Sila Realty Trust : First Quarter 2025 Financial Supplement

Q1

2025

SUPPLEMENTAL

‌QUARTERLY

INFORMATION

S KI LL F U L AN D TH O UG H TF UL I NV E ST I N G

‌Forward Looking Statements

Certain statements contained herein, other than historical fact, may be considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties. No forward-looking statement is intended to, nor shall it, serve as a guarantee of future performance. You can identify the forward-looking statements by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "outlook," "plan," "potential," "predict," "project," "seek," "should," "will" and other similar terms and phrases, including references to expected lease expiration and annualized base rent trends and extensions of the Company's term loan and revolving line of credit. Forward-looking statements are subject to various risks and uncertainties and factors that could cause actual results to differ materially from the expectations of Sila Realty Trust, Inc. (the "Company"), and investors should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and could materially affect the Company's results of operations, financial condition, cash flows, performance or future achievements or events, including those described under the section entitled Part I, Item 1A. "Risk Factors" of the Company's 2024 Annual Report on Form 10-K, as filed with the SEC on March 3, 2025. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Non-GAAP Measures

This presentation contains certain financial information not derived in accordance with the United States generally accepted accounting principles (GAAP). These items include earnings before interest, income taxes, depreciation and amortization (EBITDA), EBITDA for real estate (EBITDAre), earnings before interest, income taxes, depreciation, amortization, rent and management fees (EBITDARM), funds from operations (FFO), core funds from operations (Core FFO), adjusted funds from operations (AFFO), net debt, net operating income (NOI), cash NOI, and same store cash NOI, as well as ratios derived from the foregoing. These measures (and the methodologies used to derive them) may not be comparable to those used by other companies. Refer to the glossary for a detailed explanation of these terms and reconciliations to the most directly comparable GAAP measures, as well as others appearing in the supplement. Management considers each item an important supplemental measure of operating and financial performance and believes they are frequently used by interested parties in the evaluation of real estate investment trusts. These measures should not be considered as alternatives, or superior measures, to net income or loss as an indicator of the Company's performance and should be considered only as a supplement to net income or loss and cash flows from operating, investing or financing activities as measures of profitability and/or liquidity, computed in accordance with GAAP.

Unaudited Financial Information

All quarterly information presented in this supplement is unaudited and should be read in conjunction with the Company's audited consolidated financial statements (and the notes thereto) included in the Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 3, 2025.

Corporate Address

1001 Water Street

Suite 800

Tampa, FL 33602

Transfer Agent

By Regular Mail:

Computershare

P.O. Box 43007

Providence, RI 02940-3007

By Overnight Delivery:

Computershare

150 Royall Street, Suite 101

Canton, MA 02021

‌Section Page

Quarterly Financial Summary 3

Financial Statistics and Ratios 4

Condensed Consolidated Balance Sheets 5

Condensed Consolidated Statements of Income 6

Reconciliations of Non-GAAP Measures - FFO, Core FFO, and AFFO 7

Reconciliations of Non-GAAP Measures - EBITDA and EBITDAre 8

Reconciliations of Non-GAAP Measures - Net Operating Income (NOI) 9

Same Store Cash NOI and Leasing Trends 10

Debt 11

Acquisitions and Dispositions 12

Property Map 13

Real Estate Diversification 14

Portfolio 17

Glossary 21

Contact Information

Investor Support

833-404-4107

Miles Callahan, Senior Vice President of Capital Markets and Investor Relations [e-mail]

https://www.silarealtytrust.com

Quarterly Financial Summary

(dollars in thousands, except share data and per share amounts)

Q1 | 2025

‌The following tables summarize the Company's quarterly financial results and portfolio metrics.‌

Three Months Ended

Financial Results March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024

$ 48,256	$ 46,545	$ 46,118	$ 43,554	$ 50,639
$ 7,095	$ 11,114	$ 11,935	$ 4,628	$ 14,980
$ 0.13	$ 0.20	$ 0.21	$ 0.08	$ 0.26
$ 36,516	$ 33,859	$ 36,060	$ 30,485	$ 39,096
$ 28,363	$ 28,571	$ 30,568	$ 25,268	$ 33,779
$ 0.51	$ 0.51	$ 0.54	$ 0.44	$ 0.59
79.3 %	77.5 %	73.4 %	91.6 %	69.9 %
$ 29,631	$ 28,998	$ 30,798	$ 30,069	$ 36,160
$ 0.53	$ 0.52	$ 0.55	$ 0.52	$ 0.63
75.9 %	76.4 %	72.8 %	77.0 %	65.3 %
$ 29,448	$ 30,235	$ 31,714	$ 30,845	$ 38,285
$ 0.53	$ 0.54	$ 0.57	$ 0.54	$ 0.66
76.4 %	73.3 %	70.7 %	75.0 %	61.7 %
		As of
March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
136	135	136	137	136
5,333	5,263	5,271	5,288	5,258
2.2%	2.2%	2.2%	2.2%	2.2%
96.0%	96.0%	95.5%	97.5%	99.2%
9.7 years	9.7 years	8.3 years	8.2 years	8.4 years
169	169	168	169	169
99.9 %	99.9 %	99.9 %	99.9 %	99.9 %

Rental revenue

Net income attributable to common stockholders Net income per common share - diluted EBITDAre

FFO

FFO per common share - diluted FFO payout ratio

Core FFO

Core FFO per common share - diluted Core FFO payout ratio

AFFO

AFFO per common share - diluted AFFO payout ratio

Portfolio Metrics

Number of properties1

Triple net lease exposure3,4

Weighted average remaining lease term

Weighted average rent escalation

Rentable square feet (in thousands) Weighted average leased rate Number of leases2

1. Excludes two undeveloped land parcels.

2. Master leases account for a single lease.

3. Includes triple net leases and absolute net leases.

4. Based on annualized contractual base rent.

See the glossary for a description of the Company's non-GAAP financial and operating metrics.

