NHPAPMEDIUM SIGNALFINANCIAL10-K

NHPAP reported substantially higher net losses while implementing more comprehensive forward-looking statement disclosures and maintaining modest operational investment growth.

The company's net losses expanded meaningfully year-over-year, indicating potential operational challenges or strategic investments impacting profitability. The enhanced forward-looking statement language suggests management is being more cautious about forward guidance and potentially preparing investors for continued volatility or strategic transitions.

Comparing 2026-02-20 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

NHPAP's financial position shows a mixed picture with net losses expanding substantially while the company maintained modest growth in capital expenditures of 29.5%. The balance sheet contracted across all major categories, with total assets declining 12% to $1.7B and stockholders' equity falling 12.3% to $600.1M, though the proportional decline in liabilities suggests a managed deleveraging rather than distressed shrinkage. The overall picture indicates a company potentially in a strategic transition phase with higher near-term costs but disciplined capital allocation.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-67%
-$52.8M-$88.1M

Net income declined 67% — review whether driven by operations, interest costs, or non-recurring items.

Capital Expenditure
Cash Flow
+29.5%
$12.9M$16.7M

Capex increased 29.5% — ongoing investment in capacity or infrastructure for future growth.

Stockholders Equity
Balance Sheet
-12.3%
$684.6M$600.1M

Equity decreased 12.3% — buybacks or losses reducing book value, monitor solvency ratios.

Total Assets
Balance Sheet
-12%
$1.9B$1.7B

Total assets contracted 12% — asset sales, write-downs, or balance sheet optimization underway.

Total Liabilities
Balance Sheet
-11.8%
$1.3B$1.1B

Liabilities reduced 11.8% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-27
ADDED
As of February 12, 2026, the registrant had 28,412,183 shares of common stock outstanding.
We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in the Acts.
All statements (other than statements of historical fact) in this Annual Report on Form 10-K regarding our prospects, expectations, intentions, plans, financial position and business strategy may constitute forward-looking statements.
Forward-looking statements generally can be identified by the use of terminology such as believe, expect, anticipate, intend, plan, estimate, seek, will, may, should, predict, project, potential, continue or the negatives of these terms or variations of them or similar expressions.
These statements are based on certain assumptions that we have made in light of our experience in the industry in which we operate as well as our evaluations of historical trends, current conditions, expected future developments and other factors that we believe are appropriate in these circumstances.
As you read and consider this Annual Report on Form 10-K, you should understand that these statements are not guarantees of performance or results.
Forward-looking statements are only predictions and reflect our views as of the date they are made with respect to future events and financial performance.
federal income tax purposes; and other risks and uncertainties detailed under the sections entitled Risk Factors ( Part I, Item 1A of this Annual Report on Form 10-K), Quantitative and Qualitative Disclosures about Market Risk ( Part II, Item 7A of this Annual Report on Form 10-K) and Management s Discussion and Analysis of Financial Condition and Results of Operations ( Part II, Item 7 of this Annual Report on Form 10-K).
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
All such statements speak only as of the date made, and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
REMOVED
, New York , NY 10022 (Address of principal executive offices) (Zip Code) Registrant s telephone number, including area code: ( 332 ) 258-8770 Healthcare Trust, Inc.
As of February 21, 2025, the registrant had 28,296,439 shares of common stock outstanding.
Forward-looking statements include statements regarding the intent, belief or current expectations of National Healthcare Properties, Inc.
( we, our, us or the Company ) and members of our management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as may, will, seeks, anticipates, believes, estimates, expects, plans, intends, should or similar expressions, although not all forward-looking statements contain these identifying words.
We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations.
Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required to do so by law.
We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.
These risks and uncertainties include the risks associated with the internalization of our property management and advisory functions; the geopolitical instability due to the ongoing military conflicts between Russia and Ukraine, including the related impact on us, our tenants, operators and the global economy and financial markets; and that our ongoing or potential future transactions are subject to market conditions and capital availability and may not be identified or completed on favorable terms or at all.
We acquire, own and manage a diversified portfolio of healthcare-related real estate focused on outpatient medical facilities ( OMF ) and senior housing operating properties ( SHOP ).
As described in further details herein, we operate in two reportable business segments for management and internal financial reporting purposes: OMFs and SHOPs.
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