National Healthcare Properties (NHP)
Market Price (9/21/2026): $16.12 | Market Cap: $992.9 MilSector: Real Estate | Industry: Health Care REITs
National Healthcare Properties (NHP)
Market Price (9/21/2026): $16.12Market Cap: $992.9 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 15% 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 returns3Y Excs Rtn is -41% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 62% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 72x Stock price has recently run up significantly6M Rtn6 month market price return is 114%, 12M Rtn12 month market price return is 121% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.3% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 346% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.7% High stock price volatilityVol 12M is 160% 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 15% |
| 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 returns3Y Excs Rtn is -41% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 62% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 72x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 114%, 12M Rtn12 month market price return is 121% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.3% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 346% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.7% |
| High stock price volatilityVol 12M is 160% |
| 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
Updated on 9/1/2026
National Healthcare Properties (NHP) stock has gained about 55% since 5/31/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 SHOP Performance and Increased Guidance: National Healthcare Properties demonstrated strong operational momentum with its Senior Housing Operating Properties (SHOP) segment, reporting a 20.1% year-over-year increase in Same Store Cash Net Operating Income (NOI) for fiscal Q2 2026, which ended June 30, 2026. This robust performance, driven by 84.1% SHOP occupancy and 5.9% revenue per occupied room (RevPOR) growth, led management to raise its full-year 2026 SHOP same-store cash NOI growth guidance to 15.0%-18.0%, up from the prior range of 13.0%-16.0%.
2. Significant Balance Sheet Deleveraging and Enhanced Financial Flexibility: The company materially improved its financial health following its April 2026 initial public offering (IPO), which generated approximately $531.3 million. By the end of fiscal Q2 2026, National Healthcare Properties had reduced its net leverage to 4.9x from 9.2x year-over-year. Further bolstering its capital structure, NHP recast its senior unsecured credit facilities in August 2026, expanding total commitments from $550 million to $1.2 billion and securing improved terms and extended maturities. These actions significantly de-risked the company and provided greater capacity for future investments.
Show more
National Healthcare Properties (NHP) stock has gained about 55% since 5/31/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 SHOP Performance and Increased Guidance: National Healthcare Properties demonstrated strong operational momentum with its Senior Housing Operating Properties (SHOP) segment, reporting a 20.1% year-over-year increase in Same Store Cash Net Operating Income (NOI) for fiscal Q2 2026, which ended June 30, 2026. This robust performance, driven by 84.1% SHOP occupancy and 5.9% revenue per occupied room (RevPOR) growth, led management to raise its full-year 2026 SHOP same-store cash NOI growth guidance to 15.0%-18.0%, up from the prior range of 13.0%-16.0%.
2. Significant Balance Sheet Deleveraging and Enhanced Financial Flexibility: The company materially improved its financial health following its April 2026 initial public offering (IPO), which generated approximately $531.3 million. By the end of fiscal Q2 2026, National Healthcare Properties had reduced its net leverage to 4.9x from 9.2x year-over-year. Further bolstering its capital structure, NHP recast its senior unsecured credit facilities in August 2026, expanding total commitments from $550 million to $1.2 billion and securing improved terms and extended maturities. These actions significantly de-risked the company and provided greater capacity for future investments.
Show more
Updated on 9/1/2026
National Healthcare Properties (NHP) stock has gained about 55% since 5/31/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 SHOP Performance and Increased Guidance: National Healthcare Properties demonstrated strong operational momentum with its Senior Housing Operating Properties (SHOP) segment, reporting a 20.1% year-over-year increase in Same Store Cash Net Operating Income (NOI) for fiscal Q2 2026, which ended June 30, 2026. This robust performance, driven by 84.1% SHOP occupancy and 5.9% revenue per occupied room (RevPOR) growth, led management to raise its full-year 2026 SHOP same-store cash NOI growth guidance to 15.0%-18.0%, up from the prior range of 13.0%-16.0%.
2. Significant Balance Sheet Deleveraging and Enhanced Financial Flexibility: The company materially improved its financial health following its April 2026 initial public offering (IPO), which generated approximately $531.3 million. By the end of fiscal Q2 2026, National Healthcare Properties had reduced its net leverage to 4.9x from 9.2x year-over-year. Further bolstering its capital structure, NHP recast its senior unsecured credit facilities in August 2026, expanding total commitments from $550 million to $1.2 billion and securing improved terms and extended maturities. These actions significantly de-risked the company and provided greater capacity for future investments.
