National Healthcare Properties (NHP)
Market Price (11/6/2026): $15.21 | Market Cap: $1.1 BilSector: Real Estate | Industry: Health Care REITs
National Healthcare Properties (NHP)
Market Price (11/6/2026): $15.21Market Cap: $1.1 BilSector: 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 -61% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 66% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 69x 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 324% 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 -9.0% High stock price volatilityVol 12M is 132% 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 -61% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 66% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 69x |
| 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 324% |
| 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 -9.0% |
| High stock price volatilityVol 12M is 132% |
| 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
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Updated on 11/1/2026
National Healthcare Properties (NHP) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Positive Fiscal Q2 2026 Performance and Financial Health Improvement Provided Initial Support.
National Healthcare Properties (NHP) reported strong financial results for fiscal Q2 2026, which ended in June 2026, on August 5, 2026. The company saw a 123% year-over-year increase in Funds from Operations (FFO) to $12.0 million. Additionally, NHP significantly improved its net leverage, reducing it from 9.2x a year prior to 4.9x as of June 30, 2026. This positive news, released early in the specified period, likely provided initial upward momentum for the stock, with NHP reaching an all-time high of $17.46 on August 6, 2026.
2. Strategic Portfolio Optimization Efforts Created Both Opportunity and Short-Term Uncertainty.
During the period, NHP actively engaged in strategic portfolio optimization. On September 28, 2026, the company announced a definitive agreement to sell 40 outpatient medical facilities for $531 million. This followed the completion of the sale of 30 medical facilities by September 10, 2026. Concurrently, NHP expanded its senior housing portfolio through acquisitions in multiple states by September 16, 2026, aligning with its strategic emphasis on this growing sector. While these moves are aimed at long-term strategic positioning, substantial asset sales can introduce short-term investor uncertainty, potentially balancing out the positive impact of senior housing expansion.
Show more
National Healthcare Properties (NHP) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Positive Fiscal Q2 2026 Performance and Financial Health Improvement Provided Initial Support.
National Healthcare Properties (NHP) reported strong financial results for fiscal Q2 2026, which ended in June 2026, on August 5, 2026. The company saw a 123% year-over-year increase in Funds from Operations (FFO) to $12.0 million. Additionally, NHP significantly improved its net leverage, reducing it from 9.2x a year prior to 4.9x as of June 30, 2026. This positive news, released early in the specified period, likely provided initial upward momentum for the stock, with NHP reaching an all-time high of $17.46 on August 6, 2026.
2. Strategic Portfolio Optimization Efforts Created Both Opportunity and Short-Term Uncertainty.
During the period, NHP actively engaged in strategic portfolio optimization. On September 28, 2026, the company announced a definitive agreement to sell 40 outpatient medical facilities for $531 million. This followed the completion of the sale of 30 medical facilities by September 10, 2026. Concurrently, NHP expanded its senior housing portfolio through acquisitions in multiple states by September 16, 2026, aligning with its strategic emphasis on this growing sector. While these moves are aimed at long-term strategic positioning, substantial asset sales can introduce short-term investor uncertainty, potentially balancing out the positive impact of senior housing expansion.
Show more
Updated on 11/1/2026
National Healthcare Properties (NHP) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Positive Fiscal Q2 2026 Performance and Financial Health Improvement Provided Initial Support.
National Healthcare Properties (NHP) reported strong financial results for fiscal Q2 2026, which ended in June 2026, on August 5, 2026. The company saw a 123% year-over-year increase in Funds from Operations (FFO) to $12.0 million. Additionally, NHP significantly improved its net leverage, reducing it from 9.2x a year prior to 4.9x as of June 30, 2026. This positive news, released early in the specified period, likely provided initial upward momentum for the stock, with NHP reaching an all-time high of $17.46 on August 6, 2026.
2. Strategic Portfolio Optimization Efforts Created Both Opportunity and Short-Term Uncertainty.
During the period, NHP actively engaged in strategic portfolio optimization. On September 28, 2026, the company announced a definitive agreement to sell 40 outpatient medical facilities for $531 million. This followed the completion of the sale of 30 medical facilities by September 10, 2026. Concurrently, NHP expanded its senior housing portfolio through acquisitions in multiple states by September 16, 2026, aligning with its strategic emphasis on this growing sector. While these moves are aimed at long-term strategic positioning, substantial asset sales can introduce short-term investor uncertainty, potentially balancing out the positive impact of senior housing expansion.
