Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-15

National Healthcare Properties (NHP)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$6,490,000
Michael Anderson total, FY2025
46th
CEO pay percentile vs peers
42:1
CEO-to-median pay ratio
80.41%
Say-on-pay support, latest vote
Companies that benchmark against NHP
No companies currently name NHP as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

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 FY20242025
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.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Michael AndersonPSU2025-05-2313,99627,99355,986$900,000
Michael AndersonRSU2025-05-2362,2082,000,000
Scott LappetitoRSU2025-05-2331,1041,000,000
Scott LappetitoPSU2025-05-236,22012,44124,882400,000
Michael AndersonRSU2025-05-2327,993900,000
Scott LappetitoRSU2025-05-2312,441400,000
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Michael Anderson$2,900,000$900,000$023.7%
Scott Lappetito1,400,000400,000022.2%

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

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Scott LappetitoRSU43,545$1,400,000
Michael AndersonPSU55,9861,800,000
Scott LappetitoPSU7,294234,502
Scott LappetitoPSU7,294234,502
Michael AndersonPSU55,9861,800,000
Scott LappetitoRSU43,5451,400,000
Michael AndersonRSU60,1341,933,308
Michael AndersonRSU60,1341,933,308
05

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. In determining the compensation of our NEOs, the CCG Committee generally relies on formulaic incentive programs, while maintaining the ability to exercise its judgment to take into account the many aspects of performance that make up an individual's contribution to our success, including teamwork, creativity, good judgment and integrity.

CEO STI target (% of salary)135%
CEO LTI target (% of salary)
Independent consultantFerguson
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-154,153,7011,011,880441,40180.41%Passed
20251,900,000
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
2025a
20262026-05-1580.41%b
20232023-06-0178.49%c

a. Voting standard not stated in the filing.

b. 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.”.

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.

07

CEO pay ratio

Ratio (CEO : median employee)42 : 1
CEO total compensation$6,490,000
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Leslie D. MichelsonIndependent · Board Chair · Audit (Chair) · 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
Scott W. HumphreyIndependent · Audit (Chair) · Partial-year service · Newly elected000000
Michael AndersonEmployee director00000
09

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)15,000 / 20,000
Stock ownership guideline4x annual cash retainer ($300,000)
09b

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.

10

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.

10a

Peer reciprocity

Of the companies National Healthcare Properties 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.

10b

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 Properties2025Michael 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

