National Healthcare Properties Reports Fourth Quarter and Full Year 2025 Results
NEW YORK, February 20, 2026 (GLOBE NEWSWIRE) -- National Healthcare Properties, Inc. (Nasdaq: NHPAP /
NHPBP) (the “Company”), a self-managed diversified healthcare real estate investment trust focusing on senior
housing and outpatient medical facilities, today announced results for the fourth quarter and full year ended
December 31, 2025.
Michael Anderson, Chief Executive Officer and President, commented, “We are very pleased with the exceptional
internal growth of our senior housing portfolio and the steady performance of our outpatient medical portfolio in
2025. We believe the fundamentals within the healthcare real estate industry, especially the senior housing sector,
remain robust. We are excited about the year ahead and are committed to delivering strong performance across our
business.”
Financial Performance and Other Highlights
Fourth Quarter 2025
•Net loss attributable to common stockholders of $(0.92) per basic and diluted share. Nareit defined Funds
From Operations (“FFO”) of $0.07 per diluted share and Normalized Funds From Operations (“Normalized
FFO”) of $0.20 per diluted share.
•FFO per share decreased 49.1% year-over-year.
•Normalized FFO per share decreased 12.8% year-over-year.
•Fourth quarter portfolio Same Store Cash Net Operating Income (“NOI”) growth was 9.8% year-over-year.
•Senior Housing Operating Property (“SHOP”) segment Same Store Cash NOI growth was 26.5%.
•Outpatient Medical Facility (“OMF”) segment Same Store Cash NOI growth was 1.9%.
•Fourth quarter dispositions totaled $11.0 million, representing the sale of three Non-Core SHOPs and three
Non-Core OMFs.
Year Ended December 31, 2025
•Net loss attributable to common stockholders of $(2.51) per basic and diluted share. FFO of $0.64 per
diluted share and Normalized FFO of $0.83 per diluted share.
•FFO per share increased 116.7% year-over-year.
•Normalized FFO per share increased 162.7% year-over-year.
•Full year 2025 portfolio Same Store Cash NOI growth was 9.0% year-over-year.
•SHOP segment Same Store Cash NOI growth was 21.8%.
•OMF segment Same Store Cash NOI growth was 2.9%.
•Full year 2025 dispositions totaled $202.5 million, representing the sale of seven Non-Core SHOPs and 18
Non-Core OMFs.
Balance Sheet and Capital
As of December 31, 2025, total debt outstanding (net of discounts and unamortized debt issuance costs) was
approximately $1.0 billion with a weighted average economic interest rate of 5.75% (when giving effect to interest
rate swaps and caps) and an average remaining term of 3.9 years.
On December 11, 2025, the Company entered into a $400 million senior unsecured revolving credit facility
("Revolving Facility") and a $150 million senior unsecured term loan (together, the "Credit Facilities"), each
maturing in December 2028, with Wells Fargo Bank, National Association, as administrative agent. The Company
used borrowings under the Credit Facilities to pay off its previous $330 million secured term loan maturing in
December 2026.
Net Leverage (Net Debt as of December 31, 2025 to Annualized Adjusted EBITDA for the quarter ended December
31, 2025) was 9.2x as of December 31, 2025, representing an improvement of 1.1x from 10.3x as of December 31,
2024.
Preferred Stock
On December 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 Preferred Stock to holders of record at the
close of business on January 2, 2026. The dividend was paid on January 15, 2026.
•A dividend of $0.4453125 per share on its 7.125% Series B Preferred Stock to holders of record at the close
of business on January 2, 2026. The dividend was paid on January 15, 2026.
