National Healthcare Properties

What National Healthcare Properties does

National Healthcare Properties, Inc. (NASDAQ: NHP) is a self-managed healthcare real estate investment trust (REIT) headquartered in New York that owns and operates 167 properties across 29 U.S. states with a gross real estate value of $2.0 billion as of March 31, 2026. The company runs two complementary asset classes: a Senior Housing Operating Properties (SHOP) portfolio of 37 communities totaling 3,615 units across 12 states, operated through partnerships with three national operators (Discovery Senior Living, AgeWell Solvere, Senior Lifestyle) at 85.2% occupancy; and an Outpatient Medical Facilities (OMF) portfolio of 130 medical office buildings totaling 3.7 million square feet across 26 states, leased primarily on long-term triple-net basis to creditworthy healthcare tenants (HCA Healthcare, Kaiser Permanente, Ascension, UPMC, Trinity Health, Adventist Health, Wellstar, DaVita, Fresenius, Quest Diagnostics, LabCorp) at 92.8% leased with a 5.4-year weighted average remaining lease term.

Revenue is generated through two principal streams: resident fees from operating senior housing communities and triple-net lease payments from outpatient medical tenants. In Q1 2026, same-store Cash NOI grew 24.0% in SHOP and 5.5% in OMF, and FY2025 revenue was $342.28 million. The company completed its IPO in April 2026, raising $531.3 million, and uses proceeds alongside a $550 million senior unsecured credit facility to fund an active SHOP acquisition pipeline while executing a $528 million divestiture of 86 outpatient medical facilities. NHP layers predictive analytics for resident fall/UTI risk, AI-powered monitoring systems, and digital marketing platforms into its senior housing communities through operator partnerships, though these are operational enhancements rather than core competency areas. The strategic objective is to reposition the portfolio toward a SHOP-dominant mix to capture demographic tailwinds from the aging U.S. population.

Name

National Healthcare Properties

Legal name

National Healthcare Properties, Inc.

Website

https://nhpreit.com

Company type

Public

Founded year

2026

Operating status

Ipo

Headcount range

11–50 employees

Short description

National Healthcare Properties (NASDAQ: NHP) is a self-managed healthcare REIT that owns 167 senior housing and outpatient medical properties across 29 U.S. states with $2.0B in gross real estate value, generating revenue through resident fees and triple-net leases.

Ownership category

akta.pro rank

Product category

Healthcare REIT

NAICS

Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (62331)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH)

akta.pro secondary industry

Healthcare & Medical Office Property Management (BPAJAGAF)

Keywords

• Healthcare real estate
• Senior housing facilities
• Outpatient medical leasing
• Medical office buildings
• Real estate investment trust

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. Senior Housing Operating Portfolio (SHOP): Operating senior housing communities (assisted living, memory care) generating revenue through resident fees. Q1 2026 Same-store Cash NOI grew 24.0% year-over-year.
2. Outpatient Medical Facilities: Long-term triple-net leases with creditworthy healthcare provider tenants. Q1 2026 Same-store Cash NOI grew 5.5% year-over-year. Portfolio is 92.8% leased with 5.4 years weighted average remaining lease term.
3. Preferred Stock Dividends: The company pays quarterly dividends on its 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock ($0.4609375 per share) and 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock ($0.4453125 per share).

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

National Healthcare Properties is a self-managed healthcare REIT that acquires, owns and manages senior housing operating properties (assisted living and memory care communities operated under partnerships with leading national operators) and outpatient medical facilities leased on a long-term triple-net basis to creditworthy healthcare providers such as health systems, dialysis operators and clinical laboratories. Revenue is generated through resident fees in owned senior housing communities and base rent plus annual escalators from medical office tenants, with capital raised via public equity and debt markets.

Product overview

National Healthcare Properties operates as a diversified healthcare Real Estate Investment Trust (REIT) with two complementary core product lines: Senior Housing Operating Properties (SHOP) and Outpatient Medical Facilities. The SHOP portfolio consists of 37 senior housing communities with 3,615 units across 12 states, focused on high-acuity assisted living and memory care with 85.2% occupancy. The Outpatient Medical portfolio comprises 130 medical office buildings totaling 3.7 million square feet across 26 states, leased at 92.8% occupancy with an average 2.2% annual rent escalator and 5.4 years weighted average remaining lease term. These two asset classes work synergistically—the outpatient portfolio delivers stable, predictable income through creditworthy tenants on triple-net leases, while the senior housing portfolio offers greater upside potential through active management and operator collaboration. The company provides flexible capital solutions to healthcare operators, hospital systems, and providers as part of its integrated approach to healthcare real estate.

