# EDGAR Filing Document

**Accession Number:** 0001567925
**File Stem:** 0001567925-26-000005
**Filing Date:** 2026-2
**Character Count:** 103371
**Document Hash:** 3e4ad2de44df4a387e3923b9c07b6e14
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001567925-26-000005.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001567925-26-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20260224

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sila Realty Trust, Inc.
- **CENTRAL INDEX KEY:** 0001567925
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 461854011
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42129
- **FILM NUMBER:** 26672185

**BUSINESS ADDRESS:**
- **STREET 1:** 1001 WATER STREET
- **STREET 2:** SUITE 800
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33602
- **BUSINESS PHONE:** 813-287-0101

**MAIL ADDRESS:**
- **STREET 1:** 1001 WATER STREET
- **STREET 2:** SUITE 800
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33602

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Carter Validus Mission Critical REIT II, Inc.
- **DATE OF NAME CHANGE:** 20130125

?xml version='1.0' encoding='ASCII'? cik0001567925-20260224

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): February 24, 2026** 

___________________________________________

**SILA REALTY TRUST, INC.**

**(Exact name of registrant as specified in its charter)**

___________________________________________

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| | | |
|:---|:---|:---|
| **Maryland** | **001-42129** | **46-1854011** |
| **(State or other jurisdiction of**<br>**incorporation)** | **(Commission<br>File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

**1001 Water St.**

**Suite 800**

**Tampa, Florida 33602**

**(Address of principal executive offices)**

**(813) 287-0101**

**(Registrant's telephone number, including area code)**

**N/A**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common stock, $0.01 par value per share | SILA | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On February 24, 2026, Sila Realty Trust, Inc. (the "Company") issued an earnings release announcing its financial results for the quarter and year ended December 31, 2025. The Company is also making available certain supplemental data for the quarter and year ended December 31, 2025. Copies of the earnings release and supplemental data for the quarter and year ended December 31, 2025, are attached hereto as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K, and are incorporated by reference herein.

The information contained in this Item 2.02, including Exhibits 99.1 and 99.2 and incorporated by reference herein, is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by the specific reference in such filing. By filing this Current Report on Form 8-K and furnishing this information, the Company makes no admission as to the materiality of any information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2.

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**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

**(d) Exhibits**

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| | |
|:---|:---|
| 99.1 | <u>[Sila Realty Trust, Inc. Earnings Release, dated February 24, 2026.](exhibit991-q42025earningsr.htm)</u> |
| 99.2 | <u>[Fourth](exhibi3.htm)[Quarter Supplemental Data, dated February 24, 2026.](exhibi3.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **SILA REALTY TRUST, INC.** | **SILA REALTY TRUST, INC.** |
| Dated: February 24, 2026 | By: | /s/ Kay C. Neely |
|  | Name: | Kay C. Neely |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**<u>EXHIBIT 99.1</u>**

![srtlogo_fullcolor.jpg](srtlogo_fullcolor.jpg)

**Sila Realty Trust Announces Fourth Quarter and Year Ended 2025 Results** 

TAMPA, Fla. February 24, 2026 - Sila Realty Trust, Inc. (NYSE: SILA) ("Sila", the "Company", "we", or "us"), a net lease real estate investment trust ("REIT") with a strategic focus on investing in the growing and resilient healthcare sector, today announced operating results for the fourth quarter and year ended December 31, 2025.

**<u>Highlights for the quarter ended December 31, 2025:</u>**

• Net income of $5.0 million, or $0.09 per diluted share

• Cash net operating income\*, or Cash NOI, of $44.0 million

• Adjusted funds from operations\*, or AFFO, of $30.4 million, or $0.55 per diluted share

*•* Declared and paid cash distributions per share of $0.40 for the quarter

**<u>Highlights for the year ended December 31, 2025:</u>**

• Net income of $33.1 million, or $0.60 per diluted share

• Cash NOI of $169.9 million

• AFFO of $120.9 million, or $2.18 per diluted share

• Declared and paid cash distributions per share of $1.60 for the year

• Acquired six operating healthcare properties, comprising approximately 241,000 rentable square feet for an aggregate purchase price of $148.9 million

• Fully funded two mezzanine loans, or the Mezzanine Loans, for the development of an inpatient rehabilitation facility and a behavioral healthcare facility in Lynchburg, Virginia. The Mezzanine Loans have total loan amounts of $12.5 million and $5.0 million, respectively, and each have a maturity date of November 5, 2029

**<u>Subsequent Events</u>**

*•* On February 23, 2026, the Board authorized a quarterly cash dividend of $0.40 per share of common stock payable on March 18, 2026, to the Company's stockholders of record as of the close of business on March 6, 2026

• On January 15, 2026, the Company acquired one inpatient rehabilitation facility for $43.1 million in Oklahoma City, Oklahoma

• On January 29, 2026, the Company sold the Saginaw Healthcare Facility for $14.5 million, generating net proceeds of $14.3 million, after transaction costs

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**<u>Management Commentary</u>**

"The Sila team's prowess in allocating capital was on full display in 2025," stated Michael A. Seton, President and Chief Executive Officer of the Company. "We successfully acquired six high quality healthcare properties for approximately $149 million, all of which play a critical role in the social infrastructure of their respective patient communities.

"Our portfolio's performance in 2025 demonstrates the strength of Sila's proactive asset management capabilities, evidenced by successful rent collections, high tenant lease renewal rates, and new capital allocations for existing property expansions that have clear tenant operational needs. Our high EBITDARM rent coverage ratios and a long weighted average remaining lease term of 10-years provide us with continued confidence in the strength, sustainability, and predictability of our income streams.

"As we look forward to 2026 and beyond, our liquidity of almost $500 million and low net debt\* to annualized EBITDAre\* ratio of 3.9x, position Sila to take advantage of high quality opportunities as they may arise, while remaining thoughtful and disciplined in our approach to investing in necessity based healthcare real estate."

*\*Some of the financial measures throughout this press release are non-GAAP measures. Refer to the Non-GAAP Financial Measures Reconciliation tables at the end of this press release for additional information and reconciliations to the most directly comparable GAAP measure.* 

**<u>Financial Results</u>**

***Net Income***

Our GAAP net income for the fourth quarter of 2025 was $5.0 million, or $0.09 per diluted share, compared to $11.1 million, or $0.20 per diluted share, for the fourth quarter of 2024. Our GAAP net income for the year ended December 31, 2025 was $33.1 million, or $0.60 per diluted share, compared to $42.7 million, or $0.75 per diluted share for the year ended December 31, 2024.

***Cash NOI***

Cash NOI was $44.0 million for the fourth quarter of 2025, as compared to $41.0 million for the fourth quarter of 2024. The increase in Cash NOI is primarily the result of acquisitions and same-store Cash NOI growth of 0.7%.

Cash NOI was $169.9 million for the year ended December 31, 2025, as compared to $168.6 million for the year ended December 31, 2024. The increase in Cash NOI is primarily due to acquisitions and same-store Cash NOI growth of 0.9%. The increase was partially offset by the receipt of a lease termination fee and the severance fee received from GenesisCare USA, Inc. and its affiliates in the first quarter of 2024, the Stoughton Healthcare Facility as a result of the Steward Health Care System LLC, or Steward, bankruptcy, and property dispositions.

***AFFO***

AFFO was $30.4 million, or $0.55 per diluted share, during the fourth quarter of 2025, compared to $30.2 million, or $0.54 per diluted share, during the fourth quarter of 2024.

AFFO for the year ended December 31, 2025 was $120.9 million, or $2.18 per diluted share, compared to $131.1 million, or $2.31 per diluted share, for the year ended December 31, 2024.

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**<u>Real Estate Portfolio Highlights</u>**

***Investment Activity***

During the quarter ended December 31, 2025, the Company placed in service two properties that underwent redevelopments during the year. One was the renovation of a 44,746 rentable square foot inpatient rehabilitation facility in San Antonio, Texas, and the other was a renovation of a 12,163 rentable square foot medical outpatient building in El Segundo, California.

***Portfolio***

As of December 31, 2025, Sila's well diversified real estate portfolio consisted of 140 properties comprising approximately 5.3 million rentable square feet. The weighted average remaining lease term was 10.0 years with 22.1% of annualized base rent maturing in the next five years and a weighted average fixed rent escalation rate of 2.1%, excluding leases tied to the consumer price index.

As of December 31, 2025, the percentage of rentable square feet leased was 98.7%. There was a 0.4 percentage point decrease in the percentage of square feet leased when compared to the third quarter of 2025, primarily attributable to the expiration of a lease consisting of 15,600 rentable square feet.

***Balance Sheet and Capital Markets Activities***

Sila had a strong balance sheet as of December 31, 2025, with its liquidity position totaling approximately $481.3 million, consisting of $32.3 million in cash and cash equivalents and $449.0 million of availability under its unsecured credit facilities.

Total principal debt outstanding under the unsecured credit facilities as of December 31, 2025, was $676.0 million. Of the $676.0 million, $525.0 million was fixed through 10 interest rate swap agreements. As of December 31, 2025, the Company's weighted average interest rate on the total principal debt outstanding was 4.7%, including the impact of the interest rate swap agreements. As of December 31, 2025, net debt to enterprise value was approximately 33.3%.

***Distributions***

The Company's dividend payout to AFFO ratio was 72.6% for the quarter ended December 31, 2025. On February 23, 2026, the Board approved and authorized a quarterly cash dividend of $0.40 per share of common stock payable on March 18, 2026, to the Company's stockholders of record as of the close of business on March 6, 2026. The quarterly cash dividend of $0.40 per share represents an annualized amount of $1.60 per share.

**<u>Conference Call and Webcast</u>**

A conference call and audio webcast for investors and analysts will be held on Wednesday, February 25, 2026, at 11:00 a.m. Eastern Time to discuss our fourth quarter and year ended 2025 operating results and to answer questions. The live and archived webcast can be accessed on the "Events" page of the Company's website at investors.silarealtytrust.com or by direct link at https://events.q4inc.com/attendee/316667282. The archived webcast will be available for 12 months following the call.

**<u>About Sila Realty Trust, Inc.</u>**

Sila Realty Trust, Inc., headquartered in Tampa, Florida, is a net lease real estate investment trust with a strategic focus on investing in the growing and resilient healthcare sector. The Company invests in high quality healthcare facilities along the continuum of care in the pursuit of generating predictable, durable, and growing income streams. Sila's portfolio comprises high

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quality tenants in geographically diverse facilities, which are positioned to capitalize on the dynamic delivery of healthcare to patients. As of December 31, 2025, the Company owned 140 real estate properties and three undeveloped land parcels, including the Stoughton Healthcare Facility which has been taken out of service and is being demolished, located in 67 markets across the United States. For more information, please visit the Company's website at www.silarealtytrust.com.

