# EDGAR Filing Document

**Accession Number:** 0001567925
**File Stem:** 0001567925-26-000018
**Filing Date:** 2026-5
**Character Count:** 97568
**Document Hash:** 73acef6cb9d27d5ab575db4dcfcb43df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001567925-26-000018.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001567925-26-000018

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20260507

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**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:** 26954068

**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'? cik0001567925-20260507

**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): May 7, 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.)** |

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**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:

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| | | |
|:---|:---|:---|
| **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 |

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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 May 7, 2026, Sila Realty Trust, Inc. (the "Company") issued an earnings release announcing its financial results for the quarter ended March 31, 2026. The Company is also making available certain supplemental data for the quarter ended March 31, 2026. Copies of the earnings release and supplemental data for the quarter ended March 31, 2026, 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 May](exhibit991-q12026earningsr.htm)[7](exhibit991-q12026earningsr.htm)[, 2026.](exhibit991-q12026earningsr.htm)</u> |
| 99.2 | <u>[F](exhibit992-q12026earning.htm)[irst](exhibit992-q12026earning.htm)[Quarter Supplemental Data, dated May](exhibit992-q12026earning.htm)[7](exhibit992-q12026earning.htm)[, 2026.](exhibit992-q12026earning.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.

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| | | |
|:---|:---|:---|
| | **SILA REALTY TRUST, INC.** | **SILA REALTY TRUST, INC.** |
| Dated: May 7, 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 First Quarter 2026 Results** 

TAMPA, Fla. May 7, 2026 - Sila Realty Trust, Inc. (NYSE: SILA) ("Sila", the "Company", "we", "our", 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 first quarter ended March 31, 2026.

**<u>Highlights for the quarter ended March 31, 2026:</u>**

• Net income of $12.4 million, or $0.22 per diluted share

• Cash net operating income\*, or Cash NOI, of $46.3 million

• Adjusted funds from operations\*, or AFFO, of $33.5 million, or $0.61 per diluted share

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

• On January 15, 2026, the Company acquired one inpatient rehabilitation facility for $43.3 million in Oklahoma City, Oklahoma

• The Company sold four healthcare facilities for an aggregate of $25.1 million, generating net proceeds of $24.8 million, after transaction costs

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

• On April 19, 2026, the Company entered into a definitive merger agreement, or the Merger Agreement, pursuant to which certain affiliates of Blue Owl Real Estate Capital LLC, Sunshine Ultimate Parent LLC, a Delaware limited liability company, or the Parent, and Sunshine Holding REIT LLC, a Delaware limited liability company and wholly owned subsidiary of the Parent, or the Merger Sub, will acquire all outstanding shares of common stock of the Company for $30.38 per share, or the Merger Consideration, in an all-cash transaction valued at approximately $2.4 billion. The Merger Agreement provides that the Company will merge with and into Merger Sub (such merger transaction, the "Merger"), with Merger Sub being the surviving entity, or the Surviving Entity, in the Merger. <br>At the effective time of the Merger, or the Merger Effective Time, each share of Common Stock, par value $0.01 per share, of the Company that is issued and outstanding immediately prior to the Merger Effective Time will automatically vest and be cancelled and terminated and converted into the right to receive the Merger Consideration. The transaction, which has been unanimously approved by the Company's Board of Directors, or the Board, is expected to close in the second or third quarter of 2026, subject to approval by the Company's stockholders and other customary closing conditions. During the pendency of the transaction, the Company is permitted under the Merger Agreement to pay up to two regular quarterly dividends. <br>Subject to and upon completion of the transaction, the Company will become a private company, and shares of the

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Common Stock will be de-registered under the Securities Exchange Act of 1934, as amended, or the Exchange Act, and will no longer trade on the NYSE. In certain specified circumstances further described in the Merger Agreement, in connection with the termination of the Merger Agreement, the Company will be required to pay Parent a termination payment of approximately $55.7 million, pursuant to the terms of the Merger Agreement.

*•* On May 6, 2026, the Board, authorized a quarterly cash dividend of $0.40 per share of common stock payable on June 4, 2026, to the Company's stockholders of record as of the close of business on May 20, 2026

*\*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 first quarter of 2026 was $12.4 million, or $0.22 per diluted share, compared to $7.9 million, or $0.14 per diluted share, for the first quarter of 2025.

***Cash NOI***

Cash NOI was $46.3 million for the first quarter of 2026, as compared to $41.2 million for the first quarter of 2025. The increase in Cash NOI is primarily the result of acquisitions, cash proceeds received from a tenant for development costs that are related to lessor-owned assets, decreased operating costs at the Stoughton Healthcare Facility due to the demolition of the building and same-store Cash NOI growth of 0.7%. The increase was partially offset by property dispositions.

