NHPAP Reports Surge in Financial Metrics

By Bobby Samwell • Saturday, March 01 15:14 • Permanent Link

National Health Properties, Inc. (NHP) recently released their investor webcast presentation for the fourth quarter of 2024, showcasing some significant changes in their financial and portfolio metrics. Here are the key highlights from their report:

Net loss attributable to common stockholders in the fourth quarter of 2024 was $20,437, showing a 27.7% improvement from the same period in 2023.
Funds from Operations (FFO) for the fourth quarter of 2024 stood at $4,099, a substantial increase from a loss of $3,164 in the fourth quarter of 2023.
Adjusted Funds from Operations (AFFO) in the fourth quarter of 2024 were reported at $7,925, compared to $1,172 in the same period of 2023, marking a significant surge of 576.2%.
AFFO per common share * diluted showed an impressive leap from $0.04 in the fourth quarter of 2023 to $0.28 in the fourth quarter of 2024, marking a 600.0% increase.

Looking at the full-year enterprise results: Net loss attributable to common stockholders for 2024 was $203,495, a substantial rise of 136.4% from the previous year. AFFO for the full year of 2024 was $15,740, reflecting an increase of 40.8% from 2023. * AFFO per common share * diluted for the full year of 2024 stood at $0.55, compared to $0.39 in 2023, representing a 41.0% increase.

In terms of portfolio results, the same store cash Net Operating Income (NOI) for the fourth quarter of 2024 saw a 22.8% increase for the shop segment, reaching $8,965 compared to $7,301 in the same period of 2023. For the outpatient medical facilities (OMF) segment, the same store cash NOI in the fourth quarter of 2024 was $19,759, marking a 5.0% increase from the same period in 2023.

The net leverage for the fourth quarter of 2024 also improved, with the net debt to annualized adjusted EBITDA ratio standing at 10.2x, down from 13.6x in the same period of 2023.

Furthermore, the strategic dispositions in 2024 and 2025 resulted in a total of 26 properties being sold for a total of $232,600, at an average cash cap rate of 6.9%.

The presentation also emphasized the proactive leasing activity in the OMF portfolio and the dedicated management team's efforts that drove robust same store cash NOI growth for the shop segment.

The market has reacted to these announcements by moving the company's shares 0.6% to a price of $14.38. Check out the company's full 8-K submission here.

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