% | 26.54% |
| D&A For Ebitda | 70.97M | 80.15M | 82.64M | 81.98M | 81.44M | 79.73M |
| EBIT | 35.47M | 23.84M | -100.02M | 805.00K | -2.30M | 7.68M |
| EBIT Margin | 10.30% | 6.96% | -28.27% | 0.23% | -0.69% | 2.33% |
| Funds From Operations (FFO) | 29.48M | 18.27M | -109.16M | -1.45M | 14.04M | 21.95M |
| Adjusted Funds From Operations (AFFO) | 18.27M | -109.16M | -1.45M | 14.04M | 21.95M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 1.60B | 1.49B | 1.72B | 1.88B | 1.91B | 1.96B |
| Cash & Equivalents | 245.69M | 57.62M | 21.65M | 46.41M | 53.65M | 59.74M |
| Accounts Receivable | 29.08M | 30.74M | 28.69M | 26.32M | 25.28M | 23.86M |
| Other Receivables | 929.00K | |||||
| Other Intangible Assets | 40.38M | 55.37M | 69.25M | 80.69M | 93.08M | |
| Restricted Cash | 56.68M | 50.83M | 52.44M | 44.91M | 22.88M | 25.64M |
| Other Current Assets | 22.42M | 23.02M | 26.32M | 35.78M | 34.55M | 31.64M |
| Trading Asset Securities | 2.37M | 569.00K | 19.21M | 28.37M | 40.65M | 174.00K |
| Deferred Long-Term Charges | 20.20M | 22.79M | 21.27M | 16.00M | 17.22M | 14.58M |
| Total Assets | 1.98B | 1.71B | 1.95B | 2.15B | 2.18B | 2.21B |
| Current Portion of Long-Term Debt | 332.30M | 335.63M | 13.90M | |||
| Current Portion of Leases | 1.05M | |||||
| Long-Term Debt | 515.85M | 701.33M | 1.14B | 1.17B | 1.11B | 1.09B |
| Long-Term Leases | 8.42M | 11.43M | 8.11M | 8.04M | 8.09M | 8.13M |
| Accounts Payable | 48.25M | 40.37M | 59.27M | 48.26M | 45.24M | 42.66M |
| Accrued Expenses | 97.00K | 3.00K | 24.00K | |||
| Other Current Liabilities | 2.81M | 3.34M | 3.50M | 3.50M | 3.50M | 3.43M |
| Long-Term Unearned Revenue | 7.04M | 9.25M | 7.22M | 6.50M | 5.92M | 8.62M |
| Other Long-Term Liabilities | 4.38M | 4.85M | 6.12M | 8.16M | 9.41M | 10.94M |
| Total Liabilities | 919.05M | 1.11B | 1.26B | 1.24B | 1.18B | 1.17B |
| Preferred Stock, Convertible | 62.00K | 73.00K | 76.00K | 76.00K | 76.00K | 76.00K |
| Common Stock | 1.57M | 1.13M | 1.13M | 1.11M | 1.05M | 993.00K |
| Additional Paid-In Capital | 3.00B | 2.53B | 2.53B | 2.51B | 2.42B | 2.33B |
| Distributions in Excess of Earnings | -1.95B | -1.94B | -1.87B | -1.64B | -1.46B | -1.28B |
| Comprehensive Income & Other | 4.81M | 5.60M | 16.64M | 23.46M | 36.91M | -14.34M |
| Total Common Equity | 1.05B | 599.99M | 684.48M | 894.08M | 992.56M | 1.03B |
| Minority Interest | 3.10M | 4.46M | 5.57M | 6.43M | 6.55M | 6.70M |
| Shareholders' Equity | 1.06B | 604.52M | 690.12M | 900.58M | 999.19M | 1.04B |
| Total Liabilities & Equity | 1.98B | 1.71B | 1.95B | 2.15B | 2.18B | 2.21B |
| Total Debt | 856.57M | 1.05B | 1.18B | 1.18B | 1.12B | 1.11B |
| Net Cash (Debt) | -608.51M | -991.25M | -1.14B | -1.10B | -1.02B | -1.05B |
| Net Cash Per Share | -16.59 | -35.02 | -40.26 | -39.01 | -36.19 | -37.12 |
| Filing Date Shares Outstanding | 72.90M | 28.41M | 28.30M | 28.28M | 28.24M | 27.83M |
| Total Common Shares Outstanding | 72.63M | 28.43M | 28.30M | 27.87M | 27.85M | 27.83M |
| Book Value Per Share | 14.51 | 21.11 | 24.19 | 32.08 | 35.64 | 37.14 |
| Tangible Book Value | 1.05B | 559.61M | 629.11M | 824.83M | 911.87M | 940.54M |
| Tangible Book Value Per Share | 14.51 | 19.69 | 22.23 | 29.59 | 32.74 | 33.80 |
| Land | 181.14M | 174.53M | 190.08M | 207.99M | 206.45M | 206.39M |
| Buildings | 1.86B | 1.79B | 2.01B | 2.12B | 2.09B | 2.12B |
| Construction In Progress | 7.17M | 2.99M | 7.87M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -44.91M | -57.62M | -189.70M | -72.30M | -79.49M | -85.18M |
