National Healthcare Properties, Inc. (NHP)

Nasdaq, OTC, Nasdaq · REIT · Real Estate Investment Trusts

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

258 entities across 3 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-20 — see the exhibit.

Which other public companies file entities in the same places:

Delaware245 Michigan12 Florida1

Subsidiaries of National Healthcare Properties, Inc. as disclosed in its SEC filing
Entity	Jurisdiction	Note
National Healthcare Properties Operating Partnership, L.P.	Delaware
Advantage Senior Care, LLC	Delaware
ARHC AAEKHWI01, LLC	Delaware
ARHC AHGBYWI01, LLC	Delaware
ARHC AHGVLWI01, LLC	Delaware
ARHC AHHFDCA01, LLC	Delaware
ARHC AHJACOH01, LLC	Delaware
ARHC AHKIEWI01, LLC	Delaware
ARHC AHMLWWI01, LLC	Delaware
ARHC AHPLYWI01, LLC	Delaware
ARHC AHWTFWI01, LLC	Delaware
ARHC AHWTMWI01, LLC	Delaware
ARHC ALALPGA01 TRS, LLC	Delaware
ARHC ALALPGA01, LLC	Delaware
ARHC ALJUPFL01 TRS, LLC	Delaware
ARHC ALJUPFL01, LLC	Delaware
ARHC ALSPGFL01 TRS, LLC	Delaware
ARHC ALSPGFL01, LLC	Delaware
ARHC ALSTUFL01 TRS, LLC	Delaware
ARHC ALSTUFL01, LLC	Delaware
ARHC ALTSPFL01 TRS, LLC	Delaware
ARHC ALTSPFL01, LLC	Delaware
ARHC AORMDVA01, LLC	Delaware
ARHC APNVLMI01 TRS, LLC	Delaware
ARHC APNVLMI01, LLC	Delaware
ARHC ARCLRMI01 TRS, LLC	Delaware
ARHC ARCLRMI01, LLC	Delaware
ARHC ATROCIL01 TRS, LLC	Delaware
ARHC ATROCIL01, LLC	Delaware
ARHC AVBURWI01 TRS, LLC	Delaware
ARHC AVBURWI01, LLC	Delaware
ARHC BGBOWMD01, LLC	Delaware
ARHC BLHBGPA01, LLC	Delaware
ARHC BMBUCMI01, LLC (f/k/a ARHC CO Borrower 5, LLC)	Delaware
ARHC BMBWNIL01, LLC	Delaware
ARHC BMLKWCO01, LLC	Delaware
ARHC BMWRNMI01, LLC	Delaware
ARHC BRHBGPA01, LLC	Delaware
ARHC BSNPLFL01 TRS, LLC	Delaware
ARHC BSNPLFL01, LLC	Delaware
ARHC BWBRUGA01 TRS, LLC	Delaware
ARHC BWBRUGA01, LLC	Delaware
ARHC CAROCMI01, LLC	Delaware
ARHC CAROCMI02, LLC	Delaware
ARHC CCCGRMO01, LLC	Delaware
ARHC CCGBGIL01, LLC	Delaware
ARHC CFGREOR01 TRS, LLC	Delaware
ARHC CFGREOR01, LLC	Delaware
ARHC CHHBGPA01, LLC	Delaware
ARHC CHSLOIL01 TRS, LLC	Delaware
ARHC CHSLOIL01, LLC	Delaware
ARHC CHSLOIL02, LLC	Delaware
ARHC CHSPTIL01 TRS, LLC	Delaware
ARHC CHSPTIL01, LLC	Delaware
ARHC CMLITCO01, LLC	Delaware
ARHC CMSHTMI001, LLC	Delaware
ARHC CMWTSMI001, LLC	Delaware
ARHC CO BORROWER 11, LLC	Delaware
ARHC CO BORROWER 12, LLC	Delaware
ARHC CO BORROWER 13, LLC	Delaware
ARHC CO BORROWER 14, LLC	Delaware
ARHC CO BORROWER 15, LLC	Delaware
ARHC CO SPE Member, LLC	Delaware
ARHC CPCIROH01, LLC	Delaware
ARHC CSCLWFL01, LLC	Delaware
ARHC CSDOUGA01, LLC	Delaware
ARHC CWEVAGA01 TRS, LLC	Delaware
ARHC CWEVAGA01, LLC (f/k/a ARHC CO Borrower 6, LLC)	Delaware
ARHC DBDUBGA01 TRS, LLC	Delaware
ARHC DBDUBGA01, LLC	Delaware
ARHC DDHUDFL01, LLC	Delaware
ARHC DDLARFL01, LLC	Delaware
ARHC DELVSNV01, LLC	Delaware
ARHC DELVSNV02, LLC	Delaware
ARHC DFDYRIN01, LLC	Delaware
ARHC DMDCRGA01, LLC	Delaware
ARHC ECGVLSC01, LLC	Delaware
ARHC ESMEMTN01, LLC	Delaware
ARHC FMMUNIN01, LLC	Delaware
ARHC FMMUNIN02, LLC	Delaware
ARHC FMMUNIN03, LLC	Delaware
