National Healthcare Properties Seeks Ipo With Shop-forward Growth Strategy Planned

Another real estate investment trust (REIT) has filed for an initial public offering, hot on the heels of the recent Janus Living IPO.

National Healthcare Properties has filed for an initial public offering, according to a news release issued on Monday. The REIT seeks to trade on the Nasdaq Global Select Market using the symbol “HCP.”

Based in New York City, National Healthcare Properties oversees a senior housing operating portfolio (SHOP) of 37 communities spanning 3,615 units across 12 states with an average occupancy of 84.5%. Approximately 76% of the company’s SHOP units are assisted living and memory care with a high-acuity care emphasis, according to the company’s fourth quarter 2025 investor presentation published last month. In the company’s recent public financial disclosures, leadership wrote that demand for assisted living and memory care was “durable and growing” based on demographic trends.

The REIT’s operating partners include Discovery Senior Living, Senior Lifestyle and Agewell Solvere Living. National Healthcare Properties also manages 130 outpatient medical facilities.

On March 3, the REIT announced a definitive purchase and sale agreement to acquire 13 senior living communities for $64 million for its SHOP segment. The portfolio spans 592 units in eight states. The company intends to acquire the communities through a REIT Investment Diversification and Empowerment Act (RIDEA) structure in a joint venture structure with Discovery Senior Living.

As part of the agreement, NHP has a purchase option including 13 additional senior living communities of approximately 500 assisted living units currently under management by Discovery. The transaction is anticipated to close in the second quarter of this year, according to a news release.

In 2025, the REIT reported a 23.3% increase in SHOP NOI, increasing to $42.5 million from $34.5 million last year.

In the company’s filing on Monday, National Healthcare Properties leadership said that “going forward, we expect our real estate investments to focus primarily on SHOPs.” Approximately 36.8% of the REIT’s cash NOI was generated by its SHOP segment in 2025, with the company’s objective to “increase our exposure to our SHOP segment through a disciplined and data-driven acquisition strategy and active asset management,” read the financial disclosure.

“We expect to continue to source and complete SHOP investments such that, over time, our portfolio will primarily be comprised of SHOP communities,” leadership wrote in the filing

Last year and in the first quarter of 2026, the REIT sourced and evaluated over $3.2 billion of potential SHOP acquisitions, submitting non-binding letters of intent on approximately $559.9 million of those opportunities, leadership stated in the S-11 filing. As of the end of March, National Healthcare Properties had $90.5 million of SHOP deals under letters of intent or subject to executed purchase and sale agreements. 

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