NHP on Nasdaq
National Healthcare Properties, Inc.
In its 2026 annual report the company says: “We are a real estate investment trust for U.S. federal income tax purposes. We acquire, own and manage a diversified portfolio of healthcare real estate assets focused on senior housing operating properties and outpatient medical facilities in the United States.”5 It is headquartered in Baltimore, United States.2 Its shares trade on Nasdaq under the symbol NHP.2
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Last updated Oct 21, 2026.
Overview
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- TickerNHP on Nasdaq2
- IndustryReal Estate Investment Trusts2
- HeadquartersBaltimore, United States2
- Incorporated inMD3
- Business address540 Madison Ave, 27Th Floor, New York, Ny 100223
- Filer categoryNon-accelerated filer3
- Legal formStock Corporation2
- LEI549300Z2NSUGF5NF2Y302
- StatusActive2
- LEI statusIssued and current2
- Registered address7 ST. PAUL STREET, 21202 Baltimore, United States2
- Registered withBusiness Services (Maryland Department of Assessments and Taxation), D149039342
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We are a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We acquire, own and manage a diversified portfolio of healthcare real estate assets focused on senior housing operating properties (“SHOP”) and outpatient medical facilities (“OMF”) in the United States. As described in further details herein, we operate in two reportable business segments for management and internal financial reporting purposes: SHOP and OMF.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
36.0%Gross margin6
1.0%Operating margin6
-16.9%Net margin6
-3.3%Revenue growth, 20256
-9.6%Return on equity6
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Seniors Housing Communities brought in 66% of the revenue National Healthcare Properties, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Seniors Housing Communities | $210.5M | $216.5M | $225.2M |
| Outpatient Medical Facilities | $135.4M | $137.3M | $117.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$342.1M
- Income tax0¢$161.0K
Out of $342.3M in revenue.6 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Kept or used elsewhere100¢$7.0M
Out of $7.0M of cash from operations.6
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue from tenants | $342.3M | $353.8M | $345.9M |
| Property operating and maintenance | $218.9M | $221.5M | $217.8M |
| Impairment charges | $44.9M | $24.9M | $4.7M |
| Termination fees to related parties | $0 | $106.7M | $0 |
| Operating fees to related parties | $0 | $19.2M | $25.5M |
| Acquisition and transaction related | $516.0K | $7.9M | $545.0K |
| General and administrative | $24.2M | $22.4M | $18.9M |
| Depreciation and amortization | $78.3M | $84.1M | $82.9M |
| Total expenses | $366.8M | $486.6M | $350.3M |
| Operating loss before gain (loss) on sale of real estate investments | -$24.5M | -$132.8M | -$4.4M |
| Gain (loss) on sale of real estate investments | $27.8M | $9.3M | -$322.0K |
| Operating income (loss) | $3.3M | -$123.5M | -$4.7M |
| Interest expense | -$61.3M | -$69.4M | -$66.1M |
| Interest and other income, net | $272.0K | $1.1M | $734.0K |
| Gain on extinguishment of debt | $257.0K | $392.0K | $0 |
| (Loss) gain on non-designated derivatives | -$72.0K | $1.5M | -$2.0M |
| Total other expense, net | -$60.8M | -$66.5M | -$67.3M |
| Loss before income taxes | -$57.5M | -$190.0M | -$72.1M |
| Income tax expense | -$161.0K | -$262.0K | -$303.0K |
| Net loss | -$57.7M | -$190.3M | -$72.4M |
| Net loss attributable to non-controlling interests | $64.0K | $567.0K | $82.0K |
| Allocation for preferred stock | -$13.4M | -$13.8M | -$13.8M |
| Net loss attributable to common stockholders | -$71.1M | -$203.5M | -$86.1M |
| Unrealized loss on designated derivatives | -$11.0M | -$6.8M | -$13.4M |
| Comprehensive loss attributable to common stockholders | -$82.1M | -$210.3M | -$99.5M |
| Weighted-average common shares outstanding - Basic (in shares) | 28.3M shares | 28.3M shares | 28.3M shares |
| Weighted-average common shares outstanding - Diluted (in shares) | 28.3M shares | 28.3M shares | 28.3M shares |
| Net loss attributable to common stockholders per common share Basic (in usd per share) | -$2.51 | -$7.19 | -$3.04 |
| Net loss attributable to common stockholders per common share - Diluted (in usd per share) | -$2.51 | -$7.19 | -$3.04 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 6 quarters (quarterly), latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2024-09-30 | 2024-01-31 | 2023-12-31 |
|---|---|---|---|---|---|
| Land | $174.5M | $190.1M | |||
| Buildings, fixtures and improvements | $1.8B | $2.0B | |||
| Acquired intangible assets | $246.5M | $284.4M | |||
| Construction in progress | $3.0M | $7.9M | |||
| Total real estate investments, at cost | $2.2B | $2.5B | |||
| Less: accumulated depreciation and amortization | -$691.2M | -$725.8M | |||
| Total real estate investments, net | $1.5B | $1.8B | |||
| Cash and cash equivalents | $57.6M | $21.7M | $46.4M | ||
| Restricted cash | $50.8M | $52.4M | $44.9M | ||
| Derivative assets, at fair value | $569.0K | $19.2M | |||
| Straight-line rent receivable, net | $21.5M | $22.8M | |||
| Operating lease right-of-use assets | $7.4M | $7.5M | |||
| Prepaid expenses and other assets, net | $23.0M | $26.3M | |||
| Accounts receivable, net | $9.3M | $5.8M | |||
| Deferred costs, net | $22.8M | $21.3M | |||
| Total assets | $1.7B | $1.9B | |||
| Mortgage notes payable, net | $367.6M | $779.2M | |||
| Market lease intangible liabilities, net | $4.9M | $6.1M | |||
| Derivative liabilities, at fair value | $188.0K | $0 | |||
| Accounts payable and accrued expenses | $44.4M | $89.6M | |||
| Operating lease liabilities | $8.5M | $8.1M | |||
| Deferred rent | $9.2M | $7.2M | |||
| Distributions payable | $3.3M | $3.5M | |||
| Total liabilities | $1.1B | $1.3B | |||
| Common stock, 0.01 par value, 300,000,000 shares authorized; 28,426,694 and 28,296,439 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $1.1M | $1.1M | |||
| Additional paid-in capital | $2.5B | $2.5B | |||
| Accumulated other comprehensive income | $5.6M | $16.6M | |||
| Distributions in excess of accumulated earnings | -$1.9B | -$1.9B | |||
| Total stockholders equity | $600.1M | $684.6M | |||
| Non-controlling interests | $4.5M | $5.6M | |||
| Total equity | $604.5M | $690.1M | $900.6M | ||
| Total liabilities and equity | $1.7B | $1.9B | |||
| Common stock, par value (in usd per share) | $0.01 | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 300.0M shares | 300.0M shares | |||
