National Healthcare Properties Raises SHOP NOI Guidance as Q3 Same-Store Cash NOI Climbs 13.6%

National Healthcare Properties raised its full-year 2026 SHOP same-store cash NOI growth guidance to 16.5%-18.5% from 15.0%-18.0% after reporting third-quarter SHOP same-store cash NOI growth of 13.6% year-over-year. The company reported the results on November 4, 2026, GlobeNewswire said.

Inside National Healthcare Properties' Third Quarter

National Healthcare Properties is a self-managed real estate investment trust focused on needs-based senior housing in the United States. SHOP same-store average occupancy was 86.7%, up 2.2% year-over-year, and same-store RevPOR rose 4.0%. Same-store cash NOI margin was 24.3%, an expansion of 1.5% year-over-year.

Third-quarter portfolio same-store cash NOI growth was 8.4% year-over-year. Outpatient medical facility same-store cash NOI fell 0.3%, and same-store ending occupancy was 95.6%, up 0.2%. Net income attributable to common stockholders was $0.24 per basic and diluted share. Nareit FFO was $0.13 per diluted share and Normalized FFO was $0.19 per diluted share.

During the quarter the company acquired 22 SHOP communities, consisting of 1,381 units, for a total purchase price of $300 million. The acquisitions added a new operator relationship with Priority Life Care, which manages three of the communities. After the quarter, the company acquired one SHOP community of 79 units for $26 million. Year-to-date it has acquired 25 SHOP communities for approximately $424 million.

"2026 continues to be a transformational year for the Company, and the third quarter included important milestones in our pursuit of a SHOP-only portfolio and an investment grade balance sheet," Chief Executive Officer and President Michael Anderson said, according to akta.pro company records.

National Healthcare Properties' Acquisition Pipeline

National Healthcare Properties has signed purchase and sale agreements for approximately $240 million of SHOP acquisitions, with estimated weighted average year-one and year-three cap rates of approximately 7.4% and 8.7%. It has a further approximately $148 million of SHOP acquisitions under non-binding letters of intent. Together these total approximately $388 million and comprise 1,385 primarily assisted living and memory care units.

Closing is subject to continued purchaser due diligence, closing conditions and regulatory approvals, and for the letters of intent, the negotiation and execution of definitive agreements. The company completed or placed under definitive agreement $664 million of 2026 SHOP acquisitions. It raised its full-year acquisitions guidance to $425 million-$645 million from $375 million-$425 million and its dispositions guidance to $1.1 billion from $570 million.

How the OMF Exit Reshaped the Balance Sheet

In September 2026 the company completed the sale of the first 30 outpatient medical facilities in an 86-property portfolio for approximately $198 million. It repaid in full Secured Term Loan 1 due 2028 and Secured Term Loan 3 due 2031, totaling $119 million. The remaining 56 facilities are subject to a $219 million loan assumption and are expected to close in the fourth quarter of 2026 for $331 million.

National Healthcare Properties also signed a definitive agreement to sell an additional 40 outpatient medical facilities for approximately $531 million and a non-binding letter of intent to sell its remaining four. It expects to fully exit the segment. Total debt outstanding was approximately $851.2 million as of September 30, 2026, with a weighted average economic interest rate of 5.12% and an average remaining term of 4.9 years. Net leverage improved to 5.5x from 8.8x a year earlier.

What Comes Next for National Healthcare Properties

The 56 remaining outpatient medical facilities in the first portfolio are expected to close in the fourth quarter of 2026. Closing of the signed SHOP acquisitions is subject to due diligence, closing conditions and regulatory approvals.