National Healthcare Properties Series A Preferred (NHPAP)

Owns and manages U.S. healthcare real estate through two segments: senior housing operating properties and outpatient medical facilities. Senior housing centers on assisted living and memory care, with some independent living; third-party operators run the communities under the RIDEA structure, and resident services generate revenue. Outpatient buildings house physicians, pharmacies, imaging centers, rehabilitation clinics and ambulatory surgery centers, producing rent under leases that generally pass property operating costs to tenants.

Runs acquisitions, leasing and asset management through an internal workforce. Recent purchases expanded the senior housing portfolio, while an agreed sale covers most outpatient facilities and reflects the stated emphasis on senior housing. Performance depends on community occupancy and operator execution, tenant retention and rent collection, healthcare regulation, interest rates, access to capital and continued qualification as a REIT.