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Highly Fragmented Market with Hospital Real Estate Producing High Yields
Hospitals are the Largest Healthcare Real Estate Asset Class ... ... but are Underrepresented in Healthcare REIT Portfolios
-$1 trillion market of healthcare —5,000 hospitals Healthcare REITs NO1 breakdown
$400 properties potentially available in the U.S.
Life Science
Hospital 1% Other
12% 1%
$300
Skilled
Nursing Senior
15% Housing
48%
23%
17% 6% I 6%
$0
Skilled Nursing Senior Housing Medical Office I Hospital Medical 1
Building Office Building
REIT owned Non-REIT owned 23%
Source American Hospital Assoc., National Center Health Statistics. MC MAP, Real Capital AnalyUcs Source Company reports
Hospital Real Estate Produces Higher Yields Growing Number of Hospital Sale/Leaseback Transactions
9% 9% 9.0% 9 0% 9.3% 93%
8% 8.0%
7.0%
6% 6%
MOB Senior Housing SNF LTACH Acute Care Ventas / MPT I Ventas / Spire MPT / IASIS MPT / Prime MPT I Circle
Hospitals Ardent Capella Bath
Date 4/7/15 7/27/2015 4/27/14 8/4/13 02 2013 8./4/14
Saga: Gegen Strut *Meta
Deal Size 51.400 $900 $200 $200 $75 $50
Lease
2.9x 2 4x 2.0x NA NA 3.Ox
Coverage
The complexity of hospitals leads to limited competition and higher yields
American Medical Properties 10
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0081428
CONFIDENTIAL SDNY_GM_00227612
EFTA01382166
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