National Healthcare Properties (NHP) Q2 2026 earnings summary

Executive summary

• Completed a successful IPO in April 2026, raising $531.3 million and issuing 44.3 million shares, with proceeds used to repay debt and fund acquisitions.

• Achieved substantial execution on strategic objectives, including SHOP portfolio growth, capital concentration in senior housing, and balance sheet strengthening.

• Closed or placed under contract approximately $400 million of senior housing acquisitions since the start of Q2 at accretive yields, with 19 properties acquired YTD for $280M and $120M under agreement.

• Announced major asset sales, including the divestiture of 86 OMFs for $528M, and continued transition to a senior housing-focused portfolio.

• Strengthened governance by appointing Albert M. Campbell as independent director and initiating a board refresh.

Financial highlights

• Second quarter normalized FFO was $10.9 million, or $0.18 per share; Nareit FFO was $0.19 per diluted share; Normalized FFO per share declined 18.2% year-over-year.

• Net loss attributable to common stockholders improved to $8.1 million in Q2 2026 from $24.2 million in Q2 2025, or $(0.13) per share.

• SHOP segment same-store cash NOI grew 20.1% year-over-year, with average occupancy at 84.1% and NOI margin up 230 bps to 22.4%.

• OMF segment same-store cash NOI decreased 0.4% year-over-year to $20.2 million, with occupancy improving to 94.3%.

• Total revenue from tenants was $87.5 million, up from $85.3 million year-over-year.

Outlook and guidance

• Raised SHOP same-store cash NOI growth guidance to 15%-18% for 2026; OMF same-store cash NOI growth guidance maintained at 2.5%-3.5%.

• Acquisition guidance for 2026 remains $375M-$425M; disposition guidance increased to $570M.

• G&A and equity compensation guidance increased due to board refreshment and higher equity-based compensation.

• Maintenance CapEx guidance unchanged at $22M-$25M, with focus on revenue-enhancing projects.

• Sufficient liquidity is anticipated to meet obligations for at least the next 12 months, with future funding from cash, operations, property sales, and expanded credit facilities.