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Companies National Healthcare Properties, Inc.

National Healthcare Properties (NHP): executive pay, fiscal 2025

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CEO total pay$6,490,000CEO Michael Anderson · source
Say-on-pay support80.41%Latest vote · source
CEO vs. named peers50th pct.Of 14 peer CEOs
CEO pay ratio42:1To the median employee · source

CEO pay, last three years

  • $154,385FY2023
  • $2,462,307FY2024
  • $6,490,000FY2025

CEO total pay was $6,490,000 in fiscal 2025, up from $2,462,307 in fiscal 2024.

FY2025: salary $800,000 · bonus $1,890,000 · stock awards $3,800,000 · option awards $0

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Executives and directors

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael Anderson$800,000$1,890,000$3,800,000$0$0$0$0$6,490,000
Chief Executive Officer and President
Scott Lappetito373,76701,800,0000001,353,5143,527,281
Former Chief Financial Officer and Treasurer
Andrew Babin47,12372,15700000119,280
Chief Financial Officer and Treasurer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Michael Anderson$6,490,000$2,462,307$154,385↑ +4,027,693
Scott Lappetito3,527,281934,837420,232↑ +2,592,444
Andrew Babin119,280———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation programs are intended to align executive pay with our performance and to motivate management to make sound financial decisions that increase our value. The program targets total compensation opportunity based on competitiveness relative to a group of comparable peers and puts a significant portion of each NEO’s compensation at-risk based on future operating performance and share price.

CEO STI target (% of salary)135%
CEO LTI target (% of salary)—
Independent consultantFerguson
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Scott LappetitoRSU2025-05-23——31,104—$1,000,000
Michael AndersonRSU2025-05-23——27,993—900,000
Michael AndersonPSU2025-05-2313,99627,993—55,986900,000
Michael AndersonRSU2025-05-23——62,208—2,000,000
Scott LappetitoPSU2025-05-236,22012,441—24,882400,000
Scott LappetitoRSU2025-05-23——12,441—400,000

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Scott Lappetito$1,400,000$400,000$022.2%
Michael Anderson2,900,000900,000023.7%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Scott LappetitoPSU7,294—$234,502
Scott LappetitoRSU43,545—1,400,000
Michael AndersonPSU55,986—1,800,000
Michael AndersonRSU60,134—1,933,308
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Leslie D. MichelsonIndependent · Board Chair · Audit · Compensation and Corporate Governance$191,000$100,000$0$0$0$291,000
Elizabeth K. TuppenyIndependent · Compensation and Corporate Governance (Chair) · Audit111,000100,000000211,000
B.J. PennIndependent · Compensation and Corporate Governance81,000100,000000181,000
Edward G. RendellIndependent · Audit · Not standing for re-election78,000100,000000178,000
Edward M. Weil JrNot independent76,500100,000000176,500
Michael AndersonEmployee director—————0
Scott W. HumphreyIndependent · Audit (Chair) · Partial-year service · Newly elected——————

Board fee structure and ownership guideline

Annual cash retainer$75,000
Annual equity retainer$100,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guideline$300,000

Total cost of the board

ComponentFY2025
Cash retainers and fees$537,500
Equity awards (grant-date value)$500,000
All other compensation$0
Total cost of the board$1,037,500

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names National Healthcare Properties as a peer

Companies that benchmark against NHP

1 company names NHP as a compensation peer

Each company listed discloses NHP in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named NHP in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

Of the companies National Healthcare Properties, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer’s own current proxy has been read — each mark is cited in the register to that peer’s filing. A dash means the peer’s current proxy was read and names no reciprocal group including National Healthcare Properties, Inc..

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Easterly Government Properties, Inc.2025Darrell Crate$825,000$8,508,519$0$930,000$10,277,519
2CareTrust REIT, Inc.2025David Sedgwick1,000,0001,242,02207,750,00010,002,522
3Essential Properties Realty Trust, Inc.2025Peter Mavoides800,0006,853,00001,950,0009,634,000
4Sabra Health Care REIT, Inc.2025Richard Matros1,000,0005,026,72102,526,0008,552,721
5Peakstone Realty Trust2024Michael Escalante925,0003,500,00002,312,5007,162,931
6American Healthcare REIT, Inc.2025Danny Prosky800,0004,355,8290840,0006,685,948
7LXP Industrial Trust2025T. Wilson Eglin840,0004,044,98201,442,4386,645,384
8National Healthcare Properties, Inc.2025Michael Anderson800,0003,800,000006,490,000
9Broadstone Net Lease, Inc.2025John Moragne600,0003,918,50601,187,7706,065,001
10Four Corners Property Trust, Inc.2025William Lenehan724,6053,705,794005,701,486
11Sila Realty Trust, Inc.2024Michael Seton825,0002,275,00001,949,0635,510,455
12NETSTREIT Corp.2025Mark Manheimer700,0003,194,41601,253,1755,165,527
13LTC Properties, Inc.2025Pamela Shelley-Kessler650,0002,250,00001,117,1884,027,538
14National Health Investors, Inc.2025D. Eric Mendelsohn700,000586,720705,5751,650,0003,652,795
15Global Medical REIT Inc.2024Jeffrey Witherell643,7501,799,9800620,0003,108,503

