AR Global’s National Healthcare Properties Files S-11 for Nasdaq Listing
National Healthcare Properties Inc., the AR Global-sponsored non-traded real estate investment trust focused on outpatient medical facilities and senior housing, filed a registration statement to list its Class A common stock on Nasdaq under the ticker “NHP.” The company has not yet set an offering price range.
The filing follows a listing preparation process that included an internalization, a rebranding from AR Global Healthcare Trust Inc., and a series of corporate governance changes, as AltsWire covered the company’s listing preparation since 2024.
At the beginning of 2026, NHP shifted to a fully declassified board and terminated its shareholder rights plan ahead of schedule, removing an anti-takeover protection in advance of the planned listing.
As of Dec. 31, 2025, the company’s portfolio included 167 properties across 29 states:
- Senior housing operating portfolio, or SHOP: 37 senior housing communities containing 3,615 units; and
- Outpatient medical facilities, or OMF: 130 facilities totaling approximately 3.7 million square feet of gross leasable area.
The company said its strategy is supported by demographic trends, including an aging U.S. population and limited senior housing supply and new construction activity. Upon listing, the company expects to be one of only two healthcare REITs with a 100% RIDEA-structured senior housing portfolio, meaning no properties are under traditional net leases, according to the filing.
RIDEA, referring to the REIT Investment Diversification and Empowerment Act of 2007, allows REITs to partner with operators to share in the operational revenue and expenses of healthcare and senior living facilities.
In February 2026, the company entered into a definitive agreement to acquire a $64 million SHOP portfolio comprising 13 senior living communities totaling 592 assisted living units currently managed by Discovery Senior Living.
Formerly known as AR Global Healthcare Trust Inc., the REIT reported approximately $1.7 billion in total assets as of Dec. 31, 2025.
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