| Common stock, shares issued (in shares) | 28.4M shares | 28.3M shares | |||
| Common stock, shares outstanding (in shares) | 28.4M shares | 28.3M shares | |||
| Stockholders' equity, reverse stock split | 0 pure |
| Period ending | 2025-12-31 | 2024-12-31 | 2024-09-30 | 2024-01-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|---|---|
| Land | $174.5M | $190.1M | ||||
| Buildings, fixtures and improvements | $1.8B | $2.0B | ||||
| Acquired intangible assets | $246.5M | $284.4M | ||||
| Construction in progress | $3.0M | $7.9M | ||||
| Total real estate investments, at cost | $2.2B | $2.5B | ||||
| Less: accumulated depreciation and amortization | -$691.2M | -$725.8M | ||||
| Total real estate investments, net | $1.5B | $1.8B | ||||
| Cash and cash equivalents | $57.6M | $21.7M | $46.4M | |||
| Restricted cash | $50.8M | $52.4M | $44.9M | |||
| Derivative assets, at fair value | $569.0K | $19.2M | ||||
| Straight-line rent receivable, net | $21.5M | $22.8M | ||||
| Operating lease right-of-use assets | $7.4M | $7.5M | ||||
| Prepaid expenses and other assets, net | $23.0M | $26.3M | ||||
| Accounts receivable, net | $9.3M | $5.8M | ||||
| Deferred costs, net | $22.8M | $21.3M | ||||
| Total assets | $1.7B | $1.9B | ||||
| Mortgage notes payable, net | $367.6M | $779.2M | ||||
| Market lease intangible liabilities, net | $4.9M | $6.1M | ||||
| Derivative liabilities, at fair value | $188.0K | $0 | ||||
| Accounts payable and accrued expenses | $44.4M | $89.6M | ||||
| Operating lease liabilities | $8.5M | $8.1M | ||||
| Deferred rent | $9.2M | $7.2M | ||||
| Distributions payable | $3.3M | $3.5M | ||||
| Total liabilities | $1.1B | $1.3B | ||||
| Common stock, 0.01 par value, 300,000,000 shares authorized; 28,426,694 and 28,296,439 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $1.1M | $1.1M | ||||
| Additional paid-in capital | $2.5B | $2.5B | ||||
| Accumulated other comprehensive income | $5.6M | $16.6M | ||||
| Distributions in excess of accumulated earnings | -$1.9B | -$1.9B | ||||
| Total stockholders equity | $600.1M | $684.6M | ||||
| Non-controlling interests | $4.5M | $5.6M | ||||
| Total equity | $604.5M | $690.1M | $900.6M | $999.2M | ||
| Total liabilities and equity | $1.7B | $1.9B | ||||
| Common stock, par value (in usd per share) | $0.01 | $0.01 | $0.01 | |||
| Common stock, shares authorized (in shares) | 300.0M shares | 300.0M shares | ||||
| Common stock, shares issued (in shares) | 28.4M shares | 28.3M shares | ||||
| Common stock, shares outstanding (in shares) | 28.4M shares | 28.3M shares | ||||
| Stockholders' equity, reverse stock split | 0 pure |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$57.7M | -$190.3M | -$72.4M |
| Depreciation and amortization | $78.3M | $84.1M | $82.9M |
| Amortization of deferred financing costs and mortgage discounts (premiums) | $4.8M | $3.5M | $6.8M |
| Accretion of terminated swap | -$344.0K | -$1.2M | -$4.2M |
| Amortization (accretion) of market lease and other intangibles, net | $1.9M | -$1.4M | -$890.0K |
| Stock-based compensation amortization expense | $3.8M | $613.0K | $919.0K |
| Loss (gain) on non-designated derivative instruments | $72.0K | -$1.5M | $2.0M |
| Cash received from non-designated derivative instruments | $3.3M | $6.8M | $5.6M |
| (Gain) loss on sale of real estate investments | -$27.8M | -$9.3M | $322.0K |
| Gain on extinguishment of debt | -$257.0K | -$392.0K | $0 |
| Impairment charges | $44.9M | $24.9M | $4.7M |
| Deferred tax valuation allowance | $1.7M | $2.4M | $1.2M |
| Straight-line rent receivable, net | $1.4M | -$794.0K | -$1.0M |
| Prepaid expenses and other assets, net | $3.7M | -$6.0M | -$5.5M |
| Accounts receivable, net | -$3.4M | $3.1M | $705.0K |
| Deferred leasing costs | -$8.1M | -$11.3M | -$3.1M |
| Accounts payable, accrued expenses and other liabilities | -$41.2M | $15.9M | $3.2M |
| Deferred rent | $2.0M | $1.1M | $576.0K |
| Net cash provided by (used in) operating activities | $7.0M | -$79.8M | $21.6M |
| Acquisitions of real estate | -$250.0K | -$5.6M | -$35.3M |
| Capital expenditures | -$28.7M | -$21.9M | -$22.4M |
| Investments in non-designated interest rate caps, net | -$1.4M | -$1.7M | -$10.0M |
| Proceeds from sales of real estate, net | $100.2M | $93.2M | $4.8M |
| Net cash provided by (used in) investing activities | $69.8M | $64.0M | -$62.8M |
| Repayments of Fannie Mae and other secured debt | -$27.5M | -$5.8M | -$200.6M |
| Proceeds from mortgage notes payable | $0 | $0 | $240.0M |
| Repayments of mortgage notes payable | -$331.1M | -$18.8M | -$1.1M |
| Proceeds from interest rate swap terminations | $8.3M | $0 | $5.4M |
| Payments of deferred financing costs | -$6.2M | $0 | -$8.7M |
| Proceeds from promissory note | $0 | $30.3M | $0 |
| Taxes paid for net settlement of equity-based awards | -$612.0K | $0 | $0 |
| Payment of offering costs | -$1.2M | $0 | $0 |
| Repurchase of Preferred Stock | -$5.4M | $0 | $0 |
| Purchase of non-controlling interest | -$978.0K | $0 | $0 |
| Contributions from non-controlling interest holders | $0 | $0 | $284.0K |
| Distributions to non-controlling interest holders | -$184.0K | -$184.0K | -$185.0K |
| Net cash (used in) provided by financing activities | -$42.4M | -$1.3M | $56.0M |
| Net change in cash, cash equivalents and restricted cash | $34.4M | -$17.2M | $14.8M |
| Cash paid for interest | -$54.0M | -$61.0M | -$63.7M |
| Cash (received) paid for income and franchise taxes | $10.0K | -$416.0K | -$454.0K |
| Common stock issued through stock dividends | $0 | $23.7M | $91.2M |
| Preferred stock dividend declared | -$3.3M | -$3.5M | -$3.5M |
| Mortgages issued with acquisition of real estate investments | $0 | $7.5M | $0 |
| Accrued capital expenditures | $598.0K | $455.0K | $2.9M |
| Accrued offering costs on Series B Preferred Stock | $0 | $0 | $0 |
| Proceeds from real estate sales used to repay mortgage notes payable | $82.8M | $20.4M | $2.7M |
| Mortgage notes payable repaid with proceeds from real estate sales | -$82.8M | -$20.4M | -$2.7M |
| Proceeds from real estate sales used to repay amounts outstanding under the Prior Credit Facility | $0 | $0 | $5.2M |
| Amounts outstanding under the Prior Credit Facility repaid with proceeds from real estate sales | $0 | $0 | -$5.2M |
No quarter-by-quarter statement was filed.
Compare National Healthcare Properties, Inc. with another company
Corporate structure
National Healthcare Properties, Inc. sits at the top of its group. 259 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of National Healthcare Properties, Inc.