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.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
National Healthcare Properties236.25%PSU 50 · RSU 50NoFerguson
American Healthcare REIT, Inc.150%RSU 50 · PSU 50Yes — Total Shareholder Return (TSR) relative to performance peer groupFerguson Partners Consulting, L.P.
Broadstone Net Lease, Inc.198%PSU 60 · RSU 40Yes — 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%LTIP Units 100Yes — Relative TSRFerguson Partners Consulting L.P.
Four Corners Property Trust, Inc.125%PSU 50 · RSU 50Yes — Absolute Total Stockholder Return (TSR)Semler Brossy
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%not disclosednot disclosedFerguson Partners
NETSTREIT Corp.179.0%PSU 60 · RSU 40Yes — Absolute TSRFPC and Farient
Peakstone Realty Trust250%RSU 100not disclosedFerguson Partners
Sabra Health Care REIT, Inc.168.4%PSU 65 · RSU 35YesFW Cook
Sila Realty Trust, Inc.175%PSU 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.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Michael AndersonDEF 14A2026-03-310001140361-26-012359Section “Summary Compensation Table”. As printed: 6,490,000. Filing ↗machine: r2 · c18 · span 411344–411354
2Section 01, Scott LappetitoDEF 14A2026-03-310001140361-26-012359Section “Summary Compensation Table”. As printed: 3,527,281. Filing ↗machine: r6 · c18 · span 426064–426074
3Section 01, Andrew BabinDEF 14A2026-03-310001140361-26-012359Section “Summary Compensation Table”. As printed: 119,280. Filing ↗machine: r5 · c18 · span 421842–421849
4Section 03, Michael Anderson PSUDEF 14A2026-03-310001140361-26-012359Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t146 · r4 · c25 · span 465486–465493
5Section 03, Michael Anderson RSUDEF 14A2026-03-310001140361-26-012359Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t146 · r3 · c27 · span 460478–460487
6Section 03, Scott Lappetito RSUDEF 14A2026-03-310001140361-26-012359Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t146 · r6 · c27 · span 474548–474557
7Section 03, Scott Lappetito PSUDEF 14A2026-03-310001140361-26-012359Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t146 · r7 · c22 · span 478334–478340
8Section 03, Michael Anderson RSUDEF 14A2026-03-310001140361-26-012359Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t146 · r4 · c25 · span 465486–465493
9Section 03, Scott Lappetito RSUDEF 14A2026-03-310001140361-26-012359Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t146 · r7 · c22 · span 478334–478340
10Section 07, pay ratioDEF 14A2026-03-310001140361-26-012359Section “CEO Pay Ratio”. As printed: 42 : 1. Filing ↗machine: span 396081–396083
11Section 08, Leslie D. MichelsonDEF 14A2026-03-310001140361-26-012359Section “Director Compensation”. As printed: 291,000. Filing ↗machine: t94 · r2 · c18 · span 232025–232032
12Section 08, Elizabeth K. TuppenyDEF 14A2026-03-310001140361-26-012359Section “Director Compensation”. As printed: 211,000. Filing ↗machine: t94 · r5 · c18 · span 242125–242132
13Section 08, B.J. PennDEF 14A2026-03-310001140361-26-012359Section “Director Compensation”. As printed: 181,000. Filing ↗machine: t94 · r4 · c18 · span 238898–238905
14Section 08, Edward G. RendellDEF 14A2026-03-310001140361-26-012359Section “Director Compensation”. As printed: 178,000. Filing ↗machine: t94 · r3 · c18 · span 235209–235216
15Section 08, Edward M. Weil, JrDEF 14A2026-03-310001140361-26-012359Section “Director Compensation”. As printed: 176,500. Filing ↗machine: t94 · r6 · c18 · span 245663–245670
16Section 08, Scott W. HumphreyDEF 14A2026-03-310001140361-26-012359Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, Michael AndersonDEF 14A2026-03-310001140361-26-012359Section “Director Compensation”. As printed: 0. Filing ↗
18Section 06, 2025 voteForm 8-K2025-04-110001140361-25-013458Item 5.07 · say-on-pay result. As reported: —. Filing ↗
19Section 06, 2026 voteForm 8-K2026-05-150001561032-26-000033Item 5.07 · say-on-pay result. As reported: 80.41% (votes for as printed: 4,153,701). Filing ↗
20Section 06, 2023 voteForm 8-K2023-06-050001104659-23-068049Item 5.07 · say-on-pay result. As reported: 78.49% (votes for as printed: 13,628,681). Filing ↗
21Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
22Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
23Section 09b board cost (computed)ComputedcomputedCash 537,500 + equity 500,000 + all other 0 = 1,037,500, summed across the director compensation table rows.machine: formula: Σ = 1,037,500
24Easterly Government Properties, Inc., Section 10b CEO totalDEF 14A2026-03-230001622194-26-000008CEO total compensation as printed in Easterly Government Properties, Inc.'s own proxy. As printed: 10,277,519. Filing ↗machine: t32 · r4 · c14 · span 1314670–1314680
25CareTrust REIT, Inc., Section 10b CEO totalDEF 14A2026-03-130001628280-26-017386CEO total compensation as printed in CareTrust REIT, Inc.'s own proxy. As printed: 10,002,522. Filing ↗machine: r3 · c21 · span 586779–586789