ARHC FMWEDAL01, LLC	Delaware
ARHC FOMBGPA01, LLC	Delaware
ARHC Fox Ridge MT, LLC	Delaware
ARHC FRBRYAR01 TRS, LLC	Delaware
ARHC FRBRYAR01, LLC	Delaware
ARHC FRLTRAR01 TRS, LLC	Delaware
ARHC FRLTRAR01, LLC	Delaware
ARHC FRNLRAR01 TRS, LLC	Delaware
ARHC FRNLRAR01, LLC	Delaware
ARHC FVECOCA01 Trs, LLC	Delaware
ARHC FVECOCA01, LLC	Delaware
ARHC GDFMHMI01, LLC	Delaware
ARHC GFGBTAZ01, LLC	Delaware
ARHC GHGVLSC01, LLC	Delaware
ARHC GMCLKTN01, LLC	Delaware
ARHC HBTPAFL01 TRS, LLC	Delaware
ARHC HBTPAFL01, LLC	Delaware
ARHC HCTMPFL01, LLC	Delaware
ARHC HDLANCA01, LLC	Delaware
ARHC JCCRKGA01 TRS, LLC	Delaware
ARHC JCCRKGA01, LLC	Delaware
ARHC KB BORROWER 1, LLC	Delaware
ARHC KB BORROWER 10, LLC	Delaware
ARHC KB BORROWER 11, LLC	Delaware
ARHC KB BORROWER 12, LLC	Delaware
ARHC KB BORROWER 13, LLC	Delaware
ARHC KB BORROWER 14, LLC	Delaware
ARHC KB BORROWER 15, LLC	Delaware
ARHC KB BORROWER 2, LLC	Delaware
ARHC KB BORROWER 3, LLC	Delaware
ARHC KB BORROWER 4, LLC	Delaware
ARHC KB BORROWER 5, LLC	Delaware
ARHC KB BORROWER 6, LLC	Delaware
ARHC KB BORROWER 7, LLC	Delaware
ARHC KB BORROWER 8, LLC	Delaware
ARHC KB BORROWER 9, LLC	Delaware
ARHC KB SPE Member, LLC	Delaware
ARHC LCDIXIL01 TRS, LLC	Delaware
ARHC LCDIXIL01, LLC	Delaware
ARHC LDSPGFL01, LLC	Delaware
ARHC LHPTVPA01, LLC	Delaware
ARHC LMFMYFL01, LLC	Delaware
ARHC LMLANPA01, LLC	Delaware
ARHC LMPLNTX01, LLC	Delaware
ARHC LPELKCA01, LLC	Delaware
ARHC LSSMTMO01 TRS, LLC	Delaware
ARHC LSSMTMO01, LLC	Delaware
ARHC LVHLDMI01, LLC (f/k/a ARHC CO Borrower 7, LLC)	Delaware
ARHC MBAGHCA01 TRS, LLC	Delaware
ARHC MBAGHCA01, LLC	Delaware
ARHC MHCLVOH01, LLC	Delaware
ARHC MMJLTIL01, LLC	Delaware
ARHC MMTCTTX01, LLC	Delaware
ARHC MRMRWGA01, LLC	Delaware
ARHC MSHBGPA01, LLC	Delaware
ARHC MVMVNWA01, LLC	Delaware
ARHC NHCANGA01, LLC	Delaware
ARHC NVJUPFL01 TRS, LLC	Delaware
ARHC OCWMNLA01, LLC	Delaware
ARHC OOHLDOH001, LLC	Delaware
ARHC PCLMYPA01, LLC	Delaware
ARHC PCSHVMS01, LLC	Delaware
ARHC PHCRPIA01 TRS, LLC	Delaware
ARHC PHCRPIA01, LLC	Delaware
ARHC PHCTNIA01 TRS, LLC	Delaware
ARHC PHCTNIA01, LLC (f/k/a ARHC CO Borrower 8, LLC)	Delaware
ARHC PHDESIA01 TRS, LLC	Delaware
ARHC PHDESIA01, LLC (f/k/a ARHC CO BORROWER 2, LLC)	Delaware
ARHC PHNLXIL01, LLC	Delaware
ARHC PHTIPIA01 TRS, LLC	Delaware
ARHC PHTIPIA01, LLC	Delaware
ARHC Plaza Del Rio Medical Office Campus Member 1, LLC	Delaware
ARHC Plaza Del Rio Medical Office Campus Member 2, LLC	Delaware
ARHC PMPEOAZ01, LLC	Delaware
ARHC PPDWTMI01 TRS, LLC	Delaware
ARHC PPHRNTN01, LLC	Delaware
ARHC PPLVLGA01, LLC	Delaware
ARHC PRPEOAZ01, LLC	Delaware
ARHC PRPEOAZ02, LLC	Delaware
ARHC PRPEOAZ03, LLC	Delaware
ARHC PRPEOAZ04, LLC	Delaware
ARHC PRPEOAZ05 TRS, LLC	Delaware
ARHC PSINDIA01 TRS, LLC	Delaware
ARHC PSINDIA01, LLC	Delaware
ARHC PSNHTMA01, LLC	Delaware
ARHC PSSGDMA01, LLC	Delaware
ARHC PSWSGMA01, LLC	Delaware
ARHC PVVLGKS01 TRS, LLC	Delaware
ARHC PVVLGKS01, LLC	Delaware
ARHC Quad Cities Portfolio Member, LLC	Delaware
ARHC RACLWFL01, LLC	Delaware
ARHC RHSUNAZ01, LLC	Delaware