**<u>Forward-Looking Statements</u>**

Certain statements contained herein, other than historical fact, may be considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties. No forward-looking statement is intended to, nor shall it, serve as a guarantee of future performance. You can identify the forward-looking statements by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "outlook," "plan," "potential," "predict," "project," "seek," "endeavor," "should," "will" and other similar terms and phrases, including statements about and references to, in particular, liquidity and capital resources, capital expenditures, material cash requirements, debt service requirements, macroeconomic factors, including expected interest rates, interest rate hedging impacts and practices and inflation, the ability of our tenants to satisfy their rent and other obligations under their leases, tariffs and changes in other governmental policies, including the impacts of the government shutdown, term loan requirements, share repurchases, our acquisitions and dispositions, leases, dividends, distributions, strategies, transactions, goals, objectives and prospects. Forward-looking statements are subject to various risks and uncertainties and factors that could cause actual results to differ materially from the Company's expectations, and you should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and could materially affect the Company's results of operations, financial condition, cash flows, performance or future achievements or events. Additional factors include those described under the section entitled Item 1A. "Risk Factors" of Part I of the Company's 2024 Annual Report on Form 10-K, as filed with the SEC on March 3, 2025, a copy of which is available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

**<u>Supplemental Information</u>**

The Company routinely provides information for investors and the marketplace through press releases, SEC filings, public conference calls, and the Company's website at investors.silarealtytrust.com. The information that the Company posts to its website may be deemed material. Accordingly, the Company encourages investors and others interested in the Company to routinely monitor and review the information that the Company posts on its website, in addition to following the Company's press releases, public conference calls and SEC filings. A glossary of definitions (including those of certain non-GAAP financial measures) and other supplemental information may be found attached as Exhibit 99.2 to the Current Report on Form 8-K filed on February 24, 2026.

**<u>Investor Contact:</u>**

Miles Callahan, Senior Vice President - Acquisitions, Capital Markets, Research & Credit

833-404-4107<br>IR@silarealtytrust.com

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**<u>Consolidated Balance Sheets (amounts in thousands, except share data and per share amounts)</u>**

---

| | | |
|:---|:---|:---|
| | **(Unaudited)**<br>**<br>December 31, 2025** |<br>**December 31, 2024** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Real estate: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | $171848 | $160743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements, less accumulated depreciation of $331,437 and $277,024, respectively | 1616905 | 1546877 |
| Total real estate, net | 1788753 | 1707620 |
| Cash and cash equivalents | 32288 | 39844 |
| Real estate related notes receivable, net of current expected credit loss reserve of $180 and $0, respectively | 17106 |  |
| Intangible assets, less accumulated amortization of $112,292 and $122,208, respectively | 116693 | 125655 |
| Goodwill | 17635 | 17700 |
| Right-of-use assets - operating leases | 35008 | 36332 |
| Right-of-use assets - finance lease | 1901 |  |
| Other assets | 85119 | 79923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $2094503 | $2007074 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit facility, net of deferred financing costs of $1,878 and $3,079, respectively | $674122 | $521921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 42183 | 33405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible liabilities, less accumulated amortization of $8,939 and $8,761, respectively | 5810 | 7070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 41013 | 41493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities | 77 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 763205 | 603889 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value per share, 510,000,000 shares authorized; 61,939,043 and 61,779,631 shares issued, respectively; 54,876,558 and 55,075,006 shares outstanding, respectively | 549 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1994960 | 1998777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions in excess of accumulated earnings | (663197) | (607499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income | (1014) | 11356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 1331298 | 1403185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $2094503 | $2007074 |

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**<u>Consolidated Quarterly and Annual Statements of Comprehensive Income (amounts in thousands, except share data and per share amounts) (unaudited)</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenue | $50083 | $46545 | $196304 | $186856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate related notes receivable interest income | 617 |  | 1232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 50700 | 46545 | 197536 | 186856 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental expenses | 5567 | 5912 | 23804 | 23138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Listing-related expenses |  |  |  | 3012 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 5539 | 7015 | 20907 | 25336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 21606 | 17745 | 76946 | 74754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment and disposition losses | 3159 |  | 9951 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Demolition costs | 864 |  | 1011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 36735 | 30672 | 132619 | 127450 |
| **Other income (expense):** |  |  |  |  |
| Gain on dispositions of real estate |  | 265 |  | 341 |
| Interest and other income | 212 | 241 | 1169 | 4130 |
| Interest expense | (9162) | (5265) | (32786) | (21220) |
| Increase in current expected credit loss reserve |  |  | (180) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (8950) | (4759) | (31797) | (16749) |
| **Net income attributable to common stockholders** | $5015 | $11114 | $33120 | $42657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (loss) income - unrealized (loss) gain on interest rate swaps, net | (301) | 5370 | (12370) | (5247) |
| **Comprehensive income attributable to common stockholders** | $4714 | $16484 | $20750 | $37410 |
| **Weighted average number of common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 54876558 | 55019874 | 55005993 | 56228545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 55322140 | 55510399 | 55514984 | 56685496 |
| **Net income per common share attributable to common stockholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.09 | $0.20 | $0.60 | $0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.09 | $0.20 | $0.60 | $0.75 |

---

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**<u>Non-GAAP Financial Measures</u>**

This press release includes certain financial performance measures not defined by United States generally accepted accounting principles, or GAAP. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release. In the real estate industry, analysts and investors employ certain non-GAAP supplemental financial measures in order to facilitate meaningful comparisons between periods and among peer companies. We believe that the non-GAAP financial measures we disclose are useful to investors to consider because they may assist them to better understand and measure the performance of our business over time and against similar companies. We use the following non-GAAP financial measures: Funds From Operations, or FFO, Core Funds From Operations, or Core FFO, AFFO, Cash NOI, Earnings Before Interest, Taxes, Depreciation and Amortization, or EBITDA, EBITDA for Real Estate, or EBITDAre, Net Debt, as well as ratios derived from the foregoing. Our definitions and calculations of these non-GAAP financial measures may not be the same as similar measures reported by other REITs.

A description of FFO, Core FFO, AFFO, EBITDA and EBITDAre, and reconciliations of these non-GAAP measures to net income, the most directly comparable GAAP measure, a description of same store cash NOI and reconciliation of this non-GAAP measure to rental revenue, the most directly comparable GAAP measure, and a description of net debt and reconciliation of this non-GAAP measure to total credit facility, net, the most directly comparable GAAP measure, are provided below.

These non-GAAP financial measures should not be considered as alternatives to net income attributable to common stockholders (determined in accordance with GAAP) as indicators of our financial performance, as alternatives to cash flows from operating activities (determined in accordance with GAAP), or as measures of our liquidity, nor are these measures necessarily indicative of sufficient cash flows to fund all of our needs.

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**<u>Reconciliation of Net Income to FFO, Core FFO and AFFO (amounts in thousands)</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income attributable to common stockholders<sup>(1)(2)</sup> | $5015 | $11114 | $33120 | $42657 |
| &nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 21579 | 17722 | 76838 | 74660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on dispositions of real estate |  | (265) |  | (341) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment and disposition losses | 3159 |  | 9951 | 1210 |
| FFO<sup>(1)(2)</sup> | $29753 | $28571 | $119909 | $118186 |
| &nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Listing-related expenses |  |  |  | 3012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance |  | 19 | 33 | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of straight-line rent receivables related to prior periods | 426 |  | 462 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accelerated stock-based compensation |  | 61 | 19 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of above (below) market lease intangibles, including ground leases, net | 15 | 347 | 78 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  | 233 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in current expected credit loss reserve |  |  | 180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Demolition costs | 864 |  | 1011 |  |
| Core FFO<sup>(1)(2)</sup> | $31058 | $28998 | $121925 | $126025 |
| &nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred rent<sup>(3)</sup> | 263 | 456 | 1226 | 3510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustments | (2632) | (1788) | (9763) | (5555) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 725 | 578 | 2823 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of fees on real estate related notes receivable | (35) |  | (94) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 1008 | 1991 | 4796 | 4914 |
| AFFO<sup>(1)(2)</sup> | $30387 | $30235 | $120913 | $131079 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;The three months ended December 31, 2025 include $214,000 of lease termination fee income received. The year ended December 31, 2025 includes $295,000 of lease termination fee income received. The year ended December 31, 2024 includes $4,098,000 of lease termination fee income received.

(2)&nbsp;&nbsp;&nbsp;&nbsp;The year ended December 31, 2025 includes $83,000 of rental revenue received as a result of bankruptcy proceedings from Steward, the sponsor and owner of the former tenant at the Stoughton Healthcare Facility.

(3)&nbsp;&nbsp;&nbsp;&nbsp;The year ended December 31, 2024 includes a $2,000,000 severance fee received from GenesisCare, which is recognized in rental revenues over the remaining GenesisCare amended master lease term. Additionally, the years ended December 31, 2025 and 2024 include a property that was under development. This property was placed in service in December 2025 and therefore, subsequent rent received is reflected in rental revenue and the prior deferred revenue is recognized over time in straight-line rent adjustments within rental revenues.

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***<u>FFO</u>***

FFO is calculated consistent with the National Association of Real Estate Investment Trusts, or Nareit's, definition, as net income (calculated in accordance with GAAP), excluding gains and losses from sales of real estate assets, impairment of real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and depreciation and amortization of real estate assets. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. We do not have any investments in unconsolidated partnerships or joint ventures. We believe FFO provides a useful understanding of our performance to investors and to our management, and when compared to year over year, FFO reflects the impact on our operations from trends in occupancy. It should be noted, however, that other REITs may not define FFO in accordance with the current Nareit definition or may interpret the current Nareit definition differently than the Company does, making comparisons less meaningful.

***<u>Core FFO</u>***

The Company believes Core FFO is a supplemental financial performance measure that provides investors with additional information to understand the Company's sustainable performance. The Company calculates Core FFO by adjusting FFO to remove the effect of certain GAAP non-cash income and expense items, unusual and infrequent items that are not expected to impact its operating performance on an ongoing basis, items that affect comparability to prior periods and/or items that are not related to its core real estate operations. Excluded items include listing-related expenses, severance, write-off of straight-line rent receivables related to prior periods, accelerated stock-based compensation, amortization of above- and below-market lease intangibles (including ground leases), loss on extinguishment of debt, changes in the current expected credit loss reserve and demolition costs. Other REITs may use different methodologies for calculating Core FFO and, accordingly, the Company's Core FFO may not be comparable to other REITs.

***<u>AFFO</u>***

The Company believes AFFO is a supplemental financial performance measure that provides investors appropriate supplemental information to evaluate the ongoing operations of the Company. AFFO is a metric used by management to evaluate the Company's dividend policy. The Company calculates AFFO by further adjusting Core FFO for the following items: deferred rent, current period straight-line rent adjustments, amortization of deferred financing costs, amortization of fees on our real estate related notes receivable, and stock-based compensation. Other REITs may use different methodologies for calculating AFFO and, accordingly, the Company's AFFO may not be comparable to other REITs.

FFO, Core FFO and AFFO should not be considered to be more relevant or accurate than the GAAP methodology in calculating net income or in its applicability in evaluating the Company's operational performance. The method used to evaluate the value and performance of real estate under GAAP should be considered a more relevant measure of operating performance and more prominent than the non-GAAP FFO, Core FFO and AFFO measures and the adjustments to GAAP in calculating FFO, Core FFO and AFFO.

