NHP Upsizes Credit Facility to $1.2B, Redeems Preferred Stock, and Reports Strong Q2 SHOP Growth

summarizeSummary

NHP replaced its credit facility with a $1.2 billion package, called all preferred stock for redemption, reported 20.1% SHOP same-store NOI growth, and added a seasoned REIT CFO to its board — a multi-pronged balance-sheet and operational upgrade.

check_boxKey Events · Financing and Capital Events · NHP

• Credit Facility Upsized to $1.2B

  Amended and restated credit agreement increases total commitments from $550M to $1.2B, comprising a $750M revolver (up from $400M), a $300M term loan (up from $150M), and a new $150M delayed-draw term loan. Maturities extended to 2030 (revolver) and 2029 (term loans), with reduced pricing spreads.

• Preferred Stock Redemption

  All outstanding Series A (3,289,061 shares) and Series B (2,850,427 shares) preferred stock called for redemption at $25.00 per share plus accrued dividends — total payments of approximately $153.5M and $72.6M, respectively. Redemption dates set for September 4 and October 6, 2026.

• Q2 Earnings: SHOP NOI Surges 20.1%

  SHOP same-store cash NOI grew 20.1% YoY, with occupancy up 1.4% to 84.1% and RevPOR up 5.9%. Full-year SHOP same-store cash NOI guidance raised to 15.0%–18.0% (from 13.0%–16.0%). Normalized FFO per share was $0.18.

• Board Appointment: Former MAA CFO

  Albert M. Campbell, former CFO of Mid-America Apartment Communities (MAA), elected to the board effective August 10, 2026, and appointed to the Audit Committee. Brings 35 years of public REIT financial and capital markets experience.

auto_awesomeAnalysis · NHP · Real Estate & Construction

National Healthcare Properties is executing a major balance-sheet transformation. The company replaced its $550 million credit facility with a $1.2 billion package — more than doubling capacity — while simultaneously calling all outstanding preferred stock for redemption. The credit facility recast extends maturities to 2029–2030, cuts pricing spreads, and adds a $150 million delayed-draw term loan, giving the company significant dry powder for its acquisition pipeline. The preferred redemption removes over $150 million of high-cost capital, streamlining the capital structure after the April IPO. Q2 results reinforce the operational story: SHOP same-store cash NOI jumped 20.1%, and full-year SHOP guidance was raised. The appointment of a former MAA CFO to the board adds REIT-specific financial expertise. Taken together, these moves signal a company aggressively positioning for investment-grade metrics and sustained external growth.