Strong Financial Performance
Reported cash NOI of $41.9 million, a 1.7% increase from the first quarter of 2025 and a 5% increase from the second quarter of 2024. This growth was driven by acquisition activity and same-store cash NOI growth of 1.5%.
Successful Acquisitions
Closed approximately $75 million of high-quality acquisitions year-to-date, with over $70 million of properties under exclusive LOI. Recent acquisitions include the Dover Healthcare facility and a 2-property MOB portfolio in Southlake, Texas.
High Portfolio Occupancy
Portfolio lease percentage increased to 99.2% with strong leasing momentum and positive rent spreads on renewals.
Strong Liquidity and Capital Position
Ended the quarter with $568.8 million in liquidity and net debt-to-EBITDAre of 3.6x, with an AFFO payout ratio of 74%.
Strategic Share Repurchase Program
Executed over $7 million of share repurchases during the quarter at an average price of $24.09 per share. The Board approved a 3-year share repurchase program for up to $75 million.