Welcome to our dedicated page for National Healthcare Properties SEC filings (Ticker: NHPAP), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The SEC filings page for National Healthcare Properties, Inc. 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock (Nasdaq: NHPAP) provides access to the issuer’s regulatory documents filed with the U.S. Securities and Exchange Commission. NHPAP is a series of cumulative redeemable perpetual preferred stock issued by National Healthcare Properties, Inc., a self-managed healthcare real estate investment trust that focuses on seniors housing and outpatient medical facilities.
Through this page, users can review the company’s annual reports on Form 10-K and quarterly reports on Form 10-Q, which describe the performance of the seniors housing operating property (SHOP) and outpatient medical facility (OMF) segments, discuss risk factors and outline the REIT’s use of non-GAAP measures such as Funds from Operations (FFO), Adjusted Funds from Operations (AFFO), Adjusted EBITDA, NOI and Cash NOI. These filings help investors understand the operating results and cash flow metrics that support dividends on securities like NHPAP.
The page also includes current reports on Form 8-K, where National Healthcare Properties discloses material events such as new or amended credit facilities, changes in executive leadership, board and governance actions, amendments to rights agreements and other significant developments. For example, 8-K filings describe the company’s senior unsecured credit facility, employment agreements with key executives, board declassification and bylaw amendments, and changes to rights associated with its common stock.
In addition, investors can access filings related to preferred stock dividends, capital structure changes and other matters affecting the rights of preferred holders. Stock Titan’s platform pairs these filings with AI-powered summaries that explain key terms, highlight important covenants and governance changes and clarify how reported metrics like Net Debt and Net Debt to Annualized Adjusted EBITDA relate to the company’s leverage.
By using this SEC filings page, users can quickly locate and interpret the official documents that define National Healthcare Properties’ financial reporting, capital structure and governance framework as they relate to NHPAP and the broader REIT.
National Healthcare Properties, Inc. is asking stockholders to vote at its virtual 2026 Annual Meeting on May 15, 2026 at 12:00 p.m. Eastern Time. Proposals include electing six directors, ratifying PricewaterhouseCoopers LLP as auditor, and approving advisory votes on executive pay and the frequency of that vote.
The company, a healthcare-focused REIT, reports it had 28,412,183 common shares outstanding as of February 26, 2026. Governance changes include declassifying the board so all directors stand for annual elections and adopting stock ownership guidelines for executives and non-employee directors.
Executive pay is built around base salary, an annual incentive plan tied to leverage and same-store cash NOI growth, and long-term equity awards. In 2025, CEO Michael Anderson earned $6.49 million, including $800,000 salary, a $1.89 million cash bonus, and $3.8 million in stock awards.
National Healthcare Properties, Inc. reported a 2025 net loss attributable to common stockholders of $71.1 million, or $2.51 per share, but cash-flow metrics improved sharply. Nareit FFO was $0.64 per diluted share and Normalized FFO rose to $0.83 per diluted share, both more than doubling year-over-year.
Same Store Cash NOI grew 9.0% for 2025, including 21.8% growth in senior housing and 2.9% in outpatient medical facilities. The company sold $202.5 million of non-core assets and lowered Net Leverage to 9.2x from 10.3x, supported by new $550 million unsecured credit facilities maturing in December 2028.
In Q4 2025, the company recorded a net loss of $0.92 per share, with Normalized FFO of $0.20 per diluted share and 9.8% Same Store Cash NOI growth. The board paid dividends on its Series A and B preferred stock and repurchased $8.6 million of preferred shares at a discount, modestly reducing leverage.
National Healthcare Properties, Inc. is a healthcare-focused REIT that acquires, owns and manages senior housing operating properties (SHOP) and outpatient medical facilities (OMF) in the U.S. As of December 31, 2025, it owned 167 properties across 29 states, including 37 senior housing communities and 130 outpatient facilities.
The company internalized its advisory and property management functions in September 2024 and completed a 1-for-4 reverse stock split. It has not paid cash distributions on common stock since 2020, while maintaining REIT status and a focus on income-producing healthcare real estate.
National Healthcare Properties, Inc. is making several governance changes and ending its shareholder rights plan early. The company amended its rights agreement so that the existing common share purchase rights now expire on January 12, 2026, removing this anti-takeover protection sooner than originally scheduled.
The board approved a move to a fully declassified structure so that all directors will stand for annual election beginning with the 2026 annual meeting. It also adopted amended and restated bylaws that address SEC universal proxy rules, tighten procedural and disclosure requirements for stockholder nominations and proposals, and add proxy access for qualifying long-term stockholders. The company elected independent director Scott Humphrey to the board and as chair of the Audit Committee, merged its nominating and compensation functions into a single Compensation and Corporate Governance Committee, and expanded its opt-out from Maryland’s business combination restrictions to cover business combinations with any person.