During the year ended December 31, 2025, the Company completed the repurchase of previously outstanding
preferred stock with an aggregate liquidation preference of approximately $8.6 million at a weighted average yield
of 11.5%, representing a $9.27 discount to the liquidation preference of $25 per share to face value and reducing
leverage by approximately $3.2 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 senior 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. All statements (other than statements of historical fact) in this press release regarding the Company's
prospects, expectations, intentions, plans, financial position and business strategy may constitute forward-looking
statements. Forward-looking statements generally can be identified by the use of terminology such as “believe,”
“expect,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “should,” “predict,” “project,”
“potential,” “continue” or the negatives of these terms or variations of them or similar expressions. Risks and
uncertainties, the occurrence of which could adversely affect the Company's business and cause actual results to
differ materially from those expressed or implied in the forward-looking statements, include, but are not limited to,
the following: changes in economic cycles generally and in the real estate and healthcare markets specifically; the
success of the Company's growth strategy, including its ability to successfully identify, complete and integrate new
acquisitions; changes to inflation and interest rates; competition in the real estate and healthcare markets; the
Company's ability to retain certain key personnel; legislative and regulatory changes in the healthcare and real estate
industries; reductions or changes in reimbursement from third-party payors, including Medicare and Medicaid;
discovery of previously undetected environmentally hazardous conditions; the Company's ability to pay down,
refinance, restructure or extend its indebtedness as it becomes due; system failures, cyber incidents or deficiencies in
the Company's cybersecurity systems; the availability of capital on favorable terms, or at all; the Company's ability
to remain qualified as a real estate investment trust for U.S. federal income tax purposes; and other risks and
uncertainties described in the section titled Risk Factors of the Company's most recent Annual Report on Form 10-K
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, Normalized FFO, 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 Normalized FFO
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 Normalized FFO 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
Normalized FFO include removing the impacts of (i) acquisition and transaction related costs; (ii) termination fees
to related parties; (iii) severance and other related costs; (iv) mark-to-market gains and losses on non-designated
derivatives and amortization related to terminated derivatives; (v) casualty-related charges, net relating to
significantly disruptive events that are infrequent in nature; (vi) gains and losses on extinguishment of debt; (vii)
similar adjustments for non-controlling interests; and (viii) certain other items set forth in the Normalized FFO
reconciliation included therein.
The Company considers FFO and Normalized FFO to be useful supplemental measures for reviewing comparative
operating and financial performance because, by excluding the applicable items listed below, FFO and Normalized
FFO 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
(i) acquisition and transaction related costs; (ii) termination fees to related parties; (iii) impairment charges; (iv)
casualty-related charges; (v) gains and losses on sale of real estate investments; (vi) gains and losses on
extinguishment of debt; (vii) gains and losses on our derivatives; and (viii) non-cash items such as amortization of
intangibles and equity-based compensation. Annualized Adjusted EBITDA means Adjusted EBITDA for the
specified quarter, multiplied by four.
Cash NOI and NOI
Cash NOI is defined as NOI excluding non-cash items such as straight-line rent adjustments and amortization of
above and below market lease and lease intangibles 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 or residents excluding net amortization of
above- and below-market lease and lease intangibles.
Net Debt
Net debt means total debt, net of deferred financing costs, mortgage discounts and premiums less cash and cash
equivalents.
Net Debt to Annualized Adjusted EBITDA or Net Leverage
Net Debt to Annualized Adjusted EBITDA or Net Leverage means Net Debt divided by Annualized Adjusted
EBITDA.
Non-Core Properties
Non-Core properties are assets that have been deemed not essential to generating future economic benefit or value to
our day-to-day operations and/or are scheduled to be sold.
Leased % or Ending occupancy
Leased % or Ending occupancy for the OMF segment is presented as of the end of the period shown.
Same Store
Same Store means operational properties owned by the Company for the full duration of the applicable comparative
periods and that are not otherwise excluded. Properties are excluded from “same store” if they are (i) Non-Core
Properties, (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 our OMF segment will be included in Same Store once substantial completion of work
has occurred for the full period in the periods presented.
Same Store Cash NOI
Same Store Cash NOI is defined as Cash NOI for our Same Store properties.
