NorthStar Healthcare Investors Inc., which owns and runs assisted living facilities, on Monday filed for a $200 million initial public offering.
The planned offering was disclosed in a filing with the Securities and Exchange Commission. The company's shares will trade under the symbol "NRH."
NorthStar Healthcare is the senior housing business of NorthStar Realty Finance Corp., and after it goes public, it will be managed by a NorthStar Realty subsidiary. The company operates or leases 66 senior housing facilities in 14 states, with the majority located in Wisconsin and Illinois.
Most of NorthStar Healthcare's properties are assisted living facilities or skilled nursing facilities, which get their revenue from private payers rather than Medicare. It said those facilities provide care that is less acute than hospitals and rehabilitation centers, but more acute than age-restricted housing.
Acute care facilities face greater risks of cuts to Medicare reimbursement, and age-restricted housing is more vulnerable to economic trends, the company said. The company owns 34 facilities and 32 are leased to third parties. Its properties have a total of 3,878 beds. It also owns a life sciences campus in Hillsboro, Ore.
NorthStar said it plans to qualify as a real estate investment trust. The company incorporated in Maryland in October, and its main offices are in New York.