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**<u>Reconciliation of Net Income to Same Store Cash Net Operating Income (Same Store Cash NOI) (amounts in thousands)</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Rental revenue<sup>(1)(2)(3)</sup> | $50083 | $46545 | $196304 | $186856 |
| Rental expenses | (5567) | (5912) | (23804) | (23138) |
| Net operating income | 44516 | 40633 | 172500 | 163718 |
| &nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustments, net of write-offs | (2206) | (1788) | (9301) | (5555) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of above (below) market lease intangibles, including ground leases, net | 15 | 347 | 78 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Internal property management fee | 1375 | 1312 | 5357 | 5139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred rent<sup>(4)</sup> | 263 | 456 | 1226 | 3510 |
| Cash NOI<sup>(1234)</sup> | 43963 | 40960 | 169860 | 168590 |
| Non-same store cash NOI<sup>(135)</sup> | (2654) | 64 | (16816) | (16981) |
| Same store cash NOI<sup>(26)</sup> | 41309 | 41024 | 153044 | 151609 |
| Real estate related notes receivable interest income | 617 |  | 1232 |  |
| Listing-related expenses |  |  |  | (3012) |
| General and administrative expenses | (5539) | (7015) | (20907) | (25336) |
| Depreciation and amortization | (21606) | (17745) | (76946) | (74754) |
| Impairment and disposition losses | (3159) |  | (9951) | (1210) |
| Demolition costs | (864) |  | (1011) |  |
| Gain on dispositions of real estate |  | 265 |  | 341 |
| Interest and other income | 212 | 241 | 1169 | 4130 |
| Interest expense | (9162) | (5265) | (32786) | (21220) |
| Increase in current expected credit loss reserve |  |  | (180) |  |
| Straight-line rent adjustments, net of write-offs | 2206 | 1788 | 9301 | 5555 |
| Amortization of above (below) market lease intangibles, including ground leases, net | (15) | (347) | (78) | (1778) |
| Internal property management fee | (1375) | (1312) | (5357) | (5139) |
| Deferred rent<sup>(4)</sup> | (263) | (456) | (1226) | (3510) |
| Non-same store cash NOI<sup>(135)</sup> | 2654 | (64) | 16816 | 16981 |
| Net income attributable to common stockholders<sup>(1234)</sup> | $5015 | $11114 | $33120 | $42657 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;The year ended December 31, 2025 includes $83,000 of rental revenue received as a result of bankruptcy proceedings from Steward, the sponsor and owner of the former tenant at the Stoughton Healthcare Facility.

(2)&nbsp;&nbsp;&nbsp;&nbsp;The three months ended December 31, 2025 include $214,000 of lease termination fee income received. The year ended December 31, 2025 includes $295,000 of lease termination fee income received.

(3)&nbsp;&nbsp;&nbsp;&nbsp;The year ended December 31, 2024 includes $4,098,000 of lease termination fee income received.

(4) &nbsp;&nbsp;&nbsp;&nbsp;The year ended December 31, 2024 includes a $2,000,000 severance fee received from GenesisCare, which is recognized in rental revenues over the remaining GenesisCare amended master lease term. Additionally, the years ended December 31, 2025 and 2024 include a property that was under development. This property was placed in service in December 2025 and therefore, subsequent rent received is reflected in rental revenue and the prior deferred revenue is recognized over time in straight-line rent adjustments within rental revenues.

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(5)&nbsp;&nbsp;&nbsp;&nbsp;The year ended December 31, 2024 includes $1,471,000 of the total $2,000,000 severance fee received from GenesisCare, which is recognized in rental revenues over the remaining GenesisCare amended master lease term.

(6)&nbsp;&nbsp;&nbsp;&nbsp;The year ended December 31, 2024 includes $529,000 of the total $2,000,000 severance fee received from GenesisCare, which is recognized in rental revenues over the remaining GenesisCare amended master lease term.

***<u>NOI</u>***

The Company defines net operating income or loss, or NOI, a non-GAAP financial measure, as rental revenue, less rental expenses, on an accrual basis.

***<u>Same Store Properties</u>***

In order to evaluate the overall portfolio, management analyzes the NOI of same store properties. The Company defines "same store properties" as properties that were owned and operated for the entirety of both calendar periods being compared and excludes properties under development, re-development, or classified as held for sale. By evaluating same store properties, management is able to monitor the operations of the Company's existing properties for comparable periods to measure the performance of the current portfolio and readily observe the expected effects of new acquisitions and dispositions on net income. There were 132 same store properties for the quarters ended December 31, 2025 and 2024. There were 124 same store properties for the years ended December 31, 2025 and 2024.

***<u>Cash NOI</u>***

The Company defines Cash NOI as NOI for its properties excluding the impact of GAAP adjustments to rental revenue and rental expenses, consisting of straight-line rent adjustments, net of write-offs, amortization of above- and below-market lease intangibles (including ground leases) and internal property management fees, then including deferred rent received in cash. Cash NOI is used to evaluate the cash-based performance of the Company's real estate portfolio. Same store Cash NOI is calculated to exclude non-same store Cash NOI. The Company believes that NOI and Cash NOI both serve as useful supplements to net income because they allow investors and management to measure unlevered property-level operating results and to compare these results to the comparable results of other real estate companies on a consistent basis. Other real estate companies may use different methodologies for calculating Cash NOI and, accordingly, the Company's Cash NOI may not be comparable to other real estate companies. The Company uses both NOI and Cash NOI to make decisions about resource allocations and to assess the property-level performance of the real estate portfolio.

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**<u>Reconciliation of Net Income to EBITDA and EBITDAre (amounts in thousands)</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income attributable to common stockholders | $5015 | $11114 | $33120 | $42657 |
| Adjustments: |  |  |  |  |
| Interest expense<sup>(1)</sup> | 9162 | 5265 | 32786 | 21220 |
| Depreciation and amortization | 21606 | 17745 | 76946 | 74754 |
| EBITDA | $35783 | $34124 | $142852 | $138631 |
| Gain on real estate dispositions |  | (265) |  | (341) |
| Impairment and disposition losses | 3159 |  | 9951 | 1210 |
| EBITDAre | $38942 | $33859 | $152803 | $139500 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;Includes loss on extinguishment of debt of $233,000 and $228,000 for each of the years ended December 31, 2025 and 2024, respectively, in connection with extinguishment of our prior revolving credit agreement and the pay off of our prior term loan agreement.

***<u>EBITDA and EBITDAre</u>***

EBITDA and EBITDAre are defined as net income or loss, calculated in accordance with GAAP, adjusted for interest expense, income tax expense (benefit), depreciation and amortization. EBITDAre also includes adjustments for impairments of real estate assets, losses from the disposition of properties, and gains from the disposition of properties. EBITDAre is a definition promulgated by Nareit. The Company believes these metrics are important indicators of the Company's operating performance and its ability to service debt.

The Company calculates annualized EBITDAre by taking the current month amount, removing lease termination income and items that are not a result of normal operations, and multiplying by twelve months.

**<u>Reconciliation of the Company's Total Unsecured Credit Facilities Debt, Net to Net Debt (amounts in thousands)</u>**

---

| | | |
|:---|:---|:---|
| | **<br>December 31, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total credit facilities debt, net | $674122 | $521921 |
| Deferred financing costs, net | 1878 | 3079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal debt outstanding | 676000 | 525000 |
| Less: cash and cash equivalents | 32288 | 39844 |
| Net debt | $643712 | $485156 |

---

***<u>Net Debt</u>***

The Company defines net debt as principal debt outstanding less cash and cash equivalents. Net debt provides useful information by calculating and monitoring the Company's leverage metrics.

## Exhibit 99.2

![](exhibi3001.jpg)

EXHIBIT 99.2

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![](exhibi3002.jpg)

Q4 \| 2025 1 This presentation contains certain financial information not derived in accordance with the United States generally accepted accounting principles (GAAP). These items include earnings before interest, income taxes, depreciation and amortization (EBITDA), EBITDA for real estate (EBITDAre), earnings before interest, income taxes, depreciation, amortization, rent and management fees (EBITDARM), funds from operations (FFO), core funds from operations (Core FFO), adjusted funds from operations (AFFO), net debt, net operating income (NOI), cash NOI, and same store cash NOI, as well as ratios derived from the foregoing. These measures (and the methodologies used to derive them) may not be comparable to those used by other companies. Refer to the glossary for a detailed explanation of these terms and reconciliations to the most directly comparable GAAP measures, as well as others appearing in the supplement. Management considers each item an important supplemental measure of operating and financial performance and believes they are frequently used by interested parties in the evaluation of real estate investment trusts. These measures should not be considered as alternatives, or superior measures, to net income or loss as an indicator of the Company's performance and should be considered only as a supplement to net income or loss and cash flows from operating, investing or financing activities as measures of profitability and/or liquidity, computed in accordance with GAAP. Certain statements contained herein, other than historical fact, may be considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties. No forward-looking statement is intended to, nor shall it, serve as a guarantee of future performance. You can identify the forward-looking statements by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "outlook," "plan," "potential," "predict," "project," "seek," "should," "will" and other similar terms and phrases, including references to expected lease expiration and annualized base rent trends and extensions of the Company's term loan and revolving line of credit. Forward-looking statements are subject to various risks and uncertainties and factors that could cause actual results to differ materially from the expectations of Sila Realty Trust, Inc. (the "Company"), and investors should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and could materially affect the Company's results of operations, financial condition, cash flows, performance or future achievements or events, including those described under the section entitled Part I, Item 1A. "Risk Factors" of the Company's 2024 Annual Report on Form 10-K, as filed with the SEC on March 3, 2025. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Forward Looking Statements Non-GAAP Measures Unaudited Financial Information All quarterly information presented in this supplement is unaudited and should be read in conjunction with the Company's audited consolidated financial statements (and the notes thereto) included in the Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 3, 2025. See the glossary for a description of the Company's non-GAAP financial and operating metrics. Disclosures

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![](exhibi3003.jpg)

Q4 \| 2025 2 **Table of Contents** Supplemental Information as of December 31, 2025 Corporate Address 1001 Water Street Suite 800 Tampa, FL 33602 Transfer Agent By Regular Mail: Computershare P.O. Box 43007 Providence, RI 02940-3007 By Overnight Delivery: Computershare 150 Royall Street, Suite 101 Canton, MA 02021 Contact Information Investor Support 833.404.4107 Miles Callahan, Senior Vice President - Acquisitions, Capital Markets, Research & Credit IR@silarealtytrust.com www.SilaRealtyTrust.com 3 Quarterly Financial Summary 4 Financial Statistics and Ratios 5 Consolidated Balance Sheets 6 Consolidated Statements of Income 7 Reconciliations of Non-GAAP Measures - FFO, Core FFO, and AFFO 8 Reconciliations of Non-GAAP Measures - EBITDA and EBITDAre 9 Reconciliations of Non-GAAP Measures - Net Operating Income (NOI) 10 Same Store Cash NOI and Leasing Trends 11 Debt 12 Acquisitions and Dispositions 13 Property Map 14 Real Estate Diversification 17 Portfolio 21 Glossary Pictured Above: Fort Smith Healthcare Facility

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![](exhibi3004.jpg)

