National Healthcare Properties, Inc · Q1 2026 earnings

Briefing

National Healthcare Properties, Inc reported revenue of $86.3 million and a net loss of $4.3 million for Q1 2026.

The company generated $86.3 million in revenue from tenants, driven by its SHOP and OMF segments, while achieving positive NOI growth year-over-year. Operating expenses declined significantly due to lower impairments and depreciation, resulting in operating income of $10.1 million. However, interest expenses and other items led to a net loss attributable to common stockholders of $7.6 million or $0.27 per share.

• Revenue remained stable at $86.3 million compared to $86.4 million in Q1 2025, with SHOP revenue increasing 3.3% to $57.6 million.
• NOI improved 16.7% year-over-year to $33.4 million, supported by higher occupancy and cost controls in both segments.
• Net loss widened to $4.3 million from $1.5 million prior year, primarily due to absence of $25.0 million gain on property sales recorded in 2025.
• Balance sheet remains solid with $1.70 billion in total assets, $52.8 million in cash, and debt leverage at 45.2%.

Headline financials

Revenue & EPS history

Management expects to refinance Fannie Mae debt maturing in November 2026 and pursue selective acquisitions subject to regulatory approvals.