- Prudential Financial Filed SCHEDULE 13G/A on National Healthcare Properties, Inc., latest Oct 7, 2026 (2 filings since Jul 8, 2026)
- Alyeska Investment Group, L.P. Filed SCHEDULE 13G on National Healthcare Properties, Inc., latest Aug 14, 2026
- RUSH ISLAND MANAGEMENT, LP Filed SCHEDULE 13G on National Healthcare Properties, Inc., latest Aug 14, 2026
- Zimmer Partners, LP Filed SCHEDULE 13G on National Healthcare Properties, Inc., latest Aug 14, 2026
- LASALLE INVESTMENT MANAGEMENT SECURITIES LLC Filed SCHEDULE 13G on National Healthcare Properties, Inc., latest Aug 13, 2026
- DUFF & PHELPS INVESTMENT MANAGEMENT CO Filed SCHEDULE 13G on National Healthcare Properties, Inc., latest Aug 10, 2026
- FMR LLC Filed SCHEDULE 13G on National Healthcare Properties, Inc., latest Aug 6, 2026
- BlackRock Filed SCHEDULE 13G on National Healthcare Properties, Inc., latest Jul 29, 2026
- MILLENNIUM MANAGEMENT LLC Filed SCHEDULE 13G/A on National Healthcare Properties, Inc., latest Jul 9, 2026 (3 filings since Apr 29, 2026)
- PRINCIPAL GLOBAL INVESTORS Filed SCHEDULE 13G on National Healthcare Properties, Inc., latest Jun 1, 2026
- National Healthcare Properties, Inc. Baltimore, Maryland, United States
- Advantage Senior Care, LLC Subsidiary · Delaware, United States
- AHRC CPCHBIN01, LLC Subsidiary · Delaware, United States
- AHRC CPCLPIN01, LLC Subsidiary · Delaware, United States
- AHRC CPCMRIN01, LLC Subsidiary · Delaware, United States
- AHRC CPCVPIN01, LLC Subsidiary · Delaware, United States
- ARHC AAEKHWI01, LLC Subsidiary · Delaware, United States
- ARHC ADERLCO01, LLC Subsidiary · Delaware, United States
- ARHC AHGBYWI01, LLC Subsidiary · Delaware, United States
- ARHC AHGVLWI01, LLC Subsidiary · Delaware, United States
- ARHC AHHFDCA01, LLC Subsidiary · Delaware, United States
- ARHC AHJACOH01, LLC Subsidiary · Delaware, United States
- ARHC AHKIEWI01, LLC Subsidiary · Delaware, United States
- ARHC AHMLWWI01, LLC Subsidiary · Delaware, United States
- ARHC AHPLYWI01, LLC Subsidiary · Delaware, United States
- ARHC AHWTFWI01, LLC Subsidiary · Delaware, United States
- ARHC AHWTMWI01, LLC Subsidiary · Delaware, United States
- ARHC ALALPGA01 TRS, LLC Subsidiary · Delaware, United States
- ARHC ALALPGA01, LLC Subsidiary · Delaware, United States
- ARHC ALJUPFL01 TRS, LLC Subsidiary · Delaware, United States
- ARHC ALJUPFL01, LLC Subsidiary · Delaware, United States
- ARHC ALSPGFL01 TRS, LLC Subsidiary · Delaware, United States
- ARHC ALSPGFL01, LLC Subsidiary · Delaware, United States
- ARHC ALSTUFL01 TRS, LLC Subsidiary · Delaware, United States
- ARHC ALSTUFL01, LLC Subsidiary · Delaware, United States
- ARHC ALTSPFL01 TRS, LLC Subsidiary · Delaware, United States
- and 233 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What National Healthcare Properties, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Land | $174.5M6 Dec 31, 2025 | $190.1M6 Dec 31, 2024 | −8.2% |
| Construction in progress | $3.0M6 Dec 31, 2025 | $7.9M6 Dec 31, 2024 | −61.9% |
| Operating-lease assets (leased space) | $7.4M6 Dec 31, 2025 | $7.5M6 Dec 31, 2024 | −1.4% |
Real estate and locations
| Item | Latest | A year before | Change |
|---|---|---|---|
| Real estate investments, net | $1.5B6 Dec 31, 2025 | $1.8B6 Dec 31, 2024 | −14.1% |
| Real estate investments, at cost | $2.2B6 Dec 31, 2025 | $2.5B6 Dec 31, 2024 | −11.4% |
| Real estate accumulated depreciation | $691.2M6 Dec 31, 2025 | $725.8M6 Dec 31, 2024 | −4.8% |
| Real estate properties | 1676 Dec 31, 2025 | 19310 Dec 31, 2024 | −13.5% |
| Area of real estate | 3.7 million sq ft6 Dec 31, 2025 | 8.4 million sq ft10 Dec 31, 2024 | −56.0% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $57.6M6 Dec 31, 2025 | $21.7M6 Dec 31, 2024 | +166.1% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $40.4M6 Dec 31, 2025 | $55.4M6 Dec 31, 2024 | −27.1% |
| Finite-lived intangibles, gross | $246.5M6 Dec 31, 2025 | $284.4M6 Dec 31, 2024 | −13.3% |
| Accumulated amortization | $206.2M6 Dec 31, 2025 | $229.1M6 Dec 31, 2024 | −10.0% |
| Finite-lived intangibles, net | $246.5M6 Dec 31, 2025 | $284.4M6 Dec 31, 2024 | −13.3% |
Properties, in its own words
The following table presents certain additional information about the properties we owned as of December 31, 2025 (dollars in thousands):
Number of properties · Gross leasable area (sq. ft.) · Available units · Percent leased (1) · WALTR (2) · Grossasset value (3)
The rest of Item 2
OMF segment · 130 · 3,695,586 · — · 92.8% · 5.6 · 1,165,887
SHOP segment (4) · 37 · — · 3,615 · 85.5% · N/A · 1,020,898
Total Portfolio · 167 · 3,695,586 · 3,615 · 2,186,785
(1)Percentage leased for the OMF and SHOP segments are presented as of the end of the period shown. For the SHOP segment, weighted by unit count.
(2)WALTR means the average lease term remaining, weighted based on occupied square feet as of December 31, 2025.
(3)Gross asset value represents total real estate investments, at cost ($2.2 billion total as of December 31, 2025), net of gross market lease intangible liabilities ($19.6 million total as of December 31, 2025). Cumulative impairment charges are already reflected within gross asset value.
(4)For the SHOP segment, excludes one parcel of land with a total gross asset value of $0.6 million.
N/A — Not applicable.
The following table details the geographic distribution, by state, of our portfolio as of December 31, 2025 (dollars in thousands):
OMF Segment · SHOP Segment
State · Number of Properties (1) · Annualized rental income (2) · Annualized rental income % · Gross leasable area (sq. ft.) · Gross leasable area % · Available units
Arizona · 8 · 4,379 · 1.4 · 190,508 · 5.2 · —
Arkansas · 3 · 16,640 · 5.3 · — · — · 299
California · 7 · 15,897 · 5.0 · 243,032 · 6.6 · 156
Colorado · 3 · 1,805 · 0.6 · 67,133 · 1.8 · —
Florida · 22 · 70,460 · 22.3 · 248,302 · 6.7 · 812
Georgia · 14 · 33,405 · 10.6 · 237,954 · 6.4 · 485
Illinois · 10 · 13,393 · 4.2 · 227,411 · 6.2 · 161
Indiana · 11 · 5,684 · 1.8 · 225,861 · 6.1 · —
Iowa · 11 · 34,761 · 11.0 · 21,767 · 0.6 · 583
Kansas · 1 · 4,414 · 1.4 · — · — · 71
Maryland · 1 · 1,050 · 0.3 · 36,260 · 1.0 · —
Michigan · 11 · 18,979 · 6.0 · 203,127 · 5.5 · 311
Minnesota · 1 · 1,098 · 0.3 · 36,375 · 1.0 · —
Mississippi · 3 · 1,834 · 0.6 · 73,859 · 2.0 · —
Missouri · 2 · 9,402 · 3.0 · — · — · 146
Nevada · 2 · 3,291 · 1.0 · 86,342 · 2.3 · —
New Jersey · 1 · 734 · 0.2 · 25,164 · 0.7 · —
New York · 5 · 2,803 · 0.9 · 136,982 · 3.7 · —
North Carolina · 1 · 579 · 0.2 · 22,528 · 0.6 · —
Ohio · 5 · 7,949 · 2.5 · 172,085 · 4.7 · —
Oklahoma · 1 · 379 · 0.1 · 20,756 · 0.6 · —
Oregon · 6 · 11,582 · 3.7 · 66,572 · 1.8 · 252
Pennsylvania · 15 · 35,484 · 11.2 · 607,095 · 16.4 · 289
South Carolina · 2 · 1,103 · 0.3 · 52,527 · 1.4 · —
Tennessee · 2 · 1,759 · 0.6 · 85,234 · 2.3 · —
Texas · 5 · 3,363 · 1.1 · 170,749 · 4.6 · —
Virginia · 1 · 1,633 · 0.3 · 62,165 · 1.7 · —
Washington · 1 · 2,121 · 0.7 · 52,900 · 1.4 · —
Wisconsin · 12 · 10,354 · 3.3 · 322,898 · 8.7 · 50
Total · 167 · 316,335 · 100 · 3,695,586 · 100 · 3,615
(1)Excludes one land parcel located in Iowa.
