NHP director granted 7,446 LTIP Units

Q: What insider transaction did NHP director Elizabeth K. Tuppeny report?

Elizabeth K. Tuppeny reported receiving 7,446 LTIP Units of National Healthcare Properties, Inc. as a grant. These derivative units are tied to the company’s common stock and represent a form of equity-based compensation rather than an open-market stock purchase or sale.

Q: When do Elizabeth K. Tuppeny’s NHP LTIP Units vest?

The LTIP Units granted to Elizabeth K. Tuppeny vest on May 15, 2027, subject to continued service through that date. Vesting means the award becomes earned, after which the units can be converted and ultimately redeemed for cash or common shares, as described in the filing.

Q: Did Elizabeth K. Tuppeny buy or sell NHP shares on the market in this Form 4?

The Form 4 shows a grant of 7,446 LTIP Units at a price of $0.00 per unit and a common stock holding entry. It does not report any open-market purchases or sales, focusing instead on equity compensation and updated post-transaction holdings.

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

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Form Type

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 received a grant of 7,446 LTIP Units, each tied to an equivalent number of common shares. These LTIP Units vest on May 15, 2027, and can ultimately be settled in cash or common stock on a one-for-one basis.

Insider Trade Summary

Grant/Award: 7,446 shares

Grant/Award 2 txns

Insider Tuppeny Elizabeth K.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	LTIP Units	7,446	$0.00	$0.00
holding	Common Stock	--	--	--

Holdings After Transaction: LTIP Units — 19,946 contracts (Direct); Common Stock — 12,415 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 on May 15, 2027, 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: 7,446 units Grant price per LTIP Unit: $0.00 per unit LTIP Units after transaction: 19,946 units +3 more

6 metrics

LTIP Units granted 7,446 units Grant on May 15, 2026

Grant price per LTIP Unit $0.00 per unit Equity award, non-cash

LTIP Units after transaction 19,946 units Post-grant LTIP Unit holdings

Common shares after transaction 12,415 shares Direct common stock holdings

Vesting date May 15, 2027 LTIP Units vesting condition

Conversion ratio 1 LTIP/OP Unit : 1 share OP Units redeemable one-for-one into common stock or cash

Key Terms

LTIP Units, Operating Partnership, OP Units, redeemable, +1 more

5 terms

LTIP Units financial

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

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.

Operating Partnership financial

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

An operating partnership is a separate legal entity set up to own and run a company’s core assets and day-to-day businesses, while investors hold interests indirectly through the parent company. Think of it like a dedicated garage that actually stores and services the cars while the owner keeps the dealership; it matters to investors because it affects how income, taxes, liability and voting rights are allocated and therefore can influence distributions and risk.

OP Units financial

"LTIP Units are 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."

vesting financial

"The LTIP Units will vest on May 15, 2027, subject to the recipient's continued service."

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

FAQ

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

What insider transaction did NHP director Elizabeth K. Tuppeny report?

Elizabeth K. Tuppeny reported receiving 7,446 LTIP Units of National Healthcare Properties, Inc. as a grant. These derivative units are tied to the company’s common stock and represent a form of equity-based compensation rather than an open-market stock purchase or sale.

When do Elizabeth K. Tuppeny’s NHP LTIP Units vest?

The LTIP Units granted to Elizabeth K. Tuppeny vest on May 15, 2027, subject to continued service through that date. Vesting means the award becomes earned, after which the units can be converted and ultimately redeemed for cash or common shares, as described in the filing.

How many LTIP Units and common shares does Elizabeth K. Tuppeny hold after this filing?

After the reported transactions, Elizabeth K. Tuppeny holds 19,946 LTIP Units and 12,415 shares of NHP common stock directly. The LTIP Units are a separate class of partnership units that may later be converted into OP Units and then into cash or common stock.

What are NHP LTIP Units and how are they linked to common stock?

NHP’s LTIP Units are a class of limited partnership units in National Healthcare Properties Operating Partnership, L.P. Upon certain events and vesting, they convert into OP Units, which are redeemable for cash or, at the issuer’s election, one share of common stock per unit.

Did Elizabeth K. Tuppeny buy or sell NHP shares on the market in this Form 4?

The Form 4 shows a grant of 7,446 LTIP Units at a price of $0.00 per unit and a common stock holding entry. It does not report any open-market purchases or sales, focusing instead on equity compensation and updated post-transaction holdings.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 05/19/2026 - 05:27 PM EDT

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

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)
05/15/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
LTIP Units⁽¹⁾⁽²⁾⁽³⁾	⁽¹⁾	05/15/2026		A		7,446		⁽²⁾	⁽¹⁾	Common Stock	7,446	$0	19,946	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 on May 15, 2027, 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	05/19/2026
	** 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)

Source: View Original Filing on SEC EDGAR