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National Healthcare Properties Reports Second Quarter 2025 Results
NEW YORK, August 6, 2025 (GLOBE NEWSWIRE) -- National Healthcare Properties, Inc. (Nasdaq: NHPAP /
NHPBP) (the “Company”), a self-managed diversified healthcare real estate investment trust focusing on seniors
housing and outpatient medical facilities, today announced results for the three and six months ended June 30, 2025.
Michael Anderson, Chief Executive Officer and President, commented, “We are very pleased with our second
quarter results, headlined by exceptional same store cash net operating income growth in each of the Senior Housing
Operating Property and Outpatient Medical Facility segments. This across-the-board operational strength
demonstrates the capabilities of our team and the quality of our portfolio, providing a tremendous backdrop for the
Company as we prepare for an eventual public listing.”
Financial Performance and Other Highlights
•Net loss of $(0.85) per basic and diluted share. Nareit defined Funds from Operations (“FFO”) of $0.19 per
diluted share, and Adjusted Funds from Operations (“AFFO”) of $0.32 per diluted share.
•FFO per share increased 35.7% on a quarter-over-quarter basis.
•AFFO per share increased 3.2% on a quarter-over-quarter basis.
•Second quarter portfolio Same Store Cash Net Operating Income (“NOI”) growth was 8.5% year-over-
year.
•Senior Housing Operating Property (“SHOP”) segment Same Store Cash NOI growth was 17.3%.
•Outpatient Medical Facility (“OMF”) segment Same Store Cash NOI growth was 4.4%.
•Second quarter dispositions totaled $21.4 million, representing the sale of three non-core OMFs and three
non-core SHOPs.
Operating Update
SHOP Portfolio
•Year-over-year Same Store Cash NOI growth of 17.3%.
•Quarter-over-quarter Same Store Cash NOI growth of 6.6%.
•Same Store average occupancy totaled 82.8%, an increase of 5.0% on a year-over-year basis.
•Same Store revenue increased 11.8% on a year-over-year basis.
•Same Store Cash NOI Margin totaled 19.5%, an expansion of 0.9% on a year-over-year basis.
OMF Portfolio
•Year-over-year Same Store Cash NOI growth of 4.4%.
•Quarter-over-quarter Same Store Cash NOI growth of 5.7%.
•Same Store ending occupancy totaled 92.2%, a decrease of 0.7% on a year-over-year basis.
Investment Activity
The Company completed dispositions with an aggregate contract sales price of $21.4 million during the quarter
ended June 30, 2025. These dispositions consisted of three OMFs and three SHOPs, with each asset considered to be
non-core. A net gain of $2.7 million was recognized as a result of these dispositions.
Balance Sheet and Capital
As of June 30, 2025, total debt outstanding (net of unamortized debt issuance costs) was $1.0 billion with a weighted
average interest rate of 5.1% (when giving effect to interest rate hedges) and an average remaining term of 3.7 years.
Year-to-date through June 2025, the Company has paid down $83.1 million of debt using proceeds from
dispositions. In April 2025, the Company fully repaid the $21.7 million Capital One OMF Warehouse Facility.
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Net Leverage (Net Debt to Annualized Adjusted EBITDA) totaled 9.3x, an improvement of 0.4x relative to March
31, 2025.
Preferred Stock
On June 20, 2025, the Board of Directors declared dividends on the Company’s outstanding preferred stock as
follows:
•A dividend of $0.4609375 per share on its 7.375% Series A Cumulative Redeemable Perpetual Preferred
Stock to holders of record at the close of business on July 3, 2025. The dividend was paid on July 15, 2025.
•A dividend of $0.4453125 per share on its 7.125% Series B Cumulative Redeemable Perpetual Preferred
Stock to holders of record at the close of business on July 3, 2025. The dividend was paid on July 15, 2025.
During the quarter ended June 30, 2025, the Company completed the repurchase of $1.8 million of previously
outstanding shares of preferred stock at a weighted average yield of 12.8%, representing a $10.87 discount to face
value and reducing leverage by $1.3 million on a “Net Debt + Preferred” basis.
