# National Healthcare Properties, Inc. > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/fi/companies/National Healthcare Properties, Inc.). ## Overview 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. ## Products & services • Senior housing operating properties (SHOP) • Outpatient medical facilities (OMF) • Healthcare real estate acquisition and ownership • Property leasing and management - **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. - Senior housing operating properties (SHOP) - Outpatient medical facilities (OMF) - Healthcare real estate acquisition and ownership - Property leasing and management ## Customers The company serves healthcare operators and tenants rather than end consumers directly. In SHOP, revenue is tied to residents and the operators that manage senior housing communities, while OMF tenants include physicians, diagnostic imaging centers, rehabilitation clinics, ambulatory surgery centers, hospitals, and other healthcare users. Tenant demand is driven by the need for specialized, healthcare-suitable real estate and, in many cases, proximity to hospital campuses. - **Senior housing operators** (primary) — Operate SHOP communities and generate rent and service revenue tied to resident occupancy and care needs. - **Medical office and outpatient tenants** (primary) — Lease OMF space for clinical, ancillary, and outpatient healthcare uses that require specialized layouts. - **Hospital-affiliated users** (secondary) — Occupy facilities near or on hospital campuses to support referrals, patient flow, and retention. - **Residents and patients** (secondary) — Indirect demand base for senior housing and outpatient services that supports occupancy and utilization. - Senior housing operators running communities under RIDEA - Residents of senior housing communities - Physician groups and medical practices - Hospitals and hospital-affiliated tenants - Outpatient providers such as imaging, rehab, and surgery centers ## Geography The portfolio is entirely located in the United States and spans 29 states. This broad national footprint reduces dependence on any single property type, but the company still notes concentration in certain states, which can create localized exposure to regulation, reimbursement, labor, and demand trends. - **United States** (100%) — All properties are located in the U.S. - 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 ## Strategy The company’s strategy is to own and manage healthcare real estate with two core property types: senior housing and outpatient medical facilities. It seeks to use specialized healthcare assets, hospital adjacency, and operator relationships to support occupancy, tenant retention, and portfolio durability. Internalized management also gives the company direct control over property operations and asset management. - **Maintain a diversified healthcare real estate portfolio** (medium-term) — Diversification across SHOP and OMF helps balance operating and leasing exposure. - **Improve occupancy and tenant retention** (short-term) — Property economics depend on stable occupancy and continued tenant demand. - **Use internalized management to strengthen control** (short-term) — Owning the advisory and property management functions can improve alignment and execution. - Own healthcare real estate with two complementary asset classes - Use hospital proximity and specialized infrastructure to support retention - Operate SHOP through eligible independent contractors under RIDEA - Lease OMF space to healthcare tenants with long-term utility - Internalize management to control operations and execution ## Risks The company is exposed to healthcare real estate and senior housing operating risk, including tenant credit, occupancy, reimbursement, labor, and regulatory changes. Its portfolio concentration in healthcare assets and certain states can magnify the impact of local downturns, while property impairments, lease renewals, and acquisition/disposition execution can affect reported results and asset values. - **Healthcare industry regulation and reimbursement pressure** [high] — Tenant and operator economics depend on payor rates, billing rules, and healthcare demand. - **Tenant rent collection and credit risk** [high] — Lease and operator payments fund the company’s property-level cash flows. - **State-level concentration** [medium] — A high concentration in certain states can increase exposure to local shocks. - **Property impairment risk** [high] — Declines in market value, operating losses, or sale prices can trigger write-downs. - **Operational dependence on independent contractors** [medium] — SHOP performance depends on third-party operators meeting care and occupancy targets. - **Illiquidity of real estate assets** [medium] — Properties may be difficult to sell quickly or on favorable terms. - Healthcare regulation and reimbursement changes can weaken tenant economics - Occupancy and labor costs directly affect SHOP operating performance - Tenant rent collection risk is material in leased healthcare properties - State concentration can amplify local market and regulatory shocks - Property impairments may arise if cash flows or sale values decline ## Accounting The most important accounting judgments are real estate valuation, impairment testing, and purchase price allocation for acquired properties. SHOP and OMF results can also be affected by lease accounting, related-party/internalization transitions, and estimates tied to fair value when properties are sold or written down. - **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 - Impairment testing for long-lived real estate can create write-down volatility - Purchase price allocation affects depreciation and future earnings patterns - Fair value estimates rely on sales prices, cash flows, and discount rates - SHOP and OMF revenue timing differs by operating model and lease structure - Internalization and related-party changes can affect expense presentation --- *Last updated: 2026-04-29T04:40:55.575152+00:00*