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National Healthcare Properties Reports Third Quarter 2025 Results
NEW YORK, November 5, 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 nine months ended September
30, 2025.
Michael Anderson, Chief Executive Officer and President, commented, “We are very pleased with the continued
strong momentum of our business across-the-board in the third quarter. The exceptional growth of same store cash
net operating income within the Senior Housing Operating Property segment and the continued durable performance
of the Outpatient Medical Facility segment are laying a solid foundation for our public listing preparation.”
Financial Performance and Other Highlights
•Net loss of $(0.56) per basic and diluted share. Nareit defined Funds from Operations (“FFO”) of $0.23 per
diluted share, and Adjusted Funds from Operations (“AFFO”) of $0.36 per diluted share.
•FFO per share increased 21.1% on a quarter-over-quarter basis.
•AFFO per share increased 12.5% on a quarter-over-quarter basis.
•Third quarter portfolio Same Store Cash Net Operating Income (“NOI”) growth was 12.2% year-over-year.
•Senior Housing Operating Property (“SHOP”) segment Same Store Cash NOI growth was 27.2%.
•Outpatient Medical Facility (“OMF”) segment Same Store Cash NOI growth was 4.7%.
•Third quarter disposition totaled $1.8 million, representing the sale of one non-core SHOP.
Operating Update
SHOP Portfolio
•Year-over-year Same Store Cash NOI growth of 27.2%.
•Quarter-over-quarter Same Store Cash NOI growth of 10.3%.
•Same Store average occupancy totaled 83.7%, an increase of 4.0% on a year-over-year basis.
•Same Store revenue increased 12.0% on a year-over-year basis.
•Same Store Cash NOI Margin totaled 21.5%, an expansion of 2.5% on a year-over-year basis.
OMF Portfolio
•Year-over-year Same Store Cash NOI growth of 4.7%.
•Quarter-over-quarter Same Store Cash NOI decreased by 1.6%.
•Same Store ending occupancy totaled 93.5%, a decrease of 0.4% on a year-over-year basis.
Investment Activity
The Company completed the disposition of one non-core SHOP with a contract sales price of $1.8 million during the
quarter ended September 30, 2025.
Balance Sheet and Capital
As of September 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
3.5 years.
Year-to-date through September 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 8.9x as of September 30, 2025, an improvement
of 0.4x relative to June 30, 2025.
Preferred Stock
On September 19, 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 October 3, 2025. The dividend was paid on
October 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 October 3, 2025. The dividend was paid on
October 15, 2025.
During the nine months ended September 30, 2025, the Company completed the repurchase of $4.5 million of
previously outstanding shares of preferred stock at a weighted average yield of 11.9%, representing a $9.75 discount
to face value and reducing leverage by $2.9 million.
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, Net Debt, 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 duration of the comparative 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, (iii) impacted by materially disruptive events, or (iv) undergoing, or intended to undergo, significant
redevelopment. Redeveloped properties in the OMF segment will be included in same store once substantial
completion of work has occurred for the full period in the periods presented.
NATIONAL HEALTHCARE PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
ASSETS
Real estate investments, at cost:
Land
$176,510
$177,999
$182,662
$190,082
$198,124
Buildings, fixtures and improvements
1,795,014
1,804,274
1,837,150
2,012,401
2,051,313
Acquired intangible assets
248,061
249,941
256,440
284,447
290,408
Construction in progress
$2,535
$4,126
$9,558
$7,867
$3,930
Total real estate investments, at cost
2,222,120
2,236,340
2,285,810
2,494,797
2,543,775
Less: accumulated depreciation and amortization
(681,847)
(671,070)
(670,907)
(725,831)
(724,985)
Total real estate investments, net
1,540,273
1,565,270
1,614,903
1,768,966
1,818,790
Assets held for sale
6,215
1,725
—
—
—
