The healthcare-focused REIT also released preliminary first-quarter results showing year-over-year gains in senior housing revenue and margins.

April 14, 2026

National Healthcare Properties, Inc., a Maryland-based real estate investment trust focused on healthcare facilities, has taken a significant step toward a planned public offering by authorizing the creation of up to 100 million shares of Class A common stock.

The company filed Articles Supplementary with the Maryland State Department of Assessments and Taxation on April 10, 2026, establishing the new Class A shares with a par value of $0.01 each. The Class A common stock is being created specifically in connection with a proposed public offering. Its terms are identical to the company’s existing common stock, with one key distinction: each Class A share will automatically convert into one share of common stock 180 days after the offering is priced, assuming the offering is completed.

The move signals a potential inflection point for the New York-headquartered company, which currently trades preferred stock on the Nasdaq Global Market under the ticker symbols NHPAP for its 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock and NHPBP for its 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock.

Preliminary First-Quarter Results

Alongside the share authorization, National Healthcare Properties released preliminary estimates for the first quarter of 2026, offering a window into the performance of its two core operating segments: senior housing and outpatient medical facilities.

In its senior housing operating properties segment, on a same-store basis, the company expects to report average occupancy of approximately 83.8% for the quarter ended March 31, 2026. That figure represents a meaningful improvement from 81.0% in the year-ago quarter, though it marks a slight sequential decline from 84.6% in the fourth quarter of 2025.

Revenue per occupied room, or RevPOR, is expected to come in between $6,275 and $6,325, a notable increase from $6,071 a year earlier and $6,107 in the prior quarter. The company also projects its cash net operating income margin — a non-GAAP measure that divides cash NOI by tenant or resident revenue, excluding certain lease amortization adjustments — to land between 21.0% and 22.0%, up from 19.4% in the first quarter of 2025 and 20.8% in the fourth quarter of 2025.

The outpatient medical facility segment showed stability, with same-store ending occupancy holding steady at approximately 94.0% as of March 31, 2026, matching the December 2025 level and slightly ahead of the 93.5% recorded at the end of March 2025.

Caveats and Forward-Looking Risks

The company cautioned that these preliminary estimates remain subject to change once its first-quarter financial statements are finalized. Management prepared the estimates internally, and the company’s independent auditor has not reviewed, audited, or otherwise verified the data.

National Healthcare Properties also noted that cash NOI margin is presented as supplemental disclosure and cannot be reconciled to the most directly comparable GAAP measure without unreasonable effort, due to uncertainty surrounding items such as rent adjustments, accretion of market lease intangibles, and other non-cash adjustments outside management’s control.

The company’s forward-looking disclosures highlight several risks that could affect actual results, including the successful completion of the proposed offering, broader market conditions, and general operating risks. Investors are directed to the risk factors section of the company’s 2025 annual report for a more complete discussion of potential headwinds.