National Healthcare Properties, Inc. announced a leadership change in its finance organization. On November 18, 2025, the Board appointed Andrew T. Babin as Chief Financial Officer and Treasurer, replacing Scott M. Lappetito, who resigned the same day and whose resignation was stated not to result from any disagreement on management, operations or financial matters.
Under his employment agreement, Mr. Babin will receive an annual base salary of $400,000, a target annual bonus of $350,000 (prorated for 2025), and, for fiscal 2026, eligibility for long-term equity awards with a target grant date fair value of at least $600,000, split between time-based restricted shares and performance-based restricted stock units. He will also receive a one-time time-based restricted stock award with a grant date fair value of $200,000 that vests over three years.
If Mr. Babin resigns for Good Reason or is terminated without Cause outside a change in control period, he is entitled to base benefits plus a cash severance equal to 1.0x his then-current base salary paid over 24 months and up to 12 months of healthcare premium reimbursement; during a change in control period, the severance increases to 2.0x his then-current base salary plus target bonus, paid in a lump sum, with full vesting of time-based equity. Mr. Lappetito’s separation agreement provides cash equal to his 2025 base salary and target bonus plus his guaranteed 2025 target bonus, full vesting of time-based equity, continued vesting of a prorated portion of performance-based equity, and up to 18 months of COBRA premium payments, alongside non-compete and non-solicitation covenants.
National Healthcare Properties, Inc. furnished a current report announcing it issued a press release with financial results for the quarter ended September 30, 2025. The press release is attached as Exhibit 99.1.
The company stated the information under Item 2.02 and Exhibit 99.1 is being furnished, not filed, under the Securities Exchange Act of 1934. The filing also lists the company’s preferred stock listings: 7.375% Series A (NHPAP) and 7.125% Series B (NHPBP) on The Nasdaq Global Market.
National Healthcare Properties, Inc. reported a narrower quarterly loss while continuing to streamline its balance sheet. For Q3, revenue from tenants was $86.0 million versus $88.9 million a year ago, and net loss attributable to common stockholders was $15.9 million (basic and diluted EPS $(0.56)), improving from $44.1 million last year. Year to date, revenue from tenants was $257.8 million, with a net loss attributable to common stockholders of $45.1 million.
Total assets were $1.74 billion, down from $1.95 billion at year-end, reflecting property sales and lower real estate balances. Net real estate investments declined to $1.54 billion. Debt balances included mortgage notes payable, net of $696.8 million, and Fannie Mae secured debt of $336.2 million. Operating expenses benefited from the absence of related-party operating and termination fees seen in 2024, partially offset by $6.6 million of Q3 impairment charges. The company recorded a Q3 gain on sale of real estate of $0.6 million and year-to-date gains of $28.3 million.
Cash from operations was a modest use of $3.0 million year to date, while investing provided $73.1 million (driven by $90.3 million of sale proceeds). Financing used $41.7 million, including debt repayments and preferred stock repurchases. As of October 30, 2025, common shares outstanding were 28,426,694.
Michael Ray Anderson, CEO, President and director of National Healthcare Properties, Inc. (HLTC), reported a non-sale transaction on 09/27/2025 in which 19,041 shares of the company's common stock were withheld to satisfy tax withholding related to the vesting of a restricted stock award granted May 23, 2025. After the withholding, the reporting person beneficially owns 71,160 shares directly. The filing notes there is no established market for the common stock and that the board approved an estimated per-share net asset value of $32.15 as of December 31, 2024, which was used for valuation in this disclosure.