April 13 - National Healthcare Properties said on Monday it is pursuing a U.S. initial public offering that would value the company at about $1.1 billion. The New York-based, self-managed real estate investment trust disclosed terms indicating an offering of 38.5 million shares at a proposed price range of $13 to $16 per share, with proceeds of up to $616 million if the full range is sold.
The firm manages a portfolio concentrated in senior housing and outpatient medical properties. At the time of the filing, the company reported a portfolio that includes 37 senior housing communities comprising 3,615 units, along with 130 outpatient medical facilities located across the United States.
National Healthcare Properties said it intends to list on the Nasdaq under the symbol "NHP." Wells Fargo Securities, Morgan Stanley and BMO Capital Markets are named as the lead book-running managers for the offering.
Company officials characterized the offering as a move to access public equity markets to support growth in senior housing and healthcare real estate, sectors the REIT expects will benefit from an ageing U.S. population. The healthcare real estate sector has been viewed by some investors as a defensive allocation amid broader market volatility, supported by demographic trends and demand patterns for senior housing and outpatient medical services.
The IPO follows the recent market debut of senior housing REIT Janus Living, which was described as well received by investors; National Healthcare Properties said this recent listing signals renewed momentum for new offerings in the sector. The company was founded in 2012 and remains self-managed.
Summary of offering terms
- Proposed valuation - approximately $1.1 billion.
- Shares to be offered - 38.5 million.
- Proposed price range - $13 to $16 per share.
- Maximum proceeds if fully sold - up to $616 million.
- Planned listing - Nasdaq under ticker "NHP".
The company did not provide additional financial metrics or detailed use-of-proceeds in the materials disclosed with the offering terms.