National Healthcare Properties, Inc. reported a net loss attributable to common stockholders of $5.0 million for the first quarter of 2025, a significant improvement compared to a net loss of $19.0 million in the same period of 2024. Revenue from tenants decreased slightly to $86.4 million from $88.3 million year-over-year. The company experienced an increase in total expenses, which rose to $98.4 million from $89.4 million, primarily driven by higher property operating and maintenance costs and impairment charges totaling $11.9 million. The operating loss before gains on real estate investments was $12.0 million, compared to a loss of $1.1 million in the prior year.
In terms of strategic developments, National Healthcare Properties completed the internalization of its management functions on September 27, 2024, which eliminated the need to pay management fees to its former advisor. This transition is expected to reduce ongoing operational costs. The company also reported a gain of $25.0 million from the sale of 12 outpatient medical facilities (OMFs) during the quarter, contributing positively to its financial results. As of March 31, 2025, the company owned 181 properties across 30 states, with a total rentable area of 7.6 million square feet.
Operationally, the company reported a decrease in net operating income (NOI) for its outpatient medical facilities segment, which fell to $19.5 million from $24.9 million, largely due to the sale of properties. Conversely, the senior housing operating properties (SHOP) segment saw an increase in NOI to $9.4 million from $8.3 million, attributed to improved occupancy rates and effective expense management. The company maintained a total of 28,296,439 shares of common stock outstanding as of May 1, 2025.
Looking ahead, National Healthcare Properties expressed confidence in its liquidity position, with $71.4 million in cash and cash equivalents as of March 31, 2025. The company plans to fund future liquidity needs through a combination of cash on hand, operating cash flows, and potential advances under its credit facilities. 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 is committed to monitoring these factors closely as it navigates its operational and financial strategies.
About National Healthcare Properties, Inc.
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