Financial Performance - Net loss attributable to common stockholders was $(0.92) per basic and diluted share for Q4 2025, with Nareit defined Funds From Operations (FFO) of $0.07 per diluted share, a 49.1% decrease year-over-year [7]. - Net loss attributable to common stockholders for the full year was $(2.51) per basic and diluted share, with FFO of $0.64 per diluted share, a 116.7% increase year-over-year [7]. - The net loss attributable to common stockholders for Q4 2025 was $25,978 million, an increase from a net loss of $20,437 million in Q4 2024, with a total net loss of $71,067 million for 2025 compared to $203,495 million in 2024 [39]. - The net loss per share attributable to common stockholders was $0.92 for Q4 2025, compared to $0.72 for Q4 2024, with a total net loss per share of $2.51 for 2025 versus $7.19 for 2024 [35]. - The company reported a comprehensive loss attributable to common stockholders of $27,934 million in Q4 2025, compared to $18,098 million in Q4 2024, with a total comprehensive loss of $82,103 million for 2025 versus $210,319 million for 2024 [34]. Revenue and Income - Revenue from tenants decreased to $84,478 million in Q4 2025 from $87,738 million in Q4 2024, and total revenue for 2025 was $342,279 million compared to $353,794 million in 2024, reflecting a decline of approximately 3.5% year-over-year [34]. - The company reported a normalized FFO of $5,849 million for Q4 2025, down from $6,692 million in Q4 2024, while the total normalized FFO for 2025 was $23,795 million compared to $9,048 million in 2024 [39]. - The company’s NOI for Q4 2025 was $31,460 million, a decrease from $32,843 million in Q4 2024, with total NOI for 2025 at $123,381 million compared to $132,342 million in 2024 [37]. Expenses and Costs - Total operating expenses for Q4 2025 were $90,592 million, down from $96,746 million in Q4 2024, while total expenses for 2025 were $366,779 million compared to $486,642 million in 2024, indicating a significant reduction in costs [34]. - Interest expense for Q4 2025 was $15,856 million, down from $17,305 million in Q4 2024, with total interest expense for 2025 at $61,281 million compared to $69,447 million in 2024 [39]. Debt and Financing - As of December 31, 2025, total debt outstanding was approximately $1.0 billion, with a weighted average economic interest rate of 5.75% and an average remaining term of 3.9 years [5]. - The Company entered into a $400 million senior unsecured revolving credit facility and a $150 million senior unsecured term loan, both maturing in December 2028 [6]. - The company’s net debt to annualized adjusted EBITDA ratio improved to 9.2x as of December 31, 2025, from 10.3x as of December 31, 2024 [8]. - Net leverage ratio increased to 9.2x in Q4 2025 from 8.8x in Q3 2025, indicating a rise in debt relative to adjusted EBITDA [43]. Property and Operations - Full year 2025 portfolio Same Store Cash Net Operating Income (NOI) growth was 9.0% year-over-year, with the Senior Housing Operating Property (SHOP) segment experiencing a 21.8% increase [7]. - Fourth quarter portfolio Same Store Cash NOI growth was 9.8% year-over-year, with the OMF segment showing a 1.9% increase [7]. - Full year 2025 dispositions totaled $202.5 million, representing the sale of seven Non-Core SHOPs and 18 Non-Core OMFs [7]. - Total properties as of December 31, 2025, decreased to 168 from 174 as of September 30, 2025, due to dispositions [45]. Segment Performance - OMF segment revenue from tenants decreased to $28.149 million in Q4 2025 from $33.744 million in Q4 2024, reflecting a decline of 16.5% [45]. - SHOP segment revenue from tenants increased to $56.328 million in Q4 2025, up from $53.994 million in Q4 2024, representing a growth of 4.9% [45]. - OMF segment NOI for Q4 2025 was $20.109 million, down from $24.322 million in Q4 2024, a decrease of 17.8% [45]. - SHOP segment NOI improved to $11.351 million in Q4 2025, compared to $8.521 million in Q4 2024, marking a growth of 33.5% [45]. Stock and Dividends - The Company completed the repurchase of previously outstanding preferred stock with an aggregate liquidation preference of approximately $8.6 million at a weighted average yield of 11.5% [9]. - The Company declared dividends of $0.4609375 per share on its 7.375% Series A Preferred Stock and $0.4453125 per share on its 7.125% Series B Preferred Stock, both payable on January 15, 2026 [14].
HEALTHCARE(HTIBP) - 2025 Q4 - Annual Results