Q4 \| 2025 3 Quarterly Financial Summary (dollars in thousands, except share data and per share amounts) The following tables summarize the Company's quarterly financial results and portfolio metrics. See the glossary for a description of the Company's non-GAAP financial and operating metrics. Three Months Ended Financial Results December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Rental revenue $50,083 $49,421 $48,544 $48,256 $46,545 Net income attributable to common stockholders $5,015 $11,609 $8,598 $7,898 $11,114 Net income per common share - diluted $0.09 $0.21 $0.15 $0.14 $0.20 EBITDAre $38,942 $39,475 $37,870 $36,516 $33,859 FFO $29,753 $30,976 $30,014 $29,166 $28,571 FFO per common share - diluted $0.54 $0.56 $0.54 $0.52 $0.51 FFO payout ratio 74.1 % 71.2 % 73.9 % 77.1 % 77.5 % Core FFO $31,058 $31,154 $30,106 $29,607 $28,998 Core FFO per common share - diluted $0.57 $0.56 $0.54 $0.53 $0.52 Core FFO payout ratio 71.0 % 70.8 % 73.7 % 76.0 % 76.4 % AFFO $30,387 $31,081 $29,997 $29,448 $30,235 AFFO per common share - diluted $0.55 $0.56 $0.54 $0.53 $0.54 AFFO payout ratio 72.6 % 71.0 % 74.0 % 76.4 % 73.3 % As of Portfolio Metrics December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Number of properties1 140 140 136 136 135 Rentable square feet (in thousands) 5,323 5,323 5,194 5,333 5,263 Weighted average rent escalation 2.1 % 2.1% 2.2% 2.2% 2.2% Leased rate2 98.7% 99.1% 99.2% 96.0% 96.0% Weighted average remaining lease term 10.0 years 9.7 years 9.5 years 9.7 years 9.7 years Number of leases3 172 173 169 169 169 Triple net lease exposure4,5 99.9 % 99.9 % 99.9 % 99.9 % 99.9 % (1) All periods exclude two undeveloped land parcels. Additionally, December 31, 2025, September 30, 2025 and June 30, 2025 exclude the Stoughton Healthcare Facility which has been taken out of service and is being demolished. (2) Excludes properties taken out of service. (3) Master leases account for a single lease. (4) Includes triple net leases and absolute net leases. (5) Based on annualized contractual base rent.

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![](exhibi3005.jpg)

Q4 \| 2025 4 Three Months Ended Interest Coverage Ratio December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Interest expense $9,162 $8,470 $7,829 $7,325 $5,265 EBITDAre 38,942 39,475 37,870 36,516 33,859 Interest coverage ratio 4.3 x 4.7 x 4.8 x 5.0 x 6.4 x As of Net Debt Ratios December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Principal debt outstanding $676,000 $676,000 $581,000 $557,000 $525,000 Less: cash and cash equivalents 32,288 27,709 24,832 30,458 39,844 Net debt 643,712 648,291 556,168 526,542 485,156 EBITDAre annualized1 165,708 166,020 153,432 149,712 148,080 Net debt to EBITDAre ratio 3.9 x 3.9 x 3.6 x 3.5 x 3.3 x Net debt $643,712 $648,291 $556,168 $526,542 $485,156 Market capitalization $1,289,411 $1,390,673 $1,311,710 $1,485,789 $1,349,044 Enterprise value $1,933,123 $2,038,964 $1,867,878 $2,012,331 $1,834,200 Net debt to enterprise value 33.3 % 31.8 % 29.8 % 26.2 % 26.5 % Financial Statistics and Ratios (dollars in thousands, except per share amounts) See the glossary for a description of the Company's non-GAAP financial and operating metrics. Financial Metrics December 31, 2025 Other Key Metrics December 31, 2025 Net debt enterprise value 33.3 % Total real estate investments at cost $2,400,748 Net debt to EBITDAre ratio 3.9 x Common stock (NYSE: SILA) price per share $23.31 Interest coverage ratio 4.3 x Annualized distribution per share3 $1.60 Liquidity2 $481,288 (1) EBITDAre is annualized by taking the current month amount, removing lease termination income and items that are not a result of normal operations, and multiplying by twelve months. (2) Liquidity represents cash and cash equivalents of $32,288,000 and borrowing base availability on the Company's credit facility of $449,000,000 as of December 31, 2025. (3) Represents annualized amount of distributions paid during the quarter ended December 31, 2025.

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![](exhibi3006.jpg)

Q4 \| 2025 5 (Unaudited) December 31, 2025 December 31, 2024 ASSETS Real estate: Land $171,848 $160,743 Buildings and improvements, less accumulated depreciation of $331,437 and $277,024, respectively 1,616,905 1,546,877 Total real estate, net 1,788,753 1,707,620 Cash and cash equivalents 32,288 39,844 Real estate related notes receivable, net of current expected credit loss reserve of $180 and $0, respectively 17,106 — Intangible assets, less accumulated amortization of $112,292 and $122,208, respectively 116,693 125,655 Goodwill 17,635 17,700 Right-of-use assets - operating leases 35,008 36,332 Right-of-use assets - finance lease 1,901 — Other assets 85,119 79,923 Total assets $2,094,503 $2,007,074 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Credit facility, net of deferred financing costs of $1,878 and $3,079, respectively $674,122 $521,921 Accounts payable and other liabilities 42,183 33,405 Intangible liabilities, less accumulated amortization of $8,939 and $8,761, respectively 5,810 7,070 Operating lease liabilities 41,013 41,493 Finance lease liabilities 77 — Total liabilities 763,205 603,889 Stockholders' equity: Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding — — Common stock, $0.01 par value per share, 510,000,000 shares authorized; 61,939,043 and 61,779,631 shares issued, respectively; 54,876,558 and 55,075,006 shares outstanding, respectively 549 551 Additional paid-in capital 1,994,960 1,998,777 Distributions in excess of accumulated earnings (663,197) (607,499) Accumulated other comprehensive (loss) income (1,014) 11,356 Total stockholders' equity 1,331,298 1,403,185 Total liabilities and stockholders' equity $2,094,503 $2,007,074 Consolidated Balance Sheets (dollars in thousands, except share data) See the glossary for a description of the Company's non-GAAP financial and operating metrics.

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![](exhibi3007.jpg)

Q4 \| 2025 6 Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenue: Rental revenue $50,083 $46,545 $196,304 $186,856 Real estate related notes receivable interest income 617 — 1,232 — Total revenues 50,700 46,545 197,536 186,856 Expenses: Rental expenses 5,567 5,912 23,804 23,138 Listing-related expenses — — — 3,012 General and administrative expenses 5,539 7,015 20,907 25,336 Depreciation and amortization 21,606 17,745 76,946 74,754 Impairment and disposition losses 3,159 — 9,951 1,210 Demolition costs 864 — 1,011 — Total operating expenses 36,735 30,672 132,619 127,450 Other income (expense): Gain on dispositions of real estate — 265 — 341 Interest and other income 212 241 1,169 4,130 Interest expense (9,162) (5,265) (32,786) (21,220) Increase in current expected credit loss reserve — — (180) — Total other expense (8,950) (4,759) (31,797) (16,749) Net income attributable to common stockholders $5,015 $11,114 $33,120 $42,657 Weighted average number of common shares outstanding: Basic 54,876,558 55,019,874 55,005,993 56,228,545 Diluted 55,322,140 55,510,399 55,514,984 56,685,496 Net income per common share attributable to common stockholders: Basic $0.09 $0.20 $0.60 $0.75 Diluted $0.09 $0.20 $0.60 $0.75 Consolidated Statements of Income (dollars in thousands, except share data and per share amounts) (unaudited) See the glossary for a description of the Company's non-GAAP financial and operating metrics.

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![](exhibi3008.jpg)

Q4 \| 2025 7 Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net income attributable to common stockholders1,2 $5,015 $11,114 $33,120 $42,657 Adjustments: Depreciation and amortization of real estate assets 21,579 17,722 76,838 74,660 Gain on dispositions of real estate — (265) — (341) Impairment and disposition losses 3,159 — 9,951 1,210 FFO1,2 $29,753 $28,571 $119,909 $118,186 Adjustments: Listing-related expenses — — — 3,012 Severance — 19 33 1,885 Write-off of straight-line rent receivables related to prior periods 426 — 462 — Accelerated stock-based compensation — 61 19 936 Amortization of above (below) market lease intangibles, including ground leases, net 15 347 78 1,778 Loss on extinguishment of debt — — 233 228 Increase in current expected credit loss reserve — — 180 — Demolition costs 864 — 1,011 — Core FFO1,2 $31,058 $28,998 $121,925 $126,025 Adjustments: Deferred rent3 263 456 1,226 3,510 Straight-line rent adjustments (2,632) (1,788) (9,763) (5,555) Amortization of deferred financing costs 725 578 2,823 2,185 Amortization of fees on real estate related notes receivable (35) — (94) — Stock-based compensation 1,008 1,991 4,796 4,914 AFFO1,2 $30,387 $30,235 $120,913 $131,079 Net income per common share - diluted $0.09 $0.20 $0.60 $0.75 FFO per common share - diluted $0.54 $0.51 $2.16 $2.08 Core FFO per common share - diluted $0.57 $0.52 $2.20 $2.22 AFFO per common share - diluted $0.55 $0.54 $2.18 $2.31 FFO payout ratio 74.1 % 77.5 % 74.0 % 77.3 % Core FFO payout ratio 71.0 % 76.4 % 72.8 % 72.5 % AFFO payout ratio 72.6 % 73.3 % 73.4 % 69.7 % Reconciliations of Non-GAAP Measures - FFO, Core FFO and AFFO (dollars in thousands, except per share amounts) See the glossary for a description of the Company's non-GAAP financial and operating metrics. (1) The three months ended December 31, 2025 include $214,000 of lease termination fee income received. The year ended December 31, 2025 includes $295,000 of lease termination fee income received. The year ended December 31, 2024 includes $4,098,000 of lease termination fee income received. (2) The year ended December 31, 2025 includes $83,000 of rental revenue received as a result of bankruptcy proceedings from Steward Health Care System LLC, or Steward, the sponsor and owner of the former tenant at the Stoughton Healthcare Facility. (3) The year ended December 31, 2024 includes a $2,000,000 severance fee received from GenesisCare USA, Inc. and its affiliates, or GenesisCare, which is recognized in rental revenues over the remaining GenesisCare amended master lease term. Additionally, the years ended December 31, 2025 and 2024 include a property that was under development. This property was placed in service in December 2025 and therefore, subsequent rent received is reflected in rental revenue and the prior deferred revenue is recognized over time in straight-line rent adjustments within rental revenues.

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![](exhibi3009.jpg)

Q4 \| 2025 8 Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net income attributable to common stockholders $5,015 $11,114 $33,120 $42,657 Adjustments: Interest expense1 9,162 5,265 32,786 21,220 Depreciation and amortization 21,606 17,745 76,946 74,754 EBITDA $35,783 $34,124 $142,852 $138,631 Gain on real estate dispositions — (265) — (341) Impairment and disposition losses 3,159 — 9,951 1,210 EBITDAre $38,942 $33,859 $152,803 $139,500 Reconciliations of Non-GAAP Measures - EBITDA and EBITDAre (dollars in thousands) See the glossary for a description of the Company's non-GAAP financial and operating metrics. (1) Includes loss on extinguishment of debt of $233,000 and $228,000 for each of the years ended December 31, 2025 and 2024, respectively, in connection with extinguishment of our prior revolving credit agreement and the pay off of our prior term loan agreement.