Financial Statistics and Ratios

(dollars in thousands, except per share amounts)

Q1 | 2025

‌Three Months Ended‌

Interest Coverage Ratio March 31, December 31, September 30, June 30, March 31,

$ 8,128	$ 5,265	$ 5,468	$ 5,193	$ 5,294
36,516	33,859	36,060	30,485	39,096
4.5 x	6.4 x	6.6 x	5.9 x	7.4 x
		As of
March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
$ 557,000	$ 525,000	$ 525,000	$ 525,000	$ 525,000
30,458	39,844	28,606	86,971	90,242
526,542	485,156	496,394	438,029	434,758
149,712 148,080		143,292	142,680	144,072
3.5 x	3.3 x	3.5 x	3.1 x	3.0 x
$ 526,542	$ 485,156	$ 496,394	$ 438,029	$ 434,758
-	-	-	-	2,119,620
2,012,331	1,834,200	1,900,659	1,657,412	-
26.2 % 26.5 %		26.1 %	26.4 %	20.5 %

2025 2024 2024 2024 2024

Interest expense

EBITDAre

Interest coverage ratio

Net Debt Ratios

Principal debt outstanding

Net debt to EBITDAre ratio

Net debt

Less: cash and cash equivalents EBITDAre annualized1

Net debt

Enterprise value

Adjusted fair value of real estate investments Net debt leverage ratio2

Financial Metrics March 31, 2025 Other Key Metrics March 31, 2025

Net debt leverage ratio2	26.2 %
Net debt to EBITDAre ratio	3.5 x
Interest coverage ratio	4.5 x

Total real estate investments at cost	$ 2,275,277
Common stock (NYSE: SILA) price per share	$ 26.71
Annualized distribution per share4	$ 1.60

Liquidity3$ 598,458

1. EBITDAre is annualized by taking the current month amount, removing lease termination income and items that are not a result of normal operations, and multiplying by twelve months.

2. As a result of the Company's listing on the New York Stock Exchange on June 13, 2024, net debt leverage ratio is calculated as net debt to enterprise value as of March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024. Prior to the listing, net debt leverage ratio was calculated as net debt to adjusted fair value of real estate investments as of March 31, 2024.

3. Liquidity represents cash and cash equivalents of $30.5 million and borrowing base availability on the Company's credit facility of $568.0 million as of March 31, 2025.

4. Represents annualized amount of distributions paid during the quarter ended March 31, 2025.

See the glossary for a description of the Company's non-GAAP financial and operating metrics.

Condensed Consolidated Balance Sheets

(dollars in thousands, except share data)

Q1 | 2025

‌(Unaudited)‌

March 31, 2025

December 31, 2024

ASSETS

$ 160,743	$ 160,743
1,561,007	1,546,877
1,721,750	1,707,620
30,458	39,844
123,662	125,655
17,700	17,700
36,066	36,332
1,901	-
82,591	79,923
$ 2,014,128	$ 2,007,074
$ 554,115	$ 521,921
30,881	33,405
6,755	7,070
41,342	41,493
74	-
633,167	603,889
-	-
551	551
1,998,893	1,998,777
(622,701)	(607,499)
4,218 1,380,961

Real estate:

Land

Buildings and improvements, less accumulated depreciation of $289,458 and $277,024, respectively

Intangible assets, less accumulated amortization of $127,178 and $122,208, respectively

Total real estate, net

Cash and cash equivalents Goodwill

Right-of-use assets - operating leases

Right-of-use assets - finance lease

Other assets

Total assets

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Credit facility, net of deferred financing costs of $2,885 and $3,079, respectively

Finance lease liabilities

Intangible liabilities, less accumulated amortization of $9,076 and $8,761, respectively

Accounts payable and other liabilities Operating lease liabilities

Total liabilities

Stockholders' equity:

Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding

Common stock, $0.01 par value per share, 510,000,000 shares authorized; 61,897,727 and 61,779,631 shares issued, respectively; 55,145,873 and 55,075,006 shares outstanding, respectively

Additional paid-in capital

Distributions in excess of accumulated earnings

Total stocfiholders' equity

Accumulated other comprehensive income

11,356

1,403,185

Total liabilities and stocfiholders' equity $ 2,014,128 $ 2,007,074

See the glossary for a description of the Company's non-GAAP financial and operating metrics.

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Depreciation and amortization of real estate assets

‌Adjustments:‌

Gain on dispositions of real estate

Three Months Ended March 31,

Reconciliations of Non-GAAP Measures - FFO, Core FFO and AFFO

(dollars in thousands, except per share amounts)

Q1 | 2025

Net income attributable to common stockholders

$ 7,095	$ 14,980
17,737	18,875
-	(76)
3,531	-

2025 2024

Impairment losses

-	56
11	1,863
3	-
-	863
23	(629)
1,060	228
171	-
$ 29,631	$ 36,160
319	2,388
(2,391)	(1,176)
628	452
1,261	461
$ 29,448	$ 38,285
$ 0.13	$ 0.26
$ 0.51	$ 0.59
$ 0.53	$ 0.63
$ 0.53	$ 0.66
79.3 %	69.9 %
75.9 %	65.3 %

FFO1$ 28,363 $ 33,779

Adjustments:

Listing-related expenses

Severance

Write-off of straight-line rent receivables related to prior periods

Accelerated stock-based compensation

Core FFO1

Loss on extinguishment of debt

Amortization of above (below) market lease intangibles, including ground leases, net Increase in current expected credit loss reserve

Adjustments:

Deferred rent2

AFFO1

Amortization of deferred financing costs

Straight-line rent adjustments Stock-based compensation

Core FFO payout ratio

AFFO per common share - diluted

FFO per common share - diluted

Net income per common share - diluted Core FFO per common share - diluted FFO payout ratio

AFFO payout ratio 76.4 % 61.7 %

1. The three months ended March 31, 2024 include $4.1 million of lease termination fee income received.

2. The three months ended March 31, 2024 include a $2.0 million severance fee received from GenesisCare USA, Inc. and its affiliates, or GenesisCare, and will be recognized in rental revenues over the remaining GenesisCare amended master lease term.

See the glossary for a description of the Company's non-GAAP financial and operating metrics.

7 | Page

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Same Store Cash Net Operating Income

‌COM 4OM‌

99.4%

99.4%

End of Period Weighted Average Leased Raee

100%

90%

95.6%

95.7%

95.6%

3OM

2OM

1OM

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3g.y

1B24

2024

538.0

3Q24

$37.8

4024

$37.8

1G25

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Debt

(dollars in millions)

Q1 | 2025

‌Unsecured Credit Facility Key Covenants Required Actual‌

Ratio of total indebtedness to total gross asset value ≤ 60.0% 24.2 %Ratio of secured indebtedness to total gross asset value ≤ 30.0% 0.0 %

Ratio of adjusted EBITDA to fixed charges ≥ 1.50x 6.57 x

Ratio of adjusted NOI from unencumbered properties under the credit facility to total unsecured interest expense

≥ 1.75x 7.07 x

The table above includes a summary of key financial covenants for the Company's credit facility, as defined and calculated within the terms of the Company's credit and term loan agreements. These calculations are presented to reflect the Company's compliance with the covenants and are not intended to be measures of the Company's liquidity or performance.

