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.
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, which consists of assisted living and memory care communities operated under RIDEA structures, and Outpatient Medical Facilities, 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, Orlando, and Miami. The REIT was previously managed by AR Global, prior to its 2024 internalization. The company plans to pay a quarterly distribution.
The New York, NY-based company will trade on the Nasdaq under the symbol NHP. Wells Fargo Securities, Morgan Stanley, BMO Capital Markets, Goldman Sachs, RBC Capital Markets, Baird, Capital One Securities, Fifth Third Securities, Huntington Investment, and KeyBanc Capital Markets acted as joint bookrunners on the deal.