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![](exhibi3010.jpg)

Q4 \| 2025 9 Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Rental revenue1,2 $50,083 $46,545 $196,304 $186,856 Rental expenses (5,567) (5,912) (23,804) (23,138) Net operating income $44,516 $40,633 $172,500 $163,718 Adjustments: Straight-line rent adjustments, net of write-offs (2,206) (1,788) (9,301) (5,555) Amortization of above (below) market lease intangibles, including ground leases, net 15 347 78 1,778 Internal property management fee 1,375 1,312 5,357 5,139 Deferred rent3 263 456 1,226 3,510 Cash NOI1,2,3 $43,963 $40,960 $169,860 $168,590 Cash NOI margin4 87.8 % 88.0 % 86.5 % 90.2 % Cash NOI yield5 7.3 % 7.2 % 7.3 % 7.6 % Reconciliations of Non-GAAP Measures - Net Operating Income (NOI) (dollars in thousands) See the glossary for a description of the Company's non-GAAP financial and operating metrics. (1) The three months ended December 31, 2025 include $214,000 of lease termination fee income received. The year ended December 31, 2025 includes $295,000 of lease termination fee income received. The year ended December 31, 2024 includes $4,098,000 of lease termination fee income received. (2) The year ended December 31, 2025 includes $83,000 of rental revenue received as a result of bankruptcy proceedings from Steward, the sponsor and owner of the former tenant at the Stoughton Healthcare Facility. (3) The year ended December 31, 2024 includes a $2,000,000 severance fee received from GenesisCare, which is recognized in rental revenues over the remaining GenesisCare amended master lease term. Additionally, the years ended December 31, 2025 and 2024 include a property that was under development. This property was placed in service in December 2025 and therefore, subsequent rent received is reflected in rental revenue and the prior deferred revenue is recognized over time in straight-line rent adjustments within rental revenues. (4) Calculated by dividing Cash NOI by rental revenue. (5) Calculated by dividing the annualized Cash NOI for the three months ended December 31, 2025 and 2024, respectively (determined by multiplying actual Cash NOI, excluding lease termination income, by four quarters, then adding lease termination income collected for the quarter), by the weighted average total real estate investments at cost. Calculated using actual Cash NOI for the years ended December 31, 2025 and 2024, respectively, by the weighted average total real estate investments at cost.

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![](exhibi3011.jpg)

Q4 \| 2025 10 See the glossary for a description of the Company's non-GAAP financial and operating metrics. Same Store Cash NOI and Leasing Trends (1) Each period's results reflect only properties owned and operated for the entirety of all calendar periods being compared. Sa m e St or e C as h N et O pe ra tin g In co m e End of Period Leased Rate $41.0 $41.2 $41.1 $41.2 $41.3 99.4% 99.3% 99.2% 99.0% 98.7% 4Q24 1Q25 2Q25 3Q25 4Q25 0M 10M 20M 30M 40M 50M 40% 50% 60% 70% 80% 90% 100% 132 Properties1

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![](exhibi3012.jpg)

Q4 \| 2025 11 See the glossary for a description of the Company's non-GAAP financial and operating metrics. Debt Unsecured Credit Facility Key Covenants Required Actual Ratio of total indebtedness to total gross asset value ≤ 60.0% 27.6 % Ratio of secured indebtedness to total gross asset value ≤ 30.0% 0.0 % Ratio of adjusted EBITDA to fixed charges ≥ 1.50x 4.9 x Ratio of adjusted NOI from unencumbered properties under the credit facility to total unsecured interest expense ≥ 1.75x 5.0 x The table above includes a summary of key financial covenants for the Company's credit facility, as defined and calculated within the terms of the Company's credit and term loan agreements. These calculations are presented to reflect the Company's compliance with the covenants and are not intended to be measures of the Company's liquidity or performance. Debt Summary (dollars in thousands) Hedged debt Amount Rate % of Total Credit facility term loans, fixed through interest rate swaps1 $525,000 4.6 % 77.7 % Total hedged debt 525,000 4.6 % 77.7 % Variable rate debt Revolving line of credit2 151,000 4.9 % 22.3 % Total variable rate debt 151,000 4.9 % 22.3 % Total debt $676,000 4.7 % 100.0 % $250M $275M $151M 2026 2027 2028 2029 $0M $125M $250M $375M $500M $625M Debt Maturities (dollars in millions) Interest Rate Swap Maturities (dollars in millions) $275M $250M 2026 2027 2028 2029 $0M $125M $250M $375M $500M (1) Weighted average interest rate as of December 31, 2025. (2) Interest rate represents the daily Secured Overnight Financing Rate of 3.66% in effect on the Company's revolving line of credit plus the applicable margin of 1.25% as of December 31, 2025. (3) The 2027 term loan, at the Company's election, may be extended for a period of one year on no more than two occasions, subject to the satisfaction of certain conditions, including the payment of an extension fee. (4) The revolving line of credit, at the Company's election, may be extended for a period of six-months on no more than two occasions, subject to the satisfaction of certain conditions, including the payment of an extension fee. (5) The 2028 term loan is fixed through six interest rate swaps with an aggregate notional amount of $275,000,000 that mature on January 31, 2028. As of December 31, 2025, the weighted average fixed interest rate on the interest rate swap agreements maturing on January 31, 2028 was 2.83%. (6) The 2027 term loan is fixed through four interest rate swaps with an aggregate notional amount of $250,000,000 that mature on March 20, 2029. As of December 31, 2025, the weighted average fixed interest rate on the interest rate swap agreements maturing on March 20, 2029 was 3.76%. 43 5 6 Re vo lv er (U nd ra w n $4 49 M) Credit Facility Term Loan - Fixed Through Swaps Credit Facility Revolver

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![](exhibi3013.jpg)

Q4 \| 2025 12 See the glossary for a description of the Company's non-GAAP financial and operating metrics. Acquisitions and Dispositions 2025 Acquisitions Date Acquired Property Rentable Square Feet Market State Acquisition Price1 (in thousands) 03/04/2025 Knoxville Healthcare Facility 70,005 Knoxville TN $35,320 04/16/2025 Dover Healthcare Facility2 42,140 Dover DE 26,818 08/01/2025 Southlake Healthcare Facility 16,745 Dallas TX 9,558 08/01/2025 Southlake Healthcare Facility II 11,048 Dallas TX 6,694 09/05/2025 Plano Healthcare Facility 51,815 Dallas TX 35,367 09/05/2025 Peoria Healthcare Facility 49,084 Phoenix AZ 35,120 Total 2025 Acquisitions 240,837 $148,877 (1) Includes capitalized acquisition costs. (2) On April 16, 2025, the Company purchased the Dover Healthcare Facility for $24,142,000, including capitalized acquisition costs. On September 16, 2025, the Company purchased additional land to expand the Dover Healthcare Facility for $2,676,000, including capitalized acquisition costs. 2025 Dispositions The Company did not have any dispositions during the year ended December 31, 2025.

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![](exhibi3014.jpg)

Q4 \| 2025 13 Property Map (as of December 31, 2025) See the glossary for a description of the Company's non-GAAP financial and operating metrics. 35.3% 34.8% 29.9% 64.3% 17.9% 17.8% Properties3Annualized Base Rent2 Property Diversification Medical Outpatient Building Inpatient Rehabilitation Facility Surgical and Specialty Facilities1 (1) Surgical and Specialty Facilities includes Surgical Facilities, Long-Term Acute Care Hospitals, Behavioral Healthcare Facilities, Transitional Care, Micro-Hospitals and Short-Term Acute Care Hospitals. (2) Based on annualized December 2025 contractual base rent. (3) Excludes three undeveloped land parcels, including the Stoughton Healthcare Facility which has been taken out of service and is being demolished. (4) Excludes vacant properties. Single/Multi-Tenant Concentration 89.9% 10.1% 91.5% 8.5% Annualized Base Rent2 Properties3,4 Single Tenant Multi-Tenant

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![](exhibi3015.jpg)

Q4 \| 2025 14 29.3% 6.9% 6.8% 5.3% 4.7% 4.6% 4.4% 4.2% 3.8% 3.4% Texas Oklahoma Arizona Louisiana Ohio California Florida Arkansas Iowa New Jersey Real Estate Diversification See the glossary for a description of the Company's non-GAAP financial and operating metrics. Total Statistics As of December 31, 2025 2024 Rentable square feet 5,322,724 5,262,631 Number of properties1 140 135 Average annualized base rent per leased square foot $33.86 $32.72 Weighted average remaining lease term 10.0 years 9.7 years Leased rate2 98.7 % 96.0 % Number of leases3 172 169 Top 10 Markets4 As of December 31, 2025 As of December 31, 2024 Rentable Square Feet % Leased5 Rentable Square Feet % Leased5 Dallas 392,198 100.0 % 312,590 100.0 % Oklahoma City 479,137 100.0 % 479,137 100.0 % San Antonio 293,782 96.3 % 293,782 96.3 % Akron 191,269 100.0 % 191,269 100.0 % Tucson 224,314 99.1 % 224,314 100.0 % Des Moines 244,548 100.0 % 244,548 100.0 % Philadelphia 89,139 100.0 % 89,139 100.0 % Phoenix 113,984 100.0 % 64,900 100.0 % Houston 117,672 100.0 % 117,672 100.0 % Chicago 129,634 100.0 % 129,634 100.0 % Total 2,275,677 99.4 % 2,146,985 99.5 % 9.6% 6.9% 5.4% 4.0% 3.8% 3.8% 3.4% 3.0% 2.9% 2.7% Dallas Oklahoma City San Antonio Akron Tucson Des Moines Philadelphia Phoenix Houston Chicago Top 10 Markets4 (1) Excludes three undeveloped land parcels, including the Stoughton Healthcare Facility which has been taken out of service and is being demolished as of December 31, 2025. Excludes two undeveloped land parcels as of December 31, 2024. (2) Excludes properties taken out of service. (3) Master leases account for a single lease. (4) Represents each market's, or state's, as applicable, annualized December 2025 contractual base rent as a percentage of total annualized December 2025 contractual base rent. (5) Percentage based on rentable square feet. Top 10 States4

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![](exhibi3016.jpg)

Q4 \| 2025 15 15.3% 7.8% 5.5% 5.4% 5.3% 5.3% 5.2% 4.4% 3.6% 2.9% PAM Health Baylor Scott & White Health Integris Health Select Medical Tenet Health Trinity Health Community Health Systems Surgery Partners Lifepoint Health Reunion Rehabilitation / Nobis 9.9% 90.1% Real Estate Diversification See the glossary for a description of the Company's non-GAAP financial and operating metrics. A nn ua liz ed B as e Re nt Square Feet 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter $0M $15M $30M $45M $60M $75M $90M 0.0M 0.5M 1.0M 1.5M 2.0M 2.5M Lease Expirations1 26.3% 40.6% 33.1% Tenant Diversification2,3,4 Tenant Credit Concentrations2,5 Investment Grade Rated Tenant/ Guarantor or Affiliate Rated Tenant/Guarantor or Affiliate Non-Rated Tenant/Guarantor Annual Lease Escalation Structure 9.3% 90.7% Contractual CPI Leases6 Annualized Base Rent2 (1) The graph includes a tenant who has been moved to the cash basis of accounting for revenue recognition purposes that has continued to make rental payments as of December 31, 2025. (2) Based on annualized December 2025 contractual base rent. (3) Includes tenants under common control. (4) Lifepoint Health, or Lifepoint, is a partner in joint ventures that lease certain of our properties, with ownership percentages at each joint venture ranging from 49% to 51%, and is a 100% owner of the tenant entity at another property. The aggregate annualized base rent of the properties with any amount of Lifepoint ownership is 10.2% of the total portfolio annualized base rent. However, Lifepoint is represented as 3.6% in our top ten tenants due to the Company's determination of common control at each property, which includes consideration of both ownership percentages and credit ratings. (5) All credit ratings are from major credit rating agencies. Parent credit rating is used where tenant is not rated. (6) Master leases account for a single lease. Expiring Annualized Base Rent2 Expiring Leased Square Feet

