Principal Global Investors, Principal Real Estate Investors LLC, and Principal Funds, Inc. filed a Schedule 13G/A with the SEC on October 29, 2026, disclosing their combined beneficial ownership of Class A common stock in National Healthcare Properties, Inc. as of September 30, 2026.

Key Highlights

  • Combined stake: The three reporting persons collectively reported 3,121,635 shares beneficially owned, representing 7.1% of the class.
  • Principal Real Estate Investors LLC: Reported shared voting and dispositive power over 3,042,012 shares, equal to 6.9% of the class.
  • Principal Funds, Inc.: Reported shared voting and dispositive power over 1,712,323 shares, equal to 3.9% of the class, down from above 5%.
  • Principal Global Investors: Reported shared voting and dispositive power over 79,623 shares, equal to 0.2% of the class.
  • No sole voting or dispositive power: All three reporting persons reported zero sole voting power and zero sole dispositive power.
  • Triggering event: The date of the event requiring the filing was September 30, 2026.
  • Sub-5% drop for one entity: According to the filing, "Principal Funds, Inc. has reduced its beneficial ownership to less than 5% of the outstanding shares of the Issuer."

Principal Asset Management Entities Report Reduced National Healthcare Properties Holdings

Three affiliated entities operating under the Principal Asset Management umbrella filed a joint Amendment No. 1 to Schedule 13G covering their holdings in National Healthcare Properties, Inc. (CUSIP 42226B501), whose Class A common stock carries a $0.01 par value per share. The issuer's principal executive offices are listed in the filing at 540 Madison Ave, 27th Floor, New York, New York 10022. All three reporting persons are organized in Delaware or Maryland and are headquartered at 711 High Street, Des Moines, Iowa 50392-0300.

The filing identifies Principal Real Estate Investors LLC as the largest holder among the three, with shared voting and dispositive power over 3,042,012 shares, representing 6.9% of the class. Principal Funds, Inc. reported 1,712,323 shares with shared voting and dispositive power, equaling 3.9%. The filing notes that this represents a decline below the 5% threshold for Principal Funds, Inc., with the filing specifying that the Principal Real Estate Securities Fund, a series of Principal Funds, Inc., held those 1,712,323 shares as of September 30, 2026. Principal Global Investors reported the smallest position, with shared voting and dispositive power over 79,623 shares, or 0.2% of the class.

On an aggregate basis across all three reporting persons, the filing lists total beneficial ownership of 3,121,635 shares, representing 7.1% of the outstanding Class A common stock. All three entities are classified as investment advisers or investment companies in the filing. The statement was signed on behalf of Principal Global Investors and Principal Real Estate Investors LLC by J. Markham Penrod, Chief Compliance Officer - North America, Principal Asset Management, dated October 28, 2026, and on behalf of Principal Funds, Inc. by John L. Sullivan, Counsel and Assistant Secretary, dated October 29, 2026.

What Was Disclosed

Three Principal Asset Management entities jointly filed an amended Schedule 13G reporting aggregate beneficial ownership of 3,121,635 shares, or 7.1%, of National Healthcare Properties, Inc. Class A common stock as of September 30, 2026, with Principal Funds, Inc. noting its position fell below 5%.