NATIONAL HEALTHCARE PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
December 31, | ||||
2025 | 2024 | |||
ASSETS | ||||
Real estate investments, at cost: | ||||
Land | $174,535 | $190,082 | ||
Buildings, fixtures and improvements | 1,785,952 | 2,012,401 | ||
Acquired intangible assets | 246,544 | 284,447 | ||
Construction in progress | 2,994 | 7,867 | ||
Total real estate investments, at cost | 2,210,025 | 2,494,797 | ||
Less: accumulated depreciation and amortization | (691,200) | (725,831) | ||
Total real estate investments, net | 1,518,825 | 1,768,966 | ||
Cash and cash equivalents | 57,620 | 21,652 | ||
Restricted cash | 50,832 | 52,443 | ||
Derivative assets, at fair value | 569 | 19,206 | ||
Straight-line rent receivable, net | 21,486 | 22,841 | ||
Operating lease right-of-use assets | 7,377 | 7,480 | ||
Prepaid expenses and other assets, net | 23,019 | 26,316 | ||
Accounts receivable, net | 9,252 | 5,850 | ||
Deferred costs, net | 22,792 | 21,269 | ||
Total assets | $1,711,772 | $1,946,023 | ||
LIABILITIES AND EQUITY | ||||
Liabilities | ||||
Mortgage notes payable, net | $367,629 | $779,160 | ||
Fannie Mae and other secured debt | 334,739 | 362,216 | ||
Revolving credit facility | 186,000 | — | ||
Term loan, net | 148,405 | — | ||
Market lease intangible liabilities, net | 4,851 | 6,125 | ||
Derivative liabilities, at fair value | 188 | — | ||
Accounts payable and accrued expenses | 44,381 | 89,575 | ||
Operating lease liabilities | 8,467 | 8,109 | ||
Deferred rent | 9,247 | 7,217 | ||
Distributions payable | 3,340 | 3,496 | ||
Total liabilities | 1,107,247 | 1,255,898 | ||
Commitments and contingencies | ||||
Equity | ||||
7.375% Series A cumulative redeemable perpetual preferred stock, $0.01 par value, 4,608 authorized | 38 | 40 | ||
7.125% Series B cumulative redeemable perpetual preferred stock, $0.01 par value, 3,467 authorized | 35 | 36 | ||
Common stock, $0.01 par value, 300,000 shares authorized | 1,132 | 1,132 | ||
Additional paid-in capital | 2,531,315 | 2,533,706 | ||
Accumulated other comprehensive income | 5,604 | 16,640 | ||
Distributions in excess of accumulated earnings | (1,938,060) | (1,866,994) | ||
Total stockholders’ equity | 600,064 | 684,560 | ||
Non-controlling interests | 4,461 | 5,565 | ||
Total equity | 604,525 | 690,125 | ||
Total liabilities and equity | $1,711,772 | $1,946,023 | ||
NATIONAL HEALTHCARE PROPERTIES, INC.
