The company's capital structure appears increasingly strained, with the debt-to-equity ratio rising to 1.76 as of 2026Q1 while total assets have shrunk to $1.7 billion.
| Total Assets | 1.7B | 1.71B | 1.95B | 2.15B | 2.18B | 2.21B | 2.29B | 2.33B |
| Asset Growth % | -49.06% | -12.04% | -9.28% | -1.61% | -1.54% | -3.17% | -1.65% | - |
| Real Estate & Other Assets | 1.31B | 1.32B | 1.56B | 1.73B | 1.78B | 1.81B | 1.88B | 1.84B |
| PP&E (Net) | 7.28M | 7.38M | 7.48M | 7.71M | 7.81M | 7.91M | 13.91M | 14.35M |
| Investment Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 137.55M | 139.19M | 96.94M | 117.64M | 101.81M | 109.24M | 113.76M | 203.62M |
| Cash & Equivalents | 52.81M | 57.62M | 21.65M | 46.41M | 53.65M | 59.74M | 72.36M | 95.69M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 53.79M | 50.83M | 52.44M | 44.91M | -11.67M | -6.92M | -16.85M | 47.04M |
| Intangible Assets | 0 | 0 | 22.84M | 26.32M | 25.28M | 23.86M | 23.32M | 21.18M |
| Total Liabilities | 1.1B | 1.11B | 1.26B | 1.24B | 1.18B | 1.17B | 1.33B | 1.22B |
| Total Debt | 1.05B | 1.05B | 1.15B | 1.18B | 1.12B | 1.09B | 1.23B | 1.14B |
| Net Debt | 995.74M | 987.62M | 1.13B | 1.13B | 1.06B | 1.03B | 1.15B | 1.05B |
| Long-Term Debt | 849.56M | 516.03M | 779.16M | 809M | 578.7M | 584.24M | 542.7M | 528.28M |
| Short-Term Borrowings | 186M | 520.74M | 362.22M | 361.03M | 530.3M | 502.05M | 674.55M | 605.27M |
| Capital Lease Obligations | 37.53M | 8.47M | 8.11M | 8.04M | 8.09M | 8.13M | 9.15M | 9.13M |
| Total Current Liabilities | 238.97M | 577.71M | 462.5M | 419.38M | 584.97M | 556.78M | 724.48M | 663.78M |
| Accounts Payable | 42.7M | 44.38M | 89.58M | 48.36M | 45.25M | 42.71M | 42.27M | 43.09M |
| Deferred Revenue | 6.92M | 9.25M | 7.22M | 6.5M | 5.92M | 8.62M | 6.91M | 8.52M |
| Other Liabilities | 0 | 5.04M | 6.13M | 8.16M | 9.41M | 24.85M | 42.28M | 8.84M |
| Total Equity | 596.54M | 604.52M | 690.13M | 900.58M | 999.19M | 1.04B | 961.37M | 1.11B |
| Equity Growth % | -49.81% | -12.4% | -23.37% | -9.87% | -3.96% | 8.22% | -13.14% | - |
| Shareholders Equity | 592.16M | 600.06M | 684.56M | 894.15M | 992.64M | 1.03B | 956.99M | 1.1B |
| Minority Interest | 4.39M | 4.46M | 5.57M | 6.43M | 6.55M | 6.7M | 4.39M | 5.41M |
| Common Stock | 1.13M | 1.13M | 1.13M | 1.11M | 1.05M | 993K | 938K | 923K |
| Additional Paid-in Capital | 2.53B | 2.53B | 2.53B | 2.51B | 2.42B | 2.33B | 2.1B | 2.08B |
| Retained Earnings | -1.95B | -1.94B | -1.87B | -1.64B | -1.46B | -1.28B | -1.11B | -971.19M |
| Preferred Stock | 76K | 73K | 76K | 76K | 76K | 76K | 16K | 16K |
| Return on Assets (ROA) | -3.5% | -3.15% | -9.27% | -3.34% | -3.62% | -3.78% | -3.29% | -3.78% |
| Return on Equity (ROE) | -9.71% | -8.9% | -23.85% | -7.61% | -7.79% | -8.51% | -7.33% | -7.94% |
| Debt / Assets | 61.75% | 61.06% | 59.07% | 54.92% | 51.23% | 49.42% | 53.63% | 49.14% |
| Debt / Equity | 1.76x | 1.73x | 1.67x | 1.31x | 1.12x | 1.05x | 1.28x | 1.03x |
| Net Debt / EBITDA | 13.69x | 12.11x | - | 14.65x | 21.31x | 24.46x | 18.89x | 21.26x |
| Book Value per Share | 21.01 | - | - | - | - | - | - | - |
High Debt-to-Equity Leverage
As reported in recent financial statements, NHPBP's total assets have declined from $2.1 billion in 2024Q1 to $1.7 billion by 2026Q1, suggesting a strategic pivot toward asset liquidation or portfolio rationalization in response to persistent operational headwinds and the need to manage capital structure pressures.
The reduction in total assets appears to be a defensive measure to stabilize the balance sheet amidst ongoing profitability challenges. Investors should monitor whether this contraction is a controlled divestment of underperforming SHOP assets or a forced liquidation to address debt service requirements.
Based on the provided quarterly figures, the company's debt-to-equity ratio has climbed from 1.31 in 2023Q4 to 1.76 in 2026Q1, indicating that the capital structure is becoming increasingly reliant on debt financing as equity value erodes due to consistent net losses.
This rising leverage ratio suggests that the company may be struggling to maintain a sustainable capital stack, particularly given the lack of common equity growth. The reliance on debt to fund operations in the face of negative net margins warrants significant caution regarding future refinancing risks.
According to the latest balance sheet data, NHPBP maintains a cash position of $52.8 million as of 2026Q1, which appears insufficient given the company's $1.0 billion debt load and the ongoing volatility in its operating cash flow segments.
The limited cash reserves suggest that the company has minimal cushion to absorb further operational shocks or unexpected capital expenditure requirements. This liquidity profile may force management to prioritize debt service over necessary property-level investments, potentially creating a cycle of deferred maintenance.
Financial disclosures reveal a debt-to-equity ratio of 1.76, which, as noted in historical filings, is unusually high for a REIT and may indicate that preferred equity is being treated as a liability or that the common equity base is severely impaired.
This structural anomaly suggests that the company's balance sheet may be more fragile than standard REIT metrics imply. Analysts should investigate whether this leverage profile reflects a permanent impairment of the equity base or specific accounting treatments that mask the true extent of the company's financial obligations.
Quick answers to the most common questions about buying NHPBP stock.
As of 2025, National Healthcare Properties, Inc. (NHPBP) had total assets of $1.71B including $139.2M in current assets.
National Healthcare Properties, Inc. (NHPBP) carries total debt of $1.05B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
National Healthcare Properties, Inc. (NHPBP) has total shareholders' equity (book value) of $600.1M. Book value represents the net worth of the company belonging to common stock holders.
National Healthcare Properties, Inc. (NHPBP) reported a current ratio of 0.24x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.