National Healthcare Properties, a healthcare REIT focused on outpatient medical and senior housing properties, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, the deal size may be a placeholder for an offering that we estimate could raise at least $200 million.
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), which consists of assisted living and memory care communities operated under RIDEA structures, and Outpatient Medical Facilities (OMF), 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. As a REIT, the company plans to pay a quarterly distribution.
National Healthcare Properties' IPO filing follows the recent listing of Janus Living (JAN), another REIT focused on senior living properties utilizing a RIDEA structure. Janus priced at the high end of the range in mid-March, and has since traded up 19.5% from offer.
National Healthcare Properties has two classes of preferred stock listed on the Nasdaq: 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock (Nasdaq: NHPAP) and 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock (Nasdaq: NHPBP).
The New York, NY-based company 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. National Healthcare Properties filed confidentially on January 16, 2026. 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.
