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NHPAPNational Healthcare Properties, Inc.
$23.05$653M
Overview & Verdict
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NHPAP logoNational Healthcare Properties, Inc.(NHPAP)Earnings, Financials & Key Ratios

NHPAP•NASDAQ•REIT / Real Estate
$23.05
Price updated Jul 7, 2026
SectorReal EstateIndustryIndustrial REITsSub-IndustryNon-Industrial Diversified REITs
AboutNational Healthcare Properties, Inc. operates as a real estate investment trust. It operates through the Medical Office Buildings and Senior Housing Operating Properties segments. The company was founded on October 15, 2012 and is headquartered in New York, NY.Show more
  • Revenue$342M-3.3%
  • FFO$23M+121.3%
  • FFO/Share0.80+121.3%
  • FFO Payout59.67%
  • FFO per Share0.80+121.3%
  • NOI Margin36.05%-3.9%
  • FFO Margin6.58%+122.0%
  • ROE-8.9%+62.7%
  • ROA-3.15%+66.0%

NHPAP Price & Volume

National Healthcare Properties, Inc. (NHPAP) stock price & volume — 10-year historical chart

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Persistent Operational Losses Undermine Portfolio Asset Value

Investment Thesis • Updated 2026Q1

VerdictNegative
Growth:Contracting
Profitability:Negative
Financial:Strained
Cash Flow:Mixed
Primary Risk:Operational margin volatility

Key Thesis Takeaways

  • National Healthcare Properties faces a challenging outlook characterized by consistent net losses, which reached $116.5 million in 2024Q2, and a shrinking asset base that has contracted from $2.1 billion to $1.7 billion since 2023Q4.
  • The firm's reliance on volatile FFO metrics to mask structural profitability issues, combined with a deteriorating debt-to-equity ratio of 1.76, suggests significant long-term solvency risks.
  • Investors should remain cautious as the company struggles to generate sufficient AFFO to cover dividend distributions, which frequently show negative coverage ratios.

Verdict Logic

the company has reported consistent net losses for ten consecutive quarters, including a $4.3 million loss in 2026Q1, indicating that the current business model fails to generate sustainable shareholder value.

NHPAP Growth Metrics

National Healthcare Properties, Inc. (NHPAP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years3.3%
5 Years-2.15%
3 Years0.63%
TTM-2.79%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM65.65%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-5.69%

Return on Capital

10 Years-1.52%
5 Years-2.4%
3 Years-2.58%
Last Year0.23%

NHPAP Recent Earnings

National Healthcare Properties, Inc. (NHPAP) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat Revenue 0/5 qtrs (0%)
Q2 2026Latest
May 13, 2026
Metric
Actual
Est
EPS
$0.27
—
Rev
$86M-11.6%
$98M
Q1 2026
Feb 20, 2026
Metric
Actual
Est
EPS
$0.91
—
Rev
$84M-13.5%
$98M
Q4 2025
Dec 31, 2025
Metric
Actual
Est
EPS
$0.80
—
Rev
$84M-13.5%
$98M
Q4 2025
Nov 5, 2025
Metric
Actual
Est
EPS
$0.44
—
Rev
$86M
—
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 13, 2026
$0.27
$86Mvs $98M-11.6%
Q1 2026Feb 20, 2026
$0.91
$84Mvs $98M-13.5%
Q4 2025Dec 31, 2025
$0.80
$84Mvs $98M-13.5%
Q4 2025Nov 5, 2025
$0.44
$86M
Based on last 5 quarters of dataView full earnings history →

Latest NHPAP News

Recent stock market news and headlines for National Healthcare Properties, Inc. (NHPAP)

GlobeNewsWire·6 days ago
National Healthcare Properties Announces Third Quarter 2026 Common Stock Dividend

NEW YORK, July 01, 2026 (GLOBE NEWSWIRE) -- National Healthcare Properties, Inc. (Nasdaq: NHP / NHPAP / NHPBP) (the “Company”) announced today that its Board of Directors declared a quarterly dividend of $0.075 per share of its common stock (including its Class A Common Stock). The dividend will be payable in cash on July 30, 2026 to holders of record at the close of business on July 15, 2026.

GlobeNewsWire·Jun 22, 2026
National Healthcare Properties Announces Preferred Stock Dividends

NEW YORK, June 22, 2026 (GLOBE NEWSWIRE) -- National Healthcare Properties, Inc. (Nasdaq: NHP / NHPAP / NHPBP) (“NHP” or the “Company”) announced today that it declared quarterly dividends on its outstanding preferred stock. Specifically, NHP declared a dividend of $0.4609375 per share on its 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock payable on July 15, 2026, to holders of record at the close of business on July 2, 2026. In addition, NHP declared a dividend of $0.4453125 per share on its 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock payable on July 15, 2026, to holders of record at the close of business on July 2, 2026.

