National Healthcare Properties Seeks Up To $616m In Ipo Launch

Real estate investment trust National Healthcare Properties is seeking to raise as much as about $616 million through its forthcoming initial public offering (IPO).

The REIT is launching with 38.5 million shares and an initial share price of between $13 and $16. The company’s IPO implies a valuation of $1.1 billion overall. National Healthcare Properties has applied for its stock to trade on the NASDAQ exchange under the symbol “NHP.”

Leaders of National Healthcare Properties plan to use the net proceeds from the IPO to repay $186 million in outstanding debt, fund future property acquisitions and pay for other general corporate purposes.

National Healthcare Properties’ IPO follows another one from one of its peers, Healthpeak Properties (NYSE: DOC), which in March launched Janus Living, a REIT launching with 34 communities that marks Healthpeak’s return to senior living.

New York City-based National Healthcare has a senior housing operating portfolio of 37 communities, the majority (76%) of which are assisted living and memory care offerings. The REIT has partnerships with Discovery Senior Living, Senior Lifestyle and Agewell Solvere Living, along with managing 130 outpatient medical facilities.

National Healthcare Properties seeks to grow and expand a senior housing operating portfolio similar to other REITs in recent years. Earlier this year, the company’s leaders announced a purchase and sale agreement to acquire 13 senior living communities for $64 million for its operating segment. That agreement included a purchase option for another 13 communities managed by Discovery Senior Living. The transaction is anticipated to close in the second quarter of 2026.

The REIT reported that net operating income for its senior housing operating segment in 2025 was by 23.3% higher than in 2024 when the company’s net operating income was $34.5 million in 2024.
National Healthcare plans to take on new properties under a RIDEA management structure, which is becoming more common across the industry.

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