Senior Housing REIT Pursues IPO Amid Losses

Senior Housing REIT Weighs Public Debut

National Healthcare Properties, a New York-based senior housing REIT, is evaluating an initial public offering after several years of net losses, reports Bisnow. The company disclosed a confidential January SEC filing and said it is yet to determine offering size, price, or timing. If completed, National Healthcare Properties—operating under ticker NHP—will list on the Nasdaq Global Select Market.

Financial Challenges and Portfolio Overview

The REIT reported a $58M net loss in 2025, following losses of $203M in 2024 and $86M in 2023. Its portfolio at September’s end comprised 41 senior housing complexes and 133 outpatient medical properties across 30 states. The company carried $706M in mortgage debt, with an average interest rate of 4.7% and 4.6-year term.

Use of Proceeds and Market Outlook

National Healthcare Properties intends to use IPO funds mainly for paying down debt and pursuing acquisitions. The deal is subject to market conditions and may be shelved if conditions worsen. The REIT recently shifted to self-management following a 2024 restructure, with Wells Fargo Securities, Morgan Stanley, and BMO Capital Markets leading the IPO process.

Growing Investor Demand in Senior Housing

Senior housing investment has surged amid demand from aging demographics. Transaction volume for these assets increased 30% in 2025 compared to the prior year. That momentum aligns with broader trends showing sustained interest and capital flowing into senior housing as one of the more resilient CRE sectors heading into 2026. Recent IPO activity, including Janus Living’s successful debut above initial pricing despite a broader REIT sell-off, highlights continued investor interest in the sector.