| Depreciation & Amortization | 70.97M | 80.15M | 82.64M | 81.98M | 81.44M | 79.73M |
| Other Amortization | 4.52M | 4.75M | 3.46M | 6.79M | 4.88M | 4.43M |
| Gain (Loss) on Sale of Assets | -159.00K | -27.80M | -9.31M | 322.00K | 125.00K | -3.65M |
| Asset Writedown | 21.58M | 44.91M | 24.88M | 4.68M | 27.63M | 40.95M |
| Stock-Based Compensation | 5.42M | 3.77M | 613.00K | 919.00K | 1.19M | 1.33M |
| Change in Accounts Receivable | -2.81M | -2.04M | 2.30M | -344.00K | -1.52M | -761.00K |
| Change in Accounts Payable | -3.89M | -41.22M | 15.93M | 3.22M | -2.92M | 1.25M |
| Change in Other Net Operating Assets | 3.01M | -4.39M | -17.29M | -8.68M | -3.04M | -2.14M |
| Other Operating Activities | -672.00K | 4.41M | 5.49M | 4.46M | -459.00K | 121.00K |
| Operating Cash Flow | 50.75M | 6.95M | -79.85M | 21.62M | 28.30M | 38.88M |
| Acquisition of Real Estate Assets | -125.00M | -28.98M | -27.51M | -57.66M | -53.53M | -178.37M |
| Sale of Real Estate Assets | 11.40M | 100.16M | 93.19M | 4.80M | 11.75M | 130.45M |
| Net Sale / Acq. of Real Estate Assets | -113.60M | 71.19M | 65.68M | -52.85M | -41.78M | -47.92M |
| Other Investing Activities | -1.53M | -1.38M | -1.71M | -9.96M | ||
| Investing Cash Flow | -115.13M | 69.81M | 63.97M | -62.82M | -41.78M | -47.92M |
| Short-Term Debt Issued | 30.27M | |||||
| Long-Term Debt Issued | 336.00M | 6.96M | 274.75M | 30.00M | 167.75M | |
| Total Debt Issued | 336.00M | 336.00M | 37.23M | 274.75M | 30.00M | 167.75M |
| Long-Term Debt Repaid | -358.59M | -24.59M | -201.74M | -9.66M | -300.07M | |
| Net Debt Issued (Repaid) | -186.90M | -22.59M | 12.64M | 73.01M | 20.34M | -132.32M |
| Issuance of Common Stock | 499.42M | |||||
| Repurchase of Common Stock | -1.06M | -612.00K | ||||
| Preferred Stock Issued | 143.16M | |||||
| Preferred Share Repurchases | -29.30M | -5.42M | ||||
| Preferred Dividends Paid | -13.20M | -13.45M | -13.80M | -13.80M | -13.80M | -5.14M |
| Total Dividends Paid | -13.20M | -13.45M | -13.80M | -13.80M | -13.80M | -5.14M |
| Other Financing Activities | -5.39M | -331.00K | -184.00K | -3.24M | -1.90M | -1.62M |
| Net Cash Flow | 199.21M | 34.36M | -17.22M | 14.78M | -8.84M | -4.96M |
| Levered Free Cash Flow | 46.83M | 20.37M | -30.62M | 5.31M | 27.71M | 38.65M |
| Unlevered Free Cash Flow | 78.75M | 53.92M | 9.31M | 39.82M | 55.17M | 64.16M |
| Cash Interest Paid | 56.00M | 54.02M | 61.04M | 63.72M | 45.04M | 42.81M |
| Cash Income Tax Paid | 112.00K | -10.00K | 416.00K | 454.00K | 566.00K | 311.00K |
| Change in Working Capital | -6.00M | -45.62M | 2.07M | -5.23M | -10.18M | 57.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.10B | |||||
| Enterprise Value | 1.71B | |||||
| Debt / Equity Ratio | 0.81 | 1.74 | 1.71 | 1.31 | 1.12 | 1.06 |
| Debt / EBITDA Ratio | 7.95 | 9.99 | 14.09 | 13.96 | 12.55 | |
| Net Debt / Equity Ratio | 0.58 | 1.64 | 1.65 | 1.23 | 1.02 | 1.01 |
| Net Debt / EBITDA Ratio | 5.72 | 9.53 | -65.53 | 13.33 | 12.92 | 11.99 |
| Asset Turnover | 0.18 | 0.19 | 0.17 | 0.16 | 0.15 | 0.15 |
| Quick Ratio | 0.72 | 0.23 | 0.75 | 1.95 | 2.45 | 1.41 |
| Current Ratio | 0.93 | 0.43 | 1.59 | 3.51 | 3.63 | 2.37 |
| Return on Equity (ROE) | -5.26% | -8.91% | -23.92% | -7.62% | -7.81% | -8.54% |
| Return on Assets (ROA) | 1.19% | 0.81% | -3.06% | 0.02% | -0.07% | 0.21% |
| Buyback Yield / Dilution | -29.68% | -0.06% | -0.02% | -0.07% | -0.07% | -1.75% |