Senior Housing REIT Eyes IPO After Posting Years Of Losses
National Healthcare Properties is considering a plan to go public, the senior housing REIT announced Monday.
The New York-based self-managed REIT confidentially told the Securities and Exchange Commission in a January filing that it was considering an initial public offering. The number of shares, pricing and timing of the IPO haven’t been determined, the REIT said Monday.
National Healthcare Properties, which plans to trade under the ticker NHP, posted a net loss of $58M in 2025. Its properties generated a $203M loss in 2024 and an $86M loss in 2023, according to its SEC filing.
The REIT’s portfolio included 41 senior housing complexes and 133 outpatient medical facilities across 30 states at the end of September, according to the prospectus.
It plans to use proceeds from the IPO to pay down debt and potentially pay for new acquisitions. The REIT had $706M in mortgage notes at the end of September with a weighted average interest rate of 4.7% and a weighted average term of 4.6 years.
National Healthcare Properties was managed by Healthcare Trust Advisors prior to a 2024 restructuring, according to a Feb. 20 SEC filing.
The IPO's lead bookrunners are Wells Fargo Securities, Morgan Stanley and BMO Capital Markets. The REIT said Monday that the offering was contingent on market conditions and could be nixed.
If it does go public, NHP is expected to trade on the Nasdaq Global Select Market, the highest of Nasdaq’s three tiers, made up of mostly large-cap companies meeting liquidity and capitalization requirements.
Alternative commercial real estate assets targeting the aging baby boomer population have become popular investment targets across capital sources in the post-pandemic market, with transaction volume jumping 30% year-over-year in 2025.
That demand helped Healthpeak Properties beat its target share price when it spun off its senior housing business into a public REIT last month. The spinoff, Janus Living, had shares priced at $20 ahead of its IPO and opened on its first day of trading above $23 per share. It has held on to that premium in the weeks since.
The strong showing from the Janus Living IPO came despite a REIT market pullback in March that dragged down the FTSE Nareit U.S. Real Estate Index by 6.2%, worse than the 4% loss posted by the Dow Jones Industrial Average.
