NHP on Nasdaq
National Healthcare Properties, Inc.
We are a real estate investment trust (“REIT”) for U.S. federal income tax purposes.4 From its latest annual report
Price unavailable
Last updated Oct 19, 2026.
Overview
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- TickerNHP on Nasdaq2
- IndustryReal Estate Investment Trusts2
- HeadquartersBaltimore, United States2
- Incorporated inMD3
- Business address540 Madison Ave, 27Th Floor, New York, Ny 100223
- Filer categoryNon-accelerated filer3
- Legal formStock Corporation2
- LEI549300Z2NSUGF5NF2Y302
- StatusActive2
- LEI statusIssued and current2
- Registered address7 ST. PAUL STREET, 21202 Baltimore, United States2
- Registered withBusiness Services (Maryland Department of Assessments and Taxation), D149039342
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We are a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We acquire, own and manage a diversified portfolio of healthcare real estate assets focused on senior housing operating properties (“SHOP”) and outpatient medical facilities (“OMF”) in the United States. As described in further details herein, we operate in two reportable business segments for management and internal financial reporting purposes: SHOP and OMF.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
36.0%Gross margin5
1.0%Operating margin5
-16.9%Net margin5
-3.3%Revenue growth, 20255
-9.6%Return on equity5
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Seniors Housing Communities brought in 66% of the revenue National Healthcare Properties, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Seniors Housing Communities | $210.5M | $216.5M | $225.2M |
| Outpatient Medical Facilities | $135.4M | $137.3M | $117.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$342.1M
- Income tax0¢$161.0K
Out of $342.3M in revenue.5 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Kept or used elsewhere100¢$7.0M
Out of $7.0M of cash from operations.5
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue from tenants | $342.3M | $353.8M | $345.9M |
| Property operating and maintenance | $218.9M | $221.5M | $217.8M |
| Impairment charges | $44.9M | $24.9M | $4.7M |
| Termination fees to related parties | $0 | $106.7M | $0 |
| Operating fees to related parties | $0 | $19.2M | $25.5M |
| Acquisition and transaction related | $516.0K | $7.9M | $545.0K |
| General and administrative | $24.2M | $22.4M | $18.9M |
| Depreciation and amortization | $78.3M | $84.1M | $82.9M |
| Total expenses | $366.8M | $486.6M | $350.3M |
| Operating loss before gain (loss) on sale of real estate investments | -$24.5M | -$132.8M | -$4.4M |
| Gain (loss) on sale of real estate investments | $27.8M | $9.3M | -$322.0K |
| Operating income (loss) | $3.3M | -$123.5M | -$4.7M |
| Interest expense | -$61.3M | -$69.4M | -$66.1M |
| Interest and other income, net | $272.0K | $1.1M | $734.0K |
| Gain on extinguishment of debt | $257.0K | $392.0K | $0 |
| (Loss) gain on non-designated derivatives | -$72.0K | $1.5M | -$2.0M |
| Total other expense, net | -$60.8M | -$66.5M | -$67.3M |
| Loss before income taxes | -$57.5M | -$190.0M | -$72.1M |
| Income tax expense | -$161.0K | -$262.0K | -$303.0K |
| Net loss | -$57.7M | -$190.3M | -$72.4M |
| Net loss attributable to non-controlling interests | $64.0K | $567.0K | $82.0K |
| Allocation for preferred stock | -$13.4M | -$13.8M | -$13.8M |
| Net loss attributable to common stockholders | -$71.1M | -$203.5M | -$86.1M |
| Unrealized loss on designated derivatives | -$11.0M | -$6.8M | -$13.4M |
| Comprehensive loss attributable to common stockholders | -$82.1M | -$210.3M | -$99.5M |
| Weighted-average common shares outstanding - Basic (in shares) | 28.3M shares | 28.3M shares | 28.3M shares |
| Weighted-average common shares outstanding - Diluted (in shares) | 28.3M shares | 28.3M shares | 28.3M shares |
| Net loss attributable to common stockholders per common share Basic (in usd per share) | -$2.51 | -$7.19 | -$3.04 |
| Net loss attributable to common stockholders per common share - Diluted (in usd per share) | -$2.51 | -$7.19 | -$3.04 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 6 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2024-09-30 | 2024-01-31 | 2023-12-31 |