ARHC RMRWLTX01, LLC	Delaware
ARHC RPATLGA01 TRS, LLC	Delaware
ARHC RPATLGA01, LLC (f/k/a ARHC CO BORROWER 3, LLC)	Delaware
ARHC RWCUDWI01 TRS, LLC	Delaware
ARHC RWCUDWI01, LLC	Delaware
ARHC RWROSGA01 TRS, LLC	Delaware
ARHC RWROSGA01, LLC	Delaware
ARHC SARCOIL01, LLC	Delaware
ARHC SAVENFL01, LLC	Delaware
ARHC SBBURIA01 TRS, LLC	Delaware
ARHC SBBURIA01, LLC (f/k/a ARHC CO BORROWER 1, LLC)	Delaware
ARHC SCCRLIA01 TRS, LLC	Delaware
ARHC SCCRLIA01, LLC (f/k/a ARHC CO Borrower 9, LLC)	Delaware
ARHC SCKCYMO01 TRS, LLC	Delaware
ARHC SCKCYMO01, LLC	Delaware
ARHC SCTEMTX01, LLC	Delaware
ARHC SCVSTCA01, LLC	Delaware
ARHC SFFLDIA01 TRS, LLC	Delaware
ARHC SFFLDIA01, LLC	Delaware
ARHC SFSCHIN01, LLC	Delaware
ARHC SFSTOGA01, LLC	Delaware
ARHC SLKLAOR01, LLC	Delaware
ARHC SMMDSIA01, LLC	Delaware
ARHC SMMTEIA01 TRS, LLC	Delaware
ARHC SMMTEIA01, LLC (f/k/a ARHC CO Borrower 10, LLC)	Delaware
ARHC SPPLSIA01 TRS, LLC	Delaware
ARHC SPPLSIA01, LLC	Delaware
ARHC SSTMPFL01, LLC	Delaware
ARHC TPTMPFL01, LLC	Delaware
ARHC TRS HOLDCO II, LLC	Delaware
ARHC TVTITFL01 TRS, LLC	Delaware
ARHC TVTITFL01, LLC (f/k/a ARHC CO BORROWER 4, LLC)	Delaware
ARHC UCELKCA01, LLC	Delaware
ARHC UPHBGPA01, LLC	Delaware
ARHC UPHBGPA02, LLC	Delaware
ARHC UPMOLIL01, LLC	Delaware
ARHC UPMUSIA01, LLC	Delaware
ARHC VAGBGIL01, LLC	Delaware
ARHC VCSTOGA01, LLC	Delaware
ARHC VSTALFL01, LLC	Delaware
ARHC WCWCHFL01, LLC	Delaware
ARHC WHWCHPA01 TRS, LLC	Delaware
ARHC WHWCHPA01, LLC	Delaware
ARHC WHYRKPA01, LLC	Delaware
ARHC WIGNFWI01, LLC	Delaware
ARHC WISMLWI01, LLC	Delaware
ARHC WISTFWI01, LLC	Delaware
ARHC WLWBYMN01, LLC	Delaware
ARHC WMBRPMI01, LLC	Delaware
LEISURE LIVING MANAGEMENT OF BUCHANAN, LLC	Michigan
LEISURE LIVING MANAGEMENT OF GRAND RAPIDS, INC.	Michigan
LEISURE LIVING MANAGEMENT OF HOLLAND, INC.	Michigan
LEISURE LIVING MANAGEMENT OF LANSING, INC.	Michigan
LIFEHOUSE - CRYSTAL MANOR OPERATIONS, LLC	Michigan
LIFEHOUSE - GOLDEN ACRES OPERATIONS, LLC	Michigan
LIFEHOUSE - WALDON WOODS OPERATIONS, LLC	Michigan
LIFEHOUSE CLARE OPERATIONS, LLC	Michigan
LIFEHOUSE GRAND BLANC OPERATIONS, LLC	Michigan
LIFEHOUSE MT. PLEASANT OPERATIONS, LLC	Michigan
LIFEHOUSE PRESTIGE COMMONS OPERATIONS, LLC	Michigan
LIFEHOUSE PRESTIGE WAY OPERATIONS, LLC	Michigan
NuVista Living at Jupiter, LLC	Florida
ARHC PNPENFL01, LLC	Delaware
ARHC SDGMDWOK01, LLC	Delaware
ARHC OPFWNIN01, LLC	Delaware
ARHC OPFWNIN02, LLC	Delaware
ARHC SPABYNY01, LLC	Delaware
ARHC SPABYNY02, LLC	Delaware
ARHC SPABYNY03, LLC	Delaware
ARHC SPTRYNY01, LLC	Delaware
ARHC SLESTPA01, LLC	Delaware
ARHC MESCSMI01, LLC	Delaware
ARHC NCODSTX01, LLC	Delaware
ARHC BPBLPOH01, LLC	Delaware
ARHC FMTPAFL01, LLC	Delaware
ARHC ADERLCO01, LLC	Delaware
ARHC HO4PSLB01, LLC	Delaware
ARHC OSFWAIL01, LLC	Delaware
ARHC OSFGDIL01, LLC	Delaware
AHRC CPCLPIN01, LLC	Delaware
AHRC CPCVPIN01, LLC	Delaware
AHRC CPCHBIN01, LLC	Delaware
AHRC CPCMRIN01, LLC	Delaware
Pulse Healthcare Real Estate LLC	Delaware
Healthcare Trust Properties, LLC	Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

