HTI Q1 2024: MOB NOI up 3.4% QoQ, SHOP NOI up 23.5%, acquires $12.6M MOB portfolio

National Healthcare Properties, Inc.

2024-Q1 EPS reported -$0.17 revenue$88,299,000

MOB NOI $24.9M (Q1'24) vs $24.1M (Q4'23), +3.4% QoQ; SHOP NOI $8.3M vs $6.7M, +23.5% QoQ.
Acquired four-property MOB portfolio for $12.6M at 7.6% cap rate, weighted avg lease term 14.5 years.
Leasing: 16 renewals over 33k SF at 11.9% positive spread; forward pipeline 25.7k SF expected to lift MOB occupancy to 91.0%.
SHOP occupancy improved to 75.3% from 74.1% QoQ; collected ~100% of MOB cash rent.
Net leverage 44.4%; economic interest rate on debt 5.0%; cash $29M.

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