3. Broader Healthcare REIT Sector Resilience Counteracted by Higher Capital Costs.
The healthcare real estate market, including the healthcare REIT sector, generally demonstrated resilience in Q3 2026 (which ended in September 2026), driven by long-term demographic trends and stable tenant demand, particularly in senior housing where occupancy and rent growth showed strength. However, this positive sector-specific outlook was tempered by broader macroeconomic challenges. The wider REIT market experienced headwinds from a "renewed surge in long-term Treasury yields" starting in late July 2026, contributing to a record seven consecutive weekly declines for the Equity REIT Index, which fell approximately 9% since late July. This indicated a "valuation and cost-of-capital reset" due to elevated borrowing costs, which raised acquisition hurdles and reduced the attractiveness of equity issuance for REITs, thus exerting downward pressure on stock valuations.
4. Investor Awaiting Fiscal Q3 2026 Earnings Results Led to a Holding Pattern.
NHP is scheduled to release its financial results for fiscal Q3 2026 (ended September 30, 2026) after market close on November 4, 2026. Market analysts are projecting revenue of $94.29 million and earnings per share (EPS) of $0.85 for the quarter. The proximity of this earnings announcement, with investors holding varying expectations, likely created a "wait-and-see" approach among investors, contributing to a relatively stable stock price as market participants deferred significant movements until more definitive financial performance data became available. This anticipation, combined with the stock's recent decline of 6.0-6.45% in the month leading up to October 30, 2026, suggests a period of equilibrium as investors awaited new catalysts.
Show less
National Healthcare Properties (NHP) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Positive Fiscal Q2 2026 Performance and Financial Health Improvement Provided Initial Support.
National Healthcare Properties (NHP) reported strong financial results for fiscal Q2 2026, which ended in June 2026, on August 5, 2026. The company saw a 123% year-over-year increase in Funds from Operations (FFO) to $12.0 million. Additionally, NHP significantly improved its net leverage, reducing it from 9.2x a year prior to 4.9x as of June 30, 2026. This positive news, released early in the specified period, likely provided initial upward momentum for the stock, with NHP reaching an all-time high of $17.46 on August 6, 2026.
2. Strategic Portfolio Optimization Efforts Created Both Opportunity and Short-Term Uncertainty.
During the period, NHP actively engaged in strategic portfolio optimization. On September 28, 2026, the company announced a definitive agreement to sell 40 outpatient medical facilities for $531 million. This followed the completion of the sale of 30 medical facilities by September 10, 2026. Concurrently, NHP expanded its senior housing portfolio through acquisitions in multiple states by September 16, 2026, aligning with its strategic emphasis on this growing sector. While these moves are aimed at long-term strategic positioning, substantial asset sales can introduce short-term investor uncertainty, potentially balancing out the positive impact of senior housing expansion.
3. Broader Healthcare REIT Sector Resilience Counteracted by Higher Capital Costs.
The healthcare real estate market, including the healthcare REIT sector, generally demonstrated resilience in Q3 2026 (which ended in September 2026), driven by long-term demographic trends and stable tenant demand, particularly in senior housing where occupancy and rent growth showed strength. However, this positive sector-specific outlook was tempered by broader macroeconomic challenges. The wider REIT market experienced headwinds from a "renewed surge in long-term Treasury yields" starting in late July 2026, contributing to a record seven consecutive weekly declines for the Equity REIT Index, which fell approximately 9% since late July. This indicated a "valuation and cost-of-capital reset" due to elevated borrowing costs, which raised acquisition hurdles and reduced the attractiveness of equity issuance for REITs, thus exerting downward pressure on stock valuations.