Supplemental Information
Additional information regarding these results can be found in the Company’s supplemental financial package that
will be available on the Investor Relations section of the Company’s website at nhpreit.com.
About National Healthcare Properties
National Healthcare Properties is a self-managed real estate investment trust focusing on seniors housing and
outpatient medical facilities. The Company’s preferred stocks are traded on the Nasdaq Exchange under the tickers
“NHPAP” and “NHPBP”. Additional information about the Company can be found on its website at nhpreit.com.
Investor & Media Contact
Email: ir@nhpreit.com
Forward-Looking Statements
This press release may contain “forward-looking” statements as defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements concern and are based upon, among other things, the possible
expansion of the Company’s portfolio; the sale of properties; the performance of its operators/tenants and properties;
its ability to enter into agreements with new viable tenants for vacant space on favorable terms, or at all; its
occupancy rates; its ability to acquire, develop and/or manage properties; its ability to make distributions to
shareholders; its policies and plans regarding investments, financings and other matters; its tax status as a real estate
investment trust; its critical accounting policies; its ability to appropriately balance the use of debt and equity; its
ability to access capital markets or other sources of funds; and its ability to finance and complete, and the effect of,
future acquisitions. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,”
“anticipate,” “project,” “estimate” or similar expressions, it is making forward-looking statements. Forward-looking
statements are not guarantees of future performance and involve risks and uncertainties. The Company’s expected
results may not be achieved, and actual results may differ materially from expectations. This may be a result of
various factors, including, but not limited, the risks and uncertainties described in the section titled Risk Factors of
its most recent Annual Report on Form 10-K for the year ended December 31, 2024 and all other filings with the
Securities and Exchange Commission. Finally, the Company assumes no obligation to update or revise any forward-
looking statements or to update the reasons why actual results could differ from those projected in any forward-
looking statements.
Financial Statements and Definitions
This press release includes certain non-GAAP financial measures, including FFO, AFFO, EBITDA, Adjusted
EBITDA, NOI, Cash NOI and Same Store Cash NOI. While the Company believes that non-GAAP financial
measures are helpful in evaluating its operating performance, the use of non-GAAP financial measures in this press
release should not be considered in isolation from, or as an alternative for, a measure of financial or operating
performance as defined by GAAP. There are inherent limitations associated with the use of each of these
supplemental non-GAAP financial measures as an analytical tool. Additionally, the Company’s computation of non-
GAAP financial measures may not be comparable to those reported by other REITs. Definitions of these non-GAAP
financial measures and reconciliations to their most directly comparable GAAP measures are provided below.
Nareit FFO and AFFO
The Company calculates FFO consistent with the standards established over time by Nareit. Nareit defines FFO as
net income or loss (computed in accordance with GAAP), adjusted for (i) real estate-related depreciation and
amortization, (ii) impairment charges on depreciable real property, (iii) gains or losses from sales of depreciable real
property and (iv) similar adjustments for non-controlling interests and unconsolidated entities.
The Company calculates AFFO by further adjusting FFO to reflect the performance of its portfolio for items it
believes are not directly attributable to its operations. The Company's adjustments to FFO to arrive at AFFO include
removing the impacts of (i) acquisition and transaction related costs, (ii) amortization of market-lease intangible
assets and liabilities, (iii) adjustments for straight-line rent, (iv) termination fees to related parties, (v) equity-based
compensation expense, (vi) depreciation and amortization related to non-real estate related assets, (vii) mark-to-
market gains and losses from its non-designated derivatives, (viii) non-cash components of interest expense, (ix)
casualty-related charges, (x) gains or losses on extinguishment of debt and (xi) similar adjustments for non-
controlling interests and unconsolidated entities.
The Company considers FFO and AFFO to be useful supplemental measures for reviewing comparative operating
and financial performance because, by excluding the applicable items listed below, FFO and AFFO can help
investors compare its operating performance between periods or as compared to other REITs.