4 / 7

FAILReturn on assets positiveROA -3.4%
PASSOperating cash flow positiveOCF 7M
PASSReturn on assets improving-9.8% → -3.4%
PASSCash flow exceeds earningsOCF 7M vs NI -58M
FAILLong-term debt ratio fallingno debt reported
FAILCurrent ratio improvingno data
FAILNo share dilution28M → 28M shares
FAILGross margin improving37.5% → 36.0%
PASSAsset turnover improving0.18× → 0.20×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$381.6M	−$75.5M	—	36.2%	100,312,245
FY2021	$329.4M	−$85.4M	—	37.5%	100,534,438
FY2022	$335.8M	−$79.6M	—	36.4%	106,428,154
FY2023	$345.9M	−$72.4M	—	37.0%	113,121,721
FY2024	$353.8M	−$190.3M	—	37.5%	28,286,391
FY2025	$342.3M	−$57.7M	—	36.0%	28,304,000

Identity

CIK: 0001561032
LEI: 549300Z2NSUGF5NF2Y30
FIGI: BBG021RVZ035
SIC: 6798 · Real Estate Investment Trusts
Incorporated: MD
Headquarters: NEW YORK, NY

Ownership

Institutional: 136.8%
Institutions: 138
Insiders: 0.0%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other real estate investment trusts companies

National Healthcare Properties, Inc. files under SIC 6798 — all 80 real estate investment trusts companies compared on assets and F-score.

Prologis, Inc.PLD Blackstone Real Estate Income Trust, Inc.BSTT WELLTOWER INC.WELL AMERICAN TOWER CORP /MA/AMT Rithm Capital Corp.RITM VICI PROPERTIES INC.VICI

Questions about National Healthcare Properties, Inc.

