Healthcare REIT Raises 2026 SHOP Outlook After OMF Sales

The Tip Desk · November 11, 2026 · 4 min read

National Healthcare Properties lifted full-year SHOP same-store cash NOI growth to 16.5%–18.5% after third-quarter growth of 13.6% and $300 million of senior-housing closings.

National Healthcare Properties, Inc. (NHP), a self-managed real estate investment trust focused on needs-based senior housing, reported third-quarter SHOP same-store cash NOI growth of 13.6% year-over-year and raised its full-year 2026 SHOP same-store cash NOI growth guidance to 16.5% to 18.5% from 15.0% to 18.0%, a 100-basis-point increase at the midpoint.

The pace of SHOP same-store cash NOI growth slowed from 20.1% in the second quarter and 24.0% in the first quarter. Same-store RevPOR rose 4.0% year-over-year. Same-store average occupancy was 86.7%, up 2.2% from a year earlier. Same-store cash NOI margin was 24.3%, a 1.5% year-over-year expansion.

Portfolio same-store cash NOI growth was 8.4% year-over-year. Outpatient medical facility same-store cash NOI declined 0.3% year-over-year. OMF same-store ending occupancy was 95.6%.

Net income attributable to common stockholders was $0.24 a share, versus a $0.13 net loss a share in the second quarter. Nareit FFO was $0.13 a diluted share, down 43.5% year-over-year. Normalized FFO was $0.19 a diluted share, down 29.6% year-over-year. Revenue from tenants was $103.1 million in the three months ended September 30, 2026, versus $86.0 million a year earlier. Operating income was $31.8 million, including a $38.3 million gain on sale of real estate. SHOP NOI was $18.1 million; OMF NOI was $15.4 million. Adjusted EBITDA was $32.9 million.

Chief Executive Officer Michael Anderson said the quarter included milestones in the pursuit of a SHOP-only portfolio and an investment-grade balance sheet, including a strategic increase in same-store SHOP occupancy, more than $300 million of SHOP acquisitions, and use of new unsecured term-loan proceeds and the first OMF exit tranche to reduce secured debt.

The company acquired 22 SHOP communities, 1,381 units, for $300 million in the third quarter, introducing Priority Life Care as an operator of three of the communities. Subsequent to quarter-end it acquired one more SHOP community, 79 units, for $26 million. Year-to-date SHOP acquisitions totaled 25 communities for about $424 million. Signed purchase agreements cover about $240 million of SHOP deals with estimated weighted-average year-one and year-three cap rates of about 7.4% and 8.7%; another about $148 million is under non-binding letters of intent. Together those pending deals total about $388 million and 1,385 primarily assisted-living and memory-care units. Full-year 2026 acquisition guidance was raised to $425 million to $645 million from $375 million to $425 million.

In September the company completed the sale of the first 30 of 86 OMFs for about $198 million and repaid $119 million of secured term loans. The remaining 56 OMFs in that portfolio are subject to a $219 million loan assumption and are expected to close in the fourth quarter for $331 million. It also agreed to sell an additional 40 OMFs for about $531 million and signed a non-binding letter of intent to sell its remaining four OMFs. Inclusive of those transactions, the company expects to fully exit the OMF segment. Disposition guidance was raised to $1.1 billion from $570 million. OMF same-store cash NOI growth guidance of 2.5% to 3.5% was dropped.

Net leverage rose to 5.5x as of September 30, 2026, from 4.9x at June 30, while remaining below 8.6x at March 31. Total debt outstanding net of discounts and issuance costs was about $851.2 million, with a weighted-average economic interest rate of 5.12% and an average remaining term of 4.9 years. In August the company amended its senior unsecured credit facilities, raising total commitments from $550 million to $1.2 billion, increasing the revolver to $750 million and the term loan to $300 million plus a new $150 million delayed-draw, and cutting revolver and term-loan spreads. It repaid $332 million of Fannie Mae secured debt due in November 2026.

The company redeemed all Series A and Series B preferred stock in September and October, expecting about $11 million in annual preferred-dividend savings. Class A common stock converted one-for-one into common stock on October 19, 2026. The board declared a $0.075 quarterly common dividend on October 1.

The company said the guidance revision reflects SHOP outperformance through the current quarter and expectations for the rest of the year, SHOP acquisitions expected to close, and the ongoing and expected disposition of the OMF portfolio and a non-core SHOP asset. Same-store SHOP recurring capital expenditures are now guided at $10 million to $11 million; total OMF portfolio recurring capital expenditures at $7 million to $8 million. General and administrative expense, including equity-based compensation, remains $27 million to $28 million.