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![](exhibi3017.jpg)

Q4 \| 2025 16 Real Estate Diversification See the glossary for a description of the Company's non-GAAP financial and operating metrics. % of ABR2 EBITDARM Coverage Medical Outpatient Building 15.1% 9.2x Inpatient Rehabilitation Facility 33.5% 3.9x Surgical and Specialty Facilities3 27.0% 6.5x Reporting Properties 75.6% 5.9x Non-Reporting Properties 24.4% Total Portfolio 100.0% EBITDARM Coverage Ratio1 (1) EBITDARM coverage ratios are based on the latest financial statements available to the Company and are calculated on a trailing twelve-month basis. See glossary for definition. (2) Based on annualized December 2025 contractual base rent. (3) Surgical and Specialty Facilities includes Surgical Facilities, Long-Term Acute Care Hospitals, Behavioral Healthcare Facilities, Transitional Care, Micro-Hospitals and Short-Term Acute Care Hospitals. (4) Excludes non-reporting properties. % o f A BR 1.7% 11.2% 12.4% 15.6% 10.2% 24.5% <1.00x 1.00x to 1.99x 2.00x to 2.99x 3.00x to 3.99x 4.00x to 4.99x ≥5.00x —% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% % of ABR by EBITDARM Coverage Ratio1,2,4

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![](exhibi3018.jpg)

Q4 \| 2025 17 Portfolio (as of December 31, 2025) See the glossary for a description of the Company's non-GAAP financial and operating metrics. Market Property Name State Rentable Square Feet Date Acquired % Leased Property Subtype Akron Akron Healthcare Facility OH 98,705 10/4/2019 100.0 % Medical Outpatient Building Akron Akron Healthcare Facility II OH 38,564 10/4/2019 100.0 % Medical Outpatient Building Akron Akron Healthcare Facility III OH 54,000 10/4/2019 100.0 % Specialty Facility Alexandria Alexandria Healthcare Facility LA 15,600 10/4/2019 — % Medical Outpatient Building Appleton Appleton Healthcare Facility WI 7,552 10/4/2019 100.0 % Medical Outpatient Building Augusta Augusta Healthcare Facility ME 51,000 7/22/2015 100.0 % Medical Outpatient Building Augusta Oakland Healthcare Facility ME 20,000 7/22/2015 100.0 % Medical Outpatient Building Austin Austin Healthcare Facility TX 66,095 3/31/2017 100.0 % Inpatient Rehabilitation Facility Austin Austin Healthcare Facility II TX 18,273 10/4/2019 100.0 % Medical Outpatient Building Austin Luling Healthcare Facility TX 40,901 7/30/2015 100.0 % Specialty Facility Beaumont Beaumont Healthcare Facility TX 61,000 3/31/2017 100.0 % Inpatient Rehabilitation Facility Beckley Fairlea Healthcare Facility WV 5,200 10/4/2019 100.0 % Medical Outpatient Building Boston Stoughton Healthcare Facility MA — 12/23/2014 — % Undeveloped Land (1) Bremerton Silverdale Healthcare Facility WA 26,127 8/25/2017 100.0 % Medical Outpatient Building Bremerton Silverdale Healthcare Facility II WA 19,184 9/20/2017 100.0 % Medical Outpatient Building Chicago Aurora Healthcare Facility IL 24,722 3/30/2017 100.0 % Medical Outpatient Building Chicago Burr Ridge Healthcare Facility IL 104,912 9/27/2023 100.0 % Medical Outpatient Building Cincinnati Cincinnati Healthcare Facility OH 14,868 10/29/2014 100.0 % Medical Outpatient Building Cincinnati Cincinnati Healthcare Facility III OH 41,600 7/22/2015 100.0 % Medical Outpatient Building Cincinnati Florence Healthcare Facility KY 41,600 7/22/2015 100.0 % Medical Outpatient Building Corpus Christi Corpus Christi Healthcare Facility TX 25,102 12/22/2016 100.0 % Medical Outpatient Building Covington Covington Healthcare Facility LA 43,250 10/4/2019 100.0 % Specialty Facility Dallas Allen Healthcare Facility TX 42,627 3/31/2017 100.0 % Inpatient Rehabilitation Facility Dallas Carrollton Healthcare Facility TX 21,990 4/27/2018 100.0 % Medical Outpatient Building Dallas Dallas Healthcare Facility TX 62,390 10/4/2019 100.0 % Surgical Facility Dallas Fort Worth Healthcare Facility TX 83,464 12/31/2014 100.0 % Surgical Facility Dallas Fort Worth Healthcare Facility II TX 8,268 12/31/2014 100.0 % Medical Outpatient Building Dallas Fort Worth Healthcare Facility III TX 36,800 12/23/2015 100.0 % Medical Outpatient Building Dallas Frisco Healthcare Facility TX 57,051 10/4/2019 100.0 % Inpatient Rehabilitation Facility Dallas Southlake Healthcare Facility TX 16,745 8/1/2025 100.0 % Medical Outpatient Building Dallas Southlake Healthcare Facility II TX 11,048 8/1/2025 100.0 % Medical Outpatient Building Dallas Plano Healthcare Facility TX 51,815 9/5/2025 100.0 % Inpatient Rehabilitation Facility Denver Denver Healthcare Facility CO 131,210 10/4/2019 100.0 % Specialty Facility Des Moines Clive Healthcare Facility IA 58,156 11/26/2018 100.0 % Medical Outpatient Building Des Moines Clive Healthcare Facility II IA 63,224 12/8/2021 100.0 % Medical Outpatient Building Des Moines Clive Healthcare Facility III IA 33,974 12/8/2021 100.0 % Medical Outpatient Building Des Moines Clive Healthcare Facility IV IA 35,419 12/8/2021 100.0 % Medical Outpatient Building Des Moines Clive Undeveloped Land IA — 12/8/2021 — % Undeveloped Land Des Moines Clive Undeveloped Land II IA — 12/8/2021 — % Undeveloped Land Des Moines Grimes Healthcare Facility IA 14,669 2/19/2020 100.0 % Medical Outpatient Building Des Moines Indianola Healthcare Facility IA 18,116 9/26/2018 100.0 % Medical Outpatient Building (1) Property taken out of service and being demolished.

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![](exhibi3019.jpg)

Q4 \| 2025 18 Portfolio (Continued) (as of December 31, 2025) See the glossary for a description of the Company's non-GAAP financial and operating metrics. Market Property Name State Rentable Square Feet Date Acquired % Leased Property Subtype Des Moines Indianola Healthcare Facility II IA 20,990 9/26/2018 100.0 % Medical Outpatient Building Destin Crestview Healthcare Facility FL 5,685 10/4/2019 100.0 % Medical Outpatient Building Destin Fort Walton Beach Healthcare Facility FL 9,017 10/4/2019 100.0 % Medical Outpatient Building Destin Santa Rosa Beach Healthcare Facility FL 5,000 10/4/2019 100.0 % Medical Outpatient Building Dover Dover Healthcare Facility DE 42,140 4/16/2025 100.0 % Inpatient Rehab Facility Elkhart Goshen Healthcare Facility IN 15,462 10/4/2019 100.0 % Medical Outpatient Building Fayetteville Fayetteville Healthcare Facility AR 55,740 10/4/2019 100.0 % Surgical Facility Fort Myers Bonita Springs Healthcare Facility FL 9,800 10/4/2019 100.0 % Medical Outpatient Building Fort Myers Lehigh Acres Healthcare Facility FL 5,746 10/4/2019 100.0 % Medical Outpatient Building Fort Smith Fort Smith Healthcare Facility AR 62,570 7/25/2024 100.0 % Inpatient Rehabilitation Facility Frankfort Frankfort Healthcare Facility KY 4,000 10/4/2019 100.0 % Medical Outpatient Building Grand Rapids Grand Rapids Healthcare Facility MI 108,014 12/7/2016 72.6 % Medical Outpatient Building Green Bay Bellevue Healthcare Facility WI 5,838 10/4/2019 100.0 % Medical Outpatient Building Green Bay De Pere Healthcare Facility WI 7,100 10/4/2019 100.0 % Medical Outpatient Building Green Bay Howard Healthcare Facility WI 7,552 10/4/2019 100.0 % Medical Outpatient Building Green Bay Sturgeon Bay Healthcare Facility WI 3,100 10/4/2019 100.0 % Medical Outpatient Building Hammond Hammond Healthcare Facility LA 63,000 10/4/2019 100.0 % Surgical Facility Hammond Hammond Healthcare Facility II LA 23,835 10/4/2019 100.0 % Specialty Facility Hot Springs Hot Springs Healthcare Facility AR 8,573 10/17/2018 100.0 % Medical Outpatient Building Houston Houston Healthcare Facility TX 13,645 7/31/2014 100.0 % Medical Outpatient Building Houston Houston Healthcare Facility III TX 16,217 10/4/2019 100.0 % Medical Outpatient Building Houston Katy Healthcare Facility TX 34,296 6/8/2018 100.0 % Specialty Facility Houston Webster Healthcare Facility TX 53,514 6/5/2015 100.0 % Inpatient Rehabilitation Facility Indianapolis Brownsburg Healthcare Facility IN 55,986 2/26/2024 100.0 % Inpatient Rehabilitation Facility Indianapolis Greenwood Healthcare Facility IN 53,560 4/19/2021 100.0 % Inpatient Rehabilitation Facility Jacksonville Jacksonville Healthcare Facility FL 13,082 10/4/2019 100.0 % Medical Outpatient Building Kansas City Overland Park Healthcare Facility KS 54,568 2/17/2015 100.0 % Inpatient Rehabilitation Facility Knoxville Knoxville Healthcare Facility TN 70,005 3/4/2025 100.0 % Inpatient Rehabilitation Facility Lafayette Lafayette Healthcare Facility LA 73,824 10/4/2019 100.0 % Surgical Facility Lakeland Winter Haven Healthcare Facility FL 7,560 1/27/2015 100.0 % Medical Outpatient Building Laredo Laredo Healthcare Facility TX 61,677 9/19/2019 100.0 % Medical Outpatient Building Laredo Laredo Healthcare Facility II TX 118,132 9/19/2019 100.0 % Medical Outpatient Building Las Vegas Henderson Healthcare Facility NV 6,685 10/4/2019 100.0 % Medical Outpatient Building Las Vegas Las Vegas Healthcare Facility NV 56,220 6/24/2016 100.0 % Inpatient Rehabilitation Facility Las Vegas Las Vegas Healthcare Facility II NV 6,963 10/4/2019 100.0 % Medical Outpatient Building Little Rock Benton Healthcare Facility AR 104,419 10/17/2018 100.0 % Medical Outpatient Building Little Rock Benton Healthcare Facility II AR 11,350 10/17/2018 100.0 % Medical Outpatient Building Little Rock Bryant Healthcare Facility AR 23,450 10/17/2018 100.0 % Medical Outpatient Building

