National Healthcare Properties Reports Mixed 2025 Results: Senior Housing Shines, Outpatient Medical Lags

Event summary

  • Reported a net loss of $0.92 per share in Q4 2025, but full-year FFO per share surged 116.7% YoY.
  • Senior Housing Operating Property (SHOP) segment saw 26.5% Same Store Cash NOI growth in Q4, while Outpatient Medical Facility (OMF) segment grew just 1.9%.
  • Disposed of $202.5 million in non-core properties in 2025, including seven SHOPs and 18 OMFs.
  • Secured $550 million in new credit facilities in December 2025, reducing leverage from 10.3x to 9.2x.
  • Repurchased preferred stock at an 11.5% yield, reducing leverage by $3.2 million.

The big picture

National Healthcare Properties' 2025 results highlight a stark contrast between its senior housing and outpatient medical segments. The strong performance in senior housing reflects robust fundamentals in that sector, while the outpatient medical segment's modest growth suggests potential challenges. The company's strategic focus on disposing non-core assets and refinancing debt positions it for improved financial flexibility, but broader economic and regulatory factors will shape its trajectory in 2026.

What we're watching

Portfolio Strategy
Whether the company can sustain high single-digit NOI growth in senior housing amid potential economic headwinds.
Debt Management
The pace at which National Healthcare Properties can further reduce its net leverage ratio below 9.2x.
Market Dynamics
How changes in interest rates and healthcare policy may impact demand for senior housing and outpatient medical facilities.