Q1 FFO $0.31/sh (+121% YoY); $528M OMF sale, $125.5M SHOP buys, FY26 outlook

National Healthcare Properties, Inc.

Net loss per share $(0.27), Nareit FFO $0.31, Normalized FFO $0.26 (up 100% YoY).
Same-store cash NOI growth 12.0% overall; SHOP +24%, OMF +5.5%.
Agreed to sell 86 OMFs for $528.2M (incl. ~$278M debt) and buy $64M JV + $61.5M SHOPs.
Post-quarter IPO raised $531.3M; used $186M to cut revolver; net leverage improved to 8.6x.
FY26 guidance: SHOP same-store NOI growth 13-16%, OMF 2.5-3.5%, acquisitions $375-425M.

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