National Healthcare Properties Inc. 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock (NHPBP)

FairStock Score: 38/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Looking at National Healthcare Properties, I see a healthcare REIT with real assets and an aging-population tailwind, but the numbers do not yet show a durable business. Revenue in fiscal 2025, the year ended 2025-12-31, was $342.3M, down from $353.8M in fiscal 2024. The company lost $57.7M in fiscal 2025, after losing $190.3M in fiscal 2024. Losses continued in fiscal Q2 2026, the quarter ended 2026-06-30: revenue of $87.5M and a net loss of $5.4M. That loss is smaller than the $20.8M loss in fiscal Q2 2025, so perhaps cost pressure is easing, but four straight loss years are not a sign of pricing power. As a REIT, depreciation distorts EPS and P/E, and proper FFO/AFFO are not in the data. I would lean on the dividend yield, leverage, revenue trend and price-to-book. The preferred yields 7.00%; at the $25.44 close on 2026-10-12, it trades near the 52-week high of $25.45. FairStock's P/B calculation is 1.75. FairStock's ROE is -5.26% and ROCE is 1.19%. Debt-to-equity is 0.81, the Altman Z-Score is -0.69, and the Piotroski F-Score is 4/9. Free cash flow is $23.8M, a 3.3% FCF yield, while the preferred yield is 7.00%. The preferred sits ahead of common equity, which matters, but coverage depends on AFFO we cannot see. At 1.75 times book with persistent losses and weak coverage signals, I see more risk than bargain.

In plain English: National Healthcare Properties owns senior housing and healthcare real estate. The business is losing money, revenue has slipped, and it owes a lot of money. The preferred shares pay about 7% and sell near $25.44, close to the top of their recent range, so the price does not look cheap against the weak numbers.

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Data as of 2026-10-12 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

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