U.S. Medical REITs financing cools down: National Healthcare (NHP.US) completes IPO at a discount, ultimately raising $462 million.

Note that the IPO pricing of the real estate investment trust (REIT) National Healthcare Properties Inc. was lower than its original range, ultimately raising $462 million. According to a statement on Tuesday, the New York-based REIT sold 38.5 million shares at $12 per share, compared to its original price range of $13 to $16 per share. The company owns senior housing and outpatient medical facilities across the United States. Its portfolio includes 167 properties, consisting of 37 senior housing communities and 130 outpatient medical buildings. The statement reveals that National Healthcare plans to use the funds raised for various purposes, including paying off approximately $186 million in borrowings under its revolving credit facility, and providing funds for future property acquisitions. This IPO is one of the few in recent years for US real estate investment trusts, including Janus Living Inc., which focused on senior housing and completed a $966 million IPO in March. Sources indicate that Janus Living, spun off from Healthpeak Properties Inc., attracted demand from long-term investors and REIT investors, with a size over ten times its trading volume. According to the prospectus, National Healthcare had revenue of $342.3 million in 2025, with a net loss of $57.7 million; compared to revenue of $354 million in the same period last year, with a net loss of $190.3 million. According to a document from February 20, before restructuring in 2024, National Healthcare was managed by Healthcare Trust Advisors. The company secretly filed for listing in January this year. US Bank, Morgan Stanley, and Bank of Montreal are the lead underwriters for this offering. The company's stock is expected to begin trading on the Nasdaq Global Select Market on Wednesday, under the ticker symbol NHP.