26Essential Properties Realty Trust, Inc., Section 10b CEO totalDEF 14A2026-03-310001193125-26-134683CEO total compensation as printed in Essential Properties Realty Trust, Inc.'s own proxy. As printed: 9,634,000. Filing ↗
27Sabra Health Care REIT, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-175398CEO total compensation as printed in Sabra Health Care REIT, Inc.'s own proxy. As printed: 8,552,721. Filing ↗machine: span 570037–570046
28Peakstone Realty Trust, Section 10b CEO totalDEF 14A2025-04-110001140361-25-013469CEO total compensation as printed in Peakstone Realty Trust's own proxy. As printed: 7,162,931. Filing ↗machine: r2 · c22 · span 698185–698195
29American Healthcare REIT, Inc., Section 10b CEO totalDEF 14A2026-04-090001193125-26-149677CEO total compensation as printed in American Healthcare REIT, Inc.'s own proxy. As printed: 6,685,948. Filing ↗machine: r3 · c25 · span 905119–905128
30LXP Industrial Trust, Section 10b CEO totalDEF 14A2026-04-030000910108-26-000015CEO total compensation as printed in LXP Industrial Trust's own proxy. As printed: 6,645,384. Filing ↗machine: t65 · r2 · c15 · span 653567–653576
31National Healthcare Properties (subject), Section 10b CEO totalDEF 14A2026-03-310001140361-26-012359CEO total compensation as printed in National Healthcare Properties's own proxy. As printed: 6,490,000. Filing ↗machine: r2 · c18 · span 411344–411354
32Broadstone Net Lease, Inc., Section 10b CEO totalDEF 14A2026-03-200001424182-26-000025CEO total compensation as printed in Broadstone Net Lease, Inc.'s own proxy. As printed: 6,065,001. Filing ↗machine: span 1494368–1494377
33Four Corners Property Trust, Inc., Section 10b CEO totalDEF 14A2026-04-160001140361-26-015137CEO total compensation as printed in Four Corners Property Trust, Inc.'s own proxy. As printed: 5,701,486. Filing ↗machine: r2 · c18 · span 641840–641849
34Sila Realty Trust, Inc., Section 10b CEO totalDEF 14A2025-04-040001567925-25-000036CEO total compensation as printed in Sila Realty Trust, Inc.'s own proxy. As printed: 5,510,455. Filing ↗machine: span 1479805–1479814
35NETSTREIT Corp., Section 10b CEO totalDEF 14A2026-04-010001628280-26-022557CEO total compensation as printed in NETSTREIT Corp.'s own proxy. As printed: 5,165,527. Filing ↗machine: r2 · c13 · span 1458631–1458640
36LTC Properties, Inc., Section 10b CEO totalDEF 14A2026-04-080001104659-26-040921CEO total compensation as printed in LTC Properties, Inc.'s own proxy. As printed: 4,027,538. Filing ↗machine: t203 · r7 · c20 · span 1255138–1255147
37National Health Investors, Inc., Section 10b CEO totalDEF 14A2026-04-030000877860-26-000098CEO total compensation as printed in National Health Investors, Inc.'s own proxy. As printed: 3,652,795. Filing ↗machine: r2 · c30 · span 507264–507273
38Section 10a, Easterly Government Properties, Inc. reciprocityDEF 14A0001622194-26-000008Easterly Government Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties. Filing ↗
39Section 10a, National Health Investors, Inc. reciprocityDEF 14A0000877860-26-000098National Health Investors, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties. Filing ↗
40Section 10a, NETSTREIT Corp. reciprocityDEF 14A0001628280-26-022557NETSTREIT Corp.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties. Filing ↗
41Section 10a, LXP Industrial Trust reciprocityDEF 14A0000910108-26-000015LXP Industrial Trust's most recent proxy was read; its disclosed peer group does not include National Healthcare Properties. Filing ↗
42Section 10a, American Healthcare REIT, Inc. reciprocityDEF 14A0001193125-26-149677American Healthcare REIT, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties. Filing ↗
43Section 10a, Peakstone Realty Trust reciprocityDEF 14A0001140361-25-013469Peakstone Realty Trust's most recent proxy was read; its disclosed peer group does not include National Healthcare Properties. Filing ↗
44Section 10a, Sila Realty Trust, Inc. reciprocityDEF 14A0001567925-25-000036Sila Realty Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties. Filing ↗
45Section 10a, Four Corners Property Trust, Inc. reciprocityDEF 14A0001140361-26-015137Four Corners Property Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties. Filing ↗
46Section 10a, Sabra Health Care REIT, Inc. reciprocityDEF 14A0001193125-26-175398Sabra Health Care REIT, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties. Filing ↗
47Section 10a, LTC Properties, Inc. reciprocityDEF 14A0001104659-26-040921LTC Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties. Filing ↗
48Section 10a, Broadstone Net Lease, Inc. reciprocityDEF 14A0001424182-26-000025Broadstone Net Lease, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties. Filing ↗
49Section 10a, Essential Properties Realty Trust, Inc. reciprocityDEF 14A0001193125-26-134683Essential Properties Realty Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include National Healthcare Properties. Filing ↗