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
National Healthcare Properties, Inc.not disclosedRSU 50 · PRSU 50NoFerguson
American Healthcare REIT, Inc.150%RSU 50 · PRSU 50Yes — Total Shareholder Return (TSR) relative to performance peer groupFerguson Partners Consulting, L.P.
Broadstone Net Lease, Inc.198%not disclosedYes — Relative Total Shareholder Return vs rTSR Peer GroupFerguson Partners Consulting, L.P.
CareTrust REIT, Inc.310%PSU 50 · RSU 50Yes — Relative TSRPearl Meyer
Easterly Government Properties, Inc.78%LTIP Units 100Yes — Absolute TSRFTI Consulting
Essential Properties Realty Trust, Inc.163%PRSU 60 · RSU 40Yes — Relative TSRFerguson Partners Consulting L.P.
Four Corners Property Trust, Inc.125%PSU 50 · RSU 50Yes — Absolute Total Stockholder Return (TSR)Semler Brossy
Global Medical REIT Inc.not disclosedRSU 50 · PSU 50Yes — 3-Year Relative TSR vs. MSCI US REIT IndexFerguson Partners Consulting L.P.
LTC Properties, Inc.137.5%RSU 50 · PSU 50Yes — Absolute TSRFrederic W. Cook & Co., Inc.
LXP Industrial Trustnot disclosedPSU 60 · RSU 40Yes — Relative TSR compared to MSCI US REIT IndexFerguson Partners Consulting, L.P.
National Health Investors, Inc.150%RSU 50 · PSU 50Yes — TSR vs. MSCI US REIT IndexFerguson Partners
NETSTREIT Corp.179.0%PSU 60 · RSU 40Yes — Absolute TSRFerguson Partners Consulting L.P.
Peakstone Realty Trust250%RSU 100not disclosedFerguson Partners
Sabra Health Care REIT, Inc.168.4%PSU 65 · RSU 35YesFW Cook
Sila Realty Trust, Inc.175%PRSU 50 · RSU 50NoFPC

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-154,153,7011,011,880441,40180.41%Passed
20252025-05-221,900,000————
20232023-06-0113,628,6813,734,5451,684,73478.49%Passed
20202020-05-1233,891,8166,598,4866,575,19983.7%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-05-1580.41%a
20252025-05-22—b
20232023-06-0178.49%c

a. Approved under the standard stated in the filing — “For purposes of this proposal, abstentions will not be counted as votes cast and will have no effect on the result of the vote on this proposal, although they will be considered present for the purpose of determining the presence of a quorum.”.

b. Voting standard not stated in the filing.