|---|---|---|---|---|---|
| Land | $174.5M | $190.1M | |||
| Buildings, fixtures and improvements | $1.8B | $2.0B | |||
| Acquired intangible assets | $246.5M | $284.4M | |||
| Construction in progress | $3.0M | $7.9M | |||
| Total real estate investments, at cost | $2.2B | $2.5B | |||
| Less: accumulated depreciation and amortization | -$691.2M | -$725.8M | |||
| Total real estate investments, net | $1.5B | $1.8B | |||
| Cash and cash equivalents | $57.6M | $21.7M | $46.4M | ||
| Restricted cash | $50.8M | $52.4M | $44.9M | ||
| Derivative assets, at fair value | $569.0K | $19.2M | |||
| Straight-line rent receivable, net | $21.5M | $22.8M | |||
| Operating lease right-of-use assets | $7.4M | $7.5M | |||
| Prepaid expenses and other assets, net | $23.0M | $26.3M | |||
| Accounts receivable, net | $9.3M | $5.8M | |||
| Deferred costs, net | $22.8M | $21.3M | |||
| Total assets | $1.7B | $1.9B | |||
| Mortgage notes payable, net | $367.6M | $779.2M | |||
| Market lease intangible liabilities, net | $4.9M | $6.1M | |||
| Derivative liabilities, at fair value | $188.0K | $0 | |||
| Accounts payable and accrued expenses | $44.4M | $89.6M | |||
| Operating lease liabilities | $8.5M | $8.1M | |||
| Deferred rent | $9.2M | $7.2M | |||
| Distributions payable | $3.3M | $3.5M | |||
| Total liabilities | $1.1B | $1.3B | |||
| Common stock, 0.01 par value, 300,000,000 shares authorized; 28,426,694 and 28,296,439 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $1.1M | $1.1M | |||
| Additional paid-in capital | $2.5B | $2.5B | |||
| Accumulated other comprehensive income | $5.6M | $16.6M | |||
| Distributions in excess of accumulated earnings | -$1.9B | -$1.9B | |||
| Total stockholders equity | $600.1M | $684.6M | |||
| Non-controlling interests | $4.5M | $5.6M | |||
| Total equity | $604.5M | $690.1M | $900.6M | ||
| Total liabilities and equity | $1.7B | $1.9B | |||
| Common stock, par value (in usd per share) | $0.01 | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 300.0M shares | 300.0M shares | |||
| Common stock, shares issued (in shares) | 28.4M shares | 28.3M shares | |||
| Common stock, shares outstanding (in shares) | 28.4M shares | 28.3M shares | |||
| Stockholders' equity, reverse stock split | 0 pure |
| Period ending | 2025-12-31 | 2024-12-31 | 2024-09-30 | 2024-01-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|---|---|
| Land | $174.5M | $190.1M | ||||
| Buildings, fixtures and improvements | $1.8B | $2.0B | ||||
| Acquired intangible assets | $246.5M | $284.4M | ||||
| Construction in progress | $3.0M | $7.9M | ||||
| Total real estate investments, at cost | $2.2B | $2.5B | ||||
| Less: accumulated depreciation and amortization | -$691.2M | -$725.8M | ||||
| Total real estate investments, net | $1.5B | $1.8B | ||||
| Cash and cash equivalents | $57.6M | $21.7M | $46.4M | |||
| Restricted cash | $50.8M | $52.4M | $44.9M | |||
| Derivative assets, at fair value | $569.0K | $19.2M | ||||
| Straight-line rent receivable, net | $21.5M | $22.8M | ||||
| Operating lease right-of-use assets | $7.4M | $7.5M | ||||
| Prepaid expenses and other assets, net | $23.0M | $26.3M | ||||
| Accounts receivable, net | $9.3M | $5.8M | ||||
| Deferred costs, net | $22.8M | $21.3M | ||||
| Total assets | $1.7B | $1.9B | ||||
| Mortgage notes payable, net | $367.6M | $779.2M | ||||
| Market lease intangible liabilities, net | $4.9M | $6.1M | ||||
| Derivative liabilities, at fair value | $188.0K | $0 | ||||
| Accounts payable and accrued expenses | $44.4M | $89.6M | ||||
| Operating lease liabilities | $8.5M | $8.1M | ||||
| Deferred rent | $9.2M | $7.2M | ||||
| Distributions payable | $3.3M | $3.5M | ||||
| Total liabilities | $1.1B | $1.3B | ||||
| Common stock, 0.01 par value, 300,000,000 shares authorized; 28,426,694 and 28,296,439 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $1.1M | $1.1M | ||||
| Additional paid-in capital | $2.5B | $2.5B | ||||
| Accumulated other comprehensive income | $5.6M | $16.6M | ||||
| Distributions in excess of accumulated earnings | -$1.9B | -$1.9B | ||||
| Total stockholders equity | $600.1M | $684.6M | ||||