Adjusted EBITDA
The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, excluding
acquisition and transaction related costs, termination fees to related parties, interest and other income, amortization
of market-lease intangible assets and liabilities and other non-cash items including equity-based compensation,
impairment charges, casualty-related charges, gains and losses on sale of real estate investments, gains or losses on
extinguishment of debt and gains and losses on derivative investments.
Cash NOI and NOI
The Company defines NOI as total revenues from tenants less property operating costs. The Company defines Cash
NOI as NOI excluding net amortization of above/below market lease and lease intangibles and straight-line rent
adjustments that are included in GAAP revenue from tenants and property operating and maintenance.
Cash NOI Margin
For the SHOP segment, Cash NOI divided by revenue from tenants excluding net amortization of above/below
market lease and lease intangibles.
Net Debt
Total gross debt less cash and cash equivalents.
Net Debt to Annualized Adjusted EBITDA or Net Leverage
Net Debt divided by Annualized Adjusted EBITDA (annualized based on Adjusted EBITDA for the quarter
multiplied by four).
Non-Core Properties
Assets that have been deemed not essential to generating future economic benefit or value to the Company’s day-to-
day operations and/or are scheduled to be sold.
Occupancy or Leased %
Occupancy for the OMF segment is presented as of the end of the period shown; occupancy for the SHOP segment
is presented for the duration of the period shown.
Same Store
The Company defines “same store” as operational properties owned for the full period in both comparison periods
and that are not otherwise excluded. Properties are excluded from same store if they are (i) Non-Core Properties (as
defined above), (ii) sold, classified as held for sale, or classified as discontinued operations in accordance with
GAAP; or (iii) impacted by materially disrupted events. Refer to the reconciliation of Same Store properties below.
NATIONAL HEALTHCARE PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
ASSETS
Real estate investments, at cost:
Land
$177,999
$182,662
$190,082
$198,124
$208,522
Buildings, fixtures and improvements
1,804,274
1,837,150
2,012,401
2,051,313
2,131,409
Acquired intangible assets
249,941
256,440
284,447
290,408
294,683
Construction in progress
$4,126
$9,558
$7,867
$3,930
$4,967
Total real estate investments, at cost
2,236,340
2,285,810
2,494,797
2,543,775
2,639,581
Less: accumulated depreciation and amortization
(671,070)
(670,907)
(725,831)
(724,985)
(720,254)
Total real estate investments, net
1,565,270
1,614,903
1,768,966
1,818,790
1,919,327
Assets held for sale
1,725
—
—
—
—
Cash and cash equivalents
47,123
71,383
21,652
32,858
29,461
Restricted cash
56,047
55,025
52,443
52,054
51,512
Derivative assets, at fair value
11,208
13,281
19,206
17,177
31,568
Straight-line rent receivable, net
20,315
19,967
22,841
23,056
26,171
Operating lease right-of-use assets
6,841
6,879
7,480
7,553
7,587
Prepaid expenses and other assets
22,591
23,721
26,316
23,706
25,870
Accounts receivable, net
9,311
8,096
5,850
5,238
4,967
Deferred costs, net
18,465
18,630
21,269
17,238
16,916
Total assets
1,758,896
1,831,885
1,946,023
1,997,670
2,113,379
LIABILITIES AND EQUITY
Mortgage notes payable, net
$696,508
$711,065
$779,160
$816,988
$816,757
Credit facilities
337,624
360,774
362,216
363,659
365,101
Market lease intangible liabilities, net
5,380
5,691
6,125
6,910
7,211
Derivative liabilities, at fair value
—
—
—
—
—
Accounts payable and accrued expenses
46,322
54,649
89,575
84,472
143,620
Operating lease liabilities
7,801
7,815
8,109
8,122
8,133
Deferred rent
9,347
8,275
7,217
5,717
6,474
Distributions payable
3,432
3,496
3,496
3,496
3,496
Total liabilities
1,106,414
1,151,765
1,255,898
1,289,364
1,350,792
Stockholders’ Equity
7.375% Series A cumulative redeemable perpetual
preferred stock, $0.01 par value, 4,740,000 authorized
40
40
40
40
40
7.125% Series B cumulative redeemable perpetual
preferred stock, $0.01 par value, 3,680,000 authorized
35
36
36
36
36
Common stock, $0.01 par value, 300,000,000 shares
authorized
1,132
1,132
1,132
1,132
1,132
Additional paid-in capital
2,532,585
2,533,737
2,533,706
2,533,697
2,533,484
Accumulated other comprehensive income
9,441
11,646
16,640
14,301
24,468
Distributions in excess of accumulated earnings
(1,896,200)
(1,872,012)
(1,866,994)
(1,846,558)
(1,802,415)
Total stockholders’ equity
647,033
674,579
684,560
702,648
756,745
Non-controlling interests
5,449
5,541
5,565
5,658
5,842
Total equity
652,482
680,120
690,125
708,306
762,587
Total liabilities and equity
$1,758,896
$1,831,885
$1,946,023
$1,997,670
$2,113,379
NATIONAL HEALTHCARE PROPERTIES, INC.