CONSOLIDATED INCOME STATEMENTS
(In thousands, except per share data)
(Unaudited)
Three months ended | Year ended December 31, | ||||||||
Q4 2025 | Q4 2024 | 2025 | 2024 | ||||||
Revenue from tenants | $84,478 | $87,738 | $342,279 | $353,794 | |||||
Operating expenses: | |||||||||
Property operating and maintenance | 53,018 | 54,895 | 218,898 | 221,452 | |||||
Impairment charges | 11,162 | 13,383 | 44,914 | 24,881 | |||||
Termination fees to related parties | — | — | — | 106,650 | |||||
Operating fees to related parties | — | 22 | — | 19,203 | |||||
Acquisition and transaction related | (123) | 2,263 | 516 | 7,949 | |||||
General and administrative | 8,548 | 5,502 | 24,190 | 22,440 | |||||
Depreciation and amortization | 17,987 | 20,681 | 78,261 | 84,067 | |||||
Total expenses | 90,592 | 96,746 | 366,779 | 486,642 | |||||
Operating (loss) income before gain on sale of real estate investments | (6,114) | (9,008) | (24,500) | (132,848) | |||||
(Loss) gain on sale of real estate investments | (467) | 7,953 | 27,800 | 9,307 | |||||
Operating (loss) income | (6,581) | (1,055) | 3,300 | (123,541) | |||||
Other income (expense): | |||||||||
Interest expense | (15,856) | (17,305) | (61,281) | (69,447) | |||||
Interest and other (expense) income, net | (238) | (26) | 272 | 1,051 | |||||
Gain on extinguishment of debt | — | 392 | 257 | 392 | |||||
(Loss) gain on non-designated derivatives | (26) | 1,095 | (72) | 1,544 | |||||
Total other expense, net | (16,120) | (15,844) | (60,824) | (66,460) | |||||
Loss before income taxes | (22,701) | (16,899) | (57,524) | (190,001) | |||||
Income tax (expense) benefit | (101) | (127) | (161) | (262) | |||||
Net loss | (22,802) | (17,026) | (57,685) | (190,263) | |||||
Net loss (income) attributable to non-controlling interest | 108 | 38 | 64 | 567 | |||||
Allocation for preferred stock | (3,284) | (3,449) | (13,446) | (13,799) | |||||
Net loss attributable to common stockholders | (25,978) | (20,437) | (71,067) | (203,495) | |||||
Other comprehensive loss: | |||||||||
Unrealized (loss) gain on designated derivatives | (1,956) | 2,339 | (11,036) | (6,824) | |||||
Comprehensive loss attributable to common stockholders | $(27,934) | $(18,098) | $(82,103) | $(210,319) | |||||
Weighted-average shares outstanding — Basic and Diluted | 28,328 | 28,296 | 28,304 | 28,286 | |||||
Net loss per share attributable to common stockholders — Basic and Diluted | $(0.92) | $(0.72) | $(2.51) | $(7.19) | |||||
(1) See the Company's Annual Report on Form 10-K for the year ended December 31, 2025, Part IV - Note 2 — Summary of
Significant Accounting Policies" for additional details on reclassifications.
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except per share data)
(Unaudited)
Three Months Ended | Year ended December 31, | ||||||||
Q4 2025 | Q4 2024 | 2025 | 2024 | ||||||
Net loss attributable to common stockholders | $(25,978) | $(20,437) | $(71,067) | $(203,495) | |||||
Adjustments: | |||||||||
Impairment charges | 11,162 | 13,383 | 44,914 | 24,881 | |||||
Operating fees to related parties | — | 22 | — | 19,203 | |||||
Termination fees to related parties | — | — | — | 106,650 | |||||
Acquisition and transaction related | (123) | 2,263 | 516 | 7,949 | |||||
General and administrative | 8,548 | 5,502 | 24,190 | 22,440 | |||||
Depreciation and amortization | 17,987 | 20,681 | 78,261 | 84,067 | |||||
Loss (gain) on sale of real estate investments | 467 | (7,953) | (27,800) | (9,307) | |||||
Interest expense | 15,856 | 17,305 | 61,281 | 69,447 | |||||
Interest and other expense (income), net | 238 | 26 | (272) | (1,051) | |||||
Gain on extinguishment of debt | — | (392) | (257) | (392) | |||||
Loss (gain) on non-designated derivatives | 26 | (1,095) | 72 | (1,544) | |||||
Income tax expense (benefit) | 101 | 127 | 161 | 262 | |||||
Net loss (income) attributable to non-controlling interest | (108) | (38) | (64) | (567) | |||||
Allocation for preferred stock | 3,284 | 3,449 | 13,446 | 13,799 | |||||
NOI | $31,460 | $32,843 | $123,381 | $132,342 | |||||
NOI by Segment | |||||||||
OMF | $20,109 | $24,322 | $80,800 | $97,812 | |||||
SHOP | 11,351 | 8,521 | 42,581 | 34,530 | |||||
Total NOI | $31,460 | $32,843 | $123,381 | $132,342 | |||||
(1) See the Company's Annual Report on Form 10-K for the year ended December 31, 2025, Part IV - Note 2 — Summary of
Significant Accounting Policies" for additional details on reclassifications.