| Non-controlling interests | $4.5M | $5.6M | ||||
| Total equity | $604.5M | $690.1M | $900.6M | $999.2M | ||
| Total liabilities and equity | $1.7B | $1.9B | ||||
| Common stock, par value (in usd per share) | $0.01 | $0.01 | $0.01 | |||
| Common stock, shares authorized (in shares) | 300.0M shares | 300.0M shares | ||||
| Common stock, shares issued (in shares) | 28.4M shares | 28.3M shares | ||||
| Common stock, shares outstanding (in shares) | 28.4M shares | 28.3M shares | ||||
| Stockholders' equity, reverse stock split | 0 pure |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$57.7M | -$190.3M | -$72.4M |
| Depreciation and amortization | $78.3M | $84.1M | $82.9M |
| Amortization of deferred financing costs and mortgage discounts (premiums) | $4.8M | $3.5M | $6.8M |
| Accretion of terminated swap | -$344.0K | -$1.2M | -$4.2M |
| Amortization (accretion) of market lease and other intangibles, net | $1.9M | -$1.4M | -$890.0K |
| Stock-based compensation amortization expense | $3.8M | $613.0K | $919.0K |
| Loss (gain) on non-designated derivative instruments | $72.0K | -$1.5M | $2.0M |
| Cash received from non-designated derivative instruments | $3.3M | $6.8M | $5.6M |
| (Gain) loss on sale of real estate investments | -$27.8M | -$9.3M | $322.0K |
| Gain on extinguishment of debt | -$257.0K | -$392.0K | $0 |
| Impairment charges | $44.9M | $24.9M | $4.7M |
| Deferred tax valuation allowance | $1.7M | $2.4M | $1.2M |
| Straight-line rent receivable, net | $1.4M | -$794.0K | -$1.0M |
| Prepaid expenses and other assets, net | $3.7M | -$6.0M | -$5.5M |
| Accounts receivable, net | -$3.4M | $3.1M | $705.0K |
| Deferred leasing costs | -$8.1M | -$11.3M | -$3.1M |
| Accounts payable, accrued expenses and other liabilities | -$41.2M | $15.9M | $3.2M |
| Deferred rent | $2.0M | $1.1M | $576.0K |
| Net cash provided by (used in) operating activities | $7.0M | -$79.8M | $21.6M |
| Acquisitions of real estate | -$250.0K | -$5.6M | -$35.3M |
| Capital expenditures | -$28.7M | -$21.9M | -$22.4M |
| Investments in non-designated interest rate caps, net | -$1.4M | -$1.7M | -$10.0M |
| Proceeds from sales of real estate, net | $100.2M | $93.2M | $4.8M |
| Net cash provided by (used in) investing activities | $69.8M | $64.0M | -$62.8M |
| Repayments of Fannie Mae and other secured debt | -$27.5M | -$5.8M | -$200.6M |
| Proceeds from mortgage notes payable | $0 | $0 | $240.0M |
| Repayments of mortgage notes payable | -$331.1M | -$18.8M | -$1.1M |
| Proceeds from interest rate swap terminations | $8.3M | $0 | $5.4M |
| Payments of deferred financing costs | -$6.2M | $0 | -$8.7M |
| Proceeds from promissory note | $0 | $30.3M | $0 |
| Taxes paid for net settlement of equity-based awards | -$612.0K | $0 | $0 |
| Payment of offering costs | -$1.2M | $0 | $0 |
| Repurchase of Preferred Stock | -$5.4M | $0 | $0 |
| Purchase of non-controlling interest | -$978.0K | $0 | $0 |
| Contributions from non-controlling interest holders | $0 | $0 | $284.0K |
| Distributions to non-controlling interest holders | -$184.0K | -$184.0K | -$185.0K |
| Net cash (used in) provided by financing activities | -$42.4M | -$1.3M | $56.0M |
| Net change in cash, cash equivalents and restricted cash | $34.4M | -$17.2M | $14.8M |
| Cash paid for interest | -$54.0M | -$61.0M | -$63.7M |
| Cash (received) paid for income and franchise taxes | $10.0K | -$416.0K | -$454.0K |
| Common stock issued through stock dividends | $0 | $23.7M | $91.2M |
| Preferred stock dividend declared | -$3.3M | -$3.5M | -$3.5M |
| Mortgages issued with acquisition of real estate investments | $0 | $7.5M | $0 |
| Accrued capital expenditures | $598.0K | $455.0K | $2.9M |
| Accrued offering costs on Series B Preferred Stock | $0 | $0 | $0 |
| Proceeds from real estate sales used to repay mortgage notes payable | $82.8M | $20.4M | $2.7M |
| Mortgage notes payable repaid with proceeds from real estate sales | -$82.8M | -$20.4M | -$2.7M |
| Proceeds from real estate sales used to repay amounts outstanding under the Prior Credit Facility | $0 | $0 | $5.2M |
| Amounts outstanding under the Prior Credit Facility repaid with proceeds from real estate sales | $0 | $0 | -$5.2M |
No quarter-by-quarter statement was filed.