CONSOLIDATED INCOME STATEMENTS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Revenue from tenants
$85,332
$86,443
$87,738
$88,940
$88,817
Operating expenses:
Property operating and maintenance
53,848
57,540
54,591
56,407
55,005
Impairment charges
15,212
11,899
13,383
8,829
2,409
Operating fees to related parties
—
—
22
6,391
6,424
Termination fees to related parties
—
—
—
8,409
98,241
Acquisition and transaction related
497
51
2,263
5,187
357
General and administrative
5,406
5,212
5,806
5,502
4,668
Depreciation and amortization
18,539
23,706
20,681
20,720
21,928
Total expenses
93,502
98,408
96,746
111,445
189,032
Operating loss before gain on sale of real estate
investments
(8,170)
(11,965)
(9,008)
(22,505)
(100,215)
Gain (loss) on sale of real estate investments
2,652
24,989
7,953
1,579
(225)
Operating (loss)/income
(5,518)
13,024
(1,055)
(20,926)
(100,440)
Other income (expense):
Interest expense
(15,836)
(14,529)
(17,305)
(18,007)
(17,752)
Interest and other income (expense)
231
(15)
(26)
548
457
Gain on extinguishment of debt
257
—
392
—
—
Gain (loss) on non-designated derivatives
32
(1)
1,095
(2,384)
882
Total other expenses, net
(15,316)
(14,545)
(15,844)
(19,843)
(16,413)
Loss before income taxes
(20,834)
(1,521)
(16,899)
(40,769)
(116,853)
Income tax expense (benefit)
—
6
(127)
—
(65)
Net loss
(20,834)
(1,515)
(17,026)
(40,769)
(116,918)
Net loss (income) attributable to non-controlling interests
31
(54)
38
77
452
Allocation for preferred stock
(3,386)
(3,450)
(3,449)
(3,450)
(3,450)
Net loss attributable to common stockholders
(24,189)
(5,019)
(20,437)
(44,142)
(119,916)
Other comprehensive loss:
Unrealized (loss) gain on designated derivatives
(2,205)
(4,994)
2,339
(10,167)
(1,276)
Comprehensive loss attributable to common
stockholders
$(26,394)
$(10,013)
$(18,098)
$(54,309)
$(121,192)
Weighted-average shares outstanding — Basic and Diluted
28,296,439
28,296,439
28,296,439
28,291,594
28,296,439
Net loss per share attributable to common stockholders —
Basic and Diluted
$(0.85)
$(0.18)
$(0.72)
$(1.56)
$(4.24)
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
OMFs:
  Revenue from tenants
$29,252
$30,635
$33,744
$34,303
$34,671
  Property operating and maintenance
(8,013)
(11,169)
(9,118)
(10,656)
(9,727)
OMF Segment Net Operating Income
$21,239
$19,466
$24,626
$23,647
$24,944
SHOPs:
  Revenue from tenants
$56,080
$55,808
$53,994
$54,637
$54,146
  Property operating and maintenance
(45,835)
(46,371)
(45,473)
(45,751)
(45,278)
SHOP Segment Net Operating Income
$10,245
$9,437
$8,521
$8,886
$8,868
        Net Operating Income (NOI)
$31,484
$28,903
$33,147
$32,533
$33,812
Impairment charges
(15,212)
(11,899)
(13,383)
(8,829)
(2,409)
Operating fees to related parties
—
—
(22)
(6,391)
(6,424)
Termination fees to related parties
—
—
—
(8,409)
(98,241)
Acquisition and transaction related
(497)
(51)
(2,263)
(5,187)
(357)
General and administrative
(5,406)
(5,212)
(5,806)
(5,502)
(4,668)
Depreciation and amortization
(18,539)
(23,706)
(20,681)
(20,720)
(21,928)
Gain (loss) on sale of real estate investments
2,652
24,989
7,953
