Revenue growth remains in contraction, evidenced by a 3.25% year-over-year decline, while NOI margins remain thin and volatile, fluctuating between 33.4% and 38.7% over the last ten quarters.
| Revenue | 342.12M | 342.28M | 353.79M | 345.93M | 335.85M | 329.36M | 381.61M | 374.91M | 362.41M | 311M | 302.39M | 247.29M | 58.45M |
| Revenue Growth % | -2.79% | -3.25% | 2.27% | 3% | 1.97% | -13.69% | 1.79% | 3.45% | 16.53% | 2.85% | 22.28% | 323.1% | - |
| Property Operating Expenses | 213.63M | 218.9M | 221.15M | 217.79M | 213.44M | 205.81M | 243.55M | 234.19M | 221M | 286M | 291.37M | 108.29M | 56.24M |
| Net Operating Income (NOI) | 128.49M | 123.38M | 132.65M | 128.13M | 122.4M | 123.54M | 138.06M | 140.73M | 141.41M | 25M | 11.02M | 139M | 2.2M |
| NOI Margin % | 37.56% | 36.05% | 37.49% | 37.04% | 36.45% | 37.51% | 36.18% | 37.54% | 39.02% | 8.04% | 3.64% | 56.21% | 3.77% |
| Operating Expenses | 121.95M | 120.08M | 256.19M | 132.87M | 153.94M | 160.98M | 157.94M | 172.52M | 144.59M | 0 | 0 | 0 | 0 |
| G&A Expenses | 25.09M | 24.19M | 22.74M | 18.93M | 17.29M | 16.83M | 21.57M | 20.53M | 17.27M | 0 | 0 | 0 | 0 |
| EBITDA | 78.71M | 83.45M | -39.47M | 78.14M | 50.52M | 42.29M | 61.1M | 49.24M | 80.04M | 83.78M | 94.67M | 99.79M | 25.37M |
| EBITDA Margin % | 23.01% | 24.38% | -11.16% | 22.59% | 15.04% | 12.84% | 16.01% | 13.13% | 22.08% | 26.94% | 31.31% | 40.35% | 43.4% |
| Depreciation & Amortization | 72.16M | 80.15M | 84.07M | 82.87M | 82.06M | 79.73M | 80.97M | 81.03M | 83.21M | 77.64M | 98.89M | -29.48M | 29.53M |
| D&A / Revenue % | 21.09% | 23.42% | 23.76% | 23.96% | 24.44% | 24.21% | 21.22% | 21.61% | 22.96% | 24.96% | 32.7% | -11.92% | 50.52% |
| Operating Income | 6.54M | 3.3M | -123.54M | -4.74M | -31.54M | -37.44M | -19.87M | -31.79M | -3.18M | 6.14M | -4.22M | 129.27M | -4.16M |
| Operating Margin % | 1.91% | 0.96% | -34.92% | -1.37% | -9.39% | -11.37% | -5.21% | -8.48% | -0.88% | 1.97% | -1.39% | 52.27% | -7.12% |
| Interest Expense | 4M | 71.65M | 69.45M | 66.08M | 51.74M | 47.9M | 51.52M | 56.06M | 49.47M | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 0.29x | -1.53x | -0.09x | -0.53x | -0.78x | -0.39x | -0.57x | -0.07x | - | - | - | - |
| Non-Operating Income | -6.44M | -17.63M | -23.52M | 1.26M | -3.86M | -98K | 58K | 61K | 134K | 0 | 0 | 0 | 0 |
| Pretax Income | -60.21M | -57.52M | -190M | -72.08M | -79.42M | -85.24M | -71.45M | -87.91M | -52.78M | -42.06M | -23.05M | -44.94M | -37.15M |
| Pretax Margin % | -17.6% | -16.81% | -53.7% | -20.84% | -23.65% | -25.88% | -18.72% | -23.45% | -14.56% | -13.53% | -7.62% | -18.17% | -63.56% |
| Income Tax | 244K | 161K | 262K | 303K | 201K | 203K | 4.06M | 399K | 197K | 647K | -2.08M | -2.98M | 565K |
| Effective Tax Rate % | -0.41% | -0.28% | -0.14% | -0.42% | -0.25% | -0.24% | -5.68% | -0.45% | -0.37% | -1.54% | 9.04% | 6.63% | -1.52% |
| Net Income | -60.36M | -57.62M | -189.7M | -72.3M | -79.49M | -85.18M | -75.81M | -87.91M | -52.76M | -42.55M | -20.87M | -41.74M | -37.68M |
| Net Margin % | -17.64% | -16.83% | -53.62% | -20.9% | -23.67% | -25.86% | -19.87% | -23.45% | -14.56% | -13.68% | -6.9% | -16.88% | -64.47% |
| Net Income Growth % | 65.65% | 69.62% | -162.38% | 9.04% | 6.68% | -12.36% | 13.76% | -66.62% | -24.01% | -103.83% | 49.99% | -10.78% | - |
| Funds From Operations (FFO) | 11.8M | 22.53M | -105.63M | 10.57M | 2.58M | -5.45M | 5.16M | -6.89M | 30.45M | 35.09M | 78.01M | -71.22M | -8.15M |
| FFO Margin % | 3.45% | 6.58% | -29.86% | 3.06% | 0.77% | -1.66% | 1.35% | -1.84% | 8.4% | 11.28% | 25.8% | -28.8% | -13.95% |
| FFO Growth % | -51.17% | 121.33% | -1098.86% | 310.2% | 147.29% | -205.66% | 174.93% | -122.61% | -13.23% | -55.02% | 209.54% | -773.72% | - |
| FFO per Share | 0.42 | 0.80 | -3.73 | 0.37 | 0.09 | -0.19 | 0.19 | -0.25 | 1.11 | 1.30 | 2.95 | -2.77 | -0.53 |
| FFO Payout Ratio % | 0% | 59.67% | 0% | 130.5% | 535.26% | 0% | 607.64% | -746.83% | 181.7% | 218.61% | 96.69% | 0% | 0% |
