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Transitioned shareholder base to approximately 70% institutional ownership following the first full year as a publicly traded company.
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Acquired six healthcare facilities in 2025 for $150 million, focusing on modern construction and high-quality tenant sponsorship in the ‘Sila mold’.
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Achieved a 90% retention rate on expiring leases, with non-renewals representing only 0.5% of Annual Base Rent (ABR).
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Improved tenant credit quality by increasing investment-grade rated tenant guarantors to 40.6% of the portfolio.
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Successfully transitioned the Fayetteville facility to an investment-grade regional hospital system, reducing exposure to Community Health Systems.
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Executed strategic dispositions, including the Saginaw facility and pending sales in Nevada and Virginia, to optimize portfolio construction.
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Maintained high portfolio utilization with 99.9% of properties under triple-net lease structures to ensure durable income streams.
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Anticipates 2026 acquisition volume to remain similar to 2025 levels, driven by market conditions and a 24-month buying capacity.
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Prioritizing internal redevelopment and expansion opportunities which typically yield 150 to 200 basis points higher than market capitalization rates.
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Targets a leverage range of 4.5x to 5.5x net debt to EBITDAre, providing over $200 million in immediate deployment capacity.
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Expects the ‘Silver Tsunami’ demographic shift to drive increased outpatient spending and patient volumes through 2030.
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Plans to complete the Stoughton facility demolition by the end of Q1 2026, reducing monthly carrying costs from $120,000 to $35,000.
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Reported a 5.8% decrease in AFFO per share primarily due to increased interest expense from new swaps entered at the end of 2024.
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Noted a significant reduction in one-time lease termination fees, dropping from over $6 million in 2024 to less than $300,000 in 2025.
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Identified a known 2026 conversion of a single-tenant property to multi-tenant, with 40% of the space (0.3% of ABR) requiring re-leasing.
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Highlighted the acquisition of OneOncology by Cencora, which will provide common control for seven former GenesisCare master leased properties.
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Management observes market cap rates for rehab facilities in the 6.75% to 7.5% range and MOB/ASC assets between 6% and 6.5%.
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Acknowledged the disconnect between the stock’s implied 8% cap rate and private market valuations, making management cautious about issuing equity.
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Indicated that while stock repurchases are a ‘tool in the toolbox,’ they are hesitant to pull liquidity from the market while building an institutional base.