Debt Summary
Hedged debt	Amount	Rate1	% of Total
Credit facility term loans, fixed through interest rate swaps	$ 525.0	4.6 %	94.3 %
Total hedged debt	525.0	4.6 %	94.3 %
Variable rate debt
Revolving line of credit	32.0	5.6 %	5.7 %
Total variable rate debt	32.0	5.6 %	5.7 %
Total debt	$ 557.0	4.7 %	100.0 %

Debt Maturities

$625M

$500M

$375M

$250M

$125M

$0M

					Revolver (Undrawn $568M)
	$250M		$275M

2

2025 2026 2027

Credit Facility Term Loan - Fixed Through Swaps

3

2028 2029

Interest Rate Swap Maturities

$500M

$375M

$250M

$125M

$0M

$275M

$250M

4 5

2025 2026 2027 2028 2029

1. Weighted average interest rate as of March 31, 2025.

2. The 2027 term loan may be extended for a period of one year on no more than two occasions, subject to the satisfaction of certain conditions, including the payment of an extension fee.

3. The revolving line of credit, at the Company's election, may be extended for a period of six-months on no more than two occasions, subject to the satisfaction of certain conditions, including the payment of an extension fee.

4. The 2028 term loan is fixed through six interest rate swaps with an aggregate notional amount of $275 million that mature on January 31, 2028. As of March 31, 2025, the weighted average fixed interest rate on the interest rate swap agreements maturing on January 31, 2028 was 2.83%.

5. The 2027 term loan is fixed through four interest rate swaps with an aggregate notional amount of $250 million that mature on March 20, 2029. As of March 31, 2025, the weighted average fixed interest rate on the interest rate swap agreements maturing on March 20, 2029 was 3.76%.

See the glossary for a description of the Company's non-GAAP financial and operating metrics.

11 | Page

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‌Property Map‌

(as of March 31, 2025)

Q1 | 2025 Property Diversification

37.0%

64.7%

Medical Outpatient Building Inpatient Rehabilitation Facility Surgical and Specialty Facilities1

Annualized Base Rent2

31.8%

31.2%

19.9%

Properties3

15.4%

10.3%

Properties3

89.7%

9.1%

Annualized Base Rent2

90.9%

Single/Multi-Tenant Concentration

Single Tenant Multi-Tenant

1. Surgical and Specialty Facilities includes Surgical Facilities, Long-Term Acute Care Hospitals, Behavioral Healthcare Facilities, Transitional Care, Micro-Hospitals and Short-Term Acute Care Hospitals.

2. Based on annualized March 2025 contractual base rent.

3. Excludes two undeveloped land parcels.

See the glossary for a description of the Company's non-GAAP financial and operating metrics.

‌Total Statistics As of March 31,‌

		2025		2024
Rentable square feet		5,332,636		5,257,638
Number of properties1		136		136
Average annualized base rent per leased square foot		$32.96		$31.39
Weighted average remaining lease term		9.7 years		8.4 years
Weighted average leased rate		96.0 %		99.2 %
Number of leases2			169	169

Top 10 Marfiets3 As of March 31, 2025 As of March 31, 2024

Rentable

Square Feet % Leased4

Rentable

Square Feet % Leased4

Dallas

Des Moines

San Antonio

312,590	100.0 %
479,137	100.0 %
293,782	96.3 %
191,269	100.0 %
224,314	100.0 %
244,548	99.1 %
89,139	100.0 %
117,672	100.0 %
129,634	100.0 %
125,269	100.0 %
2,207,354	99.4 %

312,590	100.0 %
479,137	100.0 %
293,782	96.3 %
191,269	100.0 %
224,314	100.0 %
244,548	100.0 %
89,139	100.0 %
117,672	100.0 %
129,634	100.0 %
125,269	100.0 %
2,207,354	99.5 %

Oklahoma City Akron

Total

Chicago

Philadelphia

Tucson Houston Austin

Top 10 States3Top 10 Marfiets3

7.2%

5.7%

5.5%

5.1%

4.8%

4.6%

4.2%

4.0%

3.5%

Texas Ofilahoma Louisiana Arizona California

Ohio

Florida Arfiansas

Iowa New Jersey

28.1%

Dallas Ofilahoma City San Antonio

Afiron Des Moines

Tucson

Philadelphia

Houston Chicago Austin

4.1%

4.0%

4.0%

3.5%

3.0%

2.9%

2.8%

5.4%

7.8%

7.2%

1. Excludes two undeveloped land parcels as of March 31, 2025 and March 31, 2024.

2. Master leases account for a single lease.

3. Represents each market's, or state's, as applicable, annualized March 2025 contractual base rent as a percentage of total annualized March 2025 contractual base rent.

4. Weighted average based on rentable square feet.

See the glossary for a description of the Company's non-GAAP financial and operating metrics.

‌Lease Expirations1

$70M

Annualized Base Rent

$60M

$50M

$40M

$30M

$20M

$10M

$0M

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter

2.5M

2.0M

Square Feet

1.5M

1.0M

0.5M

0.0M

Annualized Base Rent 2

Expiring Leased Square Feet

Tenant Diversification2,3,4

Post Acute Medical, LLC Baylor Scott and White Health Community Health Systems, Inc.	15 Properties 7 7.8% 9 6.8%
Integris Health, Inc.	9		5.8%
Trinity Health	8		5.5%
Tenet Healthcare Corporation	8		5.5%
Select Medical Holdings Corporation	2		4.9%
Surgery Partners, Inc.	2		4.6%
LifePoint Health, Inc.	6	3.7%
Cleveland Clinic Foundation	2	2.7%

15.6%

Tenant Credit Concentrations2,5

39.3%

28.1%

32.6%

Investment Grade Rated Tenant/ Guarantor or Affiliate

Rated Tenant/Guarantor or Affiliate

Non-Rated Tenant/Guarantor

10.1%

Leases6

89.9%

10.5%

Annualized Base Rent2

89.5%

Annual Lease Escalation Structure

Contractual CPI

1. The table includes a tenant who has been moved to the cash basis of accounting for revenue recognition purposes that has continued to make rental payments as of March 31, 2025.

2. Based on annualized March 2025 contractual base rent.

3. Includes tenants under common control.

4. LifePoint Health, Inc., or LifePoint, is a partner in joint ventures that lease certain of our properties, with ownership percentages at each joint venture ranging from 49% to 51%, and is a 100% owner of the tenant entity at another property. The aggregate annualized base rent of the properties with any amount of LifePoint ownership is 10.6% of the total portfolio annualized base rent. However, LifePoint is represented as 3.7% in our top ten tenants due to the Company's determination of common control at each property, which includes consideration of both ownership percentages and credit ratings.