Cash and cash equivalents
47,059
47,123
71,383
21,652
32,858
Restricted cash
55,477
56,047
55,025
52,443
52,054
Derivative assets, at fair value
8,415
11,208
13,281
19,206
17,177
Straight-line rent receivable, net
21,069
20,315
19,967
22,841
23,056
Operating lease right-of-use assets
7,280
6,841
6,879
7,480
7,553
Prepaid expenses and other assets
24,972
22,591
23,721
26,316
23,706
Accounts receivable, net
10,242
9,311
8,096
5,850
5,238
Deferred costs, net
18,055
18,465
18,630
21,269
17,238
Total assets
1,739,057
1,758,896
1,831,885
1,946,023
1,997,670
LIABILITIES AND EQUITY
Mortgage notes payable, net
$696,806
$696,508
$711,065
$779,160
$816,988
Fannie Mae Secured Debt
336,181
337,624
360,774
362,216
363,659
Market lease intangible liabilities, net
5,114
5,380
5,691
6,125
6,910
Derivative liabilities, at fair value
—
—
—
—
—
Accounts payable and accrued expenses
46,440
46,322
54,649
89,575
84,472
Operating lease liabilities
8,266
7,801
7,815
8,109
8,122
Deferred rent
10,230
9,347
8,275
7,217
5,717
Distributions payable
3,372
3,432
3,496
3,496
3,496
Total liabilities
1,106,409
1,106,414
1,151,765
1,255,898
1,289,364
Stockholders’ Equity
7.375% Series A cumulative redeemable perpetual
preferred stock, $0.01 par value, 4,740,000 authorized
38
40
40
40
40
7.125% Series B cumulative redeemable perpetual
preferred stock, $0.01 par value, 3,680,000 authorized
35
35
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
2,530,535
2,532,585
2,533,737
2,533,706
2,533,697
Accumulated other comprehensive income
7,560
9,441
11,646
16,640
14,301
Distributions in excess of accumulated earnings
(1,912,081)
(1,896,200)
(1,872,012)
(1,866,994)
(1,846,558)
Total stockholders’ equity
627,219
647,033
674,579
684,560
702,648
Non-controlling interests
5,429
5,449
5,541
5,565
5,658
Total equity
632,648
652,482
680,120
690,125
708,306
Total liabilities and equity
$1,739,057
$1,758,896
$1,831,885
$1,946,023
$1,997,670
NATIONAL HEALTHCARE PROPERTIES, INC.
CONSOLIDATED INCOME STATEMENTS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Revenue from tenants
$86,026
$85,332
$86,443
$87,738
$88,940
Operating expenses:
Property operating and maintenance
53,845
54,179
57,856
54,895
56,407
Impairment charges
6,641
15,212
11,899
13,383
8,829
Operating fees to related parties
—
—
—
22
6,391
Termination fees to related parties
—
—
—
—
8,409
Acquisition and transaction related
91
497
51
2,263
5,187
General and administrative
5,671
5,075
4,896
5,502
5,502
Depreciation and amortization
18,029
18,539
23,706
20,681
20,720
Total expenses
84,277
93,502
98,408
96,746
111,445
Operating loss before gain on sale of real estate
investments
1,749
(8,170)
(11,965)
(9,008)
(22,505)
Gain on sale of real estate investments
626
2,652
24,989
7,953
1,579
Operating (loss) income
2,375
(5,518)
13,024
(1,055)
(20,926)
Other income (expense):
Interest expense
(15,060)
(15,836)
(14,529)
(17,305)
(18,007)
Interest and other income (expense)
294
231
(15)
(26)
548
Gain on extinguishment of debt
—
257
—
392
—
Gain (loss) on non-designated derivatives
(77)
32
(1)
1,095
(2,384)
Total other expenses, net
(14,843)
(15,316)
(14,545)
(15,844)
(19,843)
Loss before income taxes
(12,468)
(20,834)
(1,521)
(16,899)
(40,769)
Income tax expense (benefit)
(66)
—
6
(127)
—
Net loss
(12,534)
(20,834)
(1,515)
(17,026)
(40,769)
Net loss (income) attributable to non-controlling interests
(21)
31
(54)
38
77
Allocation for preferred stock
(3,326)
(3,386)
(3,450)
(3,449)
(3,450)
Net loss attributable to common stockholders
(15,881)
(24,189)
(5,019)
(20,437)
(44,142)
Other comprehensive loss:
Unrealized (loss) gain on designated derivatives
(1,881)
(2,205)
(4,994)
2,339
(10,167)
Comprehensive loss attributable to common stockholders
$(17,762)
$(26,394)
$(10,013)
$(18,098)
$(54,309)
Weighted-average shares outstanding — Basic and Diluted
28,296,919
28,296,439
28,296,439
28,296,439
28,291,594
Net loss per share attributable to common stockholders —
Basic and Diluted
$(0.56)
$(0.85)
$(0.18)
$(0.72)
$(1.56)
(1) See the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025, Part I - Note 2 "Summary of Significant Accounting
Policies" for additional details on reclassifications.