***AFFO***

AFFO was $33.5 million, or $0.61 per diluted share, during the first quarter of 2026, compared to $29.4 million, or $0.53 per diluted share, during the first quarter of 2025.

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

***Investment Activity***

During the quarter ended March 31, 2026, the Company acquired an inpatient rehabilitation facility in Oklahoma City, or the Oklahoma City Healthcare Facility X, comprising approximately 53,000 rentable square feet, for an aggregate purchase price of

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$43.3 million. The Oklahoma City Healthcare Facility X is 100% leased under an absolute net lease to Oklahoma City Rehabilitation Hospital, LLC, with a lease expiration in 2046.

During the quarter ended March 31, 2026, the Company sold the Saginaw Healthcare Facility for a sales price of $14.5 million, generating net proceeds of $14.3 million, after transaction costs.

During the quarter ended March 31, 2026, the Company sold the Henderson Healthcare Facility and the Las Vegas Healthcare Facility II for an aggregate sales price of $9.0 million, generating net proceeds of $8.9 million, after transaction costs.

During the quarter ended March 31, 2026, the Company sold the Alexandria Healthcare Facility for a sales price of approximately $1.6 million, generating net proceeds of $1.5 million, after transaction costs.

***Portfolio***

As of March 31, 2026, Sila's well diversified real estate portfolio consisted of 137 properties comprising approximately 5.3 million rentable square feet. The weighted average remaining lease term was 10.1 years with 24.9% 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 March 31, 2026, the percentage of rentable square feet leased was 98.7%, consistent with the fourth quarter of 2025.

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

Sila had a strong balance sheet as of March 31, 2026, with its liquidity position totaling approximately $465.8 million, consisting of $30.8 million in cash and cash equivalents and $435.0 million of availability under its unsecured credit facilities.

Total principal debt outstanding under the unsecured credit facilities as of March 31, 2026, was $690.0 million. Of the $690.0 million, $525.0 million was fixed through 10 interest rate swap agreements. As of March 31, 2026, 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 March 31, 2026, net debt to enterprise value was approximately 33.4%.

***Distributions***

The Company's dividend payout to AFFO ratio was 66.7% for the quarter ended March 31, 2026. On May 6, 2026, the Board approved and authorized a quarterly cash dividend of $0.40 per share of common stock payable on June 4, 2026, to the Company's stockholders of record as of the close of business on May 20, 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>**

In light of the announcement of the pending Merger between the Company and certain affiliates of Blue Owl Real Estate Capital LLC, the Company will not host a conference call and webcast to discuss its financial results for the quarter ended March 31, 2026.

**<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 March 31, 2026, the Company owned 137 real estate properties and three undeveloped land parcels, located in 65 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 facts, 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 "may," "will," "would," "could," "should," "expect," "intend," "anticipate," "estimate," "believe," "continue," "seek," "endeavor," and other similar words, 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 prospects and the consummation of the Merger. 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. Some of the factors that may affect outcomes and results include, but are not limited to: (i) risks associated with the Company's ability to obtain the stockholder approval required to consummate the proposed transaction and the timing of the closing of the proposed transaction, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all or that the closing of the proposed transaction would not occur, (ii) the outcome of any legal proceedings that may be instituted against the parties and others related to the Merger Agreement and the costs related to such proceedings, (iii) the risk that stockholder litigation or other proceedings in connection with the proposed transaction may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability, (iv) unanticipated difficulties or expenditures relating to the proposed transaction, the response of the Company's tenants and business partners to the announcement of the proposed transaction, potential difficulties with the Company's ability to retain and hire key personnel and maintain its business relationships, including those with tenants and other third parties, as a result of the proposed transaction, and/or potential difficulties in employee retention as a result of the announcement and pendency of the proposed transaction, (v) changes affecting the real estate industry and changes in market and economic conditions, including tariffs, geopolitical tensions and elevated inflation and interest rates that may adversely impact the Company or its tenants, (vi) fluctuations in interest rates and the costs and availability of financing, (vii) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement, (viii) the ability to recognize the anticipated benefits of the proposed transaction and (ix) the risk that the Company's stock price may decline significantly if the proposed transaction is not consummated. Additional factors include those described under the section entitled Item 1A. "Risk Factors" of Part I of the Company's 2025 Annual Report on Form 10-K, as filed with the SEC on February 25, 2026, a copy of which is available at

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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 May 7, 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>Condensed Consolidated Balance Sheets (amounts in thousands, except share data and per share amounts)</u>**

