National Healthcare Properties (NHP)
Market Price (6/15/2026): $13.91 | Market Cap: $394.2 MilSector: Real Estate | Industry: Health Care REITs
National Healthcare Properties (NHP)
Market Price (6/15/2026): $13.91Market Cap: $394.2 MilSector: Real EstateIndustry: Health Care REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% Low stock price volatilityVol 12M is 43% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Sustainable & Green Buildings. Themes include Geriatric Care, ESG REITs, Show more. | Weak multi-year price returns2Y Excs Rtn is -21%, 3Y Excs Rtn is -56% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.3%, Rev Chg QQuarterly Revenue Change % is -0.2% Key risksNHP key risks include [1] a high debt load and leverage and [2] significant execution risk associated with its strategic transition into the senior housing operating segment. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Low stock price volatilityVol 12M is 43% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Sustainable & Green Buildings. Themes include Geriatric Care, ESG REITs, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -21%, 3Y Excs Rtn is -56% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.3%, Rev Chg QQuarterly Revenue Change % is -0.2% |
| Key risksNHP key risks include [1] a high debt load and leverage and [2] significant execution risk associated with its strategic transition into the senior housing operating segment. |
Qualitative Assessment
AI Analysis | Feedback
National Healthcare Properties (NHP) stock has gained about 20% since it went public on 4/22/2026 because of the following key factors:
1. Strategic Portfolio Repositioning Towards High-Growth Senior Housing (SHOP) Segment.
National Healthcare Properties is actively transforming its portfolio by divesting outpatient medical facilities (OMFs) and acquiring senior housing operating properties (SHOPs). On May 4, 2026, the company announced a definitive agreement to sell 86 OMFs for approximately $528 million. Concurrently, NHP has a pipeline of approximately $279 million in SHOP acquisitions, expected to add 1,214 units to its existing 3,615 units. This strategic shift is anticipated to accelerate earnings growth, as evidenced by the first quarter 2026 results, which reported a strong 24.0% year-over-year Same Store Cash Net Operating Income (NOI) growth for the SHOP segment.
2. Effective Use of IPO Proceeds and Asset Disposition for Deleveraging and Growth.
The company successfully raised $462 million in gross proceeds from its initial public offering, which priced at $12.00 per share on April 21, 2026, and began trading on April 22, 2026. A significant portion of these net proceeds, approximately $186.0 million, is earmarked for repaying outstanding indebtedness under its revolving credit facility. The anticipated $250 million in potential cash proceeds from the OMF portfolio disposition will further support deleveraging efforts and fund the growing pipeline of SHOP acquisitions, enhancing the company's financial flexibility for future growth.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
2/28/2026 to 6/14/2026| Return | Correlation | |
|---|---|---|
| NHP | ||
| Market (SPY) | 8.4% | -2.8% |
| Sector (XLRE) | 4.2% | -24.1% |
Fundamental Drivers
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Market Drivers
11/30/2025 to 6/14/2026| Return | Correlation | |
|---|---|---|
| NHP | ||
| Market (SPY) | 9.2% | -2.8% |
| Sector (XLRE) | 10.8% | -24.1% |
Fundamental Drivers
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Market Drivers
5/31/2025 to 6/14/2026| Return | Correlation | |
|---|---|---|
| NHP | ||
| Market (SPY) | 27.3% | -2.8% |
| Sector (XLRE) | 12.5% | -24.1% |
Fundamental Drivers
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Market Drivers
5/31/2023 to 6/14/2026| Return | Correlation | |
|---|---|---|
| NHP | ||
| Market (SPY) | 84.5% | -2.8% |
| Sector (XLRE) | 39.5% | -24.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NHP Return | - | - | - | - | - | 19% | 19% |
| Peers Return | 8% | -11% | 17% | 28% | 22% | 12% | 99% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| NHP Win Rate | - | - | - | - | - | 67% | |
| Peers Win Rate | 48% | 43% | 57% | 65% | 58% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NHP Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -20% | -33% | -24% | -15% | -13% | -12% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WELL, VTR, DOC, SBRA, OHI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/12/2026 (YTD)
How Low Can It Go
NHP has limited trading history. Below is the Real Estate sector ETF (XLRE) in its place.
| Event | XLRE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.8% | -18.8% |
| % Gain to Breakeven | 13.3% | 23.1% |
| Time to Breakeven | 41 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.1% | -9.5% |
| % Gain to Breakeven | 19.2% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.9% | -6.7% |
| % Gain to Breakeven | 16.1% | 7.1% |
| Time to Breakeven | 266 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.7% | -24.5% |
| % Gain to Breakeven | 48.6% | 32.4% |
| Time to Breakeven | 1281 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.8% | -33.7% |
| % Gain to Breakeven | 60.8% | 50.9% |
| Time to Breakeven | 368 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -11.4% | -3.7% |
| % Gain to Breakeven | 12.8% | 3.9% |
| Time to Breakeven | 216 days | 6 days |
In The Past
State Street Real Estate Select Sector SPDR ETF's stock fell -11.8% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
Preserve Wealth
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Asset Allocation
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NHP has limited trading history. Below is the Real Estate sector ETF (XLRE) in its place.
| Event | XLRE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.7% | -24.5% |
| % Gain to Breakeven | 48.6% | 32.4% |
| Time to Breakeven | 1281 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.8% | -33.7% |
| % Gain to Breakeven | 60.8% | 50.9% |
| Time to Breakeven | 368 days | 140 days |
In The Past
State Street Real Estate Select Sector SPDR ETF's stock fell -11.8% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About National Healthcare Properties (NHP)
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National Healthcare Properties (NHP) was a publicly traded Real Estate Investment Trust (REIT) that invested in healthcare properties. REITs typically generate revenue from rent paid by their tenants, who would be considered their major customers.
