Earnings Releases·Nov 4, 2026, 5:14 PM ET

National Healthcare Properties — Q3 2026 Earnings Summary

Reported Q3 2026 net income of $0.24 per share and revenue of $103.1 million; however, Nareit FFO and Normalized FFO declined 43.5% and 29.6% year-over-year respectively, driven by an operating loss of $6.5 million offset by a $38.3 million gain on real estate sales.
Net leverage improved significantly to 5.5x from 8.8x, supported by the repayment of $332 million in secured debt and the full redemption of all preferred stock, while raising total credit facility commitments to $1.2 billion.
Revised full-year 2026 guidance upward, increasing SHOP Same Store Cash NOI growth to 16.5%–18.5%, acquisition targets to $425 million–$645 million, and disposition targets to $1.1 billion.
Executed strategic portfolio transformation with 22 SHOP acquisitions totaling $300 million in the quarter and completed the sale of 30 OMFs for $198 million, maintaining a clear path to exit the OMF segment by year-end.
Added new guidance for recurring capital expenditures ($10–$11 million for SHOP, $7–$8 million for OMF) and removed OMF Same Store Cash NOI guidance as the company focuses on a SHOP-only investment grade balance sheet.