5. All credit ratings are from major credit rating agencies. Parent credit rating is used where tenant is not rated.

6. Master leases account for a single lease.

See the glossary for a description of the Company's non-GAAP financial and operating metrics.

‌EBITDARM Coverage Ratio1
	% of ABR2		EBITDARM Coverage
Medical Outpatient Building	15.4%		7.58x
Inpatient Rehabilitation Facility	29.9%		4.24x
Surgical and Specialty Facilities3	28.0%		5.19x
Reporting Properties	73.3%		5.30x
Non-Reporting Properties	26.7%
Total Portfolio	100.0%

% of ABR by EBITDARM Coverage Ratio1,4

27.4%

10.9%

0.5%

6.1%

12.6%

15.9%

30.0%

25.0%

20.0%

2

% of ABR

15.0%

10.0%

5.0%

-%

<1.00x 1.00x to 1.99x 2.00x to 2.99x 3.00x to 3.99x 4.00x to 4.99x ≥5.00x

1. EBITDARM coverage ratios are based on the latest financial statements available to the Company and are calculated on a trailing twelve-month basis. See glossary for definition.

2. Based on annualized March 2025 contractual base rent.

3. Surgical and Specialty Facilities includes Surgical Facilities, Long-Term Acute Care Hospitals, Behavioral Healthcare Facilities, Transitional Care, Micro-Hospitals and Short-Term Acute Care Hospitals.

4. Excludes non-reporting properties.

See the glossary for a description of the Company's non-GAAP financial and operating metrics.

‌Marfiet Property Name State‌

Rentable Square Feet

Date Acquired

%

Leased Property Subtype

Akron	Akron Healthcare Facility	OH	98,705
Akron	Akron Healthcare Facility II	OH	38,564
Akron	Akron Healthcare Facility III	OH	54,000
Alexandria	Alexandria Healthcare Facility	LA	15,600
Appleton	Appleton Healthcare Facility	WI	7,552
Augusta	Augusta Healthcare Facility	ME	51,000
Augusta	Oakland Healthcare Facility	ME	20,000
Austin	Austin Healthcare Facility	TX	66,095
Austin	Austin Healthcare Facility II	TX	18,273
Austin	Luling Healthcare Facility	TX	40,901
Beaumont	Beaumont Healthcare Facility	TX	61,000
Beckley	Fairlea Healthcare Facility	WV	5,200
Boston	Stoughton Healthcare Facility	MA	180,744
Bremerton	Silverdale Healthcare Facility	WA	26,127
Bremerton	Silverdale Healthcare Facility II	WA	19,184
Chicago	Aurora Healthcare Facility	IL	24,722
Chicago	Burr Ridge Healthcare Facility	IL	104,912
Cincinnati	Cincinnati Healthcare Facility	OH	14,868
Cincinnati	Cincinnati Healthcare Facility III	OH	41,600
Cincinnati	Florence Healthcare Facility	KY	41,600
Corpus Christi	Corpus Christi Healthcare Facility	TX	25,102
Covington	Covington Healthcare Facility	LA	43,250
Dallas	Allen Healthcare Facility	TX	42,627
Dallas	Carrollton Healthcare Facility	TX	21,990
Dallas	Dallas Healthcare Facility	TX	62,390
Dallas	Fort Worth Healthcare Facility	TX	83,464
Dallas	Fort Worth Healthcare Facility II	TX	8,268
Dallas	Fort Worth Healthcare Facility III	TX	36,800
Dallas	Frisco Healthcare Facility	TX	57,051
Denver	Denver Healthcare Facility	CO	131,210
Des Moines	Clive Healthcare Facility	IA	58,156
Des Moines	Clive Healthcare Facility II	IA	63,224
Des Moines	Clive Healthcare Facility III	IA	33,974
Des Moines	Clive Healthcare Facility IV	IA	35,419
Des Moines	Clive Undeveloped Land	IA	-
Des Moines	Clive Undeveloped Land II	IA	-
Des Moines	Grimes Healthcare Facility	IA	14,669
Des Moines	Indianola Healthcare Facility	IA	18,116
Des Moines	Indianola Healthcare Facility II	IA	20,990
Destin	Crestview Healthcare Facility	FL	5,685
Destin	Fort Walton Beach Healthcare Facility	FL	9,017

10/4/2019	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Long-Term Acute Care Hospital
10/4/2019	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Medical Outpatient Building
7/22/2015	100.0 %	Medical Outpatient Building
7/22/2015	100.0 %	Medical Outpatient Building
3/31/2017	100.0 %	Inpatient Rehabilitation Facility
10/4/2019	100.0 %	Medical Outpatient Building
7/30/2015	100.0 %	Specialty Facility
3/31/2017	100.0 %	Inpatient Rehabilitation Facility
10/4/2019	100.0 %	Medical Outpatient Building
12/23/2014	- %	Specialty Facility
8/25/2017	100.0 %	Medical Outpatient Building
9/20/2017	100.0 %	Medical Outpatient Building
3/30/2017	100.0 %	Medical Outpatient Building
9/27/2023	100.0 %	Medical Outpatient Building
10/29/2014	100.0 %	Medical Outpatient Building
7/22/2015	100.0 %	Medical Outpatient Building
7/22/2015	100.0 %	Medical Outpatient Building
12/22/2016	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Specialty Facility
3/31/2017	100.0 %	Inpatient Rehabilitation Facility
4/27/2018	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Surgical Facility
12/31/2014	100.0 %	Surgical Facility
12/31/2014	100.0 %	Medical Outpatient Building
12/23/2015	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Inpatient Rehabilitation Facility
10/4/2019	100.0 %	Specialty Facility
11/26/2018	100.0 %	Medical Outpatient Building
12/8/2021	100.0 %	Medical Outpatient Building
12/8/2021	100.0 %	Medical Outpatient Building
12/8/2021	100.0 %	Medical Outpatient Building
12/8/2021	- %	Undeveloped Land
12/8/2021	- %	Undeveloped Land
2/19/2020	100.0 %	Medical Outpatient Building
9/26/2018	100.0 %	Medical Outpatient Building
9/26/2018	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Medical Outpatient Building

See the glossary for a description of the Company's non-GAAP financial and operating metrics.