3. Strategic Portfolio Repositioning Towards High-Growth Senior Housing: National Healthcare Properties actively executed a strategy to concentrate its portfolio on higher-growth senior housing operating properties (SHOP). The company completed or agreed to approximately $400 million of SHOP acquisitions by fiscal Q2 2026, with year-to-date 2026 acquisitions totaling 19 properties for approximately $280 million at attractive blended year-one and year-three yields of 7.9% and 9.7%, respectively. This strategic focus was further underscored by plans to sell 86 non-core outpatient medical facilities for approximately $528 million.
4. Positive Analyst Sentiment and Upward Price Target Revisions: Wall Street analysts largely responded favorably to National Healthcare Properties' operational and strategic advancements during the period. As of August 2026, the stock received an average "Buy" rating with an average 12-month price target of $18.57, reflecting an anticipated upside of 11.87% from its then-current price. Several analysts also issued upward revisions to their price targets, reinforcing investor confidence in NHP's future prospects.
Show less
National Healthcare Properties (NHP) stock has gained about 55% since 5/31/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 SHOP Performance and Increased Guidance: National Healthcare Properties demonstrated strong operational momentum with its Senior Housing Operating Properties (SHOP) segment, reporting a 20.1% year-over-year increase in Same Store Cash Net Operating Income (NOI) for fiscal Q2 2026, which ended June 30, 2026. This robust performance, driven by 84.1% SHOP occupancy and 5.9% revenue per occupied room (RevPOR) growth, led management to raise its full-year 2026 SHOP same-store cash NOI growth guidance to 15.0%-18.0%, up from the prior range of 13.0%-16.0%.
2. Significant Balance Sheet Deleveraging and Enhanced Financial Flexibility: The company materially improved its financial health following its April 2026 initial public offering (IPO), which generated approximately $531.3 million. By the end of fiscal Q2 2026, National Healthcare Properties had reduced its net leverage to 4.9x from 9.2x year-over-year. Further bolstering its capital structure, NHP recast its senior unsecured credit facilities in August 2026, expanding total commitments from $550 million to $1.2 billion and securing improved terms and extended maturities. These actions significantly de-risked the company and provided greater capacity for future investments.
3. Strategic Portfolio Repositioning Towards High-Growth Senior Housing: National Healthcare Properties actively executed a strategy to concentrate its portfolio on higher-growth senior housing operating properties (SHOP). The company completed or agreed to approximately $400 million of SHOP acquisitions by fiscal Q2 2026, with year-to-date 2026 acquisitions totaling 19 properties for approximately $280 million at attractive blended year-one and year-three yields of 7.9% and 9.7%, respectively. This strategic focus was further underscored by plans to sell 86 non-core outpatient medical facilities for approximately $528 million.
4. Positive Analyst Sentiment and Upward Price Target Revisions: Wall Street analysts largely responded favorably to National Healthcare Properties' operational and strategic advancements during the period. As of August 2026, the stock received an average "Buy" rating with an average 12-month price target of $18.57, reflecting an anticipated upside of 11.87% from its then-current price. Several analysts also issued upward revisions to their price targets, reinforcing investor confidence in NHP's future prospects.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 56.9% change in NHP stock from 5/31/2026 to 9/20/2026 was primarily driven by a 238.8% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.20 | 16.00 | 56.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 342 | 344 | 0.6% |
| P/S Multiple | 0.8 | 2.9 | 238.8% |
| Shares Outstanding (Mil) | 28 | 62 | -54.0% |
| Cumulative Contribution | 56.9% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| NHP | 56.9% | |
| Market (SPY) | 0.9% | -2.2% |
| Sector (XLRE) | -3.3% | 0.0% |
Fundamental Drivers
The 108.0% change in NHP stock from 2/28/2026 to 9/20/2026 was primarily driven by a 349.7% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.69 | 16.00 | 108.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 342 | 344 | 0.6% |
| P/S Multiple | 0.6 | 2.9 | 349.7% |
| Shares Outstanding (Mil) | 28 | 62 | -54.0% |
| Cumulative Contribution | 108.0% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| NHP | 108.0% | |
| Market (SPY) | 11.6% | 3.7% |
| Sector (XLRE) | -2.3% | -4.0% |
Fundamental Drivers
The 101.7% change in NHP stock from 8/31/2025 to 9/20/2026 was primarily driven by a 344.4% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.93 | 16.00 | 101.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 348 | 344 | -1.2% |