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![](exhibi3020.jpg)

Q4 \| 2025 19 Portfolio (Continued) (as of December 31, 2025) See the glossary for a description of the Company's non-GAAP financial and operating metrics. Market Property Name State Rentable Square Feet Date Acquired % Leased Property Subtype Little Rock Bryant Healthcare Facility II AR 16,425 8/16/2019 100.0 % Medical Outpatient Building Los Angeles El Segundo Healthcare Facility CA 12,163 10/4/2019 100.0 % Medical Outpatient Building Lubbock Lubbock Healthcare Facility TX 102,143 10/4/2019 100.0 % Surgical Facility Manitowoc Manitowoc Healthcare Facility WI 7,987 10/4/2019 100.0 % Medical Outpatient Building Manitowoc Manitowoc Healthcare Facility II WI 36,090 10/4/2019 100.0 % Medical Outpatient Building Marinette Marinette Healthcare Facility WI 4,178 10/4/2019 100.0 % Medical Outpatient Building Miami West Palm Beach Healthcare Facility FL 25,150 6/15/2023 100.0 % Medical Outpatient Building McAllen Weslaco Healthcare Facility TX 28,750 3/20/2024 100.0 % Specialty Facility Oklahoma City Edmond Healthcare Facility OK 17,700 1/20/2016 100.0 % Medical Outpatient Building Oklahoma City Newcastle Healthcare Facility OK 7,424 2/3/2016 100.0 % Medical Outpatient Building Oklahoma City Oklahoma City Healthcare Facility OK 94,076 12/29/2015 100.0 % Specialty Facility Oklahoma City Oklahoma City Healthcare Facility II OK 41,394 12/29/2015 100.0 % Medical Outpatient Building Oklahoma City Oklahoma City Healthcare Facility III OK 5,000 1/27/2016 100.0 % Medical Outpatient Building Oklahoma City Oklahoma City Healthcare Facility IV OK 8,762 1/27/2016 100.0 % Medical Outpatient Building Oklahoma City Oklahoma City Healthcare Facility V OK 43,676 2/11/2016 100.0 % Medical Outpatient Building Oklahoma City Oklahoma City Healthcare Facility VI OK 14,676 3/7/2016 100.0 % Medical Outpatient Building Oklahoma City Oklahoma City Healthcare Facility VII OK 102,978 6/22/2016 100.0 % Surgical Facility Oklahoma City Oklahoma City Healthcare Facility VIII OK 62,857 6/30/2016 100.0 % Surgical Facility Oklahoma City Oklahoma City Healthcare Facility IX OK 34,970 10/4/2019 100.0 % Medical Outpatient Building Oklahoma City Yukon Healthcare Facility OK 45,624 3/10/2022 100.0 % Medical Outpatient Building Omaha Omaha Healthcare Facility NE 40,402 10/14/2015 100.0 % Specialty Facility Oshkosh Oshkosh Healthcare Facility WI 8,717 10/4/2019 100.0 % Medical Outpatient Building Philadelphia Marlton Healthcare Facility NJ 89,139 11/1/2016 100.0 % Inpatient Rehabilitation Facility Phoenix Cave Creek Healthcare Facility AZ 32,450 3/20/2024 100.0 % Specialty Facility Phoenix Peoria Healthcare Facility AZ 49,084 9/5/2025 100.0 % Inpatient Rehabilitation Facility Phoenix Surprise Healthcare Facility AZ 32,450 3/20/2024 100.0 % Specialty Facility Pittsburgh Clarion Healthcare Facility PA 33,000 6/1/2015 100.0 % Medical Outpatient Building Pittsburgh Pleasant Hills Healthcare Facility PA 33,712 5/12/2022 100.0 % Medical Outpatient Building Poplar Bluff Poplar Bluff Healthcare Facility MO 71,519 9/19/2019 100.0 % Medical Outpatient Building Prosser Prosser Healthcare Facility I WA 6,000 5/20/2022 100.0 % Medical Outpatient Building Prosser Prosser Healthcare Facility II WA 9,230 5/20/2022 100.0 % Medical Outpatient Building Prosser Prosser Healthcare Facility III WA 5,400 5/20/2022 100.0 % Medical Outpatient Building Providence North Smithfield Healthcare Facility RI 92,944 10/4/2019 100.0 % Inpatient Rehabilitation Facility Reading Wyomissing Healthcare Facility PA 37,117 7/24/2015 100.0 % Surgical Facility Reading Reading Healthcare Facility PA 30,000 5/21/2024 100.0 % Medical Outpatient Building Riverside Palm Desert Healthcare Facility CA 6,963 10/4/2019 — % Medical Outpatient Building Riverside Rancho Mirage Healthcare Facility CA 47,008 3/1/2016 100.0 % Inpatient Rehabilitation Facility Riverside Rancho Mirage Healthcare Facility II CA 7,432 10/4/2019 100.0 % Medical Outpatient Building Saginaw Saginaw Healthcare Facility MI 87,843 12/21/2017 100.0 % Medical Outpatient Building

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![](exhibi3021.jpg)

Q4 \| 2025 20 Portfolio (Continued) (as of December 31, 2025) See the glossary for a description of the Company's non-GAAP financial and operating metrics. Market Property Name State Rentable Square Feet Date Acquired % Leased Property Subtype San Antonio New Braunfels Healthcare Facility TX 27,971 10/4/2019 100.0 % Specialty Facility San Antonio San Antonio Healthcare Facility TX 44,746 6/29/2017 100.0 % Inpatient Rehabilitation Facility San Antonio San Antonio Healthcare Facility III TX 50,000 10/4/2019 100.0 % Inpatient Rehabilitation Facility San Antonio San Antonio Healthcare Facility IV TX 113,136 10/4/2019 100.0 % Inpatient Rehabilitation Facility San Antonio San Antonio Healthcare Facility V TX 57,929 10/4/2019 81.3 % Medical Outpatient Building San Diego Escondido Healthcare Facility CA 56,800 7/21/2022 100.0 % Inpatient Rehabilitation Facility Sarasota Lakewood Ranch Healthcare Facility FL 10,919 10/4/2019 100.0 % Medical Outpatient Building Savannah Savannah Healthcare Facility GA 48,184 10/4/2019 100.0 % Specialty Facility Scranton Wilkes-Barre Healthcare Facility PA 15,996 10/4/2019 100.0 % Medical Outpatient Building Sherman Sherman Healthcare Facility TX 57,576 11/20/2015 100.0 % Surgical Facility Sherman Sherman Healthcare Facility II TX 8,055 11/20/2015 100.0 % Medical Outpatient Building St. Louis Bridgeton Healthcare Facility MO 66,914 10/4/2019 100.0 % Inpatient Rehabilitation Facility Tampa Tampa Healthcare Facility FL 33,822 9/8/2020 93.6 % Medical Outpatient Building Tampa Tampa Healthcare Facility II FL 87,649 7/20/2022 100.0 % Inpatient Rehabilitation Facility Tucson Marana Healthcare Facility AZ 32,250 3/20/2024 100.0 % Specialty Facility Tucson Tucson Healthcare Facility AZ 34,009 9/19/2019 100.0 % Medical Outpatient Building Tucson Tucson Healthcare Facility II AZ 60,913 12/26/2019 100.0 % Inpatient Rehabilitation Facility Tucson Tucson Healthcare Facility III AZ 20,000 12/27/2019 100.0 % Medical Outpatient Building Tucson Tucson Healthcare Facility IV AZ 44,692 12/22/2020 95.3 % Medical Outpatient Building Tucson Tucson Healthcare Facility V AZ 32,450 3/20/2024 100.0 % Medical Outpatient Building Valdosta Valdosta Healthcare Facility GA 24,750 11/28/2018 100.0 % Medical Outpatient Building Valdosta Valdosta Healthcare Facility II GA 12,745 11/28/2018 100.0 % Medical Outpatient Building Victoria Victoria Healthcare Facility TX 34,297 10/4/2019 100.0 % Inpatient Rehabilitation Facility Victoria Victoria Healthcare Facility II TX 28,752 10/4/2019 100.0 % Specialty Facility Winston Winston-Salem Healthcare Facility NC 22,200 12/17/2014 100.0 % Medical Outpatient Building

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Q4 \| 2025 21 Contractual Annualized Base Rent The sum of each tenant's contractual base rent in the last month of the period multiplied by twelve months, unless otherwise specified. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) These supplemental non-GAAP performance measures are defined as net income or loss, calculated in accordance with GAAP, adjusted for interest expense, income tax expense (benefit), depreciation and amortization. EBITDAre also includes adjustments for impairments of real estate assets, losses from the disposition of properties, and gains from the disposition of properties. EBITDAre is a definition promulgated by the National Association of Real Estate Investment Trusts (Nareit). It should be noted, however, that other REITs may not define EBITDAre in accordance with the current Nareit definition or may interpret the current Nareit definition differently than the Company does, making comparisons less meaningful. The Company believes these metrics are important indicators of the Company's operating performance and its ability to service debt. The following is a reconciliation of net income attributable to common stockholders, which is the most directly comparable GAAP financial measure, to EBITDA and EBITDAre for the following quarterly periods (amounts in thousands): Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Net income attributable to common stockholders $5,015 $11,609 $8,598 $7,898 $11,114 Adjustments: Interest expense1 9,162 8,470 7,829 7,325 5,265 Depreciation and amortization 21,606 19,396 18,182 17,762 17,745 EBITDA $35,783 $39,475 $34,609 $32,985 $34,124 Gain on real estate dispositions — — — — (265) Impairment and disposition losses 3,159 — 3,261 3,531 — EBITDAre $38,942 $39,475 $37,870 $36,516 $33,859 Earnings Before Interest, Taxes, Depreciation, Amortization, Rent and Management Fees (EBITDARM) EBITDARM Coverage The Company utilizes EBITDARM, a supplemental non-GAAP performance measure, to evaluate the core operations of our tenants and/or guarantors (together, the "Obligor") of our properties. An Obligor's reported EBITDARM may be adjusted for certain non-recurring items or items not core to operations. Management believes such adjustments are reasonable and necessary to evaluate Obligor performance. Most Obligor financial statements are unaudited, and we have not independently verified any financial information received from Obligors and, therefore, we cannot confirm that such information is accurate or complete. Represents the ratio of EBITDARM of our reporting Obligors, divided by either (i) in the case of tenant individual property level reporting, the rent payable to the Company for the related period, or (ii) in the case of tenant multiple property level reporting, or in the case of guarantor reporting, total rent reported in its financial statements. EBITDARM Coverage is one indicator of an Obligor's ability to generate sufficient cash flows to cover its rental obligations. This ratio is based on the latest financial statements available to the Company and is calculated on a trailing twelve-month basis, when available and appropriate. For reporting purposes, the ratio for each Obligor is then weighted based on the annualized base rent of the reporting property. Properties for which Obligor financial statements are excluded include those (i) that are either not available or not sufficiently detailed, (ii) that are Management Services Organizations, (iii) where the Obligor has filed for bankruptcy, or (iv) properties which are not stabilized. Properties with new operations are considered stabilized only upon the earlier to occur of (i) the Obligor generating a 1.25x EBITDARM Coverage ratio, or (ii) twenty-four months after the property has been open for operations. (1) Includes loss on extinguishment of debt of $233,000 for the three months ended March 31, 2025 in connection with extinguishment of our prior revolving credit agreement. Glossary Enterprise Value Enterprise value represents market capitalization plus net debt.

