REIT National Healthcare Properties Files for IPO

For the second time in a matter of weeks, a senior housing real estate investment trust is plotting a path to go public.

New York-based National Healthcare Properties filed for an IPO with the U.S. Securities and Exchange Commission on Monday, Bloomberg reported. The move follows a confidential filing for a listing several months ago.

Details including the number of shares being offered and a potential price emain to be determined, according to McKnights Senior Living. The estimated targeted raise could range from $100 million to $200 million.

Wells Fargo, Morgan Stanley and BMO Capital Markets are leading the process, which is expected to culminate with shares trading on the Nasdaq Global Select Market under the NHP symbol. Proceeds from the IPO are expected to either repay debt or finance property acquisitions.

Last year, the REIT posted a net loss of $57.7 million, cutting down from a loss of $190.3 million the year before. Revenue dropped slightly year-over-year, from $354 million to $342.3 million.

At the end of last year, National Healthcare’s portfolio spanned 167 properties, largely in the form of outpatient medical buildings. Outpatient space spanned 3.7 million square feet, but the portfolio also included more than 3,600 senior housing units. The firm’s gross real estate value was $2 billion.

The company restructured in 2024. It was formerly managed by Healthcare Trust Advisors.

Last month, Janus Living — a Healthpeak Properties spinoff — raised roughly $878 million in net proceeds through its IPO. That exceeded expectations of a $740 million raise for the Denver-based real estate investment trust.

Senior housing was hit hard by pandemic-driven distress, but has recovered in recent years. After occupancy rates plunged and development halted due to the pandemic, the tide turned. Construction is at record lows and baby boomers are nearing their 80s, resulting in surging demand for quality senior living.

— Holden Walter-Warner