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National Healthcare Properties, Inc. (NHP) is the issuer named in an amended joint beneficial-ownership report by Principal Global Investors LLC, Principal Real Estate Investors LLC and Principal Funds, Inc. The joint report lists 3,121,635 shares, or 7.1% of the class, as beneficially owned. Separately, Principal Funds, Inc. states that its beneficial ownership fell below 5%; the Principal Real Estate Securities Fund held 1,712,323 shares, or 3.9%, as of September 30, 2026.
Key Figures
Jointly reported beneficial ownership:3,121,635 shares; 7.1%Principal Global Investors shared voting power:79,623 shares; 0.2%Principal Real Estate Investors LLC shared voting power:3,042,012 shares; 6.9%+1 more
4 metrics
Jointly reported beneficial ownership3,121,635 shares; 7.1%Amount and percent of class reported in Item 4
Principal Global Investors shared voting power79,623 shares; 0.2%Ownership table
Principal Real Estate Investors LLC shared voting power3,042,012 shares; 6.9%Ownership table
Principal Funds, Inc. shared voting power1,712,323 shares; 3.9%As of September 30, 2026, the Principal Real Estate Securities Fund held this number of shares
Key Terms
beneficially owned, Shared Voting Power, Shared Dispositive Power
3 terms
beneficially ownedtechnical
"Amount beneficially owned: 3,121,635"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Shared Voting Powertechnical
"Shared Voting Power 3,042,012.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
Shared Dispositive Powertechnical
"Shared Dispositive Power 3,042,012.00"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many NHP shares do the joint reporting persons report?
The joint report lists 3,121,635 shares, or 7.1% of the class, as beneficially owned.
What is Principal Funds’ reported NHP stake?
Principal Funds, Inc. states that its beneficial ownership fell below 5%. The Principal Real Estate Securities Fund, a series of Principal Funds, Inc., held 1,712,323 shares, or 3.9%, as of September 30, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
National Healthcare Properties, Inc.
(Name of Issuer)
Class A common stock, $0.01 par value per share
(Title of Class of Securities)
42226B501
(CUSIP Number)
09/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
42226B501
1
Names of Reporting Persons
PRINCIPAL GLOBAL INVESTORS
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
79,623.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
79,623.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
79,623.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.2 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
42226B501
1
Names of Reporting Persons
PRINCIPAL REAL ESTATE INVESTORS LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,042,012.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,042,012.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,042,012.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.9 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
42226B501
1
Names of Reporting Persons
PRINCIPAL FUNDS, INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MARYLAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,712,323.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,712,323.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,712,323.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.9 %
12
Type of Reporting Person (See Instructions)
IV
Comment for Type of Reporting Person: Principal Funds, Inc. has reduced its beneficial ownership to less than 5% of the outstanding shares of the Issuer. As of September 30, 2026, the Principal Real Estate Securities Fund, a series to the Principal Funds, Inc., had ownership of 1,712,323 shares representing 3.9%.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
National Healthcare Properties, Inc.
(b)
Address of issuer's principal executive offices:
540 MADISON AVE, 27TH FLOOR, NEW YORK, NEW YORK
10022
Item 2.
(a)
Name of person filing:
PRINCIPAL GLOBAL INVESTORS
PRINCIPAL REAL ESTATE INVESTORS LLC
PRINCIPAL FUNDS, INC.
(b)
Address or principal business office or, if none, residence:
PRINCIPAL GLOBAL INVESTORS
711 HIGH STREET
DES MOINES, Iowa
50392-0300
PRINCIPAL REAL ESTATE INVESTORS LLC
711 HIGH STREET
DES MOINES, Iowa
50392-0300
PRINCIPAL FUNDS, INC.
711 HIGH STREET
DES MOINES, Iowa
50392-0300
(c)
Citizenship:
PRINCIPAL GLOBAL INVESTORS - DELAWARE
PRINCIPAL REAL ESTATE INVESTORS LLC - DELAWARE
PRINCIPAL FUNDS, INC. - MARYLAND
(d)
Title of class of securities:
Class A common stock, $0.01 par value per share
(e)
CUSIP No.:
42226B501
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
3,121,635
(b)
Percent of class:
7.1 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
PRINCIPAL GLOBAL INVESTORS - 0
PRINCIPAL REAL ESTATE INVESTORS LLC - 0
PRINCIPAL FUNDS, INC. - 0
(ii) Shared power to vote or to direct the vote:
PRINCIPAL GLOBAL INVESTORS - 79,623
PRINCIPAL REAL ESTATE INVESTORS LLC - 3,042,012
PRINCIPAL FUNDS, INC. - 1,712,323
(iii) Sole power to dispose or to direct the disposition of:
PRINCIPAL GLOBAL INVESTORS - 0
PRINCIPAL REAL ESTATE INVESTORS LLC - 0
PRINCIPAL FUNDS, INC. - 0
(iv) Shared power to dispose or to direct the disposition of:
PRINCIPAL GLOBAL INVESTORS - 79,623
PRINCIPAL REAL ESTATE INVESTORS LLC - 3,042,012
PRINCIPAL FUNDS, INC. - 1,712,323
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
PRINCIPAL GLOBAL INVESTORS
Signature:
/s/ J. Markham Penrod
Name/Title:
J. Markham Penrod, Chief Compliance Officer - North America, Principal Asset Management
Date:
10/28/2026
PRINCIPAL REAL ESTATE INVESTORS LLC
Signature:
/s/ J. Markham Penrod
Name/Title:
J. Markham Penrod, Chief Compliance Officer - North America, Principal Asset Management
Date:
10/28/2026
PRINCIPAL FUNDS, INC.
Signature:
/s/ John L. Sullivan
Name/Title:
John L. Sullivan, Counsel and Assistant Secretary
Date:
10/29/2026
Exhibit Information
This statement is filed by Principal Global Investors LLC, Principal Real Estate Investors LLC, and Principal Funds Inc. jointly pursuant to a Joint Filing Agreement, which is filed with this Schedule 13G as Exhibit 99.1.