c. Approved under the standard stated in the filing — “For purposes of this proposal, abstentions will not be counted as votes cast and will have no effect on the result of the vote on this proposal, although they will be considered present for the purpose of determining the presence of a quorum.”.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)42 : 1
CEO total compensation$6,490,000
Median employee compensation—
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (52 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Michael Anderson. DEF 14A, filed 2026-03-31. Section “COMPENSATION TABLES” · page 27. As printed: 6,490,000. View filing ↗
  • Section 01, Scott Lappetito. DEF 14A, filed 2026-03-31. Section “COMPENSATION TABLES” · page 27. As printed: 3,527,281. View filing ↗
  • Section 01, Andrew Babin. DEF 14A, filed 2026-03-31. Section “COMPENSATION TABLES” · page 27. As printed: 119,280. View filing ↗
  • Section 03, Scott Lappetito RSU. DEF 14A, filed 2026-03-31. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Anderson RSU. DEF 14A, filed 2026-03-31. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Anderson PSU. DEF 14A, filed 2026-03-31. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Anderson RSU. DEF 14A, filed 2026-03-31. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Scott Lappetito PSU. DEF 14A, filed 2026-03-31. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Scott Lappetito RSU. DEF 14A, filed 2026-03-31. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-03-31. Section “CEO Pay Ratio”. As printed: 42 : 1. View filing ↗
  • Section 08, Leslie D. Michelson. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 291,000. View filing ↗
  • Section 08, Elizabeth K. Tuppeny. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 211,000. View filing ↗
  • Section 08, B.J. Penn. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 181,000. View filing ↗
  • Section 08, Edward G. Rendell. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 178,000. View filing ↗
  • Section 08, Edward M. Weil Jr. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 176,500. View filing ↗
  • Section 08, Michael Anderson. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Scott W. Humphrey. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-05-15. Item 5.07 · say-on-pay result. As reported: 80.41% (votes for as printed: 4,153,701). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-04-11. Item 5.07 · say-on-pay result. As reported: —. View filing ↗
  • Section 06, 2023 vote. Form 8-K, filed 2023-06-05. Item 5.07 · say-on-pay result. As reported: 78.49% (votes for as printed: 13,628,681). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 537,500 + equity 500,000 + all other 0 = 1,037,500, summed across the director compensation table rows.
  • Easterly Government Properties, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-23. CEO total compensation as printed in Easterly Government Properties, Inc.'s own proxy. As printed: 10,277,519. View filing ↗
  • CareTrust REIT, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-13. CEO total compensation as printed in CareTrust REIT, Inc.'s own proxy. As printed: 10,002,522. View filing ↗
  • Essential Properties Realty Trust, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Essential Properties Realty Trust, Inc.'s own proxy. As printed: 9,634,000. View filing ↗
  • Sabra Health Care REIT, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Sabra Health Care REIT, Inc.'s own proxy. As printed: 8,552,721. View filing ↗
  • Peakstone Realty Trust, Section 10b CEO total. DEF 14A, filed 2025-04-11. CEO total compensation as printed in Peakstone Realty Trust's own proxy. As printed: 7,162,931. View filing ↗
  • American Healthcare REIT, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in American Healthcare REIT, Inc.'s own proxy. As printed: 6,685,948. View filing ↗
  • LXP Industrial Trust, Section 10b CEO total. DEF 14A, filed 2026-04-03. CEO total compensation as printed in LXP Industrial Trust's own proxy. As printed: 6,645,384. View filing ↗
  • National Healthcare Properties, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in National Healthcare Properties, Inc.'s own proxy. As printed: 6,490,000. View filing ↗
  • Broadstone Net Lease, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-20. CEO total compensation as printed in Broadstone Net Lease, Inc.'s own proxy. As printed: 6,065,001. View filing ↗
  • Four Corners Property Trust, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-16. CEO total compensation as printed in Four Corners Property Trust, Inc.'s own proxy. As printed: 5,701,486. View filing ↗
  • Sila Realty Trust, Inc., Section 10b CEO total. DEF 14A, filed 2025-04-04. CEO total compensation as printed in Sila Realty Trust, Inc.'s own proxy. As printed: 5,510,455. View filing ↗
  • NETSTREIT Corp., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in NETSTREIT Corp.'s own proxy. As printed: 5,165,527. View filing ↗
  • LTC Properties, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in LTC Properties, Inc.'s own proxy. As printed: 4,027,538. View filing ↗
  • National Health Investors, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-03. CEO total compensation as printed in National Health Investors, Inc.'s own proxy. As printed: 3,652,795. View filing ↗
  • Global Medical REIT Inc., Section 10b CEO total. DEF 14A, filed 2025-04-28. CEO total compensation as printed in Global Medical REIT Inc.'s own proxy. As printed: 3,108,503. View filing ↗
  • Section 10a, American Healthcare REIT, Inc. reciprocity. DEF 14A. American Healthcare REIT, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties, Inc.. View filing ↗
  • Section 10a, Broadstone Net Lease, Inc. reciprocity. DEF 14A. Broadstone Net Lease, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties, Inc.. View filing ↗
  • Section 10a, CareTrust REIT, Inc. reciprocity. DEF 14A. CareTrust REIT, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties, Inc.. View filing ↗
  • Section 10a, Easterly Government Properties, Inc. reciprocity. DEF 14A. Easterly Government Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties, Inc.. View filing ↗
  • Section 10a, Essential Properties Realty Trust, Inc. reciprocity. DEF 14A. Essential Properties Realty Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties, Inc.. View filing ↗
  • Section 10a, Four Corners Property Trust, Inc. reciprocity. DEF 14A. Four Corners Property Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties, Inc.. View filing ↗
  • Section 10a, LTC Properties, Inc. reciprocity. DEF 14A. LTC Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties, Inc.. View filing ↗
  • Section 10a, NETSTREIT Corp. reciprocity. DEF 14A. NETSTREIT Corp.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties, Inc.. View filing ↗
  • Section 10a, Sabra Health Care REIT, Inc. reciprocity. DEF 14A. Sabra Health Care REIT, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties, Inc.. View filing ↗
  • Section 10a, Sila Realty Trust, Inc. reciprocity. DEF 14A. Sila Realty Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties, Inc.. View filing ↗
  • Section 10a, National Health Investors, Inc. reciprocity. DEF 14A. National Health Investors, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties, Inc.. View filing ↗
  • Section 10a, Global Medical REIT Inc. reciprocity. DEF 14A. Global Medical REIT Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties, Inc.. View filing ↗
  • Section 10a, LXP Industrial Trust reciprocity. DEF 14A. LXP Industrial Trust's most recent proxy was read; its disclosed peer group does not include National Healthcare Properties, Inc.. View filing ↗
  • Section 10a, Peakstone Realty Trust reciprocity. DEF 14A. Peakstone Realty Trust's most recent proxy was read; its disclosed peer group does not include National Healthcare Properties, Inc.. View filing ↗
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