How many subsidiaries does National Healthcare Properties, Inc. file with the SEC?: 258, listed in its most recent exhibit 21. They are incorporated across 3 jurisdictions (Delaware, Michigan, Florida). That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is National Healthcare Properties, Inc. financially healthy?: National Healthcare Properties, Inc. scores 4 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

Download the terminal See pricing

Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

258 entities across 3 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-20 — see the exhibit.

Which other public companies file entities in the same places:

Delaware245 Michigan12 Florida1

Entity

Jurisdiction

Note

National Healthcare Properties Operating Partnership, L.P.

Delaware

Advantage Senior Care, LLC

Delaware

ARHC AAEKHWI01, LLC

Delaware

ARHC AHGBYWI01, LLC

Delaware

ARHC AHGVLWI01, LLC

Delaware

ARHC AHHFDCA01, LLC

Delaware

ARHC AHJACOH01, LLC

Delaware

ARHC AHKIEWI01, LLC

Delaware

ARHC AHMLWWI01, LLC

Delaware

ARHC AHPLYWI01, LLC

Delaware

ARHC AHWTFWI01, LLC

Delaware

ARHC AHWTMWI01, LLC

Delaware

ARHC ALALPGA01 TRS, LLC

Delaware

ARHC ALALPGA01, LLC

Delaware

ARHC ALJUPFL01 TRS, LLC

Delaware

ARHC ALJUPFL01, LLC

Delaware

ARHC ALSPGFL01 TRS, LLC

Delaware

ARHC ALSPGFL01, LLC

Delaware

ARHC ALSTUFL01 TRS, LLC

Delaware

ARHC ALSTUFL01, LLC

Delaware

ARHC ALTSPFL01 TRS, LLC

Delaware

ARHC ALTSPFL01, LLC

Delaware

ARHC AORMDVA01, LLC

Delaware

ARHC APNVLMI01 TRS, LLC

Delaware

ARHC APNVLMI01, LLC

Delaware

ARHC ARCLRMI01 TRS, LLC

Delaware

ARHC ARCLRMI01, LLC

Delaware

ARHC ATROCIL01 TRS, LLC

Delaware

ARHC ATROCIL01, LLC

Delaware

ARHC AVBURWI01 TRS, LLC

Delaware

ARHC AVBURWI01, LLC

Delaware

ARHC BGBOWMD01, LLC

Delaware

ARHC BLHBGPA01, LLC

Delaware

ARHC BMBUCMI01, LLC (f/k/a ARHC CO Borrower 5, LLC)

Delaware

ARHC BMBWNIL01, LLC

Delaware

ARHC BMLKWCO01, LLC

Delaware

ARHC BMWRNMI01, LLC

Delaware

ARHC BRHBGPA01, LLC

Delaware

ARHC BSNPLFL01 TRS, LLC

Delaware

ARHC BSNPLFL01, LLC

Delaware

ARHC BWBRUGA01 TRS, LLC

Delaware

ARHC BWBRUGA01, LLC

Delaware

ARHC CAROCMI01, LLC

Delaware

ARHC CAROCMI02, LLC

Delaware

ARHC CCCGRMO01, LLC

Delaware

ARHC CCGBGIL01, LLC

Delaware

ARHC CFGREOR01 TRS, LLC

Delaware

ARHC CFGREOR01, LLC

Delaware

ARHC CHHBGPA01, LLC

Delaware

ARHC CHSLOIL01 TRS, LLC

Delaware

ARHC CHSLOIL01, LLC

Delaware

ARHC CHSLOIL02, LLC

Delaware

ARHC CHSPTIL01 TRS, LLC

Delaware

ARHC CHSPTIL01, LLC

Delaware

ARHC CMLITCO01, LLC

Delaware

ARHC CMSHTMI001, LLC

Delaware

ARHC CMWTSMI001, LLC

Delaware

ARHC CO BORROWER 11, LLC

Delaware

ARHC CO BORROWER 12, LLC

Delaware

ARHC CO BORROWER 13, LLC

Delaware

ARHC CO BORROWER 14, LLC

Delaware

ARHC CO BORROWER 15, LLC

Delaware

ARHC CO SPE Member, LLC

Delaware

ARHC CPCIROH01, LLC

Delaware

ARHC CSCLWFL01, LLC

Delaware

ARHC CSDOUGA01, LLC

Delaware

ARHC CWEVAGA01 TRS, LLC

Delaware

ARHC CWEVAGA01, LLC (f/k/a ARHC CO Borrower 6, LLC)

