National Healthcare Properties is a publicly registered real estate investment trust incorporated in Maryland in 2012 that acquires, owns, and manages a portfolio of healthcare real estate across the United States. The company operates through two business segments: outpatient medical facilities and senior housing operating properties. The REIT focuses on needs-based healthcare assets, structuring its senior housing portfolio under the RIDEA framework, which allows properties to be leased to taxable REIT subsidiaries and operated by independent contractors. As of September 30, 2025, the company owned 174 properties located in 30 states, comprising 7.3 million rentable square feet. The portfolio includes 40 senior housing operating properties managed by four independent contractors, including Discovery Senior Living, which operates 39 communities. In September 2024, the company completed internalization of its management functions from AR Global Investments and its affiliates, Healthcare Trust Advisors and Healthcare Trust Properties. This transaction, which resulted in over $25 million in annual general and administrative expense savings, marked a shift toward self-management under the leadership of CEO Michael Anderson. The company partners with operators to drive occupancy and revenue growth in senior housing while maintaining stable cash flows from outpatient medical facilities through triple-net and modified-gross lease structures. The REIT employs 31 full-time employees and operates from its New York headquarters.