National Healthcare Properties Sets $13-$16 IPO Price Range, Targeting Up to $616M

National Healthcare Properties Inc., the nontraded real estate investment trust formerly sponsored by AR Global, has set terms for its Nasdaq initial public offering. The REIT will offer up to 38.5 million shares of Class A common stock at  $13.00 to $16.00 per share, targeting up to $616 million in proceeds.

The REIT filed a registration statement last week to list its common stock on the Nasdaq Global Select Market under the ticker symbol “NHP.” At the top of the price range, the offering implies a total market capitalization of approximately $1.1 billion based on 67.8 million total shares expected to be outstanding after the IPO.

Founded in 2012, NHP has spent the last decade building a portfolio of senior housing communities and outpatient medical facilities, positioning itself to benefit from demographic trends tied to an aging U.S. population.

As part of its effort to maintain its REIT tax qualification, NHP’s charter includes strict ownership limits. The 9.8% rule prevents any single person from owning more than 9.8% in value of the aggregate outstanding capital stock, or 9.8% (in value or number of shares) of any individual class, including the new Class A shares.

These restrictions are standard for REITs to ensure they meet the 5/50 rule, a federal requirement that no more than 50% of a REIT’s shares be held by five or fewer individuals.

The IPO announcement 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 has covered 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.

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.

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.

The REIT reported approximately $1.7 billion in total assets as of Dec. 31, 2025.

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