| P/S Multiple | 0.6 | 2.9 | 344.4% |
| Shares Outstanding (Mil) | 28 | 62 | -54.1% |
| Cumulative Contribution | 101.7% |
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| NHP | 101.7% | |
| Market (SPY) | 19.4% | 6.8% |
| Sector (XLRE) | 3.1% | 1.9% |
Fundamental Drivers
The 56.9% change in NHP stock from 8/31/2023 to 9/20/2026 was primarily driven by a 83.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312023 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.20 | 16.00 | 56.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 342 | 344 | 0.7% |
| P/S Multiple | 3.4 | 2.9 | -15.1% |
| Shares Outstanding (Mil) | 113 | 62 | 83.6% |
| Cumulative Contribution | 56.9% |
Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| NHP | 56.9% | |
| Market (SPY) | 75.6% | -11.4% |
| Sector (XLRE) | 26.2% | -6.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NHP Return | -17% | 69% | -54% | -28% | -11% | 127% | -6% |
| Peers Return | 8% | -11% | 17% | 28% | 22% | 20% | 112% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| NHP Win Rate | 25% | 58% | 50% | 50% | 25% | 78% | |
| Peers Win Rate | 48% | 43% | 57% | 65% | 58% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| NHP Max Drawdown | - | -94% | -73% | -94% | -75% | -41% | |
| 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 9/18/2026 (YTD)
How Low Can It Go
| Event | NHP | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -19.1% | -7.8% |
| % Gain to Breakeven | 23.7% | 8.5% |
| Time to Breakeven | 1 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -47.0% | -9.5% |
| % Gain to Breakeven | 88.8% | 10.5% |
| Time to Breakeven | 2 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -72.8% | -6.7% |
| % Gain to Breakeven | 268.3% | 7.1% |
| Time to Breakeven | 511 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -91.1% | -24.5% |
| % Gain to Breakeven | 1026.3% | 32.4% |
| Time to Breakeven | 3 days | 427 days |
In The Past
National Healthcare Properties's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
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| Event | NHP | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -47.0% | -9.5% |
| % Gain to Breakeven | 88.8% | 10.5% |
| Time to Breakeven | 2 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -72.8% | -6.7% |
| % Gain to Breakeven | 268.3% | 7.1% |
| Time to Breakeven | 511 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -91.1% | -24.5% |
| % Gain to Breakeven | 1026.3% | 32.4% |
| Time to Breakeven | 3 days | 427 days |
In The Past
National Healthcare Properties's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% 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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AI Analysis | Feedback
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 Director
Michael 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
Michael 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
AI Analysis | Feedback
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.
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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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National 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]
Peer Outperformance in Health Care REITs
NHP has trailed 71% of its 14 Health Care REITs peers over 5Y. Health Care REITs ranks 1st of 12 industries in Real Estate by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Health Care REITs constituents that NHP has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 16 industry peers · 121.0% return
3Y
33%
of 15 industry peers · 29.9% return
5Y
29%
of 14 industry peers · -6.8% return
No Health Care REITs peer with a comparable growth profile has beaten NHP by more than 20pp over 5Y.
Median price return by industry across the Real Estate sector, ranked by 5Y. Health Care REITs is NHP's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs ← | 15 | 17.4% | 59.5% | 59.7% | WELL 200% · DHC 153% · CTRE 123% |
| Retail REITs | 22 | 7.8% | 34.8% | 33.0% | IVT 1505% · SKT 161% · SPG 105% |
| Real Estate Development | 6 | -21.0% | 17.4% | 18.5% | JOE 59% · AXR 55% · FOR 37% |
| Other Specialized REITs | 11 | 5.3% | 20.9% | 16.6% | IRM 211% · EPR 64% · OUT 64% |
| Hotel & Resort REITs | 16 | 29.1% | 33.3% | 7.2% | HST 71% · RHP 71% · DRH 53% |
| Industrial REITs | 11 | 11.7% | 24.4% | 4.0% | EGP 38% · FR 33% · PLD 21% |
| Diversified REITs | 12 | 8.3% | 30.9% | -5.8% | CTO 71% · LXP 18% · WPC 18% |
| Single-Family Residential REITs | 4 | -5.2% | -1.1% | -18.4% | AMH -10% · ELS -16% · INVH -21% |
| Multi-Family Residential REITs | 13 | -7.6% | 4.0% | -21.5% | AIV 6% · ESS 0% · BRT -6% |
| Real Estate Services | 27 | -23.0% | -2.3% | -26.0% | REAX 798% · MDRR 580% · CHCI 322% |
| Office REITs | 18 | -12.7% | 21.9% | -31.6% | PSTL 70% · CDP 56% · SLG 6% |
| Telecom Tower REITs | 3 | -8.0% | -7.2% | -45.2% | AMT -30% · SBAC -45% · CCI -50% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 33.49 |
