National Healthcare Properties, Inc.
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National Healthcare Properties, Inc. (NHP) is a Maryland-based real estate investment trust, or REIT, specializing in owning and managing a portfolio of healthcare-related real estate across the United States. The company is best known for its focus on outpatient medical buildings and senior housing properties.
The company operates through two primary business segments. Its Outpatient Medical Facilities segment involves owning, leasing, and managing single and multi-tenant medical buildings. Tenants in these properties typically pay base rent along with a share of property operating expenses. Its Senior Housing Operating Properties segment owns properties operated under the RIDEA structure, where the properties are leased to a taxable REIT subsidiary and managed by eligible independent contractors. As of late September 2025, the company's portfolio consisted of 174 properties located in 30 states, totaling approximately 7.3 million rentable square feet.
National Healthcare Properties was incorporated in 2012. Its operational structure evolved following an internalization transaction completed in September 2024, which brought the day-to-day management of the business in-house. Prior to that, these functions were handled by an external advisor and property manager. The company conducts substantially all of its business through its operating partnership and its subsidiaries.