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
OMFs:
  Revenue from tenants
$29,022
$29,252
$30,635
$33,744
$34,303
  Property operating and maintenance
(8,391)
(8,342)
(11,485)
(9,422)
(10,656)
OMF segment net operating income
$20,631
$20,910
$19,150
$24,322
$23,647
SHOPs:
  Revenue from tenants
$57,004
$56,078
$55,808
$53,994
$54,637
  Property operating and maintenance
(45,454)
(45,835)
(46,371)
(45,473)
(45,751)
SHOP segment net operating income
$11,550
$10,243
$9,437
$8,521
$8,886
        Net operating income (NOI)
$32,181
$31,153
$28,587
$32,843
$32,533
Impairment charges
(6,641)
(15,212)
(11,899)
(13,383)
(8,829)
Operating fees to related parties
—
—
—
(22)
(6,391)
Termination fees to related parties
—
—
—
—
(8,409)
Acquisition and transaction related
(91)
(497)
(51)
(2,263)
(5,187)
General and administrative
(5,671)
(5,075)
(4,896)
(5,502)
(5,502)
Depreciation and amortization
(18,029)
(18,539)
(23,706)
(20,681)
(20,720)
Gain on sale of real estate investments
626
2,652
24,989
7,953
1,579
Interest expense
(15,060)
(15,836)
(14,529)
(17,305)
(18,007)
Interest and other income (expense)
294
231
(15)
(26)
548
Gain (loss) on non-designated derivatives
(77)
32
(1)
1,095
(2,384)
Gain on extinguishment of debt
—
257
—
392
—
Income tax (expense) benefit
(66)
—
6
(127)
—
Net loss (income) attributable to non-controlling interests
(21)
31
(54)
38
77
Preferred stock dividends
(3,326)
(3,386)
(3,450)
(3,449)
(3,450)
Net loss attributable to common stockholders (in
accordance with GAAP)
$(15,881)
$(24,189)
$(5,019)
$(20,437)
$(44,142)
(1) See the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025, Part I - Note 2 "Summary of Significant Accounting
Policies" for additional details on reclassifications.
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Net loss attributable to common stockholders (in
accordance with GAAP)
$(15,881)
$(24,189)
$(5,019)
$(20,437)
$(44,142)
Depreciation and amortization on real estate assets
16,647
17,127
22,281
19,287
19,293
Impairment charges
6,641
15,212
11,899
13,383
8,829
Gain on sale of real estate
(626)
(2,652)
(24,989)
(7,953)
(1,579)
Adjustments for non-controlling interests
(73)
(146)
(56)
(181)
(64)
FFO (as defined by NAREIT) attributable to common
stockholders
6,708
5,352
4,116
4,099
(17,663)
Amortization (accretion) of market lease and other
intangibles, net
(174)
(135)
2,331
(606)
(134)
Straight-line rent adjustments
(753)
(635)
(1,023)
(434)
(458)
Acquisition and transaction related(1)
91
497
51
2,263
5,187
Termination fees to related parties(2)
—
—
—
—
8,409
Equity-based compensation
1,333
570
—
—
153
Depreciation and amortization on non-real estate assets
1,382
1,411
1,425
1,394
1,427
Mark-to-market (gains)/losses from derivatives(3)
911
813
931
310
4,224
Non-cash components of interest expense(4)
761
1,481
858
879
880
Adjustments for non-controlling interests
(10)
(13)
(19)
—
(91)
Gain on extinguishment of debt
—
(257)
—
(392)
—
Casualty-related charges(5)
115
7
115
412
2
AFFO
$10,364
$9,091
$8,785
$7,925
$1,936
Percentage increase Q3 2025 vs Q2 2025
14.0%
Percentage increase Q3 2025 vs Q3 2024
435.3%
Recurring Capital Expenditures
$4,452
$10,571
$6,658
$10,570
$5,917
FFO and AFFO Weighted-average shares outstanding —
Diluted
28,549,088
28,533,395
28,530,465
28,530,264
28,525,620
FFO per common share — Diluted
$0.23
$0.19
$0.14
$0.14
$(0.62)
AFFO per common share — Diluted
$0.36
$0.32
$0.31
$0.28
$0.07
(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.
(6) See the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025, Part I - Note 2 "Summary of Significant Accounting
Policies" for additional details on reclassifications.
