Revenue: As of FY2026 Q1, the actual value is USD 86.29 M.EPS: As of FY2026 Q1, the actual value is USD -0.27.EBIT: As of FY2026 Q1, the actual value is USD 24.61 M.<h3>Financial Performance</h3><ul><li>Net Loss: National Healthcare Properties, Inc. reported a net loss attributable to common stockholders of - $0.27 per basic and diluted share for the quarter ended March 31, 2026, compared to - $0.18 for the same period in 2025. The company’s net loss was - $4,281 thousand for the three months ended March 31, 2026, compared to - $1,515 thousand for the same period in 2025.</li><li>Operating Income: Operating income for the quarter ended March 31, 2026, was $10,107 thousand, down from $13,024 thousand in the prior year period.</li><li>Total Expenses: Total expenses were $76,176 thousand for the three months ended March 31, 2026, a decrease from $98,408 thousand in the comparable 2025 period.</li><li>Total Revenue from Tenants: Revenue from tenants for the quarter was $86,285 thousand, slightly down from $86,443 thousand in the first quarter of 2025.</li><li>Funds From Operations (FFO): Nareit defined FFO was $0.31 per diluted share, a 121.4% increase year-over-year. Normalized FFO was $0.26 per diluted share, an increase of 100.0% year-over-year.</li><li>Same Store Cash Net Operating Income (NOI) Growth: First quarter portfolio Same Store Cash NOI growth was 12.0% year-over-year.</li><li>Recurring Capital Expenditures: Recurring Capital Expenditures were - $2,918 thousand for the three months ended March 31, 2026, compared to - $6,658 thousand in the prior year period.</li></ul><h3>Segment Performance</h3><h4>Senior Housing Operating Property (SHOP) Segment</h4><ul><li>SHOP Segment Revenue from Tenants: SHOP segment revenue from tenants was $57,631 thousand for Q1 2026, compared to $55,808 thousand for Q1 2025.</li><li>SHOP Segment Property Operating and Maintenance Expenses: SHOP segment property operating and maintenance expenses were - $44,868 thousand for Q1 2026, compared to - $46,371 thousand for Q1 2025.</li><li>SHOP Segment NOI: SHOP segment NOI was $12,763 thousand for Q1 2026, compared to $9,437 thousand for Q1 2025.</li><li>SHOP Segment Cash NOI: SHOP segment Cash NOI was $12,757 thousand for Q1 2026, compared to $9,433 thousand for Q1 2025.</li><li>SHOP Segment Same Store Cash NOI: SHOP segment Same Store Cash NOI was $12,753 thousand for Q1 2026, compared to $10,284 thousand for Q1 2025.</li><li>SHOP Segment Same Store Cash NOI Growth: SHOP segment Same Store Cash NOI growth was 24.0% on a year-over-year basis for the first quarter of 2026.</li><li>SHOP Segment Same Store Average Occupancy: Same Store average occupancy totaled 83.8%, an increase of 2.8% on a year-over-year basis.</li><li>SHOP Segment Same Store Revenue Growth: Same Store revenue increased 8.4% on a year-over-year basis.</li><li>SHOP Segment Same Store Cash NOI Margin: Same Store Cash NOI Margin totaled 22.1%, an expansion of 2.7% on a year-over-year basis.</li><li>Properties in Segment: The segment comprised 37 properties as of March 31, 2026.</li></ul><h4>Outpatient Medical Facility (OMF) Segment</h4><ul><li>OMF Segment Revenue from Tenants: OMF segment revenue from tenants was $28,654 thousand for Q1 2026, compared to $30,635 thousand for Q1 2025.</li><li>OMF Segment Property Operating and Maintenance Expenses: OMF segment property operating and maintenance expenses were - $8,050 thousand for Q1 2026, compared to - $11,485 thousand for Q1 2025.</li><li>OMF Segment NOI: OMF segment NOI was $20,604 thousand for Q1 2026, compared to $19,150 thousand for Q1 2025.</li><li>OMF Segment Cash NOI: OMF segment Cash NOI was $20,195 thousand for Q1 2026, compared to $20,464 thousand for Q1 2025.</li><li>OMF Segment Same Store Cash NOI: OMF segment Same Store Cash NOI was $20,305 thousand for Q1 2026, compared to $19,244 thousand for Q1 2025.</li><li>OMF Segment Same Store Cash NOI Growth: OMF segment Same Store Cash NOI growth was 5.5% on a year-over-year basis for the first quarter of 2026.</li><li>OMF Segment Same Store Ending Occupancy: Same Store ending occupancy totaled 94.0%, an increase of 0.5% on a year-over-year basis.</li><li>Properties in Segment: The segment comprised 130 properties as of March 31, 2026.</li></ul><h3>Balance Sheet and Capital</h3><ul><li>Total Debt Outstanding: Total debt outstanding (net of discounts and unamortized debt issuance costs) was approximately $1.0 billion as of March 31, 2026.</li><li>Weighted Average Economic Interest Rate: The weighted average economic interest rate was 5.69%, with an average remaining term of 3.6 years.</li><li>Net Leverage: Net Leverage (Net Debt to Annualized Adjusted EBITDA) improved to 8.6x as of March 31, 2026, from 9.6x as of March 31, 2025.</li><li>Total Assets: Total assets as of March 31, 2026, were $1,698,062 thousand, compared to $1,711,772 thousand as of December 31, 2025.</li><li>Total Liabilities: Total liabilities as of March 31, 2026, were $1,101,519 thousand, compared to $1,107,247 thousand as of December 31, 2025.</li><li>Total Equity: Total equity as of March 31, 2026, was $596,543 thousand, compared to $604,525 thousand as of December 31, 2025.</li><li>Public Offering Proceeds: Subsequent to quarter-end, a public offering of 44,275,000 shares of Class A common stock raised gross proceeds of $531.3 million, with net offering proceeds of $186.0 million used to repay outstanding debt on the revolving credit facility.</li><li>Dividends Declared: A dividend of $0.4609375 per share was declared on its 7.375% Series A Preferred Stock, and $0.4453125 per share on its 7.125% Series B Preferred Stock, both paid on April 15, 2026.</li></ul><h3>Transactional Activity</h3><ul><li>Acquisitions: In Q1 2026, the company entered an agreement to acquire 13 senior living communities for $64.0 million through a joint venture. In April 2026, it agreed to acquire an $26.5 million SHOP in Oregon, and in May 2026, an $35.0 million SHOP in Florida.</li><li>Dispositions: In May 2026, the company entered a definitive agreement to sell a portfolio of 86 outpatient medical facilities for approximately $528.2 million, including $278.0 million of secured debt.</li></ul><h3>Outlook / Guidance</h3>For the full year 2026, National Healthcare Properties, Inc. anticipates SHOP Same Store Cash NOI growth between 13.0% and 16.0% and OMF Same Store Cash NOI growth between 2.5% and 3.5%. The company projects acquisitions of approximately $375 million to $425 million and dispositions of approximately $528 million. General and administrative expenses are forecasted to be $26 million to $27 million, including $5 million to $6 million in equity-based compensation, with Same Store Recurring Capital Expenditures estimated at $22 million to $25 million.

National Healthcare Pref Share HTIA 7.375 | 8-K: FY2026 Q1 Revenue: USD 86.29 M