(2)Annualized rental income consists of: (i) for the OMF segment, annualized December 2025 rental income on a straight-line basis for the leases in place as of December 31, 2025, which includes tenant concessions such as free rent, as applicable, and (ii) for the SHOP segment, annualized gross revenue for the fourth quarter of 2025.
Tenant Lease Expirations Table
The following is a summary of lease expirations for the next 10 years and thereafter at the properties we owned (excluding our SHOP segment), assuming that none of the tenants exercise any of their renewal or purchase options, as of December 31, 2025 (dollars in thousands):
Year of Expiration · Number of leases expiring · Annualized rental income (1) · Annualized rental income % · Leased GLA (sq. ft.) · Percent of leased GLA expiring
2026 · 69 · 7,109 · 7.8 · 295,730 · 8.7
2027 · 82 · 11,142 · 12.2 · 469,223 · 13.8
2028 · 54 · 10,541 · 11.5 · 382,499 · 11.3
2029 · 40 · 5,672 · 6.2 · 234,707 · 6.9
2030 · 41 · 6,098 · 6.7 · 252,714 · 7.4
2031 · 16 · 4,605 · 5.0 · 183,098 · 5.4
2032 · 32 · 12,819 · 14.0 · 443,756 · 13.1
2033 · 11 · 3,172 · 3.5 · 121,582 · 3.6
2034 · 64 · 9,488 · 10.4 · 364,132 · 10.7
2035 · 14 · 3,591 · 3.9 · 132,219 · 3.9
Thereafter · 21 · 17,154 · 18.8 · 519,984 · 15.2
Total · 444 · 91,391 · 100.0 · 3,399,644 · 100.0
(1)Annualized December 2025 rental income on a straight-line basis for the leases in place as of December 31, 2025, which includes tenant concessions such as free rent, as applicable.
Item 2 of the 10-K filed Feb 20, 2026.5
Leadership
Who has led National Healthcare Properties, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
201520202025
- Chief executive officerMichael Ray Anderson Sep 13, 2023 to now16
- Chief executive officerThomas P. Darcy Apr 30, 2014 to Apr 30, 201417
- PresidentMichael Ray Anderson May 28, 2025 to now18
- Chief financial officerAndrew T. Babin Nov 26, 2025 to now19
- Chief financial officerJason F. Doyle Apr 15, 2021 to Apr 15, 202120
- Chief financial officerScott M. Lappetito Dec 3, 2021 to Nov 26, 202521
- Chief financial officerKatie P. Kurtz Dec 30, 2015 to Dec 30, 201522
Board members and other officers (15)
- Chief Accounting OfficerAilin See Park Jan 2, 2026 to now23
- OfficerEdward F. Lange Jr. Apr 30, 2014 to Apr 30, 201424
- Pres., Treas., SectyEdward M. Weil Jr. Apr 30, 2014 to Apr 30, 201425
- Board memberScott Humphrey Jan 16, 2026 to now26
- Board memberMichael Ray Anderson May 28, 2025 to now18
- Board memberBuddie J. Penn Aug 1, 2019 to now27
- Board memberEdward M. Weil Jr. Oct 6, 2016 to now28
- Board memberLee M. Elman Dec 28, 2016 to Sep 12, 201729
- Board memberRandolph C. Read Jul 14, 2015 to Aug 1, 201630
- Board memberEdward G. Rendell Dec 8, 2015 to now31
- Board memberLeslie D. Michelson Dec 8, 2015 to now32
- Board memberDavid Gong Apr 30, 2014 to Sep 25, 201433
- Board memberElizabeth K. Tuppeny Apr 30, 2014 to now34
- Board memberRobert J. Froehlich Apr 30, 2014 to Jul 14, 201535
- Board memberWilliam M. Kahane Apr 30, 2014 to Apr 30, 201436
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- AHRC CPCHBIN01, LLC Delaware4
- AHRC CPCLPIN01, LLC Delaware4
- AHRC CPCMRIN01, LLC Delaware4
- AHRC CPCVPIN01, LLC Delaware4
- ARHC AAEKHWI01, LLC Delaware4
- ARHC ADERLCO01, LLC Delaware4
- ARHC AHGBYWI01, LLC Delaware4
- ARHC AHGVLWI01, LLC Delaware4
- ARHC AHHFDCA01, LLC Delaware4
- ARHC AHJACOH01, LLC Delaware4
- ARHC AHKIEWI01, LLC Delaware4
- ARHC AHMLWWI01, LLC Delaware4
- ARHC AHPLYWI01, LLC Delaware4
- ARHC AHWTFWI01, LLC Delaware4
- ARHC AHWTMWI01, LLC Delaware4
- ARHC ALALPGA01 TRS, LLC Delaware4
- ARHC ALALPGA01, LLC Delaware4
- ARHC ALJUPFL01 TRS, LLC Delaware4
- ARHC ALJUPFL01, LLC Delaware4
- ARHC ALSPGFL01 TRS, LLC Delaware4
- ARHC ALSPGFL01, LLC Delaware4
- ARHC ALSTUFL01 TRS, LLC Delaware4
- ARHC ALSTUFL01, LLC Delaware4
- ARHC ALTSPFL01 TRS, LLC Delaware4
All 258 listed subsidiaries
- ARHC ALTSPFL01, LLC Delaware4
- ARHC AORMDVA01, LLC Delaware4
- ARHC APNVLMI01 TRS, LLC Delaware4
- ARHC APNVLMI01, LLC Delaware4
- ARHC ARCLRMI01 TRS, LLC Delaware4
- ARHC ARCLRMI01, LLC Delaware4
- ARHC ATROCIL01 TRS, LLC Delaware4
- ARHC ATROCIL01, LLC Delaware4
- ARHC AVBURWI01 TRS, LLC Delaware4
- ARHC AVBURWI01, LLC Delaware4
- ARHC BGBOWMD01, LLC Delaware4
- ARHC BLHBGPA01, LLC Delaware4
- ARHC BMBUCMI01, LLC (f/k/a ARHC CO Borrower 5, LLC) Delaware4
- ARHC BMBWNIL01, LLC Delaware4
- ARHC BMLKWCO01, LLC Delaware4
- ARHC BMWRNMI01, LLC Delaware4
