National Healthcare Properties Series B Preferred (NHPBP)

Owns and manages senior housing operating properties and outpatient medical facilities across the United States. The self-managed REIT is expanding its senior housing exposure and pursuing a sale of much of its outpatient portfolio, which would make resident services a larger part of its operating mix.

Uses independent operators to run senior housing communities, which generate resident-service and fee income. Outpatient facilities generate base rent and tenant reimbursements. Performance depends on occupancy, resident rates, operator execution, labor costs, tenant credit and access to financing.

The Series B cumulative preferred stock ranks ahead of common equity for dividends and liquidation distributions but carries limited voting rights. All outstanding Series B shares have been called for full redemption.