National Healthcare Properties, Inc. reported a net loss attributable to common stockholders of $15.9 million for the third quarter of 2025, a significant improvement compared to a net loss of $44.1 million in the same period last year. Revenue from tenants decreased slightly to $86.0 million from $88.9 million year-over-year. Operating expenses also saw a notable decline, totaling $84.3 million compared to $111.4 million in the prior year, primarily due to reduced property operating and maintenance costs and the absence of operating fees to related parties following the company's internalization of management functions in September 2024.
For the nine months ended September 30, 2025, the company reported a net loss of $45.1 million, down from $183.1 million in the same period of 2024. Total revenue from tenants for the nine-month period was $257.8 million, compared to $266.1 million in the previous year. The decrease in revenue was offset by a significant reduction in total expenses, which fell to $276.2 million from $389.9 million, largely due to lower impairment charges and the elimination of related party fees.
Operationally, National Healthcare Properties owned 174 properties across 30 states as of September 30, 2025, with a total rentable area of 7.3 million square feet. The company reported an occupancy rate of 90.6% for its outpatient medical facilities (OMFs) and 84.9% for its senior housing operating properties (SHOPs). The company did not acquire any new properties during the nine months ended September 30, 2025, but disposed of 15 OMFs and four SHOPs for a total sales price of $191.6 million, resulting in a gain of $28.3 million.
Looking ahead, National Healthcare Properties expressed confidence in its liquidity position, with $47.1 million in cash and cash equivalents as of September 30, 2025. The company plans to fund future liquidity requirements through a combination of cash on hand, operating cash flows, and potential new financings. However, it acknowledged that ongoing economic conditions, including inflation and geopolitical uncertainties, could impact its operations and the ability of tenants to meet their rental obligations. The company remains focused on managing its portfolio effectively to navigate these challenges.
About National Healthcare Properties, Inc.
National Healthcare Properties, Inc. is a real estate investment trust (REIT) focused on acquiring, owning, and managing healthcare-related properties, primarily outpatient medical facilities and senior housing operating properties. Its portfolio includes hospitals, clinics, assisted living, and memory care facilities across the U.S., serving healthcare providers and seniors. The company emphasizes diversification, strategic investments, and a strong capital structure within the evolving healthcare industry.
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