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| | | |
|:---|:---|:---|
| | **(Unaudited)**<br>**<br>March 31, 2026** |<br>**December 31, 2025** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Real estate: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | $170865 | $171848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements, less accumulated depreciation of $335,713 and $331,437, respectively | 1623478 | 1616905 |
| Total real estate, net | 1794343 | 1788753 |
| Cash and cash equivalents | 30778 | 32288 |
| Real estate related notes receivable, net of current expected credit loss reserve of $205 and $180, respectively | 17116 | 17106 |
| Intangible assets, less accumulated amortization of $112,584 and $112,292, respectively | 114709 | 116693 |
| Goodwill | 17432 | 17635 |
| Right-of-use assets - operating leases | 34613 | 35008 |
| Right-of-use assets - finance lease | 1901 | 1901 |
| Other assets | 85983 | 85119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $2096875 | $2094503 |
| **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 $1,562 and $1,878, respectively | $688438 | $674122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 37844 | 42183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible liabilities, less accumulated amortization of $9,254 and $8,939, respectively | 5495 | 5810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 40450 | 41013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities | 69 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 772296 | 763205 |
| 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; 62,066,544 and 61,939,043 shares issued, respectively; 54,954,347 and 54,876,558 shares outstanding, respectively | 550 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1994960 | 1994960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions in excess of accumulated earnings | (672956) | (663197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 2025 | (1014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 1324579 | 1331298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $2096875 | $2094503 |

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

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Revenue:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenue | $52060 | $48256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate related notes receivable interest income | 605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 52665 | 48256 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental expenses | 6038 | 6326 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 4978 | 5698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 19908 | 17762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment losses |  | 3531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Demolition costs | 986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 31910 | 33317 |
| **Other income (expense):** |  |  |
| Gain on dispositions of real estate | 2473 |  |
| Interest and other income | 163 | 455 |
| Interest expense | (9044) | (7325) |
| Increase in current expected credit loss reserve | (25) | (171) |
| Merger-related costs | (1902) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (8335) | (7041) |
| **Net income attributable to common stockholders** | $12420 | $7898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) - unrealized gain (loss) on interest rate swaps, net | 3039 | (7138) |
| **Comprehensive income attributable to common stockholders** | $15459 | $760 |
| **Weighted average number of common shares outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 54933931 | 55130665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 55423778 | 55620892 |
| **Net income per common share attributable to common stockholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.23 | $0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.22 | $0.14 |

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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, and Cash NOI. 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, and AFFO, and reconciliations of these non-GAAP measures to net income, the most directly comparable GAAP measure, and a description of same store cash NOI and reconciliation of this non-GAAP measure to rental revenue, 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>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| Net income attributable to common stockholders | $12420 | $7898 |
| &nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 19880 | 17737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on dispositions of real estate | (2473) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment losses |  | 3531 |
| FFO | $29827 | $29166 |
| &nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance | 102 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of straight-line rent receivables related to prior periods |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accelerated stock-based compensation | 47 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of above (below) market lease intangibles, including ground leases, net | 15 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in current expected credit loss reserve | 25 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Demolition costs | 986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger-related costs | 1902 |  |
| Core FFO | $32904 | $29607 |
| &nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred rent<sup>(1)</sup> | 1812 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustments | (3009) | (2391) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 725 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of fees on real estate related notes receivable | (35) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 1150 | 1261 |
| AFFO | $33547 | $29448 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;The deferred rent related to the three months ended March 31, 2026 represents cash proceeds received from the tenant for development costs that are related to lessor-owned assets at the El Segundo Healthcare Facility. These proceeds are recognized over time in straight-line rent adjustments within rental revenues. The deferred rent related to the three months ended March 31, 2025 represents rent received on 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.

***<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.

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***<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 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, demolition costs and merger-related 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>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| Rental revenue | $52060 | $48256 |
| Rental expenses | (6038) | (6326) |
| Net operating income | 46022 | 41930 |
| &nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustments, net of write-offs | (3009) | (2388) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of above (below) market lease intangibles, including ground leases, net | 15 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Internal property management fee | 1412 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred rent<sup>(1)</sup> | 1812 | 319 |
| Cash NOI | 46252 | 41183 |
| Non-same store cash NOI | (5533) | (745) |
| Same store cash NOI | 40719 | 40438 |
| Real estate related notes receivable interest income | 605 |  |
| General and administrative expenses | (4978) | (5698) |
| Depreciation and amortization | (19908) | (17762) |
| Impairment losses |  | (3531) |
| Demolition costs | (986) |  |
| Merger-related costs | (1902) |  |
| Gain on dispositions of real estate | 2473 |  |
| Interest and other income | 163 | 455 |
| Interest expense | (9044) | (7325) |
| Increase in current expected credit