4. Investor Awaiting Fiscal Q3 2026 Earnings Results Led to a Holding Pattern.
NHP is scheduled to release its financial results for fiscal Q3 2026 (ended September 30, 2026) after market close on November 4, 2026. Market analysts are projecting revenue of $94.29 million and earnings per share (EPS) of $0.85 for the quarter. The proximity of this earnings announcement, with investors holding varying expectations, likely created a "wait-and-see" approach among investors, contributing to a relatively stable stock price as market participants deferred significant movements until more definitive financial performance data became available. This anticipation, combined with the stock's recent decline of 6.0-6.45% in the month leading up to October 30, 2026, suggests a period of equilibrium as investors awaited new catalysts.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 0.0% change in NHP stock from 7/31/2026 to 11/5/2026 was primarily driven by a -54.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.21 | 15.21 | 0.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 342 | 344 | 0.6% |
| P/S Multiple | 1.3 | 2.7 | 115.9% |
| Shares Outstanding (Mil) | 28 | 62 | -54.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| NHP | -0.0% | |
| Market (SPY) | -1.9% | 14.4% |
| Sector (XLRE) | -1.7% | 41.0% |
Fundamental Drivers
The 19.8% change in NHP stock from 4/30/2026 to 11/5/2026 was primarily driven by a 159.0% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.70 | 15.21 | 19.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 342 | 344 | 0.6% |
| P/S Multiple | 1.1 | 2.7 | 159.0% |
| Shares Outstanding (Mil) | 28 | 62 | -54.0% |
| Cumulative Contribution | 19.8% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| NHP | 19.8% | |
| Market (SPY) | 2.3% | 6.8% |
| Sector (XLRE) | 0.6% | 6.1% |
Fundamental Drivers
The 102.1% change in NHP stock from 10/31/2025 to 11/5/2026 was primarily driven by a 345.2% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.53 | 15.21 | 102.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 348 | 344 | -1.2% |
| P/S Multiple | 0.6 | 2.7 | 345.2% |
| Shares Outstanding (Mil) | 28 | 62 | -54.1% |
| Cumulative Contribution | 102.1% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| NHP | 102.1% | |
| Market (SPY) | 8.4% | 11.1% |
| Sector (XLRE) | 11.2% | 7.5% |
Fundamental Drivers
The 22.7% change in NHP stock from 10/31/2023 to 11/5/2026 was primarily driven by a 83.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.40 | 15.21 | 22.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 342 | 344 | 0.7% |
| P/S Multiple | 4.1 | 2.7 | -33.7% |
| Shares Outstanding (Mil) | 113 | 62 | 83.6% |
| Cumulative Contribution | 22.7% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| NHP | 22.7% | |
| Market (SPY) | 81.3% | -10.3% |
| Sector (XLRE) | 47.1% | -7.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NHP Return | -17% | 69% | -54% | -28% | -11% | 115% | -11% |
| Peers Return | 8% | -11% | 17% | 28% | 22% | 23% | 117% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| NHP Win Rate | 25% | 58% | 50% | 50% | 25% | 73% | |
| Peers Win Rate | 48% | 43% | 57% | 65% | 58% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| NHP Max Drawdown | - | -94% | -73% | -94% | -75% | -41% | |
| Peers Max Drawdown | -20% | -33% | -24% | -15% | -13% | -16% | |
| 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 11/5/2026 (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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Asset Allocation
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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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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 · 94.6% return
3Y
27%
of 15 industry peers · 22.7% return
5Y
29%
of 14 industry peers · -11.0% 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 | 18.1% | 67.6% | 71.7% | WELL 227% · OHI 136% · CTRE 125% |
| Retail REITs | 23 | 16.2% | 39.2% | 23.5% | SKT 120% · SPG 73% · IVT 52% |
| Other Specialized REITs | 11 | -0.8% | 27.7% | 11.9% | IRM 168% · LAMR 66% · EPR 59% |
| Hotel & Resort REITs | 16 | 56.6% | 44.8% | 8.7% | HST 72% · RHP 64% · DRH 51% |
| Real Estate Development | 6 | -2.3% | 21.6% | 6.5% | JOE 48% |
| Industrial REITs | 11 | 14.6% | 34.9% | 1.5% | EGP 13% · CUBE 7% · STAG 7% |
| Single-Family Residential REITs | 4 | 1.5% | 4.4% | -17.0% | AMH -4% · ELS -14% · INVH -20% |
| Multi-Family Residential REITs | 12 | -0.6% | 20.0% | -24.0% | ESS -3% · VMRK -6% · UDR -18% |
| Diversified REITs | 13 | 6.3% | 18.2% | -28.3% | EPRT 17% · WPC 12% · LXP 7% |
| Office REITs | 19 | 1.8% | 36.0% | -34.3% | CDP 41% · HIW -4% · SLG -5% |
| Telecom Tower REITs | 3 | 6.5% | 10.0% | -35.3% | AMT -18% · CCI -35% · SBAC -39% |
| Real Estate Services | 26 | -29.8% | -11.8% | -40.2% | JLL 40% · CBRE 28% · NMRK -22% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 34.54 |
| Mkt Cap | 14.3 |
| Rev LTM | 2,188 |
| Op Inc LTM | 653 |