| Mkt Cap | 14.0 |
| Rev LTM | 2,116 |
| Op Inc LTM | 591 |
| FCF LTM | 991 |
| FCF 3Y Avg | 819 |
| CFO LTM | 1,061 |
| CFO 3Y Avg | 971 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.1% |
| Rev Chg 3Y Avg | 13.2% |
| Rev Chg Q | 19.0% |
| QoQ Delta Rev Chg LTM | 4.4% |
| Op Inc Chg LTM | 9.4% |
| Op Inc Chg 3Y Avg | 20.4% |
| Op Mgn LTM | 15.9% |
| Op Mgn 3Y Avg | 15.4% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 34.8% |
| CFO/Rev 3Y Avg | 34.5% |
| FCF/Rev LTM | 33.4% |
| FCF/Rev 3Y Avg | 34.0% |
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 | 2024 | 2023 |
|---|---|---|---|
| Outpatient medical facilities (OMFs) | 81 | 98 | 97 |
| Senior housing operating properties (SHOPs) | 43 | 35 | 31 |
| Gain on sale of real estate investment | 28 | 9 | -0 |
| Acquisition and transaction related | -1 | -8 | -1 |
| General and administrative | -24 | -22 | -19 |
| Impairment charges | -45 | -25 | -5 |
| Depreciation and amortization | -78 | -84 | -83 |
| Operating fees to related parties | -19 | -26 | |
| Termination fees to related parties | -107 | ||
| Total | 3 | -124 | -5 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Outpatient medical facilities (OMFs) | 1,005 | 1,115 | 1,122 | 1,149 | 1,122 |
| Senior housing operating properties (SHOPs) | 756 | 825 | 856 | 901 | 987 |
| Restricted cash | 52 | 45 | 23 | 26 | 18 |
| Prepaid expenses and other assets | 40 | 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 |
| Assets held for sale | 0 | ||||
| Total | 1,946 | 2,145 | 2,180 | 2,214 | 2,287 |
Price Behavior
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NHP Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.24 | 0.07 | -0.15 | 0.44 | 0.55 | -1.28 |
| Up Beta | 0.70 | -0.29 | 5.34 | 3.56 | 2.66 | -0.80 |
| Down Beta | -1.50 | -0.71 | -1.70 | -0.50 | 1.00 | -0.84 |
| Up Capture | 52% | 64% | -86% | -2% | -8% | -7% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 22 | 34 | 56 | 69 | 114 |
| Down Capture | -43% | 14% | -544% | -361% | -258% | -17986% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 19 | 29 | 42 | 57 | 116 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NHP | |
|---|---|---|---|---|
| NHP | 216.0% | 215.7% | 2.18 | - |
| Sector ETF (XLRE) | 3.8% | 14.0% | 0.03 | -2.7% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 4.3% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | -6.8% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -2.9% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | -4.1% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | -0.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NHP | |
|---|---|---|---|---|
| NHP | -33.9% | 273.5% | 0.76 | - |
| Sector ETF (XLRE) | 1.2% | 19.1% | -0.04 | -6.1% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 2.0% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | -14.1% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | -1.4% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | -9.5% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | -12.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NHP | |
|---|---|---|---|---|
| NHP | -18.7% | 273.5% | 0.76 | - |
| Sector ETF (XLRE) | 5.8% | 20.4% | 0.24 | -6.1% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 2.0% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | -14.1% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | -1.4% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | -9.5% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | -12.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 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 |
| 03/31/2022 | 05/13/2022 | 10-Q |
| 12/31/2021 | 03/18/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/13/2021 | 10-Q |
| 03/31/2021 | 05/14/2021 | 10-Q |
| 12/31/2020 | 03/30/2021 | 10-K |
| 09/30/2020 | 11/16/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 SHOP Same Store Cash NOI growth | Reported | 15.0% | 16.5% | 18.0% | 2.0% | Raised | Guidance: 14.5% for 2026 | |
| 2026 OMF Same Store Cash NOI growth | Reported | 2.5% | 3.0% | 3.5% | 0.0% | Affirmed | Guidance: 3.0% for 2026 | |
| 2026 Acquisitions | Reported | 375.00 Mil | 400.00 Mil | 425.00 Mil | 0.0% | Affirmed | Guidance: 400.00 Mil for 2026 | |
| 2026 Dispositions | Reported | 570.00 Mil | 8.0% | Raised | Guidance: 528.00 Mil for 2026 | |||
| 2026 General and administrative expense, including equity-based compensation | Reported | 27.00 Mil | 27.50 Mil | 28.00 Mil | 3.8% | Raised | Guidance: 26.50 Mil for 2026 | |
| 2026 Equity-based compensation | Reported | 6.00 Mil | 6.50 Mil | 7.00 Mil | 18.2% | Raised | Guidance: 5.50 Mil for 2026 | |
| 2026 Same Store Recurring Capital Expenditures | Reported | 22.00 Mil | 23.50 Mil | 25.00 Mil | 0.0% | Affirmed | Guidance: 23.50 Mil for 2026 | |
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 |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 9/20/2026