Strategy

Our Investment Strategy:

Diversified holdings, selected for long-term value


Revenue Statistics

Investment Statistics

Rent / Interest by State

Rent / Interest by State

We maintain a portfolio of long-term healthcare facilities and mortgages on healthcare facilities located throughout the United States. Our investments are generally geographically diverse and operated by a diverse group of established, middle-market healthcare operators that meet our standards for quality and experience of management and creditworthiness.

Our criteria for evaluating potential investments includes but is not limited to:

  • the quality and experience of management and the creditworthiness of the operator of the facility;
  • the facility’s historical and forecasted cash flow and its ability to meet operational needs, capital expenditure requirements and lease or debt service obligations;
  • the construction quality, condition and design of the facility;
  • the location of the facility;
  • the tax, growth, regulatory and reimbursement environment of the applicable jurisdiction;
  • the occupancy rate for the facility and demand for similar healthcare facilities in the same or nearby communities; and
  • the payor mix of private, Medicare and Medicaid patients at the facility.

We seek to obtain (i) contractual rent escalations under long-term, non-cancellable, “triple-net” leases and (ii) fixed-rate mortgage loans. We typically obtain substantial liquidity deposits, covenants regarding minimum working capital and net worth, liens on accounts receivable and other operating assets, and various provisions for cross-default, cross-collateralization and corporate/personal guarantees, when appropriate. We prefer to invest in equity ownership of properties. Due to regulatory, tax or other considerations, we may pursue alternative investment structures.