Delaware

ARHC DBDUBGA01 TRS, LLC

Delaware

ARHC DBDUBGA01, LLC

Delaware

ARHC DDHUDFL01, LLC

Delaware

ARHC DDLARFL01, LLC

Delaware

ARHC DELVSNV01, LLC

Delaware

ARHC DELVSNV02, LLC

Delaware

ARHC DFDYRIN01, LLC

Delaware

ARHC DMDCRGA01, LLC

Delaware

ARHC ECGVLSC01, LLC

Delaware

ARHC ESMEMTN01, LLC

Delaware

ARHC FMMUNIN01, LLC

Delaware

ARHC FMMUNIN02, LLC

Delaware

ARHC FMMUNIN03, LLC

Delaware

ARHC FMWEDAL01, LLC

Delaware

ARHC FOMBGPA01, LLC

Delaware

ARHC Fox Ridge MT, LLC

Delaware

ARHC FRBRYAR01 TRS, LLC

Delaware

ARHC FRBRYAR01, LLC

Delaware

ARHC FRLTRAR01 TRS, LLC

Delaware

ARHC FRLTRAR01, LLC

Delaware

ARHC FRNLRAR01 TRS, LLC

Delaware

ARHC FRNLRAR01, LLC

Delaware

ARHC FVECOCA01 Trs, LLC

Delaware

ARHC FVECOCA01, LLC

Delaware

ARHC GDFMHMI01, LLC

Delaware

ARHC GFGBTAZ01, LLC

Delaware

ARHC GHGVLSC01, LLC

Delaware

ARHC GMCLKTN01, LLC

Delaware

ARHC HBTPAFL01 TRS, LLC

Delaware

ARHC HBTPAFL01, LLC

Delaware

ARHC HCTMPFL01, LLC

Delaware

ARHC HDLANCA01, LLC

Delaware

ARHC JCCRKGA01 TRS, LLC

Delaware

ARHC JCCRKGA01, LLC

Delaware

ARHC KB BORROWER 1, LLC

Delaware

ARHC KB BORROWER 10, LLC

Delaware

ARHC KB BORROWER 11, LLC

Delaware

ARHC KB BORROWER 12, LLC

Delaware

ARHC KB BORROWER 13, LLC

Delaware

ARHC KB BORROWER 14, LLC

Delaware

ARHC KB BORROWER 15, LLC

Delaware

ARHC KB BORROWER 2, LLC

Delaware

ARHC KB BORROWER 3, LLC

Delaware

ARHC KB BORROWER 4, LLC

Delaware

ARHC KB BORROWER 5, LLC

Delaware

ARHC KB BORROWER 6, LLC

Delaware

ARHC KB BORROWER 7, LLC

Delaware

ARHC KB BORROWER 8, LLC

Delaware

ARHC KB BORROWER 9, LLC

Delaware

ARHC KB SPE Member, LLC

Delaware

ARHC LCDIXIL01 TRS, LLC

Delaware

ARHC LCDIXIL01, LLC

Delaware

ARHC LDSPGFL01, LLC

Delaware

ARHC LHPTVPA01, LLC

Delaware

ARHC LMFMYFL01, LLC

Delaware

ARHC LMLANPA01, LLC

Delaware

ARHC LMPLNTX01, LLC

Delaware

ARHC LPELKCA01, LLC

Delaware

ARHC LSSMTMO01 TRS, LLC

Delaware

ARHC LSSMTMO01, LLC

Delaware

ARHC LVHLDMI01, LLC (f/k/a ARHC CO Borrower 7, LLC)

Delaware

ARHC MBAGHCA01 TRS, LLC

Delaware

ARHC MBAGHCA01, LLC

Delaware

ARHC MHCLVOH01, LLC

Delaware

ARHC MMJLTIL01, LLC

Delaware

ARHC MMTCTTX01, LLC

Delaware

ARHC MRMRWGA01, LLC

Delaware

ARHC MSHBGPA01, LLC

Delaware

ARHC MVMVNWA01, LLC

Delaware

ARHC NHCANGA01, LLC

Delaware

ARHC NVJUPFL01 TRS, LLC

Delaware

ARHC OCWMNLA01, LLC

Delaware

ARHC OOHLDOH001, LLC

Delaware

ARHC PCLMYPA01, LLC

Delaware

ARHC PCSHVMS01, LLC

Delaware

ARHC PHCRPIA01 TRS, LLC

Delaware

ARHC PHCRPIA01, LLC

Delaware

ARHC PHCTNIA01 TRS, LLC

Delaware

ARHC PHCTNIA01, LLC (f/k/a ARHC CO Borrower 8, LLC)

