National Healthcare completes $531M IPO, repays $186M revolver, announces 86-property sale

Filed May 14, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

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  Completed IPO April 2026, raising $531.3M gross proceeds ($20.4M computed: 44.3M shares × $0.46) and listing Class A common stock on Nasdaq (ticker NHP). Used proceeds to repay $186M revolver balance, restoring borrowing capacity.

  MD&A: IPO completion; Notes: Revolving facility repayment verify on EDGAR →
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  Signed agreement to sell 86 outpatient medical facilities for $528.2M (including $278M secured debt to be defeased/assumed). Transaction subject to buyer due diligence and loan assumption approvals.

  Notes: 86-OMF portfolio sale verify on EDGAR →
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  SHOP occupancy improved from 78.8% to 83.8% YoY; revenue per occupied room rose from $6,030 to $6,340. SHOP NOI increased 35.2% ($9.4M → $12.8M) despite property count declining from 43 to 37 due to dispositions.

  MD&A: SHOP segment performance verify on EDGAR →