Transitioned shareholder base to approximately 70% institutional ownership following the first full year as a publicly traded company.

Acquired six healthcare facilities in 2025 for $150 million, focusing on modern construction and high-quality tenant sponsorship in the 'Sila mold'.

Achieved a 90% retention rate on expiring leases, with non-renewals representing only 0.5% of Annual Base Rent (ABR).

Improved tenant credit quality by increasing investment-grade rated tenant guarantors to 40.6% of the portfolio.

Successfully transitioned the Fayetteville facility to an investment-grade regional hospital system, reducing exposure to Community Health Systems.

Executed strategic dispositions, including the Saginaw facility and pending sales in Nevada and Virginia, to optimize portfolio construction.

Maintained high portfolio utilization with 99.9% of properties under triple-net lease structures to ensure durable income streams.

Anticipates 2026 acquisition volume to remain similar to 2025 levels, driven by market conditions and a 24-month buying capacity.

Prioritizing internal redevelopment and expansion opportunities which typically yield 150 to 200 basis points higher than market capitalization rates.

Targets a leverage range of 4.5x to 5.5x net debt to EBITDAre, providing over $200 million in immediate deployment capacity.

Expects the 'Silver Tsunami' demographic shift to drive increased outpatient spending and patient volumes through 2030.

Plans to complete the Stoughton facility demolition by the end of Q1 2026, reducing monthly carrying costs from $120,000 to $35,000.

Reported a 5.8% decrease in AFFO per share primarily due to increased interest expense from new swaps entered at the end of 2024.

Noted a significant reduction in one-time lease termination fees, dropping from over $6 million in 2024 to less than $300,000 in 2025.

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.

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%.

Acknowledged the disconnect between the stock's implied 8% cap rate and private market valuations, making management cautious about issuing equity.

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.

Management is focusing on internal expansions where they can achieve yields north of the stock's implied cap rate.

Stated that these opportunities only exist due to established direct tenant relationships and existing real estate ownership.

The Alexandria property tenant paid 125% holdover rent through November 2025 before vacating in December.

The facility is currently under a purchase and sale agreement expected to close by the end of Q1 or early Q2 2026.

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