Delaware

ARHC PHDESIA01 TRS, LLC

Delaware

ARHC PHDESIA01, LLC (f/k/a ARHC CO BORROWER 2, LLC)

Delaware

ARHC PHNLXIL01, LLC

Delaware

ARHC PHTIPIA01 TRS, LLC

Delaware

ARHC PHTIPIA01, LLC

Delaware

ARHC Plaza Del Rio Medical Office Campus Member 1, LLC

Delaware

ARHC Plaza Del Rio Medical Office Campus Member 2, LLC

Delaware

ARHC PMPEOAZ01, LLC

Delaware

ARHC PPDWTMI01 TRS, LLC

Delaware

ARHC PPHRNTN01, LLC

Delaware

ARHC PPLVLGA01, LLC

Delaware

ARHC PRPEOAZ01, LLC

Delaware

ARHC PRPEOAZ02, LLC

Delaware

ARHC PRPEOAZ03, LLC

Delaware

ARHC PRPEOAZ04, LLC

Delaware

ARHC PRPEOAZ05 TRS, LLC

Delaware

ARHC PSINDIA01 TRS, LLC

Delaware

ARHC PSINDIA01, LLC

Delaware

ARHC PSNHTMA01, LLC

Delaware

ARHC PSSGDMA01, LLC

Delaware

ARHC PSWSGMA01, LLC

Delaware

ARHC PVVLGKS01 TRS, LLC

Delaware

ARHC PVVLGKS01, LLC

Delaware

ARHC Quad Cities Portfolio Member, LLC

Delaware

ARHC RACLWFL01, LLC

Delaware

ARHC RHSUNAZ01, LLC

Delaware

ARHC RMRWLTX01, LLC

Delaware

ARHC RPATLGA01 TRS, LLC

Delaware

ARHC RPATLGA01, LLC (f/k/a ARHC CO BORROWER 3, LLC)

Delaware

ARHC RWCUDWI01 TRS, LLC

Delaware

ARHC RWCUDWI01, LLC

Delaware

ARHC RWROSGA01 TRS, LLC

Delaware

ARHC RWROSGA01, LLC

Delaware

ARHC SARCOIL01, LLC

Delaware

ARHC SAVENFL01, LLC

Delaware

ARHC SBBURIA01 TRS, LLC

Delaware

ARHC SBBURIA01, LLC (f/k/a ARHC CO BORROWER 1, LLC)

Delaware

ARHC SCCRLIA01 TRS, LLC

Delaware

ARHC SCCRLIA01, LLC (f/k/a ARHC CO Borrower 9, LLC)

Delaware

ARHC SCKCYMO01 TRS, LLC

Delaware

ARHC SCKCYMO01, LLC

Delaware

ARHC SCTEMTX01, LLC

Delaware

ARHC SCVSTCA01, LLC

Delaware

ARHC SFFLDIA01 TRS, LLC

Delaware

ARHC SFFLDIA01, LLC

Delaware

ARHC SFSCHIN01, LLC

Delaware

ARHC SFSTOGA01, LLC

Delaware

ARHC SLKLAOR01, LLC

Delaware

ARHC SMMDSIA01, LLC

Delaware

ARHC SMMTEIA01 TRS, LLC

Delaware

ARHC SMMTEIA01, LLC (f/k/a ARHC CO Borrower 10, LLC)

Delaware

ARHC SPPLSIA01 TRS, LLC

Delaware

ARHC SPPLSIA01, LLC

Delaware

ARHC SSTMPFL01, LLC

Delaware

ARHC TPTMPFL01, LLC

Delaware

ARHC TRS HOLDCO II, LLC

Delaware

ARHC TVTITFL01 TRS, LLC

Delaware

ARHC TVTITFL01, LLC (f/k/a ARHC CO BORROWER 4, LLC)