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
Amounts in thousands
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Net loss (in accordance with GAAP)
$(12,534)
$(20,834)
$(1,515)
$(17,025)
$(40,771)
Interest expense
15,060
15,836
14,529
17,305
18,007
Income tax expense
66
—
(6)
127
—
Depreciation and amortization
18,029
18,539
23,706
20,681
20,720
EBITDA
20,621
13,541
36,714
21,088
(2,044)
Acquisition and transaction related
91
497
51
2,263
5,187
Termination fees to related parties
—
—
—
—
8,409
Equity-based compensation
1,333
570
—
—
153
Impairment charges
6,641
15,212
11,899
13,383
8,829
(Gain)/loss on sale of real estate investments
(626)
(2,652)
(24,989)
(7,953)
(1,579)
(Gain)/loss on non-designated derivatives
77
(32)
1
(1,095)
2,384
Gain on extinguishment of debt
—
(257)
—
(392)
—
Amortization (accretion) of market lease and other
intangibles, net
(174)
(135)
2,331
(606)
(135)
Casualty-related charges
115
7
115
412
2
Adjusted EBITDA
28,078
26,751
26,122
27,100
21,206
Operating fees to related parties
—
—
—
22
6,391
General and administrative
4,338
4,505
4,896
5,502
5,349
Interest and other income
(294)
(231)
15
25
(546)
Amortization (accretion) of market lease and other
intangibles, net
174
135
(2,331)
606
135
Casualty-related charges
(115)
(7)
(115)
(412)
(2)
NOI
32,181
31,153
28,587
32,843
32,533
Adjustments for straight-line rent
(753)
(634)
(1,021)
(435)
(458)
Accretion of market lease and other intangibles, net
(174)
(135)
2,331
(605)
(133)
Cash NOI
$31,254
$30,384
$29,897
$31,803
$31,942
Dispositions
299
502
(758)
(3,241)
(3,496)
Redevelopment
85
99
160
(196)
(196)
Non-Core Properties
297
158
229
252
220
Same-store Cash NOI
$31,935
$31,143
$29,528
$28,618
$28,470
Percentage increase Q3 2025 vs Q2 2025
2.5%
Percentage increase Q3 2025 vs Q3 2024
12.2%
(1) See the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025, Part I - Note 2 "Summary of Significant Accounting
Policies" for additional details on reclassifications.
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except share,  per share, and property data)
(Unaudited)
Three Months Ended
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
OMF segment - revenue from tenants
$29,022
$29,252
$30,635
$33,744
$34,303
OMF segment - property operating and maintenance
(8,391)
(8,342)
(11,485)
(9,422)
(10,656)
OMF segment NOI
$20,631
$20,910
$19,150
$24,322
$23,647
Straight line rent adjustments
(754)
(634)
(1,021)
(437)
(460)
Accretion of market lease and other intangibles, net
(164)
(167)
2,335
(541)
(131)
OMF segment cash NOI
$19,713
$20,109
$20,464
$23,344
$23,056
Dispositions
36
(51)
(1,456)
(3,798)
(3,852)
Redevelopment
85
99
160
(196)
(196)
Non-Core properties
94
103
76
50
26
OMF segment same store cash NOI
$19,928
$20,260
$19,244
$19,400
$19,034
Percentage increase Q3 2025 vs Q2 2025
(1.6)%
Percentage increase Q3 2025 vs Q3 2024
4.7%
Three Months Ended
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
SHOP segment - revenue from tenants
$57,004
$56,081
$55,808
$53,994
$54,637
SHOP segment - property operating and maintenance
(45,454)
(45,836)
(46,371)
(45,472)
(45,751)
SHOP segment NOI
$11,550
$10,245
$9,437
$8,522
$8,886
Non-cash adjustments
(9)
30
(4)
(63)
—
SHOP segment cash NOI
$11,541
$10,275
$9,433
$8,459
$8,886
Dispositions
263
553
698
557
356
Non-Core properties
203
55
153
202
194
SHOP segment same store Cash NOI
$12,007
$10,883
$10,284
$9,218
$9,436
Percentage increase Q3 2025 vs Q2 2025
10.3%
Percentage increase Q3 2025 vs Q3 2024
27.2%
For the three months ended September 30, 2025
OMF
SHOP
Total properties as of June 30, 2025
133
42
Dispositions
—
(1)
Total properties as of September 30, 2025
133
41
Non-Core properties
(3)
(3)
Redevelopments
(1)
—
Same store properties as of September 30, 2025
129
38
(1) See the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025, Part I - Note 2 "Summary of Significant Accounting
Policies" for additional details on reclassifications.