National Healthcare Properties Inc., a real estate investment trust (REIT), completed its initial public offering at a price below its initial target range, raising $462 million. According to a statement released on Tuesday, the New York-based REIT sold 38.5 million shares at $12 per share, after originally targeting a price range of $13 to $16 per share. The company owns senior housing and outpatient medical facilities across the United States. Regulatory filings indicate its portfolio includes 167 properties, consisting of 37 senior housing communities and 130 outpatient medical buildings. The statement noted that National Healthcare intends to use the proceeds for multiple purposes, including repaying approximately $186 million in borrowings under its revolving credit facility and funding future property acquisitions. This offering is one of the few U.S. REIT IPOs in recent years, following the $966 million IPO of Janus Living Inc., which focuses on senior housing and was completed in March. Sources familiar with the matter indicated that Janus Living, which was spun off from Healthpeak Properties Inc., saw demand for its IPO exceeding 10 times the offering size, driven by long-term investors and REIT-focused investors. According to its prospectus, National Healthcare reported revenue of $342.3 million and a net loss of $57.7 million in 2025. In the previous year, revenue was $354 million with a net loss of $190.3 million. A filing dated February 20 noted that prior to a restructuring in 2024, National Healthcare was managed by Healthcare Trust Advisors. The company confidentially submitted its listing application in January. Wells Fargo, Morgan Stanley, and Bank of Montreal served as lead underwriters for the offering. The company's shares are expected to begin trading on the Nasdaq Global Select Market on Wednesday under the ticker symbol NHP.