Another real estate investment trust (REIT) has filed for an initial public offering, shortly after Recent Janus Living IPO.
National Healthcare Properties has filed for an initial public offering, according to a news release issued Monday. The REIT seeks to trade on the Nasdaq Global Select Market using the symbol “HCP”.
Based in New York City, National Healthcare Properties oversees a senior housing operating portfolio (SHOP) of 37 communities spanning 3,615 units in 12 states with an average occupancy of 84.5%. About 76% of the company’s SHOP units provide assisted living and memory care, with an emphasis on high-acuity care, according to the company’s fourth quarter 2025 investor presentation published last month. In the company’s most recent public financial disclosures, leadership wrote that demand for assisted living and memory care was “sustainable and growing” based on demographic trends.
The REIT’s operating partners include Discovery Senior Living, Senior Lifestyle and Edgewell Solver Living. National Healthcare Properties also manages 130 outpatient medical facilities.
On March 3, the REIT announced a definitive purchase and sale agreement for its SHOP segment to acquire 13 senior living communities for $64 million. The portfolio spans 592 units across eight states. The Company intends to acquire the communities through a REIT Investment Diversification and Empowerment Act (RIDEA) structure in a joint venture structure with Discovery Senior Living.
As part of the agreement, NHP has a purchase option including 13 additional senior living communities of approximately 500 assisted living units currently under management by Discovery. The transaction is expected to close in the second quarter of this year, according to a news release.
In 2025, the REIT reported a 23.3% increase in shop NOI, from $34.5 million last year to $42.5 million.
In a company filing Monday, National Healthcare Properties leadership said that “moving forward, we expect our real estate investments to focus primarily on The Shops.” About 36.8% of the REIT’s cash NOI was generated by its SHOP segment in 2025. The company aimed to “increase our exposure to our SHOP segment through a disciplined and data-driven acquisition strategy and active asset management,” read the financial disclosure.
“We expect to continue to source and complete SHOP investments so that, over time, our portfolio will consist primarily of SHOP communities,” leadership wrote in the filing.
Last year and between the first quarter of 2026, the REIT sourced and evaluated more than $3.2 billion of potential SHOP acquisitions, submitting non-binding letters of intent on approximately $559.9 million of those opportunities, leadership said in an S-11 filing. As of the end of March, National Healthcare Properties had $90.5 million worth of shop deals under letters of intent or under executed purchase and sale agreements.