National Healthcare Properties to sell 86 outpatient facilities for $528M

National Healthcare Properties (NASDAQ:NHPAP) has entered into an agreement to sell a portfolio of 86 outpatient medical facilities for approximately $528 million.

The transaction is a cornerstone of the company's broader strategic shift to prioritize its Senior Housing Operating Portfolio (SHOP) and enhance its overall capital structure.

The disposition is expected to have a transformative impact on the company’s balance sheet.

Approximately $278 million of debt, carrying a weighted average coupon of roughly 5.9%, will be either defeased or transferred as part of the deal.

Before standard closing adjustments, the sale is projected to generate approximately $250 million in net cash proceeds.

By offloading the outpatient assets, National Healthcare Properties is concentrating its resources on the higher-growth SHOP segment.

Pro forma calculations, which include $90 million in pending SHOP acquisitions, suggest that the SHOP segment’s cash Net Operating Income (NOI) would have represented approximately 60% of the company's total cash NOI in the fourth quarter of 2025.

The deal is expected to close in the second half of 2026, likely between the third and fourth quarters.