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Q4 \| 2025 22 Funds From Operations (FFO), Core Funds From Operations, and Adjusted Funds From Operations (AFFO) FFO, a non-GAAP financial measure, is calculated consistent with Nareit's definition, as net income (calculated in accordance with GAAP), excluding gains and losses from sales of real estate assets, impairment of real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and depreciation and amortization of real estate assets. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. The Company does not have any investments in unconsolidated partnerships or joint ventures. The Company believes FFO provides a useful understanding of our performance to investors and to our management, and when compared to year over year, FFO reflects the impact on our operations from trends in occupancy. It should be noted, however, that other REITs may not define FFO in accordance with the current Nareit definition or may interpret the current Nareit definition differently than the Company does, making comparisons less meaningful. The Company believes Core FFO, a non-GAAP financial measure, is a supplemental financial performance measure that provides investors with additional information to understand the Company's sustainable performance. The Company calculates Core FFO by adjusting FFO to remove the effect of certain GAAP non-cash income and expense items, unusual and infrequent items that are not expected to impact its operating performance on an ongoing basis, items that affect comparability to prior periods and/or items that are not related to its core real estate operations. Excluded items include listing-related expenses, severance, write-off of straight-line rent receivables related to prior periods, accelerated stock-based compensation, amortization of above- and below-market lease intangibles (including ground leases), loss on extinguishment of debt, changes in current expected credit loss reserve and demolition costs. Other REITs may use different methodologies for calculating Core FFO and, accordingly, the Company's Core FFO may not be comparable to other REITs. The Company believes AFFO, a non-GAAP financial measure, is a supplemental financial performance measure that provides investors appropriate supplemental information to evaluate the ongoing operations of the Company. AFFO is a metric used by management to evaluate the Company's dividend policy. The Company calculates AFFO by further adjusting Core FFO for the following items: deferred rent, current period straight-line rent adjustments, amortization of deferred financing costs, amortization of fees on our real estate related notes receivable and stock-based compensation. Other REITs may use different methodologies for calculating AFFO and, accordingly, the Company's AFFO may not be comparable to other REITs. FFO, Core FFO and AFFO should not be considered to be more relevant or accurate than the GAAP methodology in calculating net income or in its applicability in evaluating the Company's operational performance. The method used to evaluate the value and performance of real estate under GAAP should be considered a more relevant measure of operating performance and more prominent than the non-GAAP FFO, Core FFO and AFFO measures and the adjustments to GAAP in calculating FFO, Core FFO and AFFO. The following is a reconciliation of net income attributable to common stockholders, which is the most directly comparable GAAP financial measure, to FFO, Core FFO and AFFO for the following quarterly periods (amounts in thousands): Glossary Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Net income attributable to common stockholders1,2 $5,015 $11,609 $8,598 $7,898 $11,114 Adjustments: Depreciation and amortization of real estate assets 21,579 19,367 18,155 17,737 17,722 Gain on dispositions of real estate — — — — (265) Impairment and disposition losses 3,159 — 3,261 3,531 — FFO1,2 $29,753 $30,976 $30,014 $29,166 $28,571 Adjustments: Listing-related expenses — — — — — Severance — 11 11 11 19 Write-off of straight-line rent receivables related to prior periods 426 — 33 3 — Accelerated stock-based compensation — — 19 — 61 Amortization of above (below) market lease intangibles, including ground leases, net 15 18 22 23 347 Loss on extinguishment of debt — — — 233 — Increase in current expected credit loss reserve — 2 7 171 — Demolition costs 864 147 — — — Core FFO1,2 $31,058 $31,154 $30,106 $29,607 $28,998 Adjustments: Deferred rent3 263 322 322 319 456 Straight-line rent adjustments (2,632) (2,363) (2,377) (2,391) (1,788) Amortization of deferred financing costs 725 725 721 652 578 Amortization of fees on real estate related notes receivable (35) (35) (24) — — Stock-based compensation 1,008 1,278 1,249 1,261 1,991 AFFO1,2 $30,387 $31,081 $29,997 $29,448 $30,235 (1) The three months ended December 31, 2025, include $214,000 of lease termination fee income received. The three months ended September 30, 2025 include $81,000 of lease termination fee income received. (2) The three months ended September 30, 2025 include $83,000 of rental revenue received as a result of bankruptcy proceedings from Steward, the sponsor and owner of the former tenant at the Stoughton Healthcare Facility. (3) Includes a property that was under development. This property was placed in service in December 2025 and therefore, subsequent rent received is reflected in rental revenue and the prior deferred revenue is recognized over time in straight-line rent adjustments within rental revenues.

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Q4 \| 2025 23 Net debt, a non-GAAP financial measure, represents principal debt outstanding less cash and cash equivalents. Net debt provides useful information by calculating and monitoring the Company's leverage metrics. The following is a reconciliation of the Company's total credit facilities debt, net, which is the most directly comparable GAAP financial measure to net debt, for the following quarterly periods (amounts in thousands): Glossary Net Debt As of December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Total credit facilities debt, net $674,122 $673,806 $578,490 $554,115 $521,921 Deferred financing costs, net 1,878 2,194 2,510 2,885 3,079 Principal debt outstanding 676,000 676,000 581,000 557,000 525,000 Less: cash and cash equivalents 32,288 27,709 24,832 30,458 39,844 Net debt $643,712 $648,291 $556,168 $526,542 $485,156 Liquidity A financial metric that represents the outstanding cash and cash equivalents combined with the remaining borrowing base availability on the Company's credit facilities at a point in time. Net Operating Income, or Loss (NOI), Cash NOI and Same Store Cash NOI NOI, a non-GAAP financial measure, is defined as rental revenue, less rental expenses, on an accrual basis. Cash NOI is calculated to exclude the impact of GAAP adjustments to rental revenue and rental expenses, consisting of straight-line rent adjustments, net of write-offs, amortization of above- and below- market lease intangibles (including ground leases), and internal property management fees, then including deferred rent received in cash, and is used to evaluate the cash-based performance of the Company's real estate portfolio. Same store Cash NOI is calculated to exclude non-same store cash NOI. The Company believes that NOI and Cash NOI both serve as useful supplements to net income because they allow investors and management to measure unlevered property-level operating results and to compare these results to the comparable results of other real estate companies on a consistent basis. The Company uses both NOI and Cash NOI to make decisions about resource allocations and to assess the property-level performance of the real estate portfolio. As an indicator of financial performance, neither metric should be considered as an alternative to net income, determined in accordance with GAAP. The Company believes that in order to facilitate a clear understanding of the consolidated historical operating results, both metrics should be evaluated in conjunction with net income as presented in the consolidated financial statements included on the Company's Annual Report on Form 10-K filed with the SEC on March 3, 2025. Market Capitalization The total number of outstanding shares of the Company's common stock, restricted stock, and performance-based deferred stock units as of period end multiplied by the closing price per share of the Company's common stock on the New York Stock Exchange as of period end. The following is a calculation of market capitalization for the following quarterly periods (amounts in thousands, except shares and per share amounts): As of December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Outstanding shares 55,315,791 55,405,300 55,416,543 55,626,680 55,470,542 Closing price per share $23.31 $25.10 $23.67 $26.71 $24.32 Market Capitalization $1,289,411 $1,390,673 $1,311,710 $1,485,789 $1,349,044

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Q4 \| 2025 24 Glossary Net Operating Income (NOI), Cash NOI and Same Store Cash NOI (Continued) The following is a reconciliation from net income attributable to common stockholders, which is the most directly comparable GAAP financial measure, to NOI, Cash NOI and Same Store Cash NOI, for the following periods (amounts in thousands): Three Months Ended December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Rental revenue1,2 $50,083 $49,421 $48,544 $48,256 $46,545 Rental expenses (5,567) (5,920) (5,991) (6,326) (5,912) Net operating income 44,516 43,501 42,553 41,930 40,633 Adjustments: Straight-line rent adjustments, net of write-offs (2,206) (2,363) (2,344) (2,388) (1,788) Amortization of above (below) market lease intangibles, including ground leases, net 15 18 22 23 347 Internal property management fee 1,375 1,347 1,336 1,299 1,312 Deferred rent3 263 322 322 319 456 Cash NOI1,2 43,963 42,825 41,889 41,183 40,960 Non-same store cash NOI1 (2,654) (1,671) (808) (26) 64 Same store cash NOI2 41,309 41,154 41,081 41,157 41,024 Real estate related notes receivable interest income 617 427 188 — — Listing-related expenses — — — — — General and administrative expenses (5,539) (4,541) (5,129) (5,698) (7,015) Depreciation and amortization (21,606) (19,396) (18,182) (17,762) (17,745) Impairment and disposition losses (3,159) — (3,261) (3,531) — Demolition costs (864) (147) — — — Gain on dispositions of real estate — — — — 265 Interest and other income 212 237 265 455 241 Interest expense (9,162) (8,470) (7,829) (7,325) (5,265) Increase in current expected credit loss reserve — (2) (7) (171) — Straight-line rent adjustments, net of write-offs 2,206 2,363 2,344 2,388 1,788 Amortization of above (below) market lease intangibles, including ground leases, net (15) (18) (22) (23) (347) Internal property management fee (1,375) (1,347) (1,336) (1,299) (1,312) Deferred rent3 (263) (322) (322) (319) (456) Non-same store cash NOI1 2,654 1,671 808 26 (64) Net income attributable to common stockholders1,2,3 $5,015 $11,609 $8,598 $7,898 $11,114 Remaining Lease Term The number of periods remaining in each tenant's lease, calculated on a weighted average basis using annualized base rent. Rent Escalation The amount of base rent increases that are included within each tenant's lease, calculated on a weighted average basis using contractual annualized base rent, excluding leases tied to the consumer price index (CPI). (1) The three months ended September 30, 2025 include $83,000 of rental revenue received as a result of bankruptcy proceedings from Steward, the sponsor and owner of the former tenant at the Stoughton Healthcare Facility. (2) The three months ended December 31, 2025 include $214,000 of lease termination fee income received. The three months ended September 30, 2025 include $81,000 of lease termination fee income received. (3) Includes a property that was under development. This property was placed in service in December 2025 and therefore, subsequent rent received is reflected in rental revenue and the prior deferred revenue is recognized over time in straight-line rent adjustments within rental revenues.

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Q4 \| 2025 25 Glossary Same Store Properties Operating properties that were owned and operated for the entirety of all calendar periods being compared, excluding properties under development, re- development, or classified as held for sale. To evaluate properties on a comparable basis, management analyzes metrics of same store properties in order to assess the core operations of the portfolio. By evaluating same store properties, management is able to monitor the operations of the Company's existing properties for comparable periods to measure the performance of the current portfolio and the effects of new acquisitions and dispositions on net income. Total Real Estate Investments at Cost Represents the contractual purchase price of real estate properties acquired, including capitalized acquisition costs, and capital expenditures incurred since acquisition, reduced by the cost basis of properties sold.

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