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National Healthcare Properties, Inc.·4

May 4, 8:48 PM ET

MICHELSON LESLIE D 4

Research Summary

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Updated

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.