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Leadership
Who has led National Healthcare Properties, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
201520202025
- Chief executive officerMichael Ray Anderson Sep 13, 2023 to now15
- Chief executive officerThomas P. Darcy Apr 30, 2014 to Apr 30, 201416
- PresidentMichael Ray Anderson May 28, 2025 to now17
- Chief financial officerAndrew T. Babin Nov 26, 2025 to now18
- Chief financial officerJason F. Doyle Apr 15, 2021 to Apr 15, 202119
- Chief financial officerScott M. Lappetito Dec 3, 2021 to Nov 26, 202520
- Chief financial officerKatie P. Kurtz Dec 30, 2015 to Dec 30, 201521
Board members and other officers (15)
- Chief Accounting OfficerAilin See Park Jan 2, 2026 to now22
- OfficerEdward F. Lange Jr. Apr 30, 2014 to Apr 30, 201423
- Pres., Treas., SectyEdward M. Weil Jr. Apr 30, 2014 to Apr 30, 201424
- Board memberScott Humphrey Jan 16, 2026 to now25
- Board memberMichael Ray Anderson May 28, 2025 to now17
- Board memberBuddie J. Penn Aug 1, 2019 to now26
- Board memberEdward M. Weil Jr. Oct 6, 2016 to now27
- Board memberLee M. Elman Dec 28, 2016 to Sep 12, 201728
- Board memberRandolph C. Read Jul 14, 2015 to Aug 1, 201629
- Board memberEdward G. Rendell Dec 8, 2015 to now30
- Board memberLeslie D. Michelson Dec 8, 2015 to now31
- Board memberDavid Gong Apr 30, 2014 to Sep 25, 201432
- Board memberElizabeth K. Tuppeny Apr 30, 2014 to now33
- Board memberRobert J. Froehlich Apr 30, 2014 to Jul 14, 201534
- Board memberWilliam M. Kahane Apr 30, 2014 to Apr 30, 201435
Former names
Timeline
Filings
185 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 78 major events, 30 insider forms, 13 large holders, 43 other. The latest 20:
- Oct 7, 2026SCHEDULE 13G/A EDGAR
- Oct 5, 202625-NSE EDGAR
- Sep 29, 20264 EDGAR
- Sep 29, 20268-K EDGAR
- Sep 14, 20268-K EDGAR
- Sep 10, 20268-K EDGAR
- Sep 3, 202625-NSE EDGAR
- Aug 19, 20264 EDGAR
- Aug 19, 20263 EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 13, 2026SCHEDULE 13G EDGAR
- Aug 10, 2026SCHEDULE 13G EDGAR
- Aug 7, 2026S-3ASR EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 2026SCHEDULE 13G EDGAR
- Aug 5, 20268-K EDGAR
- Jul 29, 2026SCHEDULE 13G EDGAR
- Jul 10, 20268-K EDGAR
The 185 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Prudential FinancialSCHEDULE 13G/A, 2 filings Jul 8, 2026 to Oct 7, 202636
- Alyeska Investment Group, L.P.SCHEDULE 13G, 1 filing Aug 14, 202637
- RUSH ISLAND MANAGEMENT, LPSCHEDULE 13G, 1 filing Aug 14, 202638
- Zimmer Partners, LPSCHEDULE 13G, 1 filing Aug 14, 202639
- LASALLE INVESTMENT MANAGEMENT SECURITIES LLCSCHEDULE 13G, 1 filing Aug 13, 202640
- DUFF & PHELPS INVESTMENT MANAGEMENT COSCHEDULE 13G, 1 filing Aug 10, 202641
- FMR LLCSCHEDULE 13G, 1 filing Aug 6, 202642
- BlackRockSCHEDULE 13G, 1 filing Jul 29, 202643
- MILLENNIUM MANAGEMENT LLCSCHEDULE 13G/A, 3 filings Apr 29, 2026 to Jul 9, 202644
- PRINCIPAL GLOBAL INVESTORSSCHEDULE 13G, 1 filing Jun 1, 202645
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 93. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 17SEC EDGARMichael Ray Anderson, President
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- 23SEC EDGAREdward F. Lange Jr., Officer
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- 25SEC EDGARScott Humphrey, Board member
- 26SEC EDGARBuddie J. Penn, Board member
- 27SEC EDGAREdward M. Weil Jr., Board member
- 28SEC EDGARLee M. Elman, Board member
- 29SEC EDGARRandolph C. Read, Board member
- 30SEC EDGAREdward G. Rendell, Board member
- 31SEC EDGARLeslie D. Michelson, Board member
- 32SEC EDGARDavid Gong, Board member
- 33SEC EDGARElizabeth K. Tuppeny, Board member
- 34SEC EDGARRobert J. Froehlich, Board member
- 35SEC EDGARWilliam M. Kahane, Board member
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