Differentiator

Problem solved

Functional benefit

Products and services

• Senior Housing Operating Properties (SHOP) Portfolio of owned assisted living and memory care communities operated in partnership with leading national senior housing operators such as Discovery Senior Living, AgeWell Solvere and Senior Lifestyle. The company works hand-in-hand with operators on hands-on asset management to drive performance and quality of care. As of Q1 2026 the SHOP portfolio comprised 37 communities totaling 3,615 units across 12 states at 85.2% occupancy, with 24.0% same-store Cash NOI growth year-over-year.
• Outpatient Medical Facilities Portfolio of owned outpatient medical office buildings leased on a long-term triple-net basis to creditworthy healthcare provider tenants including health systems (Aurora Health Care, Ascension, Adventist Health, Wellstar, UPMC, HCA Healthcare, Kaiser Permanente), dialysis providers (DaVita, Fresenius) and clinical laboratories (Quest Diagnostics, LabCorp). As of Q1 2026 the portfolio comprised 130 medical office buildings totaling 3.7 million square feet across 26 states, leased at 92.8% with a 5.4-year weighted average remaining lease term and an average 2.2% annual rent escalator.

Quantifiable outcome

• Same-store Cash NOI growth: SHOP segment grew 24.0% year-over-year; OMF segment grew 5.5% year-over-year in Q1 2026
• +4 more outcomes

Named customers14 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

AI capability2 records

Feature3 records

Partnerships

18 partnerships are on record, tiered minor and core.

• Greenberg Traurig, LLPminorImplementation/ SI/ Consulting Partner · 5 January 2026Global law firm that represented NHP in closing a $550 million senior unsecured credit facility, consisting of a $400 million revolving credit facility and a $150 million term loan maturing in December 2028.
• Aurora Health CarecoreOthersCreditworthy health system tenant in outpatient medical facilities portfolio. Long-term lease relationship contributing to stable, predictable income stream.
• AscensioncoreOthersMajor Catholic health system tenant in outpatient medical facilities. Long-term triple-net lease arrangement providing essential healthcare services.
• Adventist HealthcoreOthersNot-for-profit health system tenant providing essential healthcare services in outpatient medical buildings.
• Wellstar Health SystemcoreOthersRegional health system tenant in outpatient medical facilities with long-term lease commitment.
• UPMCcoreOthersAcademic medical center and health system tenant in outpatient medical portfolio.
• UCDavis HealthcoreOthersAcademic health system tenant in outpatient medical facilities.
• Trinity HealthcoreOthersNational Catholic health system tenant with long-term lease agreements in outpatient medical buildings.
• Texas Health ResourcescoreOthersLarge Texas-based health system tenant in outpatient medical facilities.
• HCA HealthcarecoreOthersMajor for-profit hospital operator and health system tenant in outpatient medical portfolio.
• Kaiser PermanentecoreOthersIntegrated health system tenant in outpatient medical facilities.
• DaVitacoreOthersLeading dialysis provider tenant in outpatient medical buildings with stable, long-term lease arrangements.
• Fresenius Medical CarecoreOthersDialysis services provider tenant in outpatient medical facilities.
• Quest DiagnosticscoreOthersClinical laboratory services provider tenant in outpatient medical portfolio.
• LabCorpcoreOthersDiagnostic laboratory services provider tenant in outpatient medical buildings.
• Discovery Senior LivingcoreOthersLeading national senior housing operator partner for SHOP portfolio. Long-standing collaborative relationship with shared vision, transparency and trust. Quote: 'NHP's proactive approach and deep industry expertise make them an ideal partner.'
• AgeWell SolverecoreOthersSenior housing operator partner operating communities within NHP's SHOP portfolio.
• Senior LifestylecoreOthersNational senior housing operator partner for SHOP portfolio with collaborative relationship.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• American Healthcare REIT: Diversified healthcare REIT with senior housing operating, medical office, and hospital exposure — directly comparable to NHP's dual-engine healthcare real estate platform.
• Sabra Health Care REIT: Healthcare REIT focused on skilled nursing, senior housing, and behavioral health — comparable to NHP as a smaller-cap public peer with senior housing and triple-net healthcare exposure.
• Global Medical REIT: Small-cap medical office building REIT — closely comparable to NHP's outpatient medical portfolio in asset class, tenant mix, and scale.
• Welltower: Largest U.S. healthcare REIT with a dominant senior housing operating portfolio (SHOP/RIDEA) and outpatient medical exposure — the closest large-scale comparable to NHP's dual SHOP + OMF strategy.
• Ventas: Major diversified healthcare REIT with material SHOP exposure and a sizable medical office building portfolio — directly comparable to NHP's balanced strategy and an employer of several NHP senior team members.
• Healthpeak Properties: Healthcare REIT with a meaningful medical office and outpatient medical portfolio; competes directly for outpatient medical acquisitions and provides a relevant comparison for the OMF half of NHP's portfolio.
• CareTrust REIT: Healthcare REIT concentrated in skilled nursing and seniors housing with a similar triple-net lease and SHOP/operator-driven model — closely comparable to NHP's SHOP growth thesis.
• LTC Properties: Small-cap healthcare REIT focused on seniors housing and skilled nursing through triple-net leases and SHOP structures — highly comparable in scale, strategy, and operator partnership model.

Broad incumbents

• Medical Properties Trust: Large hospital-focused healthcare REIT; previous employer of NHP's CFO and provides a relevant public-market benchmark for healthcare REIT capital structure and operator/tenant credit dynamics.
• Omega Healthcare Investors: Large healthcare REIT focused primarily on skilled nursing triple-net facilities — broader incumbent in healthcare net-lease real estate and a relevant benchmark for tenant underwriting and credit risk management.

Market position

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

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

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

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