Soreide Law Group is investigating potential investor claims involving National Healthcare Properties Inc. (“NHP”), formerly Healthcare Trust Inc., after the healthcare REIT’s April 2026 Nasdaq IPO priced well below expectations and highlighted steep losses for many earlier investors in the non-traded REIT. National Healthcare Properties owns senior housing communities and outpatient medical facilities throughout the United States and recently transitioned to the public markets through a $462 million offering.
Investors should understand important adverse information involving the IPO pricing, substantial historical losses, reverse stock split, declining net asset value (“NAV”), debt obligations, and continuing liquidity risks. The following summarizes key concerns involving National Healthcare Properties.
National Healthcare Properties is a healthcare-focused real estate investment trust that invests primarily in senior housing operating properties and outpatient medical facilities. The REIT reported owning approximately 37 senior housing communities containing more than 3,600 units and approximately 130 outpatient medical facilities totaling roughly 3.7 million square feet across 29 states. The company utilizes a RIDEA structure, meaning it directly participates in property operating income and expenses rather than simply collecting rental payments, exposing investors to operational and occupancy risks.
In April 2026, NHP completed its initial public offering on the Nasdaq under ticker symbol “NHP.” The REIT sold 38.5 million shares at $12 per share, below the originally marketed range of $13 to $16 per share, raising approximately $462 million. The company disclosed that offering proceeds would primarily be used to repay approximately $186 million in revolving debt and support future acquisitions and general corporate purposes.
National Healthcare Properties has faced several issues that may concern investors. The stock reportedly opened at $11.56 during its Nasdaq debut and fell below the IPO price shortly after trading began, reflecting weaker-than-expected market demand. Public reports also disclosed that the REIT suffered significant net losses over multiple years, including approximately $58 million in 2025, $203 million in 2024, and $86 million in 2023.
The company previously implemented a 4-for-1 reverse stock split after financial difficulties and declining valuations. Reports indicated many earlier investors originally purchased shares at $25 per share, while the company’s last reported NAV was approximately $32.15 per share, making the $12 IPO price a substantial discount to prior valuations.
Investors also faced limited liquidity, long holding periods, uncertain distributions, and lock-up restrictions that reportedly prevented certain shareholders from immediately selling shares following the IPO. In addition, NHP has been shifting its strategy toward greater exposure to senior housing operations after agreeing to sell dozens of outpatient medical facilities, increasing operational exposure to the senior housing market.
Brokers or financial advisors may have violated securities industry rules if they recommended National Healthcare Properties to conservative, retired, or income-oriented investors without fully disclosing the risks associated with this non-traded REIT. Potential claims may involve unsuitable recommendations, particularly where investors needed liquidity, capital preservation, or low-risk investments.
Additional claims may involve failures to disclose the risks of reverse stock splits, declining NAV, significant operating losses, debt burdens, illiquidity, long holding periods, limited redemption options, and the possibility that a future liquidity event or IPO could occur at prices substantially below the original purchase price. Investors may also allege that advisors misrepresented the REIT as a stable income-producing investment comparable to publicly traded REITs despite the speculative and illiquid nature of the investment. Investors who suffered losses may have recovery options through FINRA arbitration or other legal remedies.
Do you need clarity on any losses from investing in National Healthcare Properties Inc. because of your financial advisor or securities broker? Get in touch with Soreide Law Group at (888) 760-6552 or online and speak with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for individuals throughout the country. Also, our securities lawyers work on a contingency fee basis and advance all costs.
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