National Healthcare Properties Raises SHOP Growth Outlook

The Tip Desk · August 5, 2026 · 4 min read

SHOP Same Store Cash NOI rose 20.1% year over year as the company lifted full-year 2026 guidance to 15.0%–18.0%.

National Healthcare Properties, Inc. (NHP), a self-managed real estate investment trust focused on healthcare real estate with an emphasis on senior housing, reported second-quarter Same Store Cash NOI growth of 20.1% year over year in its Senior Housing Operating Portfolio, a slower pace than 24.0% in the first quarter and 26.5% in the fourth quarter of 2025.

The company still lifted its full-year 2026 SHOP Same Store Cash NOI growth range to 15.0%–18.0% from 13.0%–16.0%, citing SHOP outperformance through the current quarter and expectations for the rest of the year. Outpatient medical guidance was unchanged at 2.5%–3.5%.

Portfolio Same Store Cash NOI growth slowed to 6.8% year over year from 12.0% in the first quarter. The OMF segment reversed to a 0.4% year-over-year decline after 5.5% growth in the prior quarter.

SHOP Same Store average occupancy was 84.1%, a 1.4% year-over-year increase after a 2.8% increase to 83.8% in the first quarter. Same Store RevPOR rose 5.9% year over year. Same Store Cash NOI margin expanded 2.3% year over year to 22.4%. OMF Same Store ending occupancy was 94.3%.

Nareit FFO was $0.19 a share, consistent year over year. Normalized FFO was $0.18 a share, down 18.2% year over year after a 100.0% year-over-year increase to $0.26 in the first quarter. Net loss attributable to common stockholders narrowed to $(0.13) a share from $(0.27) a share in the prior quarter.

Chief Executive Officer and President Michael Anderson said the second quarter marked an inflection as the company completed its transition to the public markets. He said the company closed 19 acquisitions, delivered organic growth across SHOP, and made progress toward a balance sheet consistent with an investment-grade, unsecured issuer.

In April, the company completed an IPO, issuing 44.3 million Class A shares for about $531.3 million of gross proceeds and listing on Nasdaq as NHP. It repaid $186 million of revolving-facility debt with the proceeds. On July 1, the board declared a $0.075 quarterly common dividend, paid July 30.

Net leverage improved to 4.9x as of June 30, 2026, from 9.2x a year earlier, after 8.6x at March 31. Total debt outstanding was approximately $0.8 billion, with a weighted average economic interest rate of 5.69% and an average remaining term of 3.6 years.

In August, the company recast senior unsecured credit facilities, raising total lender commitments from $550 million to $1.2 billion. The revolver increased to $750 million, the term loan to $300 million plus a new $150 million delayed draw, and maturities extended to August 2030 and August 2029. Revolver spreads moved to SOFR + 105–155 bps from SOFR + 155–210 bps. The company repaid $332 million of Fannie Mae secured debt due in November 2026.

From late June through July, the company acquired two Midwest SHOP communities with 211 units for $98 million, 16 SHOP communities with 916 units for about $166 million (13 through a Discovery Senior Living joint venture in which NHP owns about 98.5%), and one Iowa SHOP with 87 units for about $16 million. Definitive agreements covered three Illinois SHOP communities with 178 units for about $30 million and two Florida SHOP communities with 200 units for $90 million, both expected to close in the third quarter. The company also agreed to sell one non-core California SHOP for about $42 million at a 1.7% trailing twelve-month yield.

Full-year 2026 dispositions guidance rose to $570 million from $528 million. General and administrative expense including equity-based compensation was raised to $27 million–$28 million, and equity-based compensation to $6 million–$7 million, which the company tied to board refreshment. Acquisitions guidance remained $375 million–$425 million. Same Store recurring capital expenditures stayed $22 million–$25 million.

During the three months ended June 30, the company completed a preferred-stock tender of about $28.1 million of liquidation preference at a weighted average yield of 8.1% and a $2.50 discount, producing $2.0 million of annual dividend savings. On August 4, the board elected Albert M. Campbell to the board and audit committee, effective August 10.