National Healthcare Properties Inc. 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock (NHPAP)
FairStock Score: 38/100 — MIXED
Key Financials
| Current Price | $25.24 |
| Market Cap | — |
| P/E Ratio | — |
| ROE | -5.26% |
| Dividend Yield | 7.3% |
| Sector | Real Estate |
AI Analysis
AI-generated, general educational analysis — not personal investment advice.
As a preferred investor, I start with the claim, not the story. National Healthcare Properties is a small self-managed healthcare REIT with 31 employees, focused on senior housing. The aging population is a real tailwind, but I see no durable moat: capital-intensive real estate, fragmented competition, and dependence on operator performance. The latest figures are mixed. In the second quarter of 2026, reported as 2026-Q2, revenue was $87.5M and net income was -$5.4M, a -6.12% margin. FairStock's return on equity is -5.26% and ROCE is 1.19%, while debt-to-equity is 0.81. Trailing free cash flow is $23.8M, and the Piotroski score is 4/9. At the 2026-09-11 close of $25.24, the preferred yields 7.30%, and the 52-week range is $17.81 to $25.25, so it sits near its high. FairStock's price-to-book calculation is 1.74. For REITs, FFO and AFFO are the right measures, and they are not in the data. Without them, I cannot properly judge preferred dividend coverage. A 7.3% perpetual preferred yield may compensate for risk, but the company is currently unprofitable on a net income basis, and returns on capital are low. The moderate leverage and positive free cash flow are helpful, but they do not erase the need for better REIT cash-flow disclosure. I would want to see FFO/AFFO coverage, stable occupancy, and a clear path to positive net income before calling this cheap. At $25.24, the price already reflects much of the income appeal.
In plain English: National Healthcare Properties owns senior housing and healthcare buildings. The business looks weak right now: it lost money in the latest quarter, and the preferred shares trade near the top of their 52-week range. The 7.3% dividend is the main attraction, so the price looks fair at best rather than cheap.
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Data as of 2026-09-11 close · note generated 2026-10-15 · model deepseek-flash
Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer