Strong Revenue Growth
Revenue for the first quarter was $277 million compared to $243 million for the first quarter of 2024, marking a year-over-year increase primarily due to new investments and operator restructurings.
Improved Leverage and Financial Metrics
Debt to EBITDA reduced to 3.7 times, which is the lowest leverage in over 10 years. Fixed charge coverage ratio was 5.2 times.
Successful U.K. Investments
Closed a $344 million investment for a portfolio of 45 care homes in the U.K. and Jersey, leased to existing and new operators with an initial cash yield of 10%.
Positive Updates on Major Operators
LaVie continues to work towards exiting bankruptcy, and Maplewood's occupancy for its portfolio reached 94% as of April 2025.
Increase in Private Pay Revenue
Shift in revenue mix with private pay and other revenue increasing from 8% ten years ago to 39% today.