1,579
(225)
Interest expense
(15,836)
(14,529)
(17,305)
(18,007)
(17,752)
Interest and other income (expense)
231
(15)
(26)
548
457
Gain (loss) on non-designated derivatives
32
(1)
1,095
(2,384)
882
Gain (loss) on extinguishment of debt
257
—
392
—
—
Income tax (expense) benefit
—
6
(127)
—
(65)
Net loss (income) attributable to non-controlling interests
31
(54)
38
77
452
Preferred stock dividends
(3,386)
(3,450)
(3,449)
(3,450)
(3,450)
Net loss attributable to common stockholders (in
accordance with GAAP)
$(24,189)
$(5,019)
$(20,437)
$(44,142)
$(119,916)
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Net loss attributable to common stockholders (in
accordance with GAAP)
$(24,189)
$(5,019)
$(20,437)
$(44,142)
$(119,916)
Depreciation and amortization on real estate assets
17,127
22,281
19,287
19,293
20,903
Impairment charges
15,212
11,899
13,383
8,829
2,409
(Gain) loss on sale of real estate
(2,652)
(24,989)
(7,953)
(1,579)
225
Adjustments for non-controlling interests
(146)
(56)
(181)
(64)
(120)
FFO (as defined by NAREIT) attributable to common
stockholders
5,352
4,116
4,099
(17,663)
(96,499)
Amortization (accretion) of market lease and other
intangibles, net
(135)
2,331
(606)
(134)
(228)
Straight-line rent adjustments
(635)
(1,023)
(434)
(458)
(90)
Acquisition and transaction related(1)
497
51
2,263
5,187
357
Termination fees to related parties(2)
—
—
—
8,409
98,241
Equity-based compensation
570
—
—
153
230
Depreciation and amortization on non-real estate assets
1,411
1,425
1,394
1,427
1,025
Mark-to-market (gains)/losses from derivatives(3)
813
931
310
4,224
910
Non-cash components of interest expense(4)
1,481
858
879
880
862
Adjustments for non-controlling interests(1)
(13)
(19)
—
(91)
(451)
Gain on extinguishment of debt
(257)
—
(392)
—
—
Casualty-related charges(5)
7
115
412
2
17
Adjusted funds from operations (AFFO) attributable to
common stockholders
$9,091
$8,785
$7,925
$1,936
$4,374
Percentage increase Q2'25 vs Q1'25
3.5%
Percentage increase Q2'25 vs Q2'24
107.8%
Recurring Capital Expenditures
$10,571
$6,658
$10,570
$5,917
$7,281
FFO and AFFO weighted-average shares outstanding —
Diluted
28,533,395
28,530,465
28,530,264
28,525,620
28,543,571
FFO per common share — Diluted
$0.19
$0.14
$0.14
$(0.62)
$(3.38)
AFFO per common share — Diluted
$0.32
$0.31
$0.28
$0.07
$0.15
(1) Includes certain advisory, legal, accounting, information technology, tax and other professional expenses and other non-recurring employee
transition expenses that were directly related to the Company's internalization and the reverse stock split.
(2) Represents the closing payments paid in connection with the Company's internalization.
(3) Presented as total gains or losses from the Company's non-designated derivatives net of cash received.
(4) Non-cash components of interest expense include (i) deferred financing cost amortization, (ii) mortgage discount and premium amortization and
(iii) amortized gains or losses from terminated hedging instruments
(5) Includes labor, supplies and evacuation expenses from natural disasters not covered by insurance.
