Healthcare REIT National Healthcare Properties sets terms for $558 million IPO
April 22, 2026 News
Healthcare REIT National Healthcare Properties prices IPO at $12, below the range
National Healthcare Properties, an healthcare REIT focused on outpatient medical and senior housing properties, raised $462 million by offering 38.5 million shares at $12, below the $13 to $16 range.
IPO Overview
National Healthcare Properties, an healthcare REIT focused on outpatient medical and senior housing properties, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise $558 million by offering 38.5 million shares at a price range of $13 to $16.
National Healthcare Properties is a self-managed real estate investment trust that owns a portfolio of senior housing and healthcare properties across 29 states. The company operates through two primary segments: Senior Housing Operating Properties （SHOP; $43mm LTM cash NOI; 85.5% leased; $1.0B gross asset value）， which consists of assisted living and memory care communities operated under RIDEA structures, and Outpatient Medical Facilities （OMF; $80mm LTM cash NOI; 92.8% leased; $1.2B gross asset value）， which comprises medical office buildings largely affiliated with or adjacent to hospital systems. The SHOP portfolio is managed through third-party operators, while the OMF segment transitioned to in-house property management in 2025. Top MSAs include Philadelphia, PA （18% of annualized 4Q25 cash NOI）， Orlando, FL （13%）， and Miami, FL （8%）。 The REIT was previously managed by AR Global, prior to its 2024 internalization. The company plans to pay a quarterly distribution.
National Healthcare Properties was founded in 2012 and booked $342 million in revenue for the 12 months ended December 31, 2025. It plans to list on the Nasdaq under the symbol NHP. Wells Fargo Securities, Morgan Stanley, BMO Capital Markets, Goldman Sachs, RBC Capital Markets, Baird, Capital One Securities, Citizens JMP, Fifth Third Securities, Huntington Investment, and KeyBanc Capital Markets are the joint bookrunners on the deal. It is expected to price the week of April 20, 2026.
About the Company
We are a self-managed REIT that focuses on senior housing and healthcare real estate assets strategically positioned to capitalize on favorable demographic trends associated with a growing elderly U.S. population. As of December 31, 2025, our portfolio consisted of 37 senior housing communities, with 3,615 units, in our SHOP segment and 130 outpatient medical facilities, with approximately 3.7 million square feet of GLA, in our OMF segment. Our properties are located in 29 states, providing geographic diversification and exposure to markets that we believe exhibit strong senior housing and healthcare demand fundamentals. We built a fully integrated and scalable management platform, comprising 37 experienced professionals with expertise in investments, sales and marketing, risk management, care delivery, clinical operations, finance and accounting and asset optimization, including a dedicated in-house SHOP asset management team. Our team and platform are structured to efficiently support increased scale as our portfolio grows, particularly in the SHOP segment, which we believe will enable us to manage a larger and more diverse asset base without a directly proportional increase in overhead expense. We have cultivated long-standing relationships with leading SHOP operators, creditworthy healthcare tenants and other industry participants.