This filing is an initial ownership report for an officer of National Healthcare Properties, Inc., serving as Chief Accounting Officer. The report states that, as of the event date of 12/22/2025, the reporting person has no securities beneficially owned in the company. The form is filed by a single reporting person, and a Power of Attorney (Exhibit 24.1) authorizes Jie Chai to sign on the reporting person’s behalf.
National Healthcare Properties, Inc. entered into a new unsecured credit agreement on December 11, 2025, for a $400 million revolving credit facility and a $150 million term loan. These credit facilities, guaranteed by the company and certain subsidiaries, replace a prior secured term loan that was paid off at closing.
The facilities mature on December 11, 2028, with options to extend for up to two additional one-year periods, and may be increased by up to $450 million subject to conditions. Borrowings will bear interest at either a base rate plus a margin of 0.55%–1.10% or Daily Simple SOFR/Term SOFR plus 1.55%–2.10%, based on consolidated leverage. The company plans to use the credit facilities for general corporate and working capital purposes, including debt repayment, real estate acquisitions, development costs and capital expenditures.
National Healthcare Properties, Inc. filed an initial Form 3 for its Chief Financial Officer, indicating their status as an officer subject to Section 16 reporting. The filing states that the reporting person does not beneficially own any non-derivative or derivative securities of the company. The form is filed by one reporting person, with a power of attorney documented as Exhibit 24.1, and relates to an event dated 11/18/2025.
National Healthcare Properties, Inc. announced a leadership change in its finance organization. On November 18, 2025, the Board appointed Andrew T. Babin as Chief Financial Officer and Treasurer, replacing Scott M. Lappetito, who resigned the same day and whose resignation was stated not to result from any disagreement on management, operations or financial matters.
Under his employment agreement, Mr. Babin will receive an annual base salary of $400,000, a target annual bonus of $350,000 (prorated for 2025), and, for fiscal 2026, eligibility for long-term equity awards with a target grant date fair value of at least $600,000, split between time-based restricted shares and performance-based restricted stock units. He will also receive a one-time time-based restricted stock award with a grant date fair value of $200,000 that vests over three years.
If Mr. Babin resigns for Good Reason or is terminated without Cause outside a change in control period, he is entitled to base benefits plus a cash severance equal to 1.0x his then-current base salary paid over 24 months and up to 12 months of healthcare premium reimbursement; during a change in control period, the severance increases to 2.0x his then-current base salary plus target bonus, paid in a lump sum, with full vesting of time-based equity. Mr. Lappetito’s separation agreement provides cash equal to his 2025 base salary and target bonus plus his guaranteed 2025 target bonus, full vesting of time-based equity, continued vesting of a prorated portion of performance-based equity, and up to 18 months of COBRA premium payments, alongside non-compete and non-solicitation covenants.
National Healthcare Properties, Inc. furnished a current report announcing it issued a press release with financial results for the quarter ended September 30, 2025. The press release is attached as Exhibit 99.1.
The company stated the information under Item 2.02 and Exhibit 99.1 is being furnished, not filed, under the Securities Exchange Act of 1934. The filing also lists the company’s preferred stock listings: 7.375% Series A (NHPAP) and 7.125% Series B (NHPBP) on The Nasdaq Global Market.
National Healthcare Properties, Inc. reported a narrower quarterly loss while continuing to streamline its balance sheet. For Q3, revenue from tenants was $86.0 million versus $88.9 million a year ago, and net loss attributable to common stockholders was $15.9 million (basic and diluted EPS $(0.56)), improving from $44.1 million last year. Year to date, revenue from tenants was $257.8 million, with a net loss attributable to common stockholders of $45.1 million.
Total assets were $1.74 billion, down from $1.95 billion at year-end, reflecting property sales and lower real estate balances. Net real estate investments declined to $1.54 billion. Debt balances included mortgage notes payable, net of $696.8 million, and Fannie Mae secured debt of $336.2 million. Operating expenses benefited from the absence of related-party operating and termination fees seen in 2024, partially offset by $6.6 million of Q3 impairment charges. The company recorded a Q3 gain on sale of real estate of $0.6 million and year-to-date gains of $28.3 million.
Cash from operations was a modest use of $3.0 million year to date, while investing provided $73.1 million (driven by $90.3 million of sale proceeds). Financing used $41.7 million, including debt repayments and preferred stock repurchases. As of October 30, 2025, common shares outstanding were 28,426,694.