- ARHC BPBLPOH01, LLC Delaware4
- ARHC BRHBGPA01, LLC Delaware4
- ARHC BSNPLFL01 TRS, LLC Delaware4
- ARHC BSNPLFL01, LLC Delaware4
- ARHC BWBRUGA01 TRS, LLC Delaware4
- ARHC BWBRUGA01, LLC Delaware4
- ARHC CAROCMI01, LLC Delaware4
- ARHC CAROCMI02, LLC Delaware4
- ARHC CCCGRMO01, LLC Delaware4
- ARHC CCGBGIL01, LLC Delaware4
- ARHC CFGREOR01 TRS, LLC Delaware4
- ARHC CFGREOR01, LLC Delaware4
- ARHC CHHBGPA01, LLC Delaware4
- ARHC CHSLOIL01 TRS, LLC Delaware4
- ARHC CHSLOIL01, LLC Delaware4
- ARHC CHSLOIL02, LLC Delaware4
- ARHC CHSPTIL01 TRS, LLC Delaware4
- ARHC CHSPTIL01, LLC Delaware4
- ARHC CMLITCO01, LLC Delaware4
- ARHC CMSHTMI001, LLC Delaware4
- ARHC CMWTSMI001, LLC Delaware4
- ARHC CO BORROWER 11, LLC Delaware4
- ARHC CO BORROWER 12, LLC Delaware4
- ARHC CO BORROWER 13, LLC Delaware4
- ARHC CO BORROWER 14, LLC Delaware4
- ARHC CO BORROWER 15, LLC Delaware4
- ARHC CO SPE Member, LLC Delaware4
- ARHC CPCIROH01, LLC Delaware4
- ARHC CSCLWFL01, LLC Delaware4
- ARHC CSDOUGA01, LLC Delaware4
- ARHC CWEVAGA01 TRS, LLC Delaware4
- ARHC CWEVAGA01, LLC (f/k/a ARHC CO Borrower 6, LLC) Delaware4
- ARHC DBDUBGA01 TRS, LLC Delaware4
- ARHC DBDUBGA01, LLC Delaware4
- ARHC DDHUDFL01, LLC Delaware4
- ARHC DDLARFL01, LLC Delaware4
- ARHC DELVSNV01, LLC Delaware4
- ARHC DELVSNV02, LLC Delaware4
- ARHC DFDYRIN01, LLC Delaware4
- ARHC DMDCRGA01, LLC Delaware4
- ARHC ECGVLSC01, LLC Delaware4
- ARHC ESMEMTN01, LLC Delaware4
- ARHC FMMUNIN01, LLC Delaware4
- ARHC FMMUNIN02, LLC Delaware4
- ARHC FMMUNIN03, LLC Delaware4
- ARHC FMTPAFL01, LLC Delaware4
- ARHC FMWEDAL01, LLC Delaware4
- ARHC FOMBGPA01, LLC Delaware4
- ARHC FRBRYAR01 TRS, LLC Delaware4
- ARHC FRBRYAR01, LLC Delaware4
- ARHC FRLTRAR01 TRS, LLC Delaware4
- ARHC FRLTRAR01, LLC Delaware4
- ARHC FRNLRAR01 TRS, LLC Delaware4
- ARHC FRNLRAR01, LLC Delaware4
- ARHC FVECOCA01 Trs, LLC Delaware4
- ARHC FVECOCA01, LLC Delaware4
- ARHC Fox Ridge MT, LLC Delaware4
- ARHC GDFMHMI01, LLC Delaware4
- ARHC GFGBTAZ01, LLC Delaware4
- ARHC GHGVLSC01, LLC Delaware4
- ARHC GMCLKTN01, LLC Delaware4
- ARHC HBTPAFL01 TRS, LLC Delaware4
- ARHC HBTPAFL01, LLC Delaware4
- ARHC HCTMPFL01, LLC Delaware4
- ARHC HDLANCA01, LLC Delaware4
- ARHC HO4PSLB01, LLC Delaware4
- ARHC JCCRKGA01 TRS, LLC Delaware4
- ARHC JCCRKGA01, LLC Delaware4
- ARHC KB BORROWER 1, LLC Delaware4
- ARHC KB BORROWER 10, LLC Delaware4
- ARHC KB BORROWER 11, LLC Delaware4
- ARHC KB BORROWER 12, LLC Delaware4
- ARHC KB BORROWER 13, LLC Delaware4
- ARHC KB BORROWER 14, LLC Delaware4
- ARHC KB BORROWER 15, LLC Delaware4
- ARHC KB BORROWER 2, LLC Delaware4
- ARHC KB BORROWER 3, LLC Delaware4
- ARHC KB BORROWER 4, LLC Delaware4
- ARHC KB BORROWER 5, LLC Delaware4
- ARHC KB BORROWER 6, LLC Delaware4
- ARHC KB BORROWER 7, LLC Delaware4
- ARHC KB BORROWER 8, LLC Delaware4
- ARHC KB BORROWER 9, LLC Delaware4
- ARHC KB SPE Member, LLC Delaware4
- ARHC LCDIXIL01 TRS, LLC Delaware4
- ARHC LCDIXIL01, LLC Delaware4
- ARHC LDSPGFL01, LLC Delaware4
- ARHC LHPTVPA01, LLC Delaware4
- ARHC LMFMYFL01, LLC Delaware4
- ARHC LMLANPA01, LLC Delaware4
- ARHC LMPLNTX01, LLC Delaware4
- ARHC LPELKCA01, LLC Delaware4
- ARHC LSSMTMO01 TRS, LLC Delaware4
- ARHC LSSMTMO01, LLC Delaware4
- ARHC LVHLDMI01, LLC (f/k/a ARHC CO Borrower 7, LLC) Delaware4
- ARHC MBAGHCA01 TRS, LLC Delaware4
- ARHC MBAGHCA01, LLC Delaware4
- ARHC MESCSMI01, LLC Delaware4
- ARHC MHCLVOH01, LLC Delaware4
- ARHC MMJLTIL01, LLC Delaware4
- ARHC MMTCTTX01, LLC Delaware4
- ARHC MRMRWGA01, LLC Delaware4
- ARHC MSHBGPA01, LLC Delaware4
- ARHC MVMVNWA01, LLC Delaware4
- ARHC NCODSTX01, LLC Delaware4
- ARHC NHCANGA01, LLC Delaware4
- ARHC NVJUPFL01 TRS, LLC Delaware4
- ARHC OCWMNLA01, LLC Delaware4
- ARHC OOHLDOH001, LLC Delaware4
- ARHC OPFWNIN01, LLC Delaware4
- ARHC OPFWNIN02, LLC Delaware4
- ARHC OSFGDIL01, LLC Delaware4
- ARHC OSFWAIL01, LLC Delaware4
- ARHC PCLMYPA01, LLC Delaware4
- ARHC PCSHVMS01, LLC Delaware4
- ARHC PHCRPIA01 TRS, LLC Delaware4
- ARHC PHCRPIA01, LLC Delaware4
- ARHC PHCTNIA01 TRS, LLC Delaware4
- ARHC PHCTNIA01, LLC (f/k/a ARHC CO Borrower 8, LLC) Delaware4
- ARHC PHDESIA01 TRS, LLC Delaware4
- ARHC PHDESIA01, LLC (f/k/a ARHC CO BORROWER 2, LLC) Delaware4
- ARHC PHNLXIL01, LLC Delaware4
- ARHC PHTIPIA01 TRS, LLC Delaware4
- ARHC PHTIPIA01, LLC Delaware4
- ARHC PMPEOAZ01, LLC Delaware4
- ARHC PNPENFL01, LLC Delaware4
- ARHC PPDWTMI01 TRS, LLC Delaware4
- ARHC PPHRNTN01, LLC Delaware4
- ARHC PPLVLGA01, LLC Delaware4