| EPS (Diluted) | -2.13 | -2.51 | -7.19 | -3.04 | -3.30 | -3.29 | -2.79 | 0.00 | -1.90 | -1.57 | -0.79 | -1.62 | -1.33 |
| EPS Growth % | -5.69% | 65.09% | -136.51% | 7.88% | -0.3% | -17.92% | - | 100% | -21.23% | -98.73% | 51.23% | -21.8% | - |
| EPS (Basic) | - | -2.51 | -7.19 | -3.04 | -3.30 | -3.29 | -2.79 | 0.00 | -1.90 | -1.57 | -0.79 | -1.62 | -1.33 |
| Diluted Shares Outstanding | 28.34M | 28.3M | 28.29M | 28.28M | 28.26M | 28.24M | 27.76M | 27.7M | 27.45M | 27.05M | 26.47M | 25.71M | 15.43M |
Operational margin volatility
As reported in the company's recent financial filings, NHPAP experienced a 3.25% year-over-year revenue contraction, suggesting that the firm is struggling to offset occupancy declines or asset dispositions within its core medical office and senior housing segments through organic growth or new property acquisitions.
The consistent downward trend in top-line performance indicates that the company's localized NYC-centric strategy may be failing to capture sufficient demand to overcome regional economic pressures. Investors should monitor whether this revenue decay is a result of intentional portfolio pruning or a broader inability to maintain occupancy in a competitive urban healthcare market.
Based on the provided quarterly data, NHPAP's FFO per share has exhibited extreme volatility, swinging from a high of $0.86 in 2025Q1 to a low of -$3.32 in 2024Q2, which raises significant concerns regarding the sustainability of current dividend distributions and overall earnings quality.
The erratic nature of FFO suggests that the company's earnings are heavily influenced by non-recurring items or operational shocks rather than stable rental income. This lack of predictability makes it difficult to assess the true cash-generating capacity of the portfolio, warranting extreme caution for income-focused investors.
According to the latest income statement data, NHPAP's NOI margin has fluctuated between 33.4% and 38.7%, leaving the company with razor-thin operating margins that appear highly susceptible to inflationary pressures in labor and property-level expenses within the senior housing operating segment.
The narrow margin profile implies that the company lacks the operational leverage to absorb even minor increases in utility or staffing costs. This structural weakness suggests that the current business model may be fundamentally misaligned with the high-cost environment of its primary urban operating markets.
Financial statements reveal that NHPAP has consistently reported negative net income over the last ten quarters, with a peak loss of $116.5 million in 2024Q2, indicating that the company's reliance on FFO as a performance metric may obscure deeper, structural profitability issues.
The persistent gap between GAAP net income and FFO suggests that significant impairment charges or depreciation are eroding shareholder value at a rate that FFO metrics fail to capture. This discrepancy warrants further investigation into whether the company's assets are being carried at values that do not reflect their true economic utility.
Quick answers to the most common questions about buying NHPAP stock.
For fiscal year 2025, National Healthcare Properties, Inc. (NHPAP) reported total revenue of $342.3M. This represents a 485.6% increase compared to $58.4M in 2014.
National Healthcare Properties, Inc. (NHPAP) reported a net loss of $57.6M for the fiscal year ending 2025.
National Healthcare Properties, Inc. (NHPAP) reported an operating income of $3.3M, resulting in an operating profit margin of 1.0%. This margin reflects the operational efficiency of the business before interest and taxes.
National Healthcare Properties, Inc. (NHPAP) generated $123.4M in gross profit for the year, representing a gross profit margin of 36.0%. This demonstrates the company's core pricing power and production efficiency.