National Healthcare Properties, Inc.

National Healthcare Properties, Inc. is a U.S.-based real estate investment trust that owns, manages, and leases healthcare-related properties. Its portfolio is centered on senior housing operating properties and outpatient medical facilities across the United States, held through its operating partnership and related subsidiaries.

23,8 %

36,0 %

−16,9 %

−3,3 %

— National Healthcare Properties, Inc.
%
Senior Housing Operating Properties (SHOP)48% Senior housing communities operated through the RIDEA structure, with resident care and ancillary services.
Outpatient Medical Facilities (OMF)52% Single- and multi-tenant medical office and outpatient buildings leased to healthcare providers.

The company serves healthcare operators and tenants rather than end consumers directly...

  • Senior housing operatorsprimary

    Operate SHOP communities and generate rent and service revenue tied to resident occupancy and care needs.

  • Medical office and outpatient tenantsprimary

    Lease OMF space for clinical, ancillary, and outpatient healthcare uses that require specialized layouts.

  • Hospital-affiliated userssecondary

    Occupy facilities near or on hospital campuses to support referrals, patient flow, and retention.

  • Residents and patientssecondary

    Indirect demand base for senior housing and outpatient services that supports occupancy and utilization.

The portfolio is entirely located in the United States and spans 29 states. This broad national footprint reduces...

  • •All properties are located throughout the United States
  • •Portfolio spans 29 states
  • •SHOP and OMF assets are diversified across many local markets
  • •Certain-state concentration can amplify local operating risk

The company’s strategy is to own and manage healthcare real estate with two core property types: senior housing and...

01
Maintain a diversified healthcare real estate portfoliomedium-term

Diversification across SHOP and OMF helps balance operating and leasing exposure.

02
Improve occupancy and tenant retentionshort-term

Property economics depend on stable occupancy and continued tenant demand.

03
Use internalized management to strengthen controlshort-term

Owning the advisory and property management functions can improve alignment and execution.

The company is exposed to healthcare real estate and senior housing operating risk, including tenant credit, occupancy,...

high

Healthcare industry regulation and reimbursement pressure

Tenant and operator economics depend on payor rates, billing rules, and healthcare demand.

Scope
SHOP and OMF tenants
Materiality
high
high

Tenant rent collection and credit risk

Lease and operator payments fund the company’s property-level cash flows.

Scope
OMF leases and SHOP operators
Materiality
high
high

Property impairment risk

Declines in market value, operating losses, or sale prices can trigger write-downs.

Scope
Held-for-use real estate
Materiality
high
medium

State-level concentration

A high concentration in certain states can increase exposure to local shocks.

Scope
Portfolio geography
Materiality
medium
medium

Operational dependence on independent contractors

SHOP performance depends on third-party operators meeting care and occupancy targets.

Scope
SHOP segment
Materiality
medium
medium

Illiquidity of real estate assets

Properties may be difficult to sell quickly or on favorable terms.

Scope
Portfolio-wide
Materiality
medium
Impairment of long-lived assets
Can create material non-cash write-downs and reduce asset carrying values
Purchase price allocation
Affects depreciation expense and reported operating results over time
Fair value measurement
Can materially influence impairment charges and disposition gains/losses
SHOP operating revenue and expenses
Occupancy and labor assumptions can move segment margins materially
Related-party/internalization accounting
Affects operating expense comparability across periods

REGIONAL HEALTH PROPERTIES, INC

RHEP · Lessors of Real Property, NEC

NATIONAL HEALTH INVESTORS INC

NHI · Real Estate Investment Trusts

DIVERSIFIED HEALTHCARE TRUST

DHC · Real Estate Investment Trusts

American Healthcare REIT, Inc.

AHR · Real Estate Investment Trusts

MEDICAL PROPERTIES TRUST INC

MPT · Real Estate Investment Trusts

NATIONAL HEALTHCARE CORP

NHC · Services-Skilled Nursing Care Facilities

: 29/04/2026