National Healthcare Properties is moving closer to the public markets after filing for a U.S. initial public offering. The senior housing-focused real estate investment trust is aiming to capitalize on favorable demographic trends, particularly the growing elderly population in the United States.
The New York-based company owns a portfolio of senior housing communities and outpatient medical facilities across the country. As of the end of 2025, its holdings included 37 senior housing properties and 130 outpatient medical buildings spanning 29 states.
The IPO filing comes as real estate investment trusts and other sectors less exposed to economic cycles and AI-driven disruption have gained traction in the U.S. IPO market. National Healthcare Properties had previously submitted its paperwork confidentially in January before making the filing public.
The company reported a net loss of $57.7 million on revenue of $342.3 million in 2025, narrowing from a net loss of $190.3 million on revenue of $354 million the prior year. Proceeds from the offering are expected to be used to repay debt and support potential acquisitions.
The listing is expected to take place on the Nasdaq Global Select Market under the ticker symbol NHP. The IPO is being led by Wells Fargo, Morgan Stanley, and BMO Capital Markets.
The filing follows a resurgence in REIT IPO activity, including the recent $966 million debut of senior housing REIT Janus Living, whose shares have performed strongly since listing.
This is what the company’s 10-K document says:
“We are a self-managed REIT that focuses on senior housing and healthcare real estate assets strategically positioned to capitalize on favorable demographic trends associated with a growing elderly U.S. population. As of December 31, 2025, our portfolio consisted of 37 senior housing communities, with 3,615 units, in our SHOP segment and 130 outpatient medical facilities, with approximately 3.7 million square feet of GLA, in our OMF segment. Our properties are located in 29 states, providing geographic diversification and exposure to markets that we believe exhibit strong senior housing and healthcare demand fundamentals.”
