Director at National Healthcare Properties (NHP) granted 12,500 LTIP Units as equity pay
Rhea-AI Filing Summary
MICHELSON LESLIE D reported acquisition or exercise transactions in this Form 4 filing.
National Healthcare Properties, Inc. director Leslie D. Michelson received a grant of 12,500 LTIP Units on April 30, 2026 as equity compensation. Each LTIP Unit is linked to one unit of National Healthcare Properties Operating Partnership, L.P., which can later be redeemed for cash or, at the issuer’s election, one share of common stock or its cash value.
The LTIP Units vest in 25% increments on each of the first four anniversaries of the April 30, 2026 grant date, subject to continued service. Following this filing, Michelson holds 95,971 shares of common stock directly, in addition to the 12,500 LTIP Units.
Positive
- None.
Negative
- None.
Insider Trade Summary
2 transactions reported
Mixed
2 txns
Insider
MICHELSON LESLIE D
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | LTIP Units | 12,500 | $0.00 | $0.00 |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
LTIP Units — 12,500 shares (Direct);
Common Stock — 95,971 shares (Direct)
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.
Key Figures
LTIP Units granted: 12,500 units
Grant price per LTIP Unit: $0.00 per unit
Underlying common stock: 12,500 shares
+2 more
5 metrics
LTIP Units granted
12,500 units
Grant to director on April 30, 2026
Grant price per LTIP Unit
$0.00 per unit
Equity compensation award, not open-market purchase
Underlying common stock
12,500 shares
Each LTIP Unit linked to one share via OP Units
Common stock held after filing
95,971 shares
Direct ownership following the reported transactions
Vesting schedule
25% per year over 4 years
On each anniversary of the April 30, 2026 grant date
Key Terms
LTIP Units, National Healthcare Properties Operating Partnership, L.P., OP Units, limited partnership units
4 terms
LTIP Units financial
"Following the occurrence of certain events and upon vesting, the LTIP Units are convertible..."
LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.
National Healthcare Properties Operating Partnership, L.P. financial
"LTIP Units are convertible ... into an equivalent number of units of National Healthcare Properties Operating Partnership, L.P."
OP Units financial
"OP Units are redeemable by the Reporting Person for cash or, at the election of the Issuer, shares of common stock..."
OP units are ownership stakes in an operating partnership that sits beneath a public parent company, commonly used by real estate and energy firms to hold assets and distributions. Think of them like special shares in a subsidiary: they give economic rights to profits and cash payouts but are structured differently from the parent’s common stock, so investors watch OP unit issuance because it can change the effective ownership, future distributions, and potential dilution of the parent company’s equity.
limited partnership units financial
"The LTIP Units are a class of limited partnership units of National Healthcare Properties Operating Partnership, L.P."
Limited partnership units are ownership shares in a partnership where most investors act as passive partners with liability limited to what they invested. They represent a right to a portion of the partnership's income and capital, while day-to-day control is handled by an active manager; think of it like owning a condo unit in a building run by a management company. Investors care because the units determine how much income they receive and how exposed they are to business risks.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What did Leslie D. Michelson report in this Form 4 for NHP?
Leslie D. Michelson reported receiving a grant of 12,500 LTIP Units from National Healthcare Properties, Inc.. These units represent equity-based compensation tied to the company’s operating partnership and may later translate into common stock or cash, depending on the issuer’s election.
How many LTIP Units did the NHP director receive and at what price?
The director received 12,500 LTIP Units at a stated price of $0.00 per unit. This reflects a compensatory grant rather than an open-market purchase, aligning the director’s interests with shareholders without requiring an out-of-pocket cash investment.
When do Leslie D. Michelson’s LTIP Units in NHP vest?
The 12,500 LTIP Units vest in 25% increments on each of the first four anniversaries of the April 30, 2026 grant date. Vesting requires the director’s continued service through each applicable vesting date, providing a multi-year retention incentive.
How can the LTIP Units ultimately convert into NHP common stock?
After certain events and vesting, LTIP Units become convertible into OP Units of National Healthcare Properties Operating Partnership, L.P. Those OP Units are redeemable for cash or, at the issuer’s election, an equivalent number of common shares or their cash value on a one-for-one basis.
Do the LTIP Units reported for NHP have an expiration date?
The filing states that the LTIP Units do not have expiration dates. They remain outstanding subject to vesting conditions and future conversion into OP Units, which can then be redeemed for cash or, at the issuer’s election, shares of common stock or their cash value.