National Healthcare Properties (NHP) Q2 2026 earnings summary

Executive summary

• Completed a successful IPO in April 2026, raising $531.3 million and issuing 44.3 million shares, with proceeds used to repay debt and fund acquisitions.

• Achieved substantial execution on strategic objectives, including SHOP portfolio growth, capital concentration in senior housing, and balance sheet strengthening.

• Closed or placed under contract approximately $400 million of senior housing since Q2 start, with highly accretive yields and 19 acquisitions completed.

• Advanced transition to a full SHOP portfolio, with significant divestitures of outpatient medical facilities (OMF) and non-core assets.

• Strengthened governance with new board appointments, including Albert M. Campbell, and ongoing refreshment.

Financial highlights

• Second quarter normalized FFO was $10.9 million, or $0.18 per share; Nareit FFO was $0.19 per share; net loss attributable to common stockholders was $(0.13) per share.

• SHOP segment same-store cash NOI grew 20.1% year-over-year, driven by occupancy, rate, and margin improvements; OMF segment same-store cash NOI declined 0.4%.

• Same-store average occupancy reached 84.1%, up 140 basis points from Q2 2025.

• Same-store RevPOR increased 5.9% year-over-year to $6,390.

• Consolidated NOI increased to $33.4 million from $31.2 million year-over-year.

Outlook and guidance

• Increased SHOP same-store cash NOI growth guidance to 15%-18% for the year, or $51.6M-$52.9M.

• OMF same-store cash NOI growth guidance unchanged at 2.5%-3.5%, or $81.2M-$82M.

• Acquisition guidance for 2026 remains $375M-$425M; disposition guidance increased to $570M.

• G&A and equity compensation guidance raised by $1M each due to board refreshment; full-year G&A now $27-$28M, equity-based compensation $6-$7M.

• Recurring CapEx guidance unchanged at $22M-$25M, with spending weighted to the back half of the year.