Core Insights - National Healthcare Properties, Inc. reported strong business momentum in Q3 2025, with significant growth in same-store cash net operating income (NOI) in the Senior Housing Operating Property segment and stable performance in the Outpatient Medical Facility segment [2][4]. Financial Performance and Other Highlights - The company recorded a net loss of $(0.56) per share, with Nareit defined Funds from Operations (FFO) of $0.23 per diluted share and Adjusted Funds from Operations (AFFO) of $0.36 per diluted share [8]. - FFO per share increased by 21.1% quarter-over-quarter, while AFFO per share rose by 12.5% quarter-over-quarter [8]. - Same Store Cash NOI growth was 12.2% year-over-year, with the Senior Housing Operating Property segment achieving a remarkable 27.2% growth [8]. - The Outpatient Medical Facility segment experienced a 4.7% growth in Same Store Cash NOI [8]. - The average occupancy rate for Same Store properties was 83.7%, reflecting a 4.0% increase year-over-year [8]. - Same Store revenue increased by 12.0% year-over-year, and the Same Store Cash NOI Margin expanded by 2.5% year-over-year to 21.5% [8]. Balance Sheet and Capital - As of September 30, 2025, total debt outstanding was $1.0 billion, with a weighted average interest rate of 5.1% and an average remaining term of 3.5 years [5]. - The company paid down $83.1 million of debt year-to-date through September 2025, including the full repayment of a $21.7 million Capital One OMF Warehouse Facility [5]. - Net leverage (Net Debt to Annualized Adjusted EBITDA) improved to 8.9x as of September 30, 2025, a 0.4x improvement from June 30, 2025 [6]. Investment Activity - The company completed the sale of one non-core Senior Housing Operating Property (SHOP) for a contract price of $1.8 million during Q3 2025 [4].