Portfolio

(as of March 31, 2025)

Q1 | 2025

‌Marfiet Property Name State

Rentable Square Feet

Date Acquired

%

Leased Property Subtype

Destin	Santa Rosa Beach Healthcare Facility	FL	5,000
Elkhart	Goshen Healthcare Facility	IN	15,462
Fayetteville	Fayetteville Healthcare Facility	AR	55,740
Fort Myers	Bonita Springs Healthcare Facility	FL	9,800
Fort Myers	Lehigh Acres Healthcare Facility	FL	5,746
Fort Smith	Fort Smith Healthcare Facility	AR	62,570
Frankfort	Frankfort Healthcare Facility	KY	4,000
Grand Rapids	Grand Rapids Healthcare Facility	MI	108,014
Green Bay	Bellevue Healthcare Facility	WI	5,838
Green Bay	De Pere Healthcare Facility	WI	7,100
Green Bay	Howard Healthcare Facility	WI	7,552
Green Bay	Sturgeon Bay Healthcare Facility	WI	3,100
Hammond	Hammond Healthcare Facility	LA	63,000
Hammond	Hammond Healthcare Facility II	LA	23,835
Hot Springs	Hot Springs Healthcare Facility	AR	8,573
Houston	Houston Healthcare Facility	TX	13,645
Houston	Houston Healthcare Facility III	TX	16,217
Houston	Katy Healthcare Facility	TX	34,296
Houston	Webster Healthcare Facility	TX	53,514
Indianapolis	Brownsburg Healthcare Facility	IN	55,986
Indianapolis	Greenwood Healthcare Facility	IN	53,560
Jacksonville	Jacksonville Healthcare Facility	FL	13,082
Kansas City	Overland Park Healthcare Facility	KS	54,568
Knoxville	Knoxville Healthcare Facility	TN	70,005
Lafayette	Lafayette Healthcare Facility	LA	73,824
Lakeland	Winter Haven Healthcare Facility	FL	7,560
Laredo	Laredo Healthcare Facility	TX	61,677
Laredo	Laredo Healthcare Facility II	TX	118,132
Las Vegas	Henderson Healthcare Facility	NV	6,685
Las Vegas	Las Vegas Healthcare Facility	NV	56,220
Las Vegas	Las Vegas Healthcare Facility II	NV	6,963
Little Rock	Benton Healthcare Facility	AR	104,419
Little Rock	Benton Healthcare Facility II	AR	11,350
Little Rock	Bryant Healthcare Facility	AR	23,450

10/4/2019	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Surgical Facility
10/4/2019	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Medical Outpatient Building
7/25/2024	100.0 %	Inpatient Rehabilitation Facility
10/4/2019	100.0 %	Medical Outpatient Building
12/7/2016	80.1 %	Medical Outpatient Building
10/4/2019	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Surgical Facility
10/4/2019	100.0 %	Specialty Facility
10/17/2018	100.0 %	Medical Outpatient Building
7/31/2014	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Medical Outpatient Building
6/8/2018	100.0 %	Specialty Facility
6/5/2015	100.0 %	Inpatient Rehabilitation Facility
2/26/2024	100.0 %	Inpatient Rehabilitation Facility
4/19/2021	100.0 %	Inpatient Rehabilitation Facility
10/4/2019	100.0 %	Medical Outpatient Building
2/17/2015	100.0 %	Inpatient Rehabilitation Facility
3/4/2025	100.0 %	Inpatient Rehabilitation Facility
10/4/2019	100.0 %	Surgical Facility
1/27/2015	100.0 %	Medical Outpatient Building
9/19/2019	100.0 %	Medical Outpatient Building
9/19/2019	100.0 %	Medical Outpatient Building
10/4/2019	100.0 %	Medical Outpatient Building
6/24/2016	100.0 %	Inpatient Rehabilitation Facility
10/4/2019	100.0 %	Medical Outpatient Building
10/17/2018	100.0 %	Medical Outpatient Building
10/17/2018	100.0 %	Medical Outpatient Building
10/17/2018	100.0 %	Medical Outpatient Building

See the glossary for a description of the Company's non-GAAP financial and operating metrics.

‌Marfiet Property Name State

Rentable Square Feet

Date Acquired

%

100.0 %

Inpatient Rehabilitation Facility

Medical Outpatient Building

100.0 %

Medical Outpatient Building

Surgical Facility

Inpatient Rehabilitation Facility

100.0 %

Medical Outpatient Building

100.0 %

100.0 %

Inpatient Rehabilitation Facility

100.0 %

Medical Outpatient Building

100.0 % Specialty Facility

Medical Outpatient Building

100.0 %

Medical Outpatient Building

100.0 %

Surgical Facility

100.0 %

Medical Outpatient Building

Medical Outpatient Building

Medical Outpatient Building

100.0 %

Medical Outpatient Building

Specialty Facility

100.0 %

Specialty Facility

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 % Medical Outpatient Building

