National Healthcare Properties Reports Fourth Quarter and Full Year 2025 Results

Core Viewpoint - National Healthcare Properties, Inc. reported strong internal growth in its senior housing portfolio and steady performance in its outpatient medical portfolio for the year 2025, indicating robust fundamentals in the healthcare real estate industry, particularly in the senior housing sector [2]. Financial Performance and Other Highlights - For Q4 2025, the company reported a net loss attributable to common stockholders of $(25.978) million, or $(0.92) per share, compared to a net loss of $(20.437) million, or $(0.72) per share in Q4 2024 [9]. - Funds From Operations (FFO) for Q4 2025 was $2.092 million, or $0.07 per diluted share, a decrease of 49.1% year-over-year, while Normalized FFO was $5.849 million, or $0.20 per diluted share, a decrease of 12.8% year-over-year [9]. - The Same Store Cash Net Operating Income (NOI) growth for Q4 2025 was 9.8% year-over-year, with the Senior Housing Operating Property (SHOP) segment showing a significant growth of 26.5% [9]. - For the full year 2025, the portfolio Same Store Cash NOI growth was 9.0% year-over-year, with SHOP segment growth at 21.8% and Outpatient Medical Facility (OMF) segment growth at 2.9% [9]. Balance Sheet and Capital - As of December 31, 2025, the 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, to refinance a previous $330 million secured term loan [6]. - The Net Leverage ratio improved to 9.2x as of December 31, 2025, down from 10.3x as of December 31, 2024 [7]. Dispositions and Dividends - In 2025, the company completed dispositions totaling $202.5 million, which included the sale of seven Non-Core SHOPs and 18 Non-Core OMFs [9]. - The Board of Directors declared dividends on the company's preferred stock, with a total repurchase of previously outstanding preferred stock amounting to approximately $8.6 million at a weighted average yield of 11.5% [10][14].