However, National Healthcare Properties (NHP) was acquired by Ventas, Inc. (symbol: VTR) in March 2011 and no longer exists as an independent public company. Therefore, it does not currently have major customers as a standalone entity.
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Michael Anderson, Chief Executive Officer, President and DirectorMichael Anderson was appointed Chief Executive Officer in September 2023. Prior to his current role, he served as General Counsel and Secretary of G&P Acquisition Corp. since December 2020.
Andrew Babin, Chief Financial Officer and Treasurer
Andrew Babin was appointed Chief Financial Officer and Treasurer effective November 18, 2025, succeeding Scott M. Lappetito. He joined National Healthcare Properties from Medical Properties Trust, Inc., bringing experience in financial strategy and investor relations within the real estate investment trust (REIT) sector.
Lindsay Gordon, Executive Vice President, Head of Senior Housing
Trent Taylor, Executive Vice President, Asset Management
Boris Korotkin, Executive Vice President, Capital Markets and Corporate Strategy
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National Healthcare Properties (NHP) faces several key risks to its business, primarily stemming from its financial structure, strategic transition, and the broader economic environment.The most significant risk to NHP is its high debt load and leverage. As of December 31, 2025, NHP's net debt stood at $988.6 million, with a total debt leverage of 45.1%. While the company's recent IPO aimed to partially address this by repaying some outstanding debt, elevated leverage remains a material concern for the company's financial stability and its ability to fund future growth.
Secondly, NHP faces considerable execution risk associated with its strategic transition towards senior housing (SHOP segment). The company is actively shifting its portfolio focus to senior housing, a segment that offers higher growth potential but also exposes NHP to greater earnings volatility and operator concentration risks. The company is currently in a "mid-transition phase," and its revenue generation from the Senior Housing Operating Properties (SHOP) segment carries significant risks due to the RIDEA structure, which makes NHP directly liable for any decline in operating profits. Investors are looking for evidence that demographic tailwinds in senior housing will translate into actual Funds From Operations (FFO) growth at the company level.
Finally, higher interest rates and financing costs pose a notable risk to NHP. Rising interest rates are identified as a threat to the business. Although NHP's variable-rate debt was limited to its $186 million revolving credit facility at the end of 2025, a modest increase in interest rates could still lead to increased annual interest expenses. Persistently high financing costs could weaken the company's rerating case and impact its profitability.
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National Healthcare Properties (NHP), a real estate investment trust (REIT) focused on healthcare properties in the United States, operates primarily in two segments: Senior Housing Operating Properties (SHOP) and Outpatient Medical Facilities (OMF). The addressable markets for NHP's main products and services in the U.S. are as follows: * **Senior Housing:** The U.S. senior living market was valued at approximately $943.90 billion in 2025. This market is projected to grow to $1.33 trillion by 2033, with a compound annual growth rate (CAGR) of 4.47% from 2026 to 2033. * **Outpatient Medical Facilities (Medical Office Buildings):** The medical office buildings market in the United States generated revenue of approximately $14.08 billion in 2023. This market is expected to reach $22.04 billion by 2030, growing at a CAGR of 6.6% from 2024 to 2030.AI Analysis | Feedback
National Healthcare Properties (NHP), a real estate investment trust (REIT) that recently completed its initial public offering, focuses on a diversified portfolio of senior housing operating properties (SHOP) and outpatient medical facilities (OMF) across the United States. The company is strategically positioned to benefit from the growing elderly U.S. population. Over the next 2-3 years, several key drivers are expected to fuel its revenue growth:
- Acquisitions within the Senior Housing (SHOP) Segment: National Healthcare Properties plans to utilize proceeds from its IPO, in part, to fund future acquisitions, with a strategic shift towards expanding its senior housing portfolio. Growing the number of senior housing communities directly contributes to increased rental income and service revenue.
- Growth in Same-Store Net Operating Income (NOI) and Occupancy within Existing Senior Housing Properties: The company has demonstrated strong performance in its senior housing segment, reporting a 23.3% increase in net operating income for SHOP in 2025 and a 9.8% Q4 Same Store Cash NOI growth. Continued optimization of existing properties through higher occupancy rates and potential rate increases in its RIDEA-structured communities, where residents directly pay for services, will drive revenue growth.
- Demographic-Driven Demand for Healthcare Real Estate: National Healthcare Properties is positioned to capitalize on favorable demographic trends, specifically the increasing elderly population in the U.S., which will lead to a sustained demand for senior housing and outpatient medical facilities. This underlying demographic shift provides a natural tailwind for customer growth and demand for NHP's properties.