100.0 %

Medical Outpatient Building

Surgical Facility

100.0 %

Medical Outpatient Building

Medical Outpatient Building

100.0 %

Medical Outpatient Building

Medical Outpatient Building

Medical Outpatient Building

100.0 %

Medical Outpatient Building

Specialty Facility

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

Medical Outpatient Building

Medical Outpatient Building

Specialty Facility

Medical Outpatient Building

100.0 %

100.0 %

Medical Outpatient Building

Medical Outpatient Building

100.0 %

Medical Outpatient Building

Surgical Facility

100.0 %

100.0 %

Medical Outpatient Building

Medical Outpatient Building

100.0 %

Leased Property Subtype

Little Rock	Bryant Healthcare Facility II	AR	16,425
Los Angeles	El Segundo Healthcare Facility	CA	12,163
Lubbock	Lubbock Healthcare Facility	TX	102,143
Manitowoc	Manitowoc Healthcare Facility	WI	7,987
Manitowoc	Manitowoc Healthcare Facility II	WI	36,090
Marinette	Marinette Healthcare Facility	WI	4,178
Miami	West Palm Beach Healthcare Facility	FL	25,150
McAllen	Weslaco Healthcare Facility	TX	28,750
Oklahoma City	Edmond Healthcare Facility	OK	17,700
Oklahoma City	Newcastle Healthcare Facility	OK	7,424
Oklahoma City	Oklahoma City Healthcare Facility	OK	94,076
Oklahoma City	Oklahoma City Healthcare Facility II	OK	41,394
Oklahoma City	Oklahoma City Healthcare Facility III	OK	5,000
Oklahoma City	Oklahoma City Healthcare Facility IV	OK	8,762
Oklahoma City	Oklahoma City Healthcare Facility V	OK	43,676
Oklahoma City	Oklahoma City Healthcare Facility VI	OK	14,676
Oklahoma City	Oklahoma City Healthcare Facility VII	OK	102,978
Oklahoma City	Oklahoma City Healthcare Facility VIII	OK	62,857
Oklahoma City	Oklahoma City Healthcare Facility IX	OK	34,970
Oklahoma City	Yukon Healthcare Facility	OK	45,624
Omaha	Omaha Healthcare Facility	NE	40,402
Oshkosh	Oshkosh Healthcare Facility	WI	8,717
Philadelphia	Marlton Healthcare Facility	NJ	89,139
Phoenix	Cave Creek Healthcare Facility	AZ	32,450
Phoenix	Surprise Healthcare Facility	AZ	32,450
Pittsburgh	Clarion Healthcare Facility	PA	33,000
Pittsburgh	Pleasant Hills Healthcare Facility	PA	33,712
Poplar Bluff	Poplar Bluff Healthcare Facility	MO	71,519
Prosser	Prosser Healthcare Facility I	WA	6,000
Prosser	Prosser Healthcare Facility II	WA	9,230
Prosser	Prosser Healthcare Facility III	WA	5,400
Providence	North Smithfield Healthcare Facility	RI	92,944
Reading	Wyomissing Healthcare Facility	PA	37,117
Reading	Reading Healthcare Facility	PA	30,000
Riverside	Palm Desert Healthcare Facility	CA	6,963
Riverside	Rancho Mirage Healthcare Facility	CA	47,008
Riverside	Rancho Mirage Healthcare Facility II	CA	7,432
Saginaw	Saginaw Healthcare Facility	MI	87,843

8/16/2019

10/4/2019

10/4/2019

10/4/2019

10/4/2019

10/4/2019

6/15/2023

3/20/2024

1/20/2016

2/3/2016

12/29/2015

12/29/2015

1/27/2016

1/27/2016

2/11/2016

3/7/2016

6/22/2016

6/30/2016

10/4/2019

3/10/2022

10/14/2015

10/4/2019

11/1/2016

3/20/2024

3/20/2024

6/1/2015

5/12/2022

9/19/2019

5/20/2022

5/20/2022

5/20/2022

10/4/2019

7/24/2015

5/21/2024

10/4/2019

3/1/2016

10/4/2019

12/21/2017

See the glossary for a description of the Company's non-GAAP financial and operating metrics.

‌Marfiet Property Name State

Rentable Square Feet

Date Acquired

%

Leased Property Subtype

San Antonio	New Braunfels Healthcare Facility	TX	27,971	10/4/2019	100.0 %	Specialty Facility
San Antonio	San Antonio Healthcare Facility	TX	44,746	6/29/2017	100.0 %	Specialty Facility
San Antonio	San Antonio Healthcare Facility III	TX	50,000	10/4/2019	100.0 %	Inpatient Rehabilitation Facility
San Antonio	San Antonio Healthcare Facility IV	TX	113,136	10/4/2019	100.0 %	Inpatient Rehabilitation Facility
San Antonio	San Antonio Healthcare Facility V	TX	57,929	10/4/2019	81.3 %	Medical Outpatient Building
San Diego	Escondido Healthcare Facility	CA	56,800	7/21/2022	100.0 %	Inpatient Rehabilitation Facility
Sarasota	Lakewood Ranch Healthcare Facility	FL	10,919	10/4/2019	100.0 %	Medical Outpatient Building
Savannah	Savannah Healthcare Facility	GA	48,184	10/4/2019	100.0 %	Specialty Facility
Scranton	Wilkes-Barre Healthcare Facility	PA	15,996	10/4/2019	100.0 %	Medical Outpatient Building
Sherman	Sherman Healthcare Facility	TX	57,576	11/20/2015	100.0 %	Surgical Facility
Sherman	Sherman Healthcare Facility II	TX	8,055	11/20/2015	100.0 %	Medical Outpatient Building
St. Louis	Bridgeton Healthcare Facility	MO	66,914	10/4/2019	100.0 %	Inpatient Rehabilitation Facility
Tampa	Tampa Healthcare Facility	FL	33,822	9/8/2020	100.0 %	Medical Outpatient Building
Tampa	Tampa Healthcare Facility II	FL	87,649	7/20/2022	100.0 %	Inpatient Rehabilitation Facility
Tucson	Marana Healthcare Facility	AZ	32,250	3/20/2024	100.0 %	Specialty Facility
Tucson	Tucson Healthcare Facility	AZ	34,009	9/19/2019	100.0 %	Medical Outpatient Building
Tucson	Tucson Healthcare Facility II	AZ	60,913	12/26/2019	100.0 %	Inpatient Rehabilitation Facility
Tucson	Tucson Healthcare Facility III	AZ	20,000	12/27/2019	100.0 %	Medical Outpatient Building
Tucson	Tucson Healthcare Facility IV	AZ	44,692	12/22/2020	95.3 %	Medical Outpatient Building
Tucson	Tucson Healthcare Facility V	AZ	32,450	3/20/2024	100.0 %	Medical Outpatient Building
Valdosta	Valdosta Healthcare Facility	GA	24,750	11/28/2018	100.0 %	Medical Outpatient Building
Valdosta	Valdosta Healthcare Facility II	GA	12,745	11/28/2018	100.0 %	Medical Outpatient Building
Victoria	Victoria Healthcare Facility	TX	34,297	10/4/2019	100.0 %	Inpatient Rehabilitation Facility
Victoria	Victoria Healthcare Facility II	TX	28,752	10/4/2019	100.0 %	Specialty Facility
Winston	Winston-Salem Healthcare Facility	NC	22,200	12/17/2014	100.0 %	Medical Outpatient Building

See the glossary for a description of the Company's non-GAAP financial and operating metrics.

‌Adjusted Fair Value of Real Estate Investments‌

Adjusted fair value of real estate investments is calculated using the real estate values determined as of the most recent NAV (as defined below), adjusted for property acquisitions and dispositions, major capital expenditures, and impairments.

Contractual Annualized Base Rent

The sum of each tenant's contractual base rent in the last month of the period multiplied by twelve months, unless otherwise specified.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

These supplemental non-GAAP performance measures are defined as net income or loss, calculated in accordance with GAAP, adjusted for interest expense, income tax expense (benefit), depreciation and amortization. EBITDAre also includes adjustments for impairments of real estate assets, losses from the disposition of properties, and gains from the disposition of properties. EBITDAre is a definition promulgated by the National Association of Real Estate Investment Trusts (NAREIT). It should be noted, however, that other REITs may not define EBITDAre in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than the Company does, making comparisons less meaningful. The Company believes these metrics are important indicators of the Company's operating performance and its ability to service debt.

