Revenue contraction of 3.25% year-over-year and a thin operating margin of 0.96% highlight the significant challenges in scaling the company's healthcare facility portfolio.
| Revenue | 342.12M | 342.28M | 353.79M | 345.93M | 335.85M | 329.36M | 381.61M | 374.91M |
| Revenue Growth % | -2.79% | -3.25% | 2.27% | 3% | 1.97% | -13.69% | 1.79% | - |
| Property Operating Expenses | 213.63M | 218.9M | 221.15M | 217.79M | 213.44M | 205.81M | 243.55M | 234.19M |
| Net Operating Income (NOI) | 128.49M | 123.38M | 132.65M | 128.13M | 122.4M | 123.54M | 138.06M | 140.73M |
| NOI Margin % | 37.56% | 36.05% | 37.49% | 37.04% | 36.45% | 37.51% | 36.18% | 37.54% |
| Operating Expenses | 128.05M | 120.08M | 256.19M | 132.87M | 153.94M | 160.98M | 157.94M | 172.52M |
| G&A Expenses | 25.09M | 24.19M | 22.74M | 18.93M | 17.29M | 16.83M | 21.57M | 20.53M |
| EBITDA | 72.73M | 81.56M | -39.47M | 77.25M | 49.9M | 42.29M | 61.1M | 49.24M |
| EBITDA Margin % | 21.26% | 23.83% | -11.16% | 22.33% | 14.86% | 12.84% | 16.01% | 13.13% |
| Depreciation & Amortization | 72.29M | 78.26M | 84.07M | 81.98M | 81.44M | 79.73M | 80.97M | 81.03M |
| D&A / Revenue % | 21.13% | 22.86% | 23.76% | 23.7% | 24.25% | 24.21% | 21.22% | 21.61% |
| Operating Income | 438K | 3.3M | -123.54M | -4.74M | -31.54M | -37.44M | -19.87M | -31.79M |
| Operating Margin % | 0.13% | 0.96% | -34.92% | -1.37% | -9.39% | -11.37% | -5.21% | -8.48% |
| Interest Expense | 4M | 61.28M | 69.45M | 66.08M | 51.74M | 47.9M | 51.52M | 56.06M |
| Interest Coverage | - | 0.06x | -1.74x | -0.09x | -0.53x | -0.78x | -0.39x | -0.57x |
| Non-Operating Income | -776K | -457K | -2.99M | 1.26M | -3.86M | -98K | 58K | 61K |
| Pretax Income | -60.21M | -57.52M | -190M | -72.08M | -79.42M | -85.24M | -71.45M | -87.91M |
| Pretax Margin % | -17.6% | -16.81% | -53.7% | -20.84% | -23.65% | -25.88% | -18.72% | -23.45% |
| Income Tax | 244K | 161K | 262K | 303K | 201K | 203K | 4.06M | 399K |
| Effective Tax Rate % | -0.41% | -0.28% | -0.14% | -0.42% | -0.25% | -0.24% | -5.68% | -0.45% |
| Net Income | -60.36M | -57.62M | -189.7M | -72.3M | -79.49M | -85.18M | -75.81M | -87.91M |
| Net Margin % | -17.64% | -16.83% | -53.62% | -20.9% | -23.67% | -25.86% | -19.87% | -23.45% |
| Net Income Growth % | 65.65% | 69.62% | -162.38% | 9.04% | 6.68% | -12.36% | 13.76% | - |
| Funds From Operations (FFO) | 11.93M | 20.64M | -105.63M | 9.69M | 1.95M | -5.45M | 5.16M | -6.89M |
| FFO Margin % | 3.49% | 6.03% | -29.86% | 2.8% | 0.58% | -1.66% | 1.35% | -1.84% |
| FFO Growth % | -47.63% | 119.54% | -1190.65% | 395.9% | 135.82% | -205.66% | 174.93% | - |
| FFO per Share | - | - | - | - | - | - | - | - |
| FFO Payout Ratio % | 0% | 65.14% | 0% | 142.49% | 706.55% | 0% | 607.64% | -746.83% |
| EPS (Diluted) | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | - | - | - | - | - | - | - | - |
| EPS (Basic) | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Negative Net Income
As reported in recent financial filings, NHPBP experienced a year-over-year revenue decline of 3.25%, signaling significant challenges in maintaining top-line growth across its combined Medical Office Building and Seniors Housing Operating Portfolio segments, which complicates the company's ability to scale effectively in the current environment.
The consistent revenue erosion suggests that the company is struggling to offset occupancy losses within its SHOP segment, which remains highly sensitive to broader economic conditions. Without a clear catalyst for organic growth, the reliance on legacy MOB assets appears insufficient to reverse the downward trajectory of the top line.
Based on the provided quarterly data, FFO has exhibited extreme volatility, swinging from a $94.1 million loss in 2024Q2 to a $13.4 million gain in 2026Q1, which highlights the precarious nature of the company's earnings quality and its limited capacity to support consistent shareholder distributions.
The erratic FFO performance suggests that the underlying cash flow is heavily influenced by non-recurring items or significant operational fluctuations rather than stable, predictable rental income. Investors should monitor whether these FFO swings are indicative of structural instability in the operating portfolio or merely accounting noise.
According to the income statement data, the company consistently reports negative net income, with a 2024Q2 low of -$116.5 million, largely driven by heavy depreciation charges that obscure the actual cash-generating capacity of the firm's real estate assets relative to its recurring maintenance capital expenditure requirements.
While GAAP net income is heavily impacted by non-cash depreciation, the persistent gap between FFO and AFFO suggests that maintenance CAPEX is a significant drain on actual liquidity. This discrepancy implies that the company may be under-investing in its properties to preserve cash, which could lead to long-term asset degradation.
Financial statements indicate that the company's operating margin remains thin at 0.96%, suggesting that the high fixed-cost structure of the SHOP segment leaves little room for error when faced with inflationary labor pressures or unexpected occupancy declines across the broader healthcare facility portfolio.
The inability to convert revenue into meaningful operating profit suggests that the current management model may be inefficiently structured for the scale of the portfolio. If labor costs continue to outpace revenue growth, the company may face a liquidity crunch that threatens its ability to service preferred obligations.
Quick answers to the most common questions about buying NHPBP stock.
For fiscal year 2025, National Healthcare Properties, Inc. (NHPBP) reported total revenue of $342.3M. This represents a 8.7% decline compared to $374.9M in 2019.
National Healthcare Properties, Inc. (NHPBP) reported a net loss of $57.6M for the fiscal year ending 2025.
National Healthcare Properties, Inc. (NHPBP) 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. (NHPBP) 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.