National Healthcare Properties

What National Healthcare Properties does

National Healthcare Properties is a self-managed Real Estate Investment Trust (REIT) focused on healthcare real estate in the United States, founded in 2012 and headquartered in New York. The company operates a dual portfolio strategy consisting of Senior Housing Operating Properties (SHOP) — its primary growth focus serving the elderly population through independent living, assisted living, and memory care facilities — and a legacy portfolio of 130 outpatient medical facilities currently being divested. NHP generates revenue primarily through rental income from SHOP assets and long-term triple-net leases on outpatient medical facilities, with FY2025 revenue of $342.28 million and Same Store Cash NOI growth of 9.0% portfolio-wide and 21.8% in the SHOP segment specifically.

The company completed its IPO on NASDAQ under ticker NHP in April 2026, raising approximately $462 million in gross proceeds at $12.00 per share (priced $1 below the $13-$16 marketed range), with a post-money valuation of approximately $1.1 billion. The IPO proceeds were primarily directed toward repaying $186 million of revolving credit facility debt and funding future property acquisitions. NHP also closed a $550 million senior unsecured credit facility in December 2025 and announced a $528.2 million sale of 86 outpatient medical facilities expected to close in Q3/Q4 2026, alongside approximately $279 million in signed SHOP acquisitions representing 1,214 additional units.

The go-to-market approach is direct property acquisition from healthcare operators through negotiated transactions, sale-leasebacks, and forward commitments. NHP serves two distinct customer segments: senior housing operators (where it is expanding exposure to capture demographic tailwinds from an aging U.S. population) and outpatient medical facility operators (which it is actively exiting). The company is led by CEO Michael Anderson and CFO Andrew Babin, employs 11-50 people, and carries elevated leverage at 9.2x net debt to annualized adjusted EBITDA, with management targeting deleveraging post-IPO as a key priority.

Name

National Healthcare Properties

Legal name

National Healthcare Properties, Inc.

Website

https://healthcaretrustinc.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

National Healthcare Properties is a self-managed healthcare REIT that owns and acquires senior housing and outpatient medical facilities across the United States, transitioning its portfolio toward senior housing operating properties serving the elderly population.

Ownership category

akta.pro rank

Product category

Healthcare Real Estate Investment Trust (REIT)

NAICS

Continuing Care Retirement Communities (623311), Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (6233), Nursing and Residential Care Facilities (623)

SIC

Real Estate Investment Trusts (6798), Real Estate (6500), Services-Nursing & Personal Care Facilities (8050)

akta.pro primary industry

Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH)

akta.pro secondary industries

Independent Living Real Estate Owners/Operators (REITs & Management Companies) (HLADAAAG), REITs & Listed Real Estate Securities (FSAAAKAD), Healthcare & Medical Office Property Management (BPAJAGAF)

Keywords

• Healthcare real estate
• Senior housing REIT
• Medical property leasing
• Outpatient medical facilities
• Sale-leaseback transactions

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Rental Income from Senior Housing Properties: NHP generates revenue primarily through rental income from its senior housing operating properties (SHOP) and outpatient medical facilities. The company operates as a self-managed REIT following internalization of advisory and property management functions.
2. Outpatient Medical Facility Leases: Revenue from long-term triple-net leases on outpatient medical facilities. Same Store Cash NOI grew 2.9% in this segment for full-year 2025.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

National Healthcare Properties is a self-managed Real Estate Investment Trust (REIT) that acquires, owns, and leases healthcare real estate assets, primarily Senior Housing Operating Properties (SHOP) serving the elderly population and outpatient medical facilities across the United States. The company generates rental income through triple-net leases and operating property arrangements with healthcare operators, and is actively transitioning its portfolio toward senior housing following its April 2026 IPO.

Product overview

National Healthcare Properties (NHP) is a self-managed Real Estate Investment Trust (REIT) focused on healthcare real estate serving the elderly population in the United States. The company operates a dual portfolio strategy consisting of Senior Housing Operating Properties (SHOP) as its primary growth focus, alongside a legacy portfolio of Outpatient Medical Facilities that is being divested. NHP transitioned from a private entity to a publicly traded company following its April 2026 IPO, listing on NASDAQ under the ticker symbol NHP.

Differentiator

Problem solved

Functional benefit

Products and services

• Senior Housing Operating Properties (SHOP) Senior housing operating properties providing residential care for elderly Americans, including independent living, assisted living, and memory care facilities. Represents NHP's primary growth strategy and focus for portfolio expansion following the company's transition toward senior housing.
• Outpatient Medical Facilities Medical facility portfolio originally comprising 86 outpatient medical facilities across the United States, leased under long-term triple-net lease arrangements to healthcare providers. The portfolio is being divested as NHP transitions toward senior housing.

Named customers2 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor and core.

• Greenberg Traurig LLPminorImplementation/ SI/ Consulting Partner · 21 April 2026Legal counsel advising National Healthcare Properties on its $531 million public offering of Class A common stock and listing on Nasdaq. The firm provided counsel on regulatory filings and SEC matters.
• Discovery Senior LivingcoreStrategic or Co-development Partner · 4 March 2026NHP announced $64 million senior housing acquisition in partnership with Discovery Senior Living. This acquisition advances NHP's strategy of building a best-in-class portfolio for aging Americans.

Scale indicators11 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Ventas: Ventas is a major healthcare REIT with significant senior housing operating property exposure through its Sunrise portfolio. It is a direct comparable for NHP's SHOP strategy and demographic-driven thesis.
• Sabra Health Care REIT: Sabra Health Care REIT invests in senior housing, skilled nursing, and behavioral health facilities. It is comparable to NHP's diversified healthcare real estate strategy and similar tenant/operator relationships in senior housing.
• Omega Healthcare Investors: Omega Healthcare Investors is the largest REIT focused on skilled nursing and assisted living facilities. It is comparable to NHP's senior housing strategy, particularly around operator partnerships and triple-net lease structures.
• Diversified Healthcare Trust: Diversified Healthcare Trust (DHC) owns medical office buildings, senior housing, and other healthcare properties. It is comparable to NHP's legacy outpatient medical facility portfolio and broader healthcare real estate exposure.
• LTC Properties: LTC Properties is a healthcare REIT focused on senior housing and skilled nursing properties. It is a smaller, more focused peer comparable to NHP's senior housing portfolio strategy and operator-driven model.
• Welltower: Welltower is the largest healthcare REIT focused on senior housing operating properties, medical office, and outpatient facilities. It is the most direct comparable for NHP's SHOP-focused strategy, and NHP is repositioning toward this segment.
• CareTrust REIT: CareTrust REIT is a healthcare REIT focused on skilled nursing, senior housing, and healthcare-related properties. It shares NHP's focus on healthcare real estate serving the elderly and operator-partnered business model.
• American Healthcare REIT: American Healthcare REIT (AHR) is a healthcare REIT with exposure to senior housing, medical office, and outpatient medical facilities. It is closely comparable to NHP given its diversified healthcare real estate platform and similar portfolio composition.

Others

• Alexandria Real Estate Equities: Alexandria Real Estate Equities is a REIT focused on life sciences and laboratory facilities. While not a direct competitor in senior housing, it is relevant as a broader healthcare-adjacent REIT peer for capital markets and investor base comparisons.

Broad incumbents

• Healthpeak Properties: Healthpeak Properties (formerly Physicians Realty Trust merged with Healthpeak) is a major diversified healthcare REIT with significant medical office and life sciences exposure. It is a broad incumbent comparable to NHP's outpatient medical legacy portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/national-healthcare-properties

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Healthcare Properties