At a glance
- The combined class began trading on the Nasdaq Global Market under NHP on Oct. 19, leaving 72,910,570 common shares outstanding.
- For advisors whose clients hold the roughly 28.6 million shares not sold in the IPO, the conversion replaces an illiquid position with a published price.
- NHP closed at $14.81 on Oct. 19, about 85% below the $100 split-adjusted cost and about 54% below the $32.15 estimated NAV the board last approved as of Dec. 31, 2024.
National Healthcare Properties converted 44,275,000 Class A shares one-for-one into common stock on Oct. 18, giving the REIT's original retail investors a Nasdaq exit for the first time, The DI Wire reported. The combined class began trading on the Nasdaq Global Market under NHP on Oct. 19, leaving 72,910,570 common shares outstanding. The Class A line ceased trading. The conversion took effect 180 days after the April IPO priced at $12 a share, and the company said former Class A holders' dividends and liquidation rights matched common stockholders'.
For advisors whose clients hold the roughly 28.6 million shares not sold in the IPO, the conversion replaces an illiquid position with a published price. NHP closed at $15.27 on Oct. 26. In June, the board declined to recommend MacKenzie Capital Management's offer of $7.27 a share for up to 150,000 nontraded shares.
NHP closed at $14.81 on Oct. 19, about 85% below the $100 split-adjusted cost and about 54% below the $32.15 estimated NAV the board last approved as of Dec. 31, 2024. Original investors paid $25 from 2013 to 2014, when the company was American Realty Capital Healthcare Trust II, later renamed Healthcare Trust Inc.; a 4-for-1 reverse split in September 2024 restated that at $100.
NHP trades at a fraction of original cost and last stated NAV
Price per share, split-adjusted
- Original cost, split-adjusted (2013–14)$100
- Board estimated NAV (Dec. 31, 2024)$32.15
- Nasdaq close, Oct. 19$14.81
Show as table
| Item | Value ($) |
|---|---|
| Original cost, split-adjusted (2013–14) | $100 |
| Board estimated NAV (Dec. 31, 2024) | $32.15 |
| Nasdaq close, Oct. 19 | $14.81 |
Reported by the Liquidity desk from The DI Wire. Published . Corrections