National Healthcare Properties (NHP) is a REIT that owns and manages healthcare real estate across two segments: outpatient medical facilities (OMF) and senior housing operating properties (SHOP). As of year-end 2025, NHP owned 167 properties across 29 states. The OMF segment, which is the larger of the two by property count, consists of 130 outpatient medical buildings totaling approximately 3.7M square feet, leased to healthcare tenants including physician offices, pharmacies, imaging centers, and ambulatory surgery centers. Many of these properties sit on or near hospital campuses, and NHP argues the specialized medical-grade infrastructure creates switching costs that support tenant retention. The SHOP segment consists of 37 senior housing communities totaling 3,615 units, offering assisted living, memory care, and independent living services. NHP uses the RIDEA structure for SHOP — leasing communities to its taxable REIT subsidiary, which contracts with third-party operators — allowing NHP to participate directly in operating performance rather than collect fixed rent. SHOP revenue comes primarily from private-pay residents, reducing government reimbursement exposure, but the segment carries more operating variability than OMF. NHP's stated growth focus is on expanding the SHOP portfolio. In September 2024, NHP internalized its advisory and property management functions, ending its relationship with an external advisor and bringing management in-house with its own employees.