- Operational Efficiencies from In-House Management of Outpatient Medical Facilities (OMF): In 2025, National Healthcare Properties transitioned its outpatient medical facilities segment to in-house property management. This internalization of management for a segment that generates a majority of the company's revenue could lead to improved operational efficiencies, better cost control, and potentially higher net operating income contributions from its OMF portfolio.
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```htmlNational Healthcare Properties (NHP) - Capital Allocation Decisions (Last 3-5 Years)
Share Issuance
- In April 2026, National Healthcare Properties launched an Initial Public Offering (IPO), issuing 38.5 million Class A common shares at $12.00 per share. [1, 9]
- The company raised $462 million from its U.S. initial public offering. [4]
Outbound Investments
- In March 2026, National Healthcare Properties agreed to a $64 million acquisition of a senior housing operating portfolio (SHOP), encompassing 13 senior living communities across eight states. [8]
- The company intends to allocate proceeds from its IPO to fund future acquisitions of senior housing and outpatient medical properties. [1]
Capital Expenditures
- National Healthcare Properties focuses its capital deployment primarily on senior housing and outpatient medical facilities. [4]
- Proceeds from the IPO are planned to fund future senior housing and outpatient medical property acquisitions. [1]
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 33.23 |
| Mkt Cap | 14.4 |
| Rev LTM | 2,054 |
| Op Inc LTM | 529 |
| FCF LTM | 980 |
| FCF 3Y Avg | 779 |
| CFO LTM | 1,073 |
| CFO 3Y Avg | 953 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.4% |
| Rev Chg 3Y Avg | 12.5% |
| Rev Chg Q | 18.7% |
| QoQ Delta Rev Chg LTM | 4.4% |
| Op Inc Chg LTM | 12.2% |
| Op Inc Chg 3Y Avg | 19.1% |
| Op Mgn LTM | 16.2% |
| Op Mgn 3Y Avg | 15.5% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 35.5% |
| CFO/Rev 3Y Avg | 34.5% |
| FCF/Rev LTM | 34.1% |
| FCF/Rev 3Y Avg | 34.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 14.4 |
| P/S | 6.6 |
| P/Op Inc | 27.5 |
| P/EBIT | 19.3 |
| P/E | 64.7 |
| P/CFO | 14.9 |
| Total Yield | 7.4% |
| Dividend Yield | 5.8% |
| FCF Yield 3Y Avg | 7.6% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.3% |
| 3M Rtn | 0.9% |
| 6M Rtn | 12.8% |
| 12M Rtn | 29.6% |
| 3Y Rtn | 89.4% |
| 1M Excs Rtn | -3.5% |
| 3M Excs Rtn | -11.2% |
| 6M Excs Rtn | 3.6% |
| 12M Excs Rtn | 5.7% |
| 3Y Excs Rtn | 16.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Senior housing operating properties (SHOPs) | 225 | 216 | 210 | 204 | 206 |
| Outpatient medical facilities (OMFs) | 117 | 137 | 135 | 131 | 123 |
| Total | 342 | 354 | 346 | 336 | 329 |
| $ Mil | 2025 |
|---|---|
| Outpatient medical facilities (OMFs) | 81 |
| Senior housing operating properties (SHOPs) | 43 |
| Gain on sale of real estate investment | 28 |
| Acquisition and transaction related | -1 |
| General and administrative | -24 |
| Impairment charges | -45 |
| Depreciation and amortization | -78 |
| Total | 3 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Outpatient medical facilities (OMFs) | 1,010 | 1,115 | 1,122 | 1,149 | 883 |
| Senior housing operating properties (SHOPs) | 759 | 825 | 856 | 901 | 987 |
| Restricted cash | 52 | 45 | 23 | 26 | 18 |
| Prepaid expenses and other assets | 26 | 36 | 35 | 33 | 35 |
| Straight-line rent receivable, net | 23 | 26 | 25 | 24 | 23 |
| Cash and cash equivalents | 22 | 46 | 54 | 60 | 72 |
| Deferred costs, net | 21 | 16 | 17 | 15 | 15 |
| Derivative assets, at fair value | 19 | 28 | 41 | 0 | 0 |
| Operating lease right-of-use assets | 7 | 8 | 8 | 8 | 14 |
| Accounts receivable, net | 6 | ||||
| Assets held for sale | 0 | ||||
| Triple-Net Leased Healthcare Facilities | 238 | ||||
| Total | 1,946 | 2,145 | 2,180 | 2,214 | 2,287 |
Earnings Returns History
Updated 6/15/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | 9.8% | 10.1% | 7.8% |
| SUMMARY STATS | |||
| # Positive | 1 | 1 | 1 |
| # Negative | 0 | 0 | 0 |
| Median Positive | 9.8% | 10.1% | 7.8% |
| Median Negative | |||
| Max Positive | 9.8% | 10.1% | 7.8% |
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/17/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Health Care REITs Resources |
| Healthcare Real Estate Insights |
| Seniors Housing Business |
| RevistaMed |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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