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Net loss (in accordance with GAAP)
$(20,834)
$(1,515)
$(17,025)
$(40,771)
$(116,918)
Interest expense
15,836
14,529
17,305
18,007
17,752
Income tax expense
—
(6)
127
—
65
Depreciation and amortization
18,539
23,706
20,681
20,720
21,928
EBITDA
13,541
36,714
21,088
(2,044)
(77,173)
Acquisition and transaction related
497
51
2,263
5,187
357
Termination fees to related parties
—
—
—
8,409
98,241
Equity-based compensation
570
—
—
153
230
Impairment charges
15,212
11,899
13,383
8,829
2,409
(Gain)/loss on sale of real estate investments
(2,652)
(24,989)
(7,953)
(1,579)
225
(Gain)/loss on non-designated derivatives
(32)
1
(1,095)
2,384
(882)
Gain on extinguishment of debt
(257)
—
(392)
—
—
Amortization (accretion) of market lease and other
intangibles, net
(135)
2,331
(606)
(135)
(228)
Casualty-related charges
7
115
412
2
17
Adjusted EBITDA
26,751
26,122
27,100
21,206
23,196
Operating fees to related parties
—
—
22
6,391
6,424
General and administrative
4,836
5,212
5,806
5,349
4,438
Interest and Other income
(231)
15
25
(546)
(457)
Amortization (accretion) of market lease and other
intangibles, net
135
(2,331)
606
135
228
Casualty-related charges
(7)
(115)
(412)
(2)
(17)
NOI
31,484
28,903
33,147
32,533
33,812
Adjustments for straight-line rent
(634)
(1,021)
(435)
(458)
(90)
Accretion of market lease and other intangibles, net
(135)
2,331
(605)
(133)
(228)
Cash NOI
$30,715
$30,213
$32,107
$31,942
$33,494
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except share,  per share, and property data)
(Unaudited)
Three Months Ended
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
OMF Segment - Revenue from tenants
$29,252
$30,635
$33,744
$34,303
$34,671
OMF Segment - Property operating and maintenance
(8,013)
(11,169)
(9,118)
(10,656)
(9,727)
OMF Segment Net Operating Income
$21,239
$19,466
$24,626
$23,647
$24,944
Straight line rent adjustments
(634)
(1,021)
(434)
(456)
(88)
Accretion of market lease and other intangibles, net
(165)
2,335
(544)
(135)
(227)
OMF Segment Cash NOI
$20,440
$20,780
$23,648
$23,056
$24,629
Acquisitions
—
—
—
—
—
Dispositions
(51)
(1,456)
(3,798)
(3,852)
(5,070)
Non-Core Properties
73
41
44
51
38
OMF Segment Same Store Cash NOI
$20,462
$19,365
$19,894
$19,255
$19,597
Percentage increase Q2'25 vs Q1'25
5.7%
Percentage increase Q2'25 vs Q2'24
4.4%
Three Months Ended
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
SHOP Segment - Revenue from tenants
$56,081
$55,808
$53,994
$54,637
$54,145
SHOP Segment - Property operating and maintenance
(45,836)
(46,371)
(45,472)
(45,751)
(45,279)
SHOP Segment Net Operating Income
$10,245
$9,437
$8,522
$8,886
$8,866
Non-cash adjustments
30
(4)
(63)
—
—
SHOP Segment Cash NOI
$10,275
$9,433
$8,459
$8,886
$8,866
Acquisitions
—
—
—
—
—
Dispositions
455
533
(2)
(292)
(130)
Non-Core Properties
114
207
508
675
508
SHOP Segment Same Store Cash NOI
$10,844
$10,173
$8,965
$9,269
$9,244
Percentage increase Q2'25 vs Q1'25
6.6%
Percentage increase Q2'25 vs Q2'24
17.3%
For the three months ended June 30, 2025
OMF
SHOP
Total properties as of March 31, 2025
136
45
Dispositions
(3)
(3)
Total properties as of June 30, 2025
133
42
Non-core properties
(1)
(2)
Same Store properties as of June 30, 2025
132
40