- ARHC PRPEOAZ01, LLC Delaware4
- ARHC PRPEOAZ02, LLC Delaware4
- ARHC PRPEOAZ03, LLC Delaware4
- ARHC PRPEOAZ04, LLC Delaware4
- ARHC PRPEOAZ05 TRS, LLC Delaware4
- ARHC PSINDIA01 TRS, LLC Delaware4
- ARHC PSINDIA01, LLC Delaware4
- ARHC PSNHTMA01, LLC Delaware4
- ARHC PSSGDMA01, LLC Delaware4
- ARHC PSWSGMA01, LLC Delaware4
- ARHC PVVLGKS01 TRS, LLC Delaware4
- ARHC PVVLGKS01, LLC Delaware4
- ARHC Plaza Del Rio Medical Office Campus Member 1, LLC Delaware4
- ARHC Plaza Del Rio Medical Office Campus Member 2, LLC Delaware4
- ARHC Quad Cities Portfolio Member, LLC Delaware4
- ARHC RACLWFL01, LLC Delaware4
- ARHC RHSUNAZ01, LLC Delaware4
- ARHC RMRWLTX01, LLC Delaware4
- ARHC RPATLGA01 TRS, LLC Delaware4
- ARHC RPATLGA01, LLC (f/k/a ARHC CO BORROWER 3, LLC) Delaware4
- ARHC RWCUDWI01 TRS, LLC Delaware4
- ARHC RWCUDWI01, LLC Delaware4
- ARHC RWROSGA01 TRS, LLC Delaware4
- ARHC RWROSGA01, LLC Delaware4
- ARHC SARCOIL01, LLC Delaware4
- ARHC SAVENFL01, LLC Delaware4
- ARHC SBBURIA01 TRS, LLC Delaware4
- ARHC SBBURIA01, LLC (f/k/a ARHC CO BORROWER 1, LLC) Delaware4
- ARHC SCCRLIA01 TRS, LLC Delaware4
- ARHC SCCRLIA01, LLC (f/k/a ARHC CO Borrower 9, LLC) Delaware4
- ARHC SCKCYMO01 TRS, LLC Delaware4
- ARHC SCKCYMO01, LLC Delaware4
- ARHC SCTEMTX01, LLC Delaware4
- ARHC SCVSTCA01, LLC Delaware4
- ARHC SDGMDWOK01, LLC Delaware4
- ARHC SFFLDIA01 TRS, LLC Delaware4
- ARHC SFFLDIA01, LLC Delaware4
- ARHC SFSCHIN01, LLC Delaware4
- ARHC SFSTOGA01, LLC Delaware4
- ARHC SLESTPA01, LLC Delaware4
- ARHC SLKLAOR01, LLC Delaware4
- ARHC SMMDSIA01, LLC Delaware4
- ARHC SMMTEIA01 TRS, LLC Delaware4
- ARHC SMMTEIA01, LLC (f/k/a ARHC CO Borrower 10, LLC) Delaware4
- ARHC SPABYNY01, LLC Delaware4
- ARHC SPABYNY02, LLC Delaware4
- ARHC SPABYNY03, LLC Delaware4
- ARHC SPPLSIA01 TRS, LLC Delaware4
- ARHC SPPLSIA01, LLC Delaware4
- ARHC SPTRYNY01, LLC Delaware4
- ARHC SSTMPFL01, LLC Delaware4
- ARHC TPTMPFL01, LLC Delaware4
- ARHC TRS HOLDCO II, LLC Delaware4
- ARHC TVTITFL01 TRS, LLC Delaware4
- ARHC TVTITFL01, LLC (f/k/a ARHC CO BORROWER 4, LLC) Delaware4
- ARHC UCELKCA01, LLC Delaware4
- ARHC UPHBGPA01, LLC Delaware4
- ARHC UPHBGPA02, LLC Delaware4
- ARHC UPMOLIL01, LLC Delaware4
- ARHC UPMUSIA01, LLC Delaware4
- ARHC VAGBGIL01, LLC Delaware4
- ARHC VCSTOGA01, LLC Delaware4
- ARHC VSTALFL01, LLC Delaware4
- ARHC WCWCHFL01, LLC Delaware4
- ARHC WHWCHPA01 TRS, LLC Delaware4
- ARHC WHWCHPA01, LLC Delaware4
- ARHC WHYRKPA01, LLC Delaware4
- ARHC WIGNFWI01, LLC Delaware4
- ARHC WISMLWI01, LLC Delaware4
- ARHC WISTFWI01, LLC Delaware4
- ARHC WLWBYMN01, LLC Delaware4
- ARHC WMBRPMI01, LLC Delaware4
- Advantage Senior Care, LLC Delaware4
- Healthcare Trust Properties, LLC Delaware4
- LEISURE LIVING MANAGEMENT OF BUCHANAN, LLC Michigan4
- LEISURE LIVING MANAGEMENT OF GRAND RAPIDS, INC. Michigan4
- LEISURE LIVING MANAGEMENT OF HOLLAND, INC. Michigan4
- LEISURE LIVING MANAGEMENT OF LANSING, INC. Michigan4
- LIFEHOUSE - CRYSTAL MANOR OPERATIONS, LLC Michigan4
- LIFEHOUSE - GOLDEN ACRES OPERATIONS, LLC Michigan4
- LIFEHOUSE - WALDON WOODS OPERATIONS, LLC Michigan4
- LIFEHOUSE CLARE OPERATIONS, LLC Michigan4
- LIFEHOUSE GRAND BLANC OPERATIONS, LLC Michigan4
- LIFEHOUSE MT. PLEASANT OPERATIONS, LLC Michigan4
- LIFEHOUSE PRESTIGE COMMONS OPERATIONS, LLC Michigan4
- LIFEHOUSE PRESTIGE WAY OPERATIONS, LLC Michigan4
- National Healthcare Properties Operating Partnership, L.P. Delaware4
- NuVista Living at Jupiter, LLC Florida4
- Pulse Healthcare Real Estate LLC Delaware4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
Timeline
- Sep 29, 20268-K Entered a material agreement37
- Sep 14, 20268-K Executive or director change38
- Sep 10, 20268-K Completed an acquisition or sale39
- Aug 5, 20268-K Entered a material agreement; Results of operations; New debt or obligation40
- Jul 10, 20268-K Executive or director change41
- Jun 16, 20268-K Other events42
- May 18, 20268-K Other events43
- May 15, 20268-K Shareholder vote44
- May 15, 20268-K Entered a material agreement45
- May 13, 20268-K Results of operations46
- May 8, 20268-K Entered a material agreement47
- May 1, 20268-K Entered a material agreement; Executive or director change48
- Sep 13, 2023New chief executive Michael Ray Anderson becomes CEO16
- Apr 30, 2014New chief executive Thomas P. Darcy becomes CEO17
- Oct 15, 2012Founded National Healthcare Properties, Inc. is founded2
Calendar
Coming up
- Around Oct 28, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.
