National Healthcare Properties, Inc.

National Healthcare Properties is a real estate investment trust that acquires, owns, and manages a diversified portfolio of healthcare-related properties across the United States. The company focuses on two primary asset classes: outpatient medical facilities (OMFs) and senior housing operating properties (SHOPs). As of September 30, 2025, the company owned 174 properties comprising approximately 7.3 million rentable square feet distributed across 30 states.

The OMF segment consists of single and multi-tenant outpatient medical facilities where tenants typically pay base rent plus their proportional share of property operating expenses, subject to negotiated exclusions and expense floors. These properties are managed either directly by the company's property management team or by third-party managers. The SHOP segment comprises 40 senior housing properties operated under the RIDEA (REIT Investment Diversification and Empowerment Act) structure, where the company leases properties to taxable REIT subsidiaries that engage eligible independent contractors to operate the facilities. As of September 30, 2025, four eligible independent contractors operated 39 of the company's SHOPs.

The company completed an internalization of management functions on September 27, 2024, transitioning from external advisory and property management arrangements to in-house operations. The company operates with a lean corporate structure of 31 full-time employees and is incorporated in Maryland with headquarters in New York.