National Healthcare Properties Closes $198 Million Sale of 30 Outpatient Medical Facilities in First Tranche of Larger $528 Million Disposition

NEW YORK — Sept. 10, 2026 — National Healthcare Properties, Inc. (Nasdaq: NHP) has completed the first tranche of its previously announced sale of 86 outpatient medical facilities, closing on 30 primarily multi-tenant properties for approximately $198 million. The transaction generated roughly $79 million in net cash proceeds after debt repayment, before transaction expenses, property operating prorations and other adjustments.

Deal Structure and Debt Repayment

The 30-facility first tranche is part of a broader 86-property disposition valued at approximately $528 million in aggregate. At $198 million for 30 facilities, the closed tranche implies an average price of roughly $6.6 million per property, while the full 86-property portfolio implies an average of approximately $6.1 million per property at the $528 million total.

In connection with the closing, National Healthcare Properties repaid in full its Secured Term Loan 1 due 2028 and Secured Term Loan 3 due 2031, totaling $119 million. That repayment figure includes $60 million of debt encumbering other outpatient medical facilities not among the 86 properties being sold — a move the company said further reduces its secured indebtedness and increases overall capital flexibility.

The remaining 56 outpatient medical facilities are expected to close in the fourth quarter of 2026. That second tranche is subject to the buyer's assumption of approximately $220 million of secured debt tied to Secured Term Loan 4 due 2033, along with customary closing conditions.

Strategic Context: Portfolio Rotation and Segment Divergence

National Healthcare Properties framed the broader 86-property sale as a strategic capital-recycling move when it was first announced in May 2026. By the company's second-quarter 2026 earnings call in early August, management indicated the sale agreement had become binding after the buyer's due diligence period expired in mid-July.

The company's second-quarter 2026 results illustrated a divergence between its two primary operating segments. Its senior housing operating portfolio, or SHOP segment, posted same-store cash net operating income growth of 20.1% year over year in the second quarter, while the outpatient medical facility segment saw same-store cash NOI decline 0.4% year over year, with same-store ending occupancy at 94.3%. Despite that modest decline, management maintained full-year outpatient medical facility guidance of 2.5% to 3.5% same-store cash NOI growth — equivalent to approximately $81.2 million to $82.0 million — excluding the expected OMF dispositions.

For the second quarter, National Healthcare Properties reported a net loss attributable to common stockholders of $0.13 per share, Nareit FFO of $0.19 per diluted share, and Normalized FFO of $0.18 per diluted share.

Outpatient Medical Real Estate Market Conditions

The transaction comes as the broader medical outpatient building sector has shown resilience in 2026. National occupancy in the sector has been reported at approximately 92% to 92.5%, with cap rates generally ranging from 6.7% to 7.1%. Investment activity has also accelerated: first-quarter 2026 medical office building sales totaled approximately $1.8 billion, up 36% year over year, while rolling four-quarter volume reached $9.8 billion, up 49%. Absorption in the sector reached approximately 3.8 million square feet in the first quarter of 2026, up 71% year over year.

Those market conditions provided a favorable backdrop for National Healthcare Properties to execute a large-scale outpatient medical facility disposition, freeing capital and reducing secured debt while rotating toward higher-growth operating assets.

About National Healthcare Properties

National Healthcare Properties, Inc. is a self-managed real estate investment trust focused on acquiring, owning and investing in a diversified portfolio of healthcare real estate, with an emphasis on providing senior housing to serve a growing elderly population in the United States. The company trades on the Nasdaq under the ticker NHP. Additional information is available at nhpreit.com.

Sources: GlobeNewswire — National Healthcare Properties Completes Sale of 30 Multi-Tenant OMFs for $198 Million (Sept. 10, 2026)