GlobeNewsWire·Jun 22, 2026
National Healthcare Properties Announces Final Results of its Series A and Series B Preferred Stock Self Tender Offers

NEW YORK, June 22, 2026 (GLOBE NEWSWIRE) -- National Healthcare Properties, Inc. (Nasdaq: NHP / NHPAP / NHPBP) (the “Company”), a self-managed real estate investment trust focused on acquiring, owning and investing in a diversified portfolio of healthcare real estate, with an emphasis on providing senior housing to serve a growing elderly population in the United States, today announced the final results of its concurrent but separate offers to purchase up to a maximum aggregate purchase price in cash of $100 million of (i) its 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (the “Series A Shares”), and (ii) its 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (the “Series B Shares,” and together with the Series A Shares, the “Shares”), in each case for a purchase price of $22.50 per share in cash (collectively, the “Offers”), each less any applicable withholding taxes and without interest. The Offers each expired at 5:00 p.m., New York City time, on June 16, 2026 (the “Expiration Date”).

GlobeNewsWire·Jun 17, 2026
National Healthcare Properties Announces Preliminary Results of its Series A and Series B Preferred Stock Self Tender Offers

NEW YORK, June 17, 2026 (GLOBE NEWSWIRE) -- National Healthcare Properties, Inc. (Nasdaq: NHP / NHPAP / NHPBP) (the “Company”), a self-managed real estate investment trust focused on acquiring, owning and investing in a diversified portfolio of healthcare real estate, with an emphasis on providing senior housing to serve a growing elderly population in the United States, today announced the preliminary results of its concurrent but separate offers to purchase up to a maximum aggregate purchase price in cash of $100 million of (i) its 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (the “Series A Shares”), and (ii) its 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (the “Series B Shares,” and together with the Series A Shares, the “Shares”), in each case for a purchase price of $22.50 per share in cash (collectively, the “Offers”), each less any applicable withholding taxes and without interest. The Offers each expired at 5:00 p.m., New York City time, on June 16, 2026 (the “Expiration Date”).

Peers Comparison

Key metrics vs top competitors for National Healthcare Properties, Inc. (NHPAP)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
NHPAP logoNHPAPNational Healthcare Properties, Inc.Current
$23.05$652.64M-9.18-3.25%-16.83%-8.9%2.06%
NHI logoNHINational Health Investors, Inc.
$77.31$3.75B25.6012.93%36.76%9.78%—
OHI logoOHIOmega Healthcare Investors, Inc.
$49.62$14.78B25.5813.95%51.02%11.85%—
SBRA logoSBRASabra Health Care REIT, Inc.
$20.06$5.06B31.3410.15%19.21%5.6%—
LTC logoLTCLTC Properties, Inc.
$39.23$2.01B15.5725.26%39.08%10.9%—
CTRE logoCTRECareTrust REIT, Inc.
$41.80$9.87B26.62108.79%71.55%8.63%—

Compare NHPAP vs Peers

National Healthcare Properties, Inc. (NHPAP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs NHI

Most directly comparable listed peer for NHPAP.

Scale Benchmark

vs WELL

Larger-name benchmark to compare NHPAP against a more recognizable public peer.

Peer Set

Compare Top 5

vs NHI, OHI, SBRA, LTC

NHPAP SEC Filings & Documents

National Healthcare Properties, Inc. (NHPAP) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 18, 2026·SEC

Material company update

May 15, 2026·SEC

Material company update

May 13, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 20, 2026·SEC

FY 2025

Feb 27, 2025·SEC

FY 2024

Mar 15, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 14, 2026·SEC

FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 5, 2025·SEC

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NHPAP Frequently Asked Questions

National Healthcare Properties, Inc. (NHPAP) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is National Healthcare Properties, Inc.'s revenue?

National Healthcare Properties, Inc. (NHPAP) reported $342.1M in revenue for fiscal year 2025. This represents a 485% increase from $58.4M in 2014.

How fast is National Healthcare Properties, Inc. growing?

National Healthcare Properties, Inc. (NHPAP) saw revenue decline by 3.3% over the past year.

Is NHPAP profitable?

National Healthcare Properties, Inc. (NHPAP) reported a net loss of $60.4M for fiscal year 2025.

Dividend & Returns
Does NHPAP pay dividends?

Yes, National Healthcare Properties, Inc. (NHPAP) pays a dividend with a yield of 2.06%. This makes it attractive for income-focused investors.

What is NHPAP's return on equity?

National Healthcare Properties, Inc. (NHPAP) has a return on equity (ROE) of -8.9%. Negative ROE indicates the company is unprofitable.

Industry Metrics
What is National Healthcare Properties, Inc.'s FFO?

National Healthcare Properties, Inc. (NHPAP) generated Funds From Operations (FFO) of $11.8M in the trailing twelve months. FFO is the primary profitability metric for REITs.

What if you invested $1,000 in NHPAP back in 2014?

Total return calculator · dividends reinvested · 12+ years of data

See returns →