We are a self-managed REIT that focuses on senior housing and healthcare real estate assets strategically positioned to capitalize on favorable demographic trends associated with a growing elderly U.S. population. As of December 31, 2025, our portfolio consisted of 37 senior housing communities, with 3,615 units, in our SHOP segment and 130 outpatient medical facilities, with approximately 3.7 million square feet of GLA, in our OMF segment. Our properties are located in 29 states, providing geographic diversification and exposure to markets that we believe exhibit strong senior housing and healthcare demand fundamentals.

We built a fully integrated and scalable management platform, comprising 37 experienced professionals with expertise in investments, sales and marketing, risk management, care delivery, clinical operations, finance and accounting and asset optimization, including a dedicated in-house SHOP asset management team. Our team and platform are structured to efficiently support increased scale as our portfolio grows, particularly in the SHOP segment, which we believe will enable us to manage a larger and more diverse asset base without a directly proportional increase in overhead expense. We have cultivated long-standing relationships with leading SHOP operators, creditworthy healthcare tenants and other industry participants, which we believe will allow us to access attractive investments and deliver favorable risk-adjusted returns through our two reportable business segments: SHOP and OMF.

•SHOP. Our SHOP segment has recently delivered strong organic growth, benefiting from compelling demographic trends associated with the growing elderly U.S. population, limited construction of new senior housing communities and improving operating fundamentals. As of December 31, 2025, we owned 37 senior housing communities in our SHOP segment, accounting for approximately 36.8% of our Annualized Cash NOI. Our SHOP segment provides varying levels of care, but is focused on needs-based assisted living and memory care. Assisted living communities provide personalized support from trained staff for residents requiring assistance with activities of daily living, including bathing, dressing and medication management. Memory care communities specialize in serving individuals with Alzheimer’s disease and other forms of dementia or memory impairment. Services provided by operators at our SHOPs are predominantly paid for by the residents directly or through private insurance and are therefore less dependent on government reimbursement programs such as Medicaid and Medicare. The communities in our SHOP segment are operated utilizing RIDEA structures, allowing us to participate in the upside from any improved operating performance while bearing the risk of any potential decline in operating performance.

•OMF. Our OMF segment has delivered consistent cash flow, generally from institutional-quality healthcare tenants, providing a strong foundation to complement the growth potential of our SHOP segment and a store of value for capital recycling. As of December 31, 2025, we owned 130 OMFs, comprising approximately 3.7 million square feet of GLA. As of December 31, 2025, our OMF segment was 92.8% leased, with 65.5% leased to health systems, 32.4% located on or near hospital campuses and 40.4% affiliated with hospital systems but located off hospital campuses (in each case based on GLA). We believe the close proximity to, or affiliation with, hospital systems enhance occupancy and tenant retention. These properties typically require specialized infrastructure or higher structural load capacity to accommodate the significant plumbing, electrical and mechanical systems needed for medical equipment and patient examination rooms, as well as ancillary uses such as pharmacy and outpatient services, which we believe also contributes to high tenant retention. For leases expiring during the three months ended December 31, 2025, the tenant retention rate in our OMF segment was 92%. Our OMFs consist of a mix of single-tenant and multi-tenant properties leased to healthcare providers under lease structures that generally provide for recovery of certain operating expenses and capital expenditures. Lease terms typically range from five to ten years, with fixed or inflation-linked annual rent escalations historically ranging from 2% to 3% per year. As of December 31, 2025, the weighted average remaining lease term of our OMF segment was 5.6 years, with well-staggered expirations and no more than 13% of Annualized Base Rent scheduled to expire in any single year through 2030.