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except per share data)
(Unaudited)
Three months ended | Year ended December 31, | ||||||||
Q4 2025 | Q4 2024 | 2025 | 2024 | ||||||
Net loss attributable to common stockholders | $(25,978) | $(20,437) | $(71,067) | $(203,495) | |||||
Depreciation and amortization on real estate assets | 16,560 | 19,287 | 72,615 | 79,231 | |||||
Impairment charges | 11,162 | 13,383 | 44,914 | 24,881 | |||||
Gain on sale of real estate | 467 | (7,953) | (27,800) | (9,307) | |||||
Depreciation on real estate assets related to non-controlling interests | (119) | (181) | (394) | (466) | |||||
FFO attributable to common stockholders | 2,092 | 4,099 | 18,268 | (109,156) | |||||
Acquisition and transaction related (1) | (123) | 2,263 | 516 | 7,949 | |||||
Termination fees to related parties (2) | — | — | — | 106,650 | |||||
Severance and other related costs (3) | 2,907 | — | 2,907 | — | |||||
Derivatives mark-to-market and terminations (4) | 365 | 310 | 1,558 | 4,048 | |||||
Casualty-related charges, net | 627 | 412 | 864 | 489 | |||||
Gain on extinguishment of debt | — | (392) | (257) | (392) | |||||
Normalizing items related to noncontrolling interests | (19) | — | (61) | (540) | |||||
Normalized FFO | $5,849 | $6,692 | $23,795 | $9,048 | |||||
FFO and Normalized FFO weighted-average shares outstanding — Diluted | 28,598 | 28,530 | 28,555 | 28,520 | |||||
FFO per common share — Diluted | $0.07 | $0.14 | $0.64 | $(3.83) | |||||
Normalized FFO per common share — Diluted | $0.20 | $0.23 | $0.83 | $0.32 | |||||
Other Items: | |||||||||
(Accretion) amortization of market lease and other intangibles, net | $(165) | $(606) | $1,857 | $(1,428) | |||||
Straight-line rent adjustments | (418) | (434) | (2,829) | (794) | |||||
Equity-based compensation | 682 | — | 2,585 | 613 | |||||
Depreciation and amortization on non-real estate assets | 1,428 | 1,394 | 5,646 | 4,836 | |||||
Amortization of deferred financing costs and mortgage discounts or premiums | 1,653 | 879 | 4,753 | 3,465 | |||||
Recurring Capital Expenditures | (8,854) | (10,570) | (30,535) | (27,587) | |||||
(1) Includes certain professional and other non-recurring employee transition expenses that were directly related to the Company’s
internalization and reverse stock split.
(2) Represents the closing payments paid in connection with the Company’s internalization.
(3) Represents cash severance, acceleration of equity vesting and other related expenses in connection with the Company's transition
of chief financial officer role in 2025.
(4) For Q1 2025, includes $1.5 million of gain reclassified from OCI to earnings (reduced interest expense) from a partial unwind of a
hedge.
Note: See "Reclassification" in the Appendix for details regarding reclassification of prior period amounts.