The following is a reconciliation of net income attributable to common stockholders, which is the most directly comparable GAAP financial measure, to EBITDA and EBITDAre for the following quarterly periods (amounts in thousands):

				Three Months Ended
		March 31,	December 31,	September 30,	June 30,	March 31,
		2025	2024	2024	2024	2024
Net income attributable to common stockholders		$ 7,095	$ 11,114	$ 11,935	$ 4,628	$ 14,980
Adjustments:
Interest expense1		8,128	5,265	5,468	5,193	5,294
Depreciation and amortization		17,762	17,745	17,865	20,246	18,898
EBITDA		$ 32,985	$ 34,124	$ 35,268	$ 30,067	$ 39,172
Gain on real estate dispositions		-	(265)	-	-	(76)
Impairment and disposition losses		3,531	-	792	418	-
EBITDAre		$ 36,516	$ 33,859	$ 36,060	$ 30,485	$ 39,096

1. Includes loss on extinguishment of debt of $1.1 million and $0.2 million for the three months ended March 31, 2025 and 2024, respectively, in connection with extinguishment of our prior revolving credit agreement and the pay-off of our prior term loan agreement.

Earnings Before Interest, Taxes, Depreciation, Amortization, Rent and Management Fees (EBITDARM)

The Company utilizes EBITDARM, a supplemental non-GAAP performance measure, to evaluate the core operations of our tenants and/or guarantors (together, the "Obligor") of our properties. An Obligor's reported EBITDARM may be adjusted for certain non-recurring items or items not core to operations. Management believes such adjustments are reasonable and necessary to evaluate Obligor performance. Most Obligor financial statements are unaudited, and we have not independently verified any financial information received from Obligors and, therefore, we cannot confirm that such information is accurate or complete.

EBITDARM Coverage

Represents the ratio of EBITDARM of our reporting Obligors, divided by either (i) in the case of tenant individual property level reporting, the rent payable to the Company for the related period, or (ii) in the case of tenant multiple property level reporting, or in the case of guarantor reporting, total rent reported in its financial statements. EBITDARM Coverage is one indicator of an Obligor's ability to generate sufficient cash flows to cover its rental obligations. This ratio is based on the latest financial statements available to the Company and is calculated on a trailing twelve-month basis, when available and appropriate. For reporting purposes, the ratio for each Obligor is then weighted based on the annualized base rent of the reporting property. Properties for which Obligor financial statements are excluded include those (i) that are either not available or not sufficiently detailed, (ii) that are Management Services Organizations, (iii) where the Obligor has filed for bankruptcy, or (iv) properties which are not stabilized. Properties with new operations are considered stabilized only upon the earlier to occur of (i) the Obligor generating a 1.25x EBITDARM Coverage ratio, or (ii) twenty-four months after the property has been open for operations.

‌Enterprise Value

Enterprise value represents market capitalization plus net debt.

Funds From Operations (FFO), Core Funds From Operations, and Adjusted Funds From Operations (AFFO)

FFO, a non-GAAP financial measure, is calculated consistent with NAREIT's definition, as net income (calculated in accordance with GAAP), excluding gains from sales of real estate assets, impairment of real estate assets and disposition losses from sales of real estate assets, plus depreciation and amortization of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. The Company does not have any investments in unconsolidated partnerships or joint ventures. The Company believes FFO provides a useful understanding of our performance to investors and to our management, and when compared to year over year, FFO reflects the impact on our operations from trends in occupancy. It should be noted, however, that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than the Company does, making comparisons less meaningful. The Company believes Core FFO, a non-GAAP financial measure, is a supplemental financial performance measure that provides investors with additional information to understand the Company's sustainable performance. The Company calculates Core FFO by adjusting FFO to remove the effect of certain GAAP non-cash income and expense items, unusual and infrequent items that are not expected to impact its operating performance on an ongoing basis, items that affect comparability to prior periods and/or items that are not related to its core real estate operations. Excluded items include listing-related expenses, severance, write-off of straight-line rent receivables related to prior periods, accelerated stock-based compensation, amortization of above- and below-market lease intangibles (including ground leases), loss on extinguishment of debt and increases in current expected credit loss reserve. Other REITs may use different methodologies for calculating Core FFO and, accordingly, the Company's Core FFO may not be comparable to other REITs. The Company believes AFFO, a non-GAAP financial measure, is a supplemental financial performance measure that provides investors appropriate supplemental information to evaluate the ongoing operations of the Company. AFFO is a metric used by management to evaluate the Company's dividend policy. The Company calculates AFFO by further adjusting Core FFO for the following items: deferred rent, current period straight-line rent adjustments, amortization of deferred financing costs and stock-based compensation. Other REITs may use different methodologies for calculating AFFO and, accordingly, the Company's AFFO may not be comparable to other REITs.

FFO, Core FFO and AFFO should not be considered to be more relevant or accurate than the GAAP methodology in calculating net income or in its applicability in evaluating the Company's operational performance. The method used to evaluate the value and performance of real estate under GAAP should be considered a more relevant measure of operating performance and more prominent than the non-GAAP FFO, Core FFO and AFFO measures and the adjustments to GAAP in calculating FFO, Core FFO and AFFO.

The following is a reconciliation of net income attributable to common stockholders, which is the most directly comparable GAAP financial measure, to FFO, Core FFO and AFFO for the following quarterly periods (amounts in thousands):

Three Months Ended

Net income attributable to common stockholders

$ 7,095	$ 11,114	$ 11,935	$ 4,628	$ 14,980
17,737	17,722	17,841	20,222	18,875
-	(265)	-	-	(76)
3,531	-	792	418	-
$ 28,363	$ 28,571	$ 30,568	$ 25,268	$ 33,779
-	-	32	2,924	56
11	19	3	-	1,863
3	-	-	-	-
-	61	12	-	863
23	347	183	1,877	(629)
1,060	-	-	-	228
171	-	-	-	-
$ 29,631	$ 28,998	$ 30,798	$ 30,069	$ 36,160
319	456	333	333	2,388
(2,391)	(1,788)	(1,294)	(1,297)	(1,176)
628	578	578	577	452
1,261	1,991	1,299	1,163	461
$ 29,448	$ 30,235	$ 31,714	$ 30,845	$ 38,285

March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024

Adjustments:

Depreciation and amortization of real estate assets

Gain on dispositions of real estate

Impairment and disposition losses

FFO1

Adjustments:

Listing-related expenses

Severance

Write-off of straight-line rent receivables related to prior periods

Accelerated stock-based compensation

Amortization of above (below) market lease intangibles, including ground leases, net

Loss on extinguishment of debt

Increase in current expected credit loss reserve

Core FFO1

Adjustments:

Deferred rent2

Straight-line rent adjustments

Amortization of deferred financing costs

Stock-based compensation

AFFO1

1. The three months ended March 31, 2024 include $4.1 million of lease termination fee income received.

2. The three months ended March 31, 2024 include a $2.0 million severance fee received from GenesisCare, and will be recognized in rental revenues over the remaining GenesisCare amended master lease term.