When it reported results
- Aug 5, 2026Reported quarterly or annual results40
- May 13, 2026Reported quarterly or annual results46
- Apr 13, 2026Reported quarterly or annual results49
- Feb 20, 2026Reported quarterly or annual results50
- Nov 5, 2025Reported quarterly or annual results51
- Aug 7, 2025Reported quarterly or annual results52
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
185 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 78 major events, 30 insider forms, 13 large holders, 43 other. The latest 20:
- Oct 7, 2026SCHEDULE 13G/A EDGAR
- Oct 5, 202625-NSE EDGAR
- Sep 29, 20264 EDGAR
- Sep 29, 20268-K EDGAR
- Sep 14, 20268-K EDGAR
- Sep 10, 20268-K EDGAR
- Sep 3, 202625-NSE EDGAR
- Aug 19, 20264 EDGAR
- Aug 19, 20263 EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 13, 2026SCHEDULE 13G EDGAR
- Aug 10, 2026SCHEDULE 13G EDGAR
- Aug 7, 2026S-3ASR EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 2026SCHEDULE 13G EDGAR
- Aug 5, 20268-K EDGAR
- Jul 29, 2026SCHEDULE 13G EDGAR
- Jul 10, 20268-K EDGAR
The 185 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Prudential FinancialSCHEDULE 13G/A, 2 filings Jul 8, 2026 to Oct 7, 202653
- Alyeska Investment Group, L.P.SCHEDULE 13G, 1 filing Aug 14, 202654
- RUSH ISLAND MANAGEMENT, LPSCHEDULE 13G, 1 filing Aug 14, 202655
- Zimmer Partners, LPSCHEDULE 13G, 1 filing Aug 14, 202656
- LASALLE INVESTMENT MANAGEMENT SECURITIES LLCSCHEDULE 13G, 1 filing Aug 13, 202657
- DUFF & PHELPS INVESTMENT MANAGEMENT COSCHEDULE 13G, 1 filing Aug 10, 202658
- FMR LLCSCHEDULE 13G, 1 filing Aug 6, 202659
- BlackRockSCHEDULE 13G, 1 filing Jul 29, 202660
- MILLENNIUM MANAGEMENT LLCSCHEDULE 13G/A, 3 filings Apr 29, 2026 to Jul 9, 202661
- PRINCIPAL GLOBAL INVESTORSSCHEDULE 13G, 1 filing Jun 1, 202662
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Michael AndersonChief Executive Officer and President | $800.0K | $6.5M63 | |
| 2025 | Scott M. LappetitoFormer Chief Financial Officer and Treasurer | $373.8K | $3.5M63 | |
| 2024 | Michael AndersonChief Executive Officer and President | $172.3K | $2.5M63 | |
| 2024 | Scott M. LappetitoFormer Chief Financial Officer and Treasurer | $71.1K | $934.8K63 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 93. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How National Healthcare Properties, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARNational Healthcare Properties, Inc.1
- CIK0001561032
- Employer ID (EIN)38-38889625
- Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
- Incorporated inMaryland5
- Fiscal year endsDecember 311
- Industry code (SIC)6798 Real Estate Investment Trusts1
- SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
- Business address540 Madison Ave, 27Th Floor, New York, NY 100221
- Phone332-258-87701
- Shares outstanding28,412,183 shares as of Feb 12, 20265
- Public float$0 as of Jun 30, 20256
- AuditorPricewaterhouseCoopers LLP, New York, New York PCAOB ID 238; no auditor attestation of internal control over financial reporting5
- On EDGAR sinceOct 31, 20121
- Filings563 in all: 8-K (224), 4 (44), 10-Q (41), DEFA14A (30), 424B3 (24), 3 (23), CORRESP (18), EFFECT (17)1
All 41 form types
10-K (13), DEF 14A (13), POS AM (13), UPLOAD (12), SCHEDULE 13G (11), FWP (8), S-11/A (8), 8-K/A (7), S-11 (6), SC TO-I/A (6), 424B4 (4), ARS (4), 8-A12B (3), CERT (3), SC TO-I (3), SC TO-T/A (3), 25-NSE (2), 8-A12G (2), POS EX (2), S-8 (2), SC 14D9 (2), SC TO-C (2), SC TO-T (2), SCHEDULE 13G/A (2), 10-K/A (1), 8-A12G/A (1), D (1), DRS (1), NT 10-K (1), PRE 14A (1), S-11MEF (1), S-3ASR (1), S-3D (1)
- Latest filingsAnnual report (10-K) Feb 20, 2026
Quarterly report (10-Q) Aug 6, 2026
Proxy statement (DEF 14A) Mar 31, 2026
Latest 8-K (8-K) Sep 29, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share | NHPAP | The Nasdaq Global Market |
| 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share | NHPAB | The Nasdaq Global Market |
From the cover page of the 10-K filed Feb 20, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks National Healthcare Properties, Inc. names in Item 1A of its 10-K filed Feb 20, 2026: 74 risks under these headings, as written.5
- Risks Related to our Properties and Operations
- Our property portfolio has a high concentration of properties located in certain states. Our properties may be materially and adversely affected by economic cycles, natural disasters, local oversupply and other risks inherent to those states.
- We may be unable to enter into contracts for and complete property acquisitions (especially in the SHOP segment) or dispositions on advantageous terms and our property acquisitions may not perform as we expect.
- We may be unable to realize the anticipated synergies and other benefits of the Internalization or do so within the anticipated time frame.
- We have not paid any distributions on our common stock in cash since 2020, and there can be no assurance we will pay distributions on our common stock in cash in the future.
- Our results of operations have been, and may continue to be, adversely impacted by our inability to collect rent from tenants.
- We obtain only limited warranties when we purchase a property and therefore have only limited recourse if our due diligence did not identify any issues that lower the value of the property.
- Our properties and tenants may be unable to compete successfully.
- We have acquired or financed, and may continue to acquire or finance, properties with lock-out provisions which may prohibit us from selling a property, or may require us to maintain specified debt levels for a period of years on some properties.
- Rising expenses could reduce cash flow.
- Inflation may have an adverse effect on our investments and results of operations.
- Physical and regulatory risks related to catastrophic weather and other natural events and climate change could have a material adverse impact on us.
The other 63 risks
- Covenants, conditions and restrictions may impact our ability to operate a property.
- We assume additional operational risks and are subject to additional regulation and liability because we depend on eligible independent contractors to manage some of our facilities.
- Joint venture investments could be materially and adversely affected by our lack of sole decision-making authority, our reliance on the financial condition of co-venturers and disputes between us and our co-venturers.
- Net leases may not result in market rental rates over time.
- We may be unable to renew leases or re-lease space as leases expire.
- Our properties have been and may continue to be subject to impairment charges.
- Our success is dependent on the continued contributions of certain key personnel.
- If there are deficiencies in our disclosure controls and procedures or internal control over financial reporting, we could be materially and adversely affected.
- We have experienced net losses in the past and may experience additional losses in the future.
- We are subject to risks associated with public health crises, such as pandemics and epidemics, which may have a material adverse effect on our business.
- Negative publicity relating to the reputation and safety of our properties may adversely impact our brand and occupancy levels.
- We depend on a complex ecosystem of third-parties to support our business, which may increase execution risk and could materially and adversely affect us.
- Risks Related to Investments in Real Estate
- Our real estate investments are relatively illiquid, and therefore we may not be able to dispose of properties when we desire to do so or on favorable terms.
- We may be unable to secure funds for future tenant improvements or capital needs.
- We compete with third parties in acquiring properties and other investments and attracting creditworthy tenants.
