MICHELSON LESLIE D 4
4 · National Healthcare Properties, Inc. · Filed May 4, 2026
Research Summary
AI-generated summary of this filing
NHP Director Leslie D. Michelson Receives 12,500 LTIP Units
What Happened
Leslie D. Michelson, a director of National Healthcare Properties, Inc. (NHP), received an award of 12,500 LTIP units (derivative units) on April 30, 2026. The grant was reported on a Form 4 filed May 4, 2026. The reported acquisition price is $0.00 (no cash paid at grant); the LTIP units are a class of limited partnership units that can convert into operating partnership (OP) units and ultimately into common stock or cash.
Key Details
- Transaction date: 2026-04-30 (Form 4 filed 2026-05-04). Filing appears timely.
- Transaction type/code: A — Grant/award of derivative units.
- Amount: 12,500 LTIP Units; reported price $0.00 (no immediate cash consideration).
- Shares/units owned after transaction: Not specified in the filing.
- Footnotes of note:
- F1: LTIP Units are convertible by the issuer into OP Units, which are redeemable for cash or, at the issuer's election, one-for-one shares of common stock or cash value. LTIP Units have no expiration.
- F2: Vesting occurs in 25% increments on each of the first four anniversaries of the April 30, 2026 grant, subject to continued service.
- F3: LTIP Units are a class of limited partnership units of National Healthcare Properties Operating Partnership, L.P.
Context
This was a compensation-style grant (an award of LTIP units), not an open-market purchase or sale. Such grants are common for directors and are intended as long-term incentive compensation; they do not necessarily signal immediate insider buying or selling intent. The derivative nature means value realization depends on vesting and subsequent conversion/redemption terms described in the footnotes.
Insider Transaction Report
- Award
LTIP Units
[F1][F2][F3]2026-04-30+12,500→ 12,500 total→ Common Stock (12,500 underlying)
- 95,971
Common Stock
Footnotes (3)
- [F1]Following the occurrence of certain events and upon vesting, the LTIP Units are convertible by National Healthcare Properties, Inc. (the "Issuer") into an equivalent number of units of National Healthcare Properties Operating Partnership, L.P. ("OP Units"). OP Units are redeemable by the Reporting Person for cash or, at the election of the Issuer, shares of common stock of the Issuer on a one-for-one basis or the cash value of such shares. LTIP Units do not have expiration dates.
- [F2]The LTIP Units will vest in 25% increments on each of the first four anniversaries of the April 30, 2026 grant date, subject to the recipient's continued service through the applicable vesting date.
- [F3]The LTIP Units are a class of limited partnership units of National Healthcare Properties Operating Partnership, L.P.