‌Liquidity

A financial metric that represents the outstanding cash and cash equivalents combined with the remaining borrowing base availability on the Company's credit facility at a point in time.

Market Capitalization

The total number of outstanding shares of the Company's common stock, restricted stock, and performance-based deferred stock units as of period end multiplied by the closing price per share of the Company's common stock on the New York Stock Exchange as of period end.

Net Asset Value (NAV)

NAV is determined by the board of directors, at the recommendation of the Company's audit committee, and based on the estimated fair value of the Company's assets, less the estimated fair value of the Company's liabilities, divided by the number of shares outstanding on a diluted basis. This valuation is performed in accordance with the provisions of Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs, issued by the Institute for Portfolio Alternatives in April 2013, in addition to guidance from the SEC.

Net Debt

Net debt, a non-GAAP financial measure, represents principal debt outstanding less cash and cash equivalents. Net debt provides useful information by calculating and monitoring the Company's leverage metrics.

The following is a reconciliation of total credit facility debt, net, which is the most directly comparable GAAP financial measure to net debt, for the following quarterly periods (amounts in thousands):

Principal debt outstanding

Deferred financing costs, net

Less: cash and cash equivalents

As of

Total credit facility debt, net

$ 554,115	$ 521,921	$ 521,611	$ 521,301	$ 521,009
2,885	3,079	3,389	3,699	3,991
557,000	525,000	525,000	525,000	525,000
30,458 $ 526,542	39,844	28,606	86,971	90,242
	$ 485,156	$ 496,394	$ 438,029	$ 434,758

March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024

Net debt

Net Operating Income (NOI), Cash NOI and Same Store Cash NOI

NOI, a non-GAAP financial measure, is defined as rental revenue, less rental expenses, on an accrual basis. Cash NOI is calculated to exclude the impact of GAAP adjustments to rental revenue and rental expenses, consisting of straight-line rent adjustments, net of write-offs, amortization of above- and below-market lease intangibles (including ground leases), and internal property management fees, then including deferred rent received in cash, and is used to evaluate the cash-based performance of the Company's real estate portfolio. Same store Cash NOI is calculated to exclude non-same store cash NOI. The Company believes that NOI and Cash NOI both serve as useful supplements to net income because they allow investors and management to measure unlevered property-level operating results and to compare these results to the comparable results of other real estate companies on a consistent basis. The Company uses both NOI and Cash NOI to make decisions about resource allocations and to assess the property-level performance of the real estate portfolio. As an indicator of financial performance, neither metric should be considered as an alternative to net income, determined in accordance with GAAP. The Company believes that in order to facilitate a clear understanding of the consolidated historical operating results, both metrics should be evaluated in conjunction with net income as presented in the consolidated financial statements included on the Company's Annual Report on Form 10-K filed with the SEC on March 3, 2025.

‌Net Operating Income (NOI), Cash NOI and Same Store Cash NOI (Continued)

The following is a reconciliation from net income attributable to common stockholders, which is the most directly comparable GAAP financial measure, to NOI, Cash NOI and Same Store Cash NOI, for the following periods (amounts in thousands):

							Three Months Ended
		March 31,			December 31,		September 30,				June 30,			March 31,
		2025			2024		2024				2024			2024
Rental revenue		$ 48,256			$ 46,545		$ 46,118				$ 43,554			$ 50,639
Rental expenses		(6,326)			(5,912)		(5,823)				(5,849)			(5,554)
Net operating income		41,930			40,633		40,295				37,705			45,085
Adjustments:
Straight-line rent adjustments, net of write-offs		(2,388)			(1,788)		(1,294)				(1,297)			(1,176)
Amortization of above (below) market lease intangibles, including ground leases, net		23			347		183				1,877			(629)
Internal property management fee		1,299			1,312		1,295				1,260			1,272
Deferred rent1		319			456		333				333			2,388
Cash NOI1,2		41,183			40,960		40,812				39,878			46,940
Non-same store cash NOI2,3		(3,352)			(3,168)		(2,764)				(2,118)			(8,235)
Same store cash NOI4		37,831			37,792		38,048				37,760			38,705
Listing-related expenses		-			-		(32)				(2,924)			(56)
General and administrative expenses		(5,698)			(7,015)		(4,800)				(5,347)			(8,174)
Depreciation and amortization		(17,762)			(17,745)		(17,865)				(20,246)			(18,898)
Impairment and disposition losses		(3,531)			-		(792)				(418)			-
Gain on dispositions of real estate		-			265		-				-			76
Interest and other income		455			241		597				1,051			2,241
Interest expense		(8,128)			(5,265)		(5,468)				(5,193)			(5,294)
Increase in current expected credit loss reserve		(171)			-		-				-			-
Straight-line rent adjustments, net of write-offs		2,388			1,788		1,294				1,297			1,176
Amortization of above (below) market lease intangibles, including ground leases, net		(23)			(347)		(183)				(1,877)			629
Internal property management fee		(1,299)			(1,312)		(1,295)				(1,260)			(1,272)
Deferred rent1		(319)			(456)		(333)				(333)			(2,388)
Non-same store cash NOI2,3		3,352			3,168		2,764				2,118			8,235
Net income attributable to common stockholders		$	7,095		$	11,114		$	11,935		$	4,628		$	14,980

1. The three months ended March 31, 2024 include a $2.0 million severance fee received from GenesisCare, and will be recognized in rental revenues over the remaining GenesisCare amended master lease term.

2. The three months ended March 31, 2024 include $4.1 million of lease termination fee income received.

3. The three months ended March 31, 2024 include $1.5 million of the total $2.0 million severance fee received from GenesisCare, and will be recognized in rental revenues over the remaining GenesisCare amended master lease term.

4. The three months ended March 31, 2024 include $0.5 million of the total $2.0 million severance fee received from GenesisCare, and will be recognized in rental revenues over the remaining GenesisCare amended master lease term.

Remaining Lease Term

The number of periods remaining in each tenant's lease, calculated on a weighted average basis using annualized base rent.

Rent Escalation

The amount of base rent increases that are included within each tenant's lease, calculated on a weighted average basis using contractual annualized base rent, excluding leases tied to the consumer price index (CPI).

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