Delaware

ARHC UCELKCA01, LLC

Delaware

ARHC UPHBGPA01, LLC

Delaware

ARHC UPHBGPA02, LLC

Delaware

ARHC UPMOLIL01, LLC

Delaware

ARHC UPMUSIA01, LLC

Delaware

ARHC VAGBGIL01, LLC

Delaware

ARHC VCSTOGA01, LLC

Delaware

ARHC VSTALFL01, LLC

Delaware

ARHC WCWCHFL01, LLC

Delaware

ARHC WHWCHPA01 TRS, LLC

Delaware

ARHC WHWCHPA01, LLC

Delaware

ARHC WHYRKPA01, LLC

Delaware

ARHC WIGNFWI01, LLC

Delaware

ARHC WISMLWI01, LLC

Delaware

ARHC WISTFWI01, LLC

Delaware

ARHC WLWBYMN01, LLC

Delaware

ARHC WMBRPMI01, LLC

Delaware

LEISURE LIVING MANAGEMENT OF BUCHANAN, LLC

Michigan

LEISURE LIVING MANAGEMENT OF GRAND RAPIDS, INC.

Michigan

LEISURE LIVING MANAGEMENT OF HOLLAND, INC.

Michigan

LEISURE LIVING MANAGEMENT OF LANSING, INC.

Michigan

LIFEHOUSE - CRYSTAL MANOR OPERATIONS, LLC

Michigan

LIFEHOUSE - GOLDEN ACRES OPERATIONS, LLC

Michigan

LIFEHOUSE - WALDON WOODS OPERATIONS, LLC

Michigan

LIFEHOUSE CLARE OPERATIONS, LLC

Michigan

LIFEHOUSE GRAND BLANC OPERATIONS, LLC

Michigan

LIFEHOUSE MT. PLEASANT OPERATIONS, LLC

Michigan

LIFEHOUSE PRESTIGE COMMONS OPERATIONS, LLC

Michigan

LIFEHOUSE PRESTIGE WAY OPERATIONS, LLC

Michigan

NuVista Living at Jupiter, LLC

Florida

ARHC PNPENFL01, LLC

Delaware

ARHC SDGMDWOK01, LLC

Delaware

ARHC OPFWNIN01, LLC

Delaware

ARHC OPFWNIN02, LLC

Delaware

ARHC SPABYNY01, LLC

Delaware

ARHC SPABYNY02, LLC

Delaware

ARHC SPABYNY03, LLC

Delaware

ARHC SPTRYNY01, LLC

Delaware

ARHC SLESTPA01, LLC

Delaware

ARHC MESCSMI01, LLC

Delaware

ARHC NCODSTX01, LLC

Delaware

ARHC BPBLPOH01, LLC

Delaware

ARHC FMTPAFL01, LLC

Delaware

ARHC ADERLCO01, LLC

Delaware

ARHC HO4PSLB01, LLC

Delaware

ARHC OSFWAIL01, LLC

Delaware

ARHC OSFGDIL01, LLC

Delaware

AHRC CPCLPIN01, LLC

Delaware

AHRC CPCVPIN01, LLC

Delaware

AHRC CPCHBIN01, LLC

Delaware

AHRC CPCMRIN01, LLC

Delaware

Pulse Healthcare Real Estate LLC

Delaware

Healthcare Trust Properties, LLC

Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

4 / 7

FAILReturn on assets positiveROA -3.4%
PASSOperating cash flow positiveOCF 7M
PASSReturn on assets improving-9.8% → -3.4%
PASSCash flow exceeds earningsOCF 7M vs NI -58M
FAILLong-term debt ratio fallingno debt reported
FAILCurrent ratio improvingno data
FAILNo share dilution28M → 28M shares
FAILGross margin improving37.5% → 36.0%
PASSAsset turnover improving0.18× → 0.20×

Year

Revenue

Net income

Free cash flow

Gross margin

FY2020

$381.6M

−$75.5M

—

36.2%

100,312,245

FY2021

$329.4M

−$85.4M

—

37.5%

100,534,438

FY2022

$335.8M

−$79.6M

—

36.4%

106,428,154

FY2023

$345.9M

−$72.4M

—

37.0%

113,121,721

FY2024

$353.8M

−$190.3M

—

37.5%

28,286,391

FY2025

$342.3M

−$57.7M

—

36.0%

28,304,000

Questions about National Healthcare Properties, Inc.

How many subsidiaries does National Healthcare Properties, Inc. file with the SEC?

258, listed in its most recent exhibit 21. They are incorporated across 3 jurisdictions (Delaware, Michigan, Florida). That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is National Healthcare Properties, Inc. financially healthy?

National Healthcare Properties, Inc. scores 4 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.