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NHPAP

National Healthcare Properties, Inc.

NHPAP

National Healthcare Properties, Inc. • NASDAQ
$18.56 ▲ 0.00% (+0.00)
Market Cap $525.20 M
52w High $19.09
52w Low $11.75
Dividend Yield 1.84%
P/E 0
Volume 2.47K
Outstanding Shares 28.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $85.332M ▼ $37.002M ▲ $-20.803M ▼ -24.379% ▼ $-0.85 ▼ $13.541M ▼
Q1-2025 $86.443M ▼ $15.879M ▼ $-1.569M ▲ -1.815% ▲ $-0.18 ▲ $39.06M ▲
Q4-2024 $87.738M ▼ $34.202M ▼ $-16.988M ▲ -19.362% ▲ $-0.72 ▲ $21.087M ▲
Q3-2024 $88.94M ▲ $53.459M ▼ $-40.692M ▲ -45.752% ▲ $-1.56 ▼ $-2.042M ▼
Q2-2024 $88.817M $134.252M $-116.466M -131.13% $0 $23.245M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $47.123M ▼ $1.759B ▼ $1.106B ▼ $647.033M ▼
Q1-2025 $71.383M ▲ $1.832B ▼ $1.152B ▼ $674.579M ▼
Q4-2024 $21.652M ▼ $1.946B ▼ $1.256B ▼ $684.56M ▼
Q3-2024 $32.858M ▲ $1.998B ▼ $1.289B ▼ $702.648M ▼
Q2-2024 $29.461M $2.113B $1.351B $756.745M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-20.834M ▼ $8.052M ▲ $-1.899M ▼ $-29.391M ▼ $-23.238M ▼ $1.356M ▲
Q1-2025 $-1.515M ▲ $-21.229M ▼ $78.043M ▲ $-4.501M ▲ $52.313M ▲ $-26.898M ▼
Q4-2024 $-17.026M ▲ $6.454M ▲ $5.409M ▼ $-22.68M ▼ $-10.817M ▼ $946K ▲
Q3-2024 $-40.769M ▲ $-95.235M ▼ $74.141M ▲ $25.033M ▲ $3.939M ▼ $-100.476M ▼
Q2-2024 $-116.918M $6.392M $-3.362M $1.529M $4.559M $393K

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady over the last several years, which suggests a stable underlying property base rather than rapid expansion. The concern is on profitability: operating results hovered around break‑even for a while but slipped back into a deeper loss most recently. Cash earnings (EBITDA) also moved from modestly positive to slightly negative. Net income has been consistently in the red and recently worsened, indicating that interest costs, depreciation, and other below‑the‑line items are weighing on results. Overall, the business looks stable in top‑line terms but still hasn’t reached a durable, profitable run‑rate.

Balance Sheet

Balance Sheet The asset base has inched down over time, implying limited net growth in the portfolio or some asset sales. Debt is sizeable relative to the company’s scale and has not come down meaningfully, while equity has eroded as losses accumulated. Cash on hand is small, which leaves less of a cushion against volatility and increases reliance on external funding. For a REIT, using leverage is normal, but here the combination of modest scale, persistent losses, and a thin cash buffer means the balance sheet should be watched closely for refinancing and liquidity risk.

Cash Flow

Cash Flow Historically, the business generated a small but positive stream of cash from operations, which is what you want to see in a property platform. Recently, that flipped to cash outflow, meaning the portfolio is no longer fully funding itself from ongoing rents and operations. Investment spending on properties has been modest and fairly steady, so the swing into negative free cash flow is coming mainly from weaker operating performance rather than a big surge in growth spending. This raises questions about how future acquisitions, improvements, or distributions would be financed if this trend continues.

Competitive Edge

Competitive Edge NHPAP operates in a resilient niche: healthcare properties focused on medical office buildings and senior housing, spread across many states. This diversification and the essential nature of healthcare services provide a degree of demand stability. The company leans heavily on strong, long‑term relationships with established healthcare operators and systems, which can support occupancy and rent collection. However, compared with large, established healthcare REITs, NHPAP appears smaller and more financially stretched, which may limit its bargaining power and flexibility in downturns. Its edge seems to lie more in portfolio quality and partnerships than in scale or technology leadership.

Innovation and R&D

Innovation and R&D This is not a technology‑heavy story; innovation is mostly strategic and operational. The internalization of management in 2024 is a notable move, aiming for better cost control and closer alignment with owners. The exclusive Arvum Senior Living brand, in partnership with a senior housing operator, is a differentiator that could strengthen identity and pricing power in senior living. While there is no clear evidence yet of broad adoption of smart‑building or digital health infrastructure, the company operates in a sector where such tools are increasingly important. Future innovation is likely to revolve around branded operating platforms, selective use of building technology, and capital strategy rather than traditional R&D.

Summary

NHPAP offers exposure to healthcare real estate with a focus on medical office and senior housing, areas that tend to be more resilient than many other property types. The portfolio appears stable, but earnings have not yet matured into consistent profitability, and recent deterioration in both income and cash flow is a key risk. The balance sheet is leveraged and the cash cushion is slim, which magnifies the impact of any operational shortfalls. On the positive side, the firm benefits from diversified assets, strong operator relationships, an emerging in‑house platform, and a distinctive senior living brand. The central questions going forward are whether management can translate these strategic strengths into sustainably positive cash generation, manage debt prudently, and capture growth opportunities without overextending the balance sheet.

NEWS

November 18, 2025 · 4:30 PM UTC

National Healthcare Properties Announces Andrew T. Babin as Chief Financial Officer

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November 5, 2025 · 4:52 PM UTC

National Healthcare Properties Reports Third Quarter 2025 Results

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October 29, 2025 · 7:38 PM UTC

National Healthcare Properties Announces Release Date for Third Quarter 2025 Results

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September 19, 2025 · 6:44 PM UTC

National Healthcare Properties Announces Preferred Stock Dividends

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