Business Description

We are a fully-integrated healthcare real estate company organized as a corporation in the State of Maryland on March 28, 2014. We own and acquire real estate properties that are leased to hospitals, doctors, healthcare systems or other healthcare service providers. Real Estate Investments As of December 31, 2025, we had gross investments of approximately $1.2 billion in 198 real estate properties (including one property, with sales-type leases, with a gross amount totaling approximately $8.1 million and one property classified as held for sale with a net investment totaling approximately $5.3 million). The properties are located in 36 states, totaling approximately 4.5 million square feet in the aggregate, with a weighted average remaining lease term of approximately 7.0 years. Excluding the real estate asset held for sale at December 31, 2025, the properties were approximately 90.6% leased. The Company’s real estate investments by property type, geographic area, and customer are detailed in Note 2 – Real Estate Investments to the Consolidated Financial Statements. The following table shows the diversification by property types based on annualized rent. Number of Properties Annualized Rent (%) Medical Office Building (MOB) 93 36.0 % Inpatient Rehabilitation Facilities (IRF) 10 21.2 % Acute Inpatient Behavioral (AIB) 5 12.6 % Specialty Centers (SC) 36 8.9 % Physician Clinics (PC) 33 8.2 % Behavioral Specialty Facilities (BSF) 13 7.1 % Surgical Centers and Hospitals (SCH) 6 4.0 % Long-term Acute Care Hospitals (LTACH) 2 2.0 % Total real estate investments 198 100.0 % Customer Concentrations The Company's real estate portfolio is leased to a diverse tenant base. Our tenants include many nationally recognized healthcare providers, such as Adventist HealthCare, Inc., Hospital Corporation of America, Fresenius Medical Care AG & Co, Davita, Inc., Tenet Healthcare Corporation, Catholic Healthcare Initiatives, and Lifepoint Health. While no tenants provided more than 10% of our annualized rent as of December 31, 2025, our largest tenants were US Healthvest which provided 7.3% and Lifepoint Health which provided 6.4% of our annualized rent. We have no control over the success or failure of our tenants' businesses and, at any time, any of our tenants may experience a downturn in their businesses that may weaken their financial condition. Geographic Concentrations The Company's portfolio is currently located in 36 states with 26.7% of our annualized rent as of December 31, 2025 derived from properties located in Texas (14.3%) and Florida (12.4%). No other states provided annualized rent over 10% as of December 31, 2025. Such geographic concentrations could expose the Company to certain downturns in the economies of those states or other changes in such states' respective real estate market conditions. Any material change in the current payment programs or regulatory, economic, environmental or competitive conditions in any of these areas could have an effect on our overall business results. In the event of negative economic or other changes in any of these markets, our business, financial condition and results of operations, our ability to make distributions to our shareholders and the trading price of our common shares may be adversely affected. See each of the discussions under