NHP director granted 12,500 LTIP Units

Tuppeny Elizabeth K. reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Tuppeny Elizabeth K. reported acquisition or exercise transactions in this Form 4 filing.

National Healthcare Properties, Inc. director Elizabeth K. Tuppeny reported receiving a grant of 12,500 LTIP Units on April 30, 2026. These units are a class of limited partnership units of National Healthcare Properties Operating Partnership, L.P. and represent equity-based compensation rather than an open-market share purchase.

Following certain events and vesting, each LTIP Unit is convertible into one operating partnership unit, which may then 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, conditioned on continued service. The filing also shows 12,415 shares of common stock held directly as of the reported date.

Insider Trade Summary

Grant/Award: 12,500 shares

Grant/Award 2 txns

Insider Tuppeny Elizabeth K.

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 contracts (Direct); Common Stock — 12,415 shares (Direct)

Footnotes (3)

1. 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.
2. 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.
3. 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 LTIP Units Underlying common stock: 12,500 shares Common stock held: 12,415 shares +1 more

4 metrics

LTIP Units granted 12,500 LTIP Units Equity award to director on April 30, 2026

Underlying common stock 12,500 shares Each LTIP Unit corresponds to one share via OP Unit redemption

Common stock held 12,415 shares Direct holdings following reported transactions

Vesting schedule 25% per year over 4 years First four anniversaries of April 30, 2026 grant date

Key Terms

LTIP Units, OP Units, redeemable, limited partnership units

4 terms

LTIP Units financial

"The LTIP Units will vest in 25% increments on each of the first four anniversaries"

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.

OP Units financial

"convertible by National Healthcare Properties, Inc. into an equivalent number of units of National Healthcare Properties Operating Partnership, L.P. ("OP Units")"

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.

redeemable financial

"OP Units are redeemable by the Reporting Person for cash or, at the election of the Issuer, shares of common stock"

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did National Healthcare Properties (NHP) report for Elizabeth K. Tuppeny?

Elizabeth K. Tuppeny reported receiving a grant of 12,500 LTIP Units on April 30, 2026. These equity-based awards are compensation, not open-market purchases, and are tied to her continued service as a director at National Healthcare Properties.

How do the 12,500 LTIP Units at National Healthcare Properties (NHP) work?

Each LTIP Unit can convert into one operating partnership unit after certain events and vesting. Those units are redeemable for cash or, at the issuer’s election, one share of common stock of National Healthcare Properties or the cash value of that share.

What is the vesting schedule for Elizabeth K. Tuppeny’s LTIP Units at NHP?

The 12,500 LTIP Units vest in four equal 25% installments on each of the first four anniversaries of the April 30, 2026 grant date. Vesting is subject to Tuppeny’s continued service with National Healthcare Properties through each vesting date.

Are the LTIP Units granted to the NHP director immediately exercisable into common stock?

The LTIP Units are not immediately exercisable into common stock; they must first vest and be converted into operating partnership units. Those units can then be redeemed for cash or, at the issuer’s election, shares of common stock or their cash value on a one-for-one basis.

How many National Healthcare Properties (NHP) common shares does Elizabeth K. Tuppeny hold after this Form 4?

The Form 4 shows that Elizabeth K. Tuppeny directly holds 12,415 shares of National Healthcare Properties common stock as of April 30, 2026. This figure reflects her reported ownership following the LTIP Unit grant and accompanying holdings entry.

Do the LTIP Units granted to the NHP director have an expiration date?

The LTIP Units reported for the National Healthcare Properties director do not have expiration dates. They remain outstanding subject to their vesting conditions and the terms allowing later conversion into operating partnership units and potential redemption for cash or common stock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/04/2026 - 08:44 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Tuppeny Elizabeth K.

(Last) (First) (Middle)

C/O NATIONAL HEALTHCARE PROPERTIES, INC.

540 MADISON AVE., 27TH FLOOR

(Street)

NEW YORK NEW YORK 10022

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
National Healthcare Properties, Inc. [ NHP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								12,415	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
LTIP Units(1)(2)(3)	(1)	04/30/2026		A		12,500		(2)	(1)	Common Stock	12,500	$0	12,500	D

Explanation of Responses:

1. 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.

2. 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.

3. The LTIP Units are a class of limited partnership units of National Healthcare Properties Operating Partnership, L.P.

Remarks:

	/s/ Jie Chai, Attorney-in-Fact	05/04/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)