| FCF LTM | 1,000 |
| FCF 3Y Avg | 848 |
| CFO LTM | 1,063 |
| CFO 3Y Avg | 991 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.1% |
| Rev Chg 3Y Avg | 14.0% |
| Rev Chg Q | 19.7% |
| QoQ Delta Rev Chg LTM | 4.6% |
| Op Inc Chg LTM | 4.5% |
| Op Inc Chg 3Y Avg | 18.5% |
| Op Mgn LTM | 15.0% |
| Op Mgn 3Y Avg | 15.4% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 34.8% |
| CFO/Rev 3Y Avg | 34.6% |
| FCF/Rev LTM | 32.8% |
| FCF/Rev 3Y Avg | 34.2% |
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
Price Behavior
| Market Price | $15.21 | |
| Market Cap ($ Bil) | 0.9 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -10.5% | |
| 50 Days | 200 Days | |
| DMA Price | $15.66 | $12.68 |
| DMA Trend | down | up |
| Distance from DMA | -2.9% | 20.0% |
| 3M | 1YR | |
| Volatility | 29.9% | 131.5% |
| Downside Capture | 31.24 | 20.53 |
| Upside Capture | -7.62 | 100.61 |
| Correlation (S&P 500) | -3.8% | 8.3% |
NHP Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.64 | -0.34 | -0.13 | 0.43 | 0.80 | -1.24 |
| Up Beta | -3.61 | 0.34 | 0.55 | 4.13 | 2.28 | -0.89 |
| Down Beta | -1.15 | -0.85 | -0.84 | -1.04 | 1.16 | -1.26 |
| Up Capture | -77% | -45% | -12% | -18% | 19% | -7% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 9 | 19 | 30 | 64 | 85 | 128 |
| Down Capture | 13% | 1% | -9% | -98% | -82% | -8903% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 13 | 24 | 33 | 61 | 79 | 135 |
[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 | 190.6% | 149.6% | 1.91 | - |
| Sector ETF (XLRE) | 11.1% | 14.6% | 0.49 | 4.7% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 10.7% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | -0.1% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -9.5% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | 4.8% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 3.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NHP | |
|---|---|---|---|---|
| NHP | -34.5% | 219.9% | 0.48 | - |
| Sector ETF (XLRE) | 1.5% | 19.2% | -0.03 | -1.1% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 5.4% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | -9.6% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | -5.2% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | -3.5% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | -11.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NHP | |
|---|---|---|---|---|
| NHP | -19.0% | 219.9% | 0.48 | - |
| Sector ETF (XLRE) | 7.1% | 20.4% | 0.30 | -1.1% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 5.4% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | -9.6% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | -5.2% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | -3.5% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | -11.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | -3.7% | ||
| 8/5/2026 | 5.0% | 0.7% | -0.2% |
| 5/13/2026 | 9.8% | 10.1% | -20.2% |
| 2/20/2026 | 0.0% | 0.0% | -3.0% |
| 11/5/2025 | 0.0% | 0.0% | -5.0% |
| 8/7/2025 | 0.0% | 0.0% | -7.3% |
| SUMMARY STATS | |||
| # Positive | 5 | 5 | 0 |
| # Negative | 1 | 0 | 5 |
| Median Positive | 0.0% | 0.0% | |
| Median Negative | -3.7% | -5.0% | |
| Max Positive | 9.8% | 10.1% | |
| Max Negative | -3.7% | -20.2% | |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | -3.7% | ||
| 8/5/2026 | 5.0% | 0.7% | -0.2% |
| 5/13/2026 | 9.8% | 10.1% | -20.2% |
| 2/20/2026 | 0.0% | 0.0% | -3.0% |
| 11/5/2025 | 0.0% | 0.0% | -5.0% |
| 8/7/2025 | 0.0% | 0.0% | -7.3% |
| SUMMARY STATS | |||
| # Positive | 5 | 5 | 0 |
| # Negative | 1 | 0 | 5 |
| Median Positive | 0.0% | 0.0% | |
| Median Negative | -3.7% | -5.0% | |
| Max Positive | 9.8% | 10.1% | |
| Max Negative | -3.7% | -20.2% | |
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 11/5/2026Latest: Q3 2026 Earnings Reported 11/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 OMF Portfolio Sale Proceeds | Reported | 331.00 Mil | ||||||
| 2026 SHOP Same Store Cash NOI Growth | Reported | 16.5% | 17.5% | 18.5% | 1.0% | Raised | Guidance: 16.5% for 2026 | |
| 2026 Acquisitions | Reported | 425.00 Mil | 525.00 Mil | 625.00 Mil | 31.2% | Raised | Guidance: 400.00 Mil for 2026 | |
| 2026 Dispositions | Reported | 1.10 Bil | 93.0% | Raised | Guidance: 570.00 Mil for 2026 | |||
| 2026 General and administrative expense, including equity-based compensation | Reported | 27.00 Mil | 27.50 Mil | 28.00 Mil | 0 | Affirmed | Guidance: 27.50 Mil for 2026 | |
| 2026 Equity-based compensation | Reported | 6.00 Mil | 6.50 Mil | 7.00 Mil | 0 | Affirmed | Guidance: 6.50 Mil for 2026 | |
| 2026 Same Store SHOP Recurring Capital Expenditures | Reported | 10.00 Mil | 10.50 Mil | 11.00 Mil | ||||
| 2026 Annual Preferred Dividend Savings | Reported | 11.00 Mil | ||||||
| 2026 Total OMF Portfolio Recurring Capital Expenditures | Reported | 7.00 Mil | 7.50 Mil | 8.00 Mil | ||||
Prior: 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 |
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Core Cache Last Updated: 11/5/2026