National Healthcare Properties Appoints New CFO, Reports on Q3 Financials

National Healthcare Properties Inc., a public non-listed real estate investment trust focused on outpatient medical facilities and senior housing operating properties, has appointed a new chief financial officer and reported financial metrics and operational momentum for the third quarter ended Sept. 30, 2025.

Effective immediately, the company named Andrew T. Babin as CFO and treasurer. Babin, 42, steps into the principal financial officer and principal accounting officer role with deep experience in the healthcare REIT space. Previously, he was head of financial strategy and investor relations for Medical Properties Trust Inc. (NYSE: MPT). In this capacity, he led the investor relations and financial forecasting departments and was actively involved in capital markets activities.

Before MPT, he was a director and senior research analyst at Robert W. Baird & Co., Inc., where he covered over 20 healthcare, multifamily, and residential REITs for more than five years. He also spent nearly nine years at CBRE Clarion Real Estate Securities.

Babin holds a bachelor’s degree in economics from Middlebury College.

Earlier this month, National Healthcare Properties announced its third-quarter results, which showed significant operational growth. Michael Anderson, chief executive officer and president, commented: “We are very pleased with the continued strong momentum of our business across-the-board in the third quarter. The exceptional growth of same store cash net operating income within the senior housing operating property segment and the continued durable performance of the outpatient medical facility segment are laying a solid foundation for our public listing preparation.”

The REIT reported a net loss of $0.56 per basic and diluted share for Q3 2025, improved from the previous quarter’s net loss of $0.85 per basic and diluted share.

Its funds from operations was $0.23 per diluted share, and its adjusted funds from operations was $0.36 per diluted share. The FFO per share increased 21.1% on a quarter-over-quarter basis, and the AFFO per share increased 12.5% on a quarter-over-quarter basis.

The overall portfolio saw strong performance, driven primarily by the aforementioned senior housing operating property, or SHOP segment.

• Total same store cash NOI growth increased 12.2% year-over-year.
• Of that, SHOP delivered 27.2% year-over-year same store cash NOI growth and 10.3% quarter-over-quarter growth. Same store average occupancy reached 83.7%, up 4% year-over-year.
• The outpatient medical facility segment posted same store cash NOI growth of 4.7% year-over-year, maintaining a high ending occupancy of 93.5%.

As of the end of September, the REIT had $1 billion in total debt outstanding with a weighted average interest rate of 5.1%. The company continues to focus on improving its balance sheet. Year-to-date through September, the company paid down $83.1 million of debt, including the full repayment of the $21.7 million Capital One OMF Warehouse Facility in April 2025.

This focus on debt reduction helped improve the company’s net leverage ratio to 8.9x, a 0.4x improvement from the previous quarter. The REIT completed the disposition of one non-core SHOP property for $1.8 million during the third quarter.

Finally, the board of directors declared dividends on the company’s outstanding preferred stock to stockholders of record at the close of business of Oct. 3 as follows: a dividend of $0.4609375 per share on its 7.375% Series A cumulative redeemable perpetual preferred stock; and a dividend of $0.4453125 per share on its 7.125% Series B cumulative redeemable perpetual preferred stock.

During the nine months ended Sept. 30, the company completed the repurchase of $4.5 million of previously outstanding shares of preferred stock at a weighted average yield of 11.9%, representing a $9.75 discount to face value and reducing leverage by $2.9 million.

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