April 6 (Reuters) - National Healthcare Properties made public its paperwork for a U.S. initial public offering on Monday, the latest real estate investment trust looking to tap public markets this year.
Amid market volatility and investor caution about AI-driven disruption, sectors such as REITs and industrials have taken center stage in the U.S. IPO market in recent weeks.
"The IPO window is wide open for firms...less susceptible to the economy, inflation and the AI-driven valuation reset of the software
sector. This pertains particularly to U.S.-domiciled firms," IPOX CEO Josef Schuster told Reuters.
The filing follows last month's successful $966 million New York IPO of senior housing REIT Janus Living. The stock has gained 19.5% as of the last close.
"IPO bankers are looking at which industries are working, and bringing those deals to market, (but also) we're seeing IPO filings from companies with a clear need for capital," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
New York-based National Healthcare Properties, which confidentially filed for an IPO in January, is a self-managed REIT focusing on senior housing and healthcare real estate assets.
Its portfolio consisted of 37 senior housing communities and 130 outpatient medical facilities located in 29 states at the end of 2025.
The company benefits from the growing elderly population in the U.S. and the limited construction of new senior housing communities, driving demand for its offerings.
The biggest consumers of healthcare services in the U.S. are individuals 65 years and older, according to JLL, a real estate services company.
"Healthcare REITs have been a bright spot, due to their uncorrelated nature, their potential role as a takeover target, attractive dividend yield and strong recent performance history," Schuster said.
Wells Fargo Securities, Morgan Stanley and BMO Capital Markets are the lead book-running managers. National Healthcare Properties will list on the Nasdaq under the symbol "NHP".
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Vijay Kishore)
