National Healthcare Properties (NASDAQ:NHPAP), the New York-based REIT focused on senior housing and outpatient medical facilities, reported a massive surge in profitability for 2025 as it reaps the rewards of its management internalization and portfolio optimization.
The company reported a record Normalized FFO of $0.83 per share, a staggering 162.7% increase over 2024.
The outperformance was driven by a disciplined effort to "prune" the portfolio, with NHP completing $202.5 million in strategic dispositions throughout the year.
This aggressive asset repositioning allowed the company to focus on high-performing properties, resulting in a fourth-quarter Same Store Cash NOI growth of 9.8%.
Despite a 3.3% decline in total revenue to $345.5 million—a byproduct of the asset sales—the underlying health of the remaining 180-property portfolio reached new highs in occupancy and rent growth.
To fuel that next chapter, NHP ended the year by fortifying its capital structure. The company closed on $550 million in new unsecured credit facilities, including a $400 million revolver and a $150 million term loan maturing in late 2028.
This liquidity, combined with a confidential S-11 filing submitted to the SEC in January 2026, positions the REIT to pivot from defensive deleveraging back to offensive external growth through 2026 and 2027.