NATIONAL HEALTHCARE PROPERTIES, INC.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(In thousands, except per share data)
(Unaudited)
Three months ended | ||||||||||
Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | ||||||
Net loss (in accordance with GAAP) | $(22,802) | $(12,534) | $(20,834) | $(1,515) | $(17,025) | |||||
Interest expense | 15,856 | 15,060 | 15,836 | 14,529 | 17,305 | |||||
Income tax expense (benefit) | 101 | 66 | — | (6) | 127 | |||||
Depreciation and amortization | 17,987 | 18,029 | 18,539 | 23,706 | 20,681 | |||||
EBITDA | 11,142 | 20,621 | 13,541 | 36,714 | 21,088 | |||||
Acquisition and transaction related | (123) | 91 | 497 | 51 | 2,263 | |||||
Equity-based compensation | 682 | 1,333 | 570 | — | — | |||||
Severance and related costs | 2,907 | — | — | — | — | |||||
Impairment charges | 11,162 | 6,641 | 15,212 | 11,899 | 13,383 | |||||
Loss (gain) on sale of real estate investments | 467 | (626) | (2,652) | (24,989) | (7,953) | |||||
Loss (gain) on non-designated derivatives | 26 | 77 | (32) | 1 | (1,095) | |||||
Gain on extinguishment of debt | — | — | (257) | — | (392) | |||||
(Accretion) amortization of market lease and other intangibles, net | (165) | (174) | (135) | 2,331 | (606) | |||||
Casualty-related charges, net | 627 | 115 | 7 | 115 | 412 | |||||
Adjusted EBITDA | 26,725 | 28,078 | 26,751 | 26,122 | 27,100 | |||||
Adjustment for current period activity | 429 | |||||||||
Further Adjusted EBITDA | $27,154 | |||||||||
Net Leverage (Net debt / Annualized Adjusted EBITDA) | 9.2x | 8.8x | 9.2x | 9.6x | 10.3x | |||||
Net debt / Annualized Further Adjusted EBITDA | 9.0x | |||||||||
(1) See the Company's Annual Report on Form 10-K for the year ended December 31, 2025, Part IV - 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 | Year ended December 31, | ||||||||
OMF Segment | Q4 2025 | Q4 2024 | 2025 | 2024 | |||||
OMF segment - Revenue from tenants | $28,149 | $33,744 | $117,058 | $137,317 | |||||
OMF segment - Property operating and maintenance | (8,040) | (9,422) | (36,258) | (39,505) | |||||
OMF segment NOI | $20,109 | $24,322 | $80,800 | $97,812 | |||||
Straight line rent adjustments | (420) | (437) | (2,829) | (794) | |||||
(Accretion) amortization of market lease and other intangibles, net | (170) | (541) | 1,834 | (1,365) | |||||
OMF segment Cash NOI | $19,519 | $23,344 | $79,805 | $95,653 | |||||
Dispositions | 132 | (3,748) | (1,066) | (17,851) | |||||
Redevelopment | 119 | (196) | 463 | (802) | |||||
OMF segment Same Store Cash NOI | $19,770 | $19,400 | $79,202 | $77,000 | |||||
Three months ended | Year ended December 31, | ||||||||
SHOP Segment | Q4 2025 | Q4 2024 | 2025 | 2024 | |||||
SHOP segment - revenue from tenants | $56,328 | $53,994 | $225,221 | $216,477 | |||||
SHOP segment - property operating and maintenance | (44,977) | (45,473) | (182,640) | (181,947) | |||||
SHOP segment NOI | $11,351 | $8,521 | $42,581 | $34,530 | |||||
Non-cash adjustments | 4 | (62) | 23 | (63) | |||||
SHOP segment Cash NOI | $11,355 | $8,459 | $42,604 | $34,467 | |||||
Dispositions | 306 | 759 | 2,231 | 2,333 | |||||
SHOP segment Same Store Cash NOI | $11,661 | $9,218 | $44,835 | $36,800 | |||||
OMF | SHOP | Land | Total | |||||
Total properties as of September 30, 2025 | 133 | 40 | 1 | 174 | ||||
Dispositions | (3) | (3) | — | (6) | ||||
Total properties as of December 31, 2025 | 130 | 37 | 1 | 168 | ||||
Redevelopments | (1) | — | — | (1) | ||||
Same Store properties as of December 31, 2025 | 129 | 37 | 1 | 167 |
(1) See the Company's Annual Report on Form 10-K for the year ended December 31, 2025, Part IV - Note 2 — Summary of
Significant Accounting Policies" for additional details on reclassifications.