- Our methodology used to measure the credit quality of our tenants, and used in the selection, acquisition, expansion or development of our properties, may not be accurate and may materially and adversely affect us.
- If a tenant or lease guarantor declares bankruptcy or becomes insolvent, we may be unable to collect balances due under relevant leases.
- We may be materially and adversely affected by potential development and construction delays and resultant increased costs and risks.
- We may suffer uninsured losses relating to real property or have to pay expensive premiums for insurance coverage.
- Discovery of previously undetected environmentally hazardous conditions may materially and adversely affect us.
- A sale-leaseback transaction may be recharacterized in a tenant’s bankruptcy proceeding.
- If we sell properties by providing financing to purchasers, defaults by the purchasers could materially and adversely affect us.
- Artificial intelligence presents risks and challenges that can impact our business, including by posing security risks to our confidential information, proprietary information and personal data.
- Risks Related to the Healthcare Industry
- Our real estate investments are concentrated in healthcare-related facilities, and we may be materially and adversely affected by adverse trends in the healthcare industry.
- The healthcare industry is heavily regulated, and new laws or regulations, changes to existing laws or regulations, loss of licensure or failure to obtain licensure could result in the inability of our tenants to make rent payments to us and materially and adversely affect our operators.
- Reductions or changes in reimbursement from third-party payors, including Medicare and Medicaid, or delays in receiving these reimbursements, could materially and adversely affect the profitability of our SHOP properties and hinder our tenants’ ability to make rent payments to us.
- Required regulatory approvals can delay or prohibit transfers of our healthcare facilities.
- A reduction in Medicare payment rates may have a material adverse effect on the Medicare reimbursements received by our tenants and operators.
- Certain of our facilities may be subject to pre- and post-payment reviews and audits by governmental authorities, which could result in recoupments, denials or delay of payments and could materially and adversely affect the profitability of our tenants and operators.
- We may incur costs associated with complying with the Americans with Disabilities Act.
- Events that materially and adversely affect the ability of seniors and their families to afford daily resident fees at our SHOPs could cause our occupancy rates and resident fee revenues to decline.
- Termination of SHOP leases by residents pursuant to state law mandated contractual provisions could have a material adverse effect on us.
- Some tenants and operators of our healthcare-related assets must comply with fraud and abuse laws, the violation of which may jeopardize their ability to meet their obligations to us.
- Tenants and operators of our healthcare-related assets may be subject to significant legal actions that could subject them to increased operating costs and substantial uninsured liabilities, which may materially and adversely affect their ability to pay their rent payments or meet their other obligations to us.
- We may experience material adverse effects as a result of potential financial and operational challenges faced by the tenants and operators of any senior housing facilities and skilled nursing facilities we own or acquire.
- We may change our targeted investments without stockholder consent.
- If our tenants or operators are found to have violated applicable privacy and security laws and regulations, as well as contractual obligations, our tenants or operators could be subject to sanctions, fines, damages and other additional civil or criminal penalties, which could have a material adverse effect on us.
- Risks Related to our Indebtedness
- Our level of indebtedness may increase our business risks.
- Our financing arrangements have restrictive covenants, which may limit our ability to pursue strategic alternatives and react to changes in our business and industry or pay distributions.
- Changes in the debt markets could have a material adverse impact on us.
- Elevated interest rates may make it difficult for us to finance or refinance indebtedness secured by our properties and could increase the amount of our debt payments.
- Any hedging strategies we utilize may not be successful in mitigating our risks.
- We may be unable to raise additional capital on favorable terms, or at all, needed to grow our business.
- Risks Related to our Corporate Structure
- Our common stock is not traded on a national securities exchange, and our share repurchase program (the “SRP”), which provides for repurchases only in the event of death or disability of a stockholder, is suspended. Stockholders may have to hold their shares for an indefinite period of time.
- The Estimated Per-Share NAV of our common stock is based upon subjective judgments, assumptions and opinions about future events, and may not reflect the amount that our stockholders might receive for their shares.
- Because Estimated Per-Share NAV is only determined annually, it may differ significantly from our actual per‑share net asset value at any given time.
- The trading price of our Series A Preferred Stock and Series B Preferred Stock may fluctuate significantly.
- We currently do not pay cash distributions on our common stock and we may be unable to pay or maintain cash distributions in the future or increase distributions over time.
- The limit on the number of shares a person may own may discourage a third-party from acquiring us in a manner that might result in a premium price to our stockholders.
- The terms of our Series A Preferred Stock, Series B Preferred Stock, and the terms of other preferred stock we may issue, may discourage a third- party from acquiring us in a manner that might result in a premium price to stockholders.
- Conflicts of interest could arise as a result of our officers’ other positions and/or interests outside of us.
- We have opted out of certain provisions of the MGCL relating to deterring or defending hostile takeovers.
- The MGCL and our organizational documents limit our stockholders’ right to bring claims against our officers and directors.
- Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain actions and proceedings that may be initiated by our stockholders.
- Our business and operations could suffer if our operations experience system failures or cyber incidents or a deficiency in cybersecurity.
- We depend on the OP and its subsidiaries for cash flow and are structurally subordinated in right of payment to the obligations of the OP and its subsidiaries.
- U.S. Federal Income Tax Risks
- Our failure to remain qualified as a REIT would subject us to U.S. federal income tax and potentially state and local tax.
- Even as a REIT, in certain circumstances, we may incur tax liabilities that would reduce our cash available for distribution to our stockholders.
- To qualify as a REIT, we must meet annual distribution requirements, which may force us to forgo otherwise attractive opportunities or borrow funds during unfavorable market conditions. This could delay or hinder our ability to meet our investment objectives and reduce our stockholders’ overall return.
- Recharacterization of sale-leaseback transactions may cause us to lose our REIT status.
- Certain of our business activities are potentially subject to the prohibited transaction tax.
- TRSs are subject to corporate-level taxes and our dealings with TRSs may be subject to a 100% excise tax.
- If the OP failed to qualify as a partnership or is not otherwise disregarded for U.S. federal income tax purposes, we would cease to qualify as a REIT.
Legal proceedings
In the ordinary course of business, we may become subject to litigation, claims and regulatory matters. We are not presently subject to any material litigation nor, to our knowledge, is any material litigation threatened against us, which, if determined unfavorably to us, would have a material adverse effect on our consolidated financial position, results of operations or cash flows.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 18SEC EDGARMichael Ray Anderson, President
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- 24SEC EDGAREdward F. Lange Jr., Officer
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- 26SEC EDGARScott Humphrey, Board member
- 27SEC EDGARBuddie J. Penn, Board member
- 28SEC EDGAREdward M. Weil Jr., Board member
- 29SEC EDGARLee M. Elman, Board member
- 30SEC EDGARRandolph C. Read, Board member
- 31SEC EDGAREdward G. Rendell, Board member
- 32SEC EDGARLeslie D. Michelson, Board member
- 33SEC EDGARDavid Gong, Board member
- 34SEC EDGARElizabeth K. Tuppeny, Board member
- 35SEC EDGARRobert J. Froehlich, Board member
- 36SEC EDGARWilliam M. Kahane, Board member
- 37SEC EDGAREntered a material agreement
- 38SEC EDGARExecutive or director change
- 39SEC EDGARCompleted an acquisition or sale
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- 41SEC EDGARExecutive or director change
- 42SEC EDGAROther events
- 43SEC EDGAROther events
- 44SEC EDGARShareholder vote
- 45SEC EDGAREntered a material agreement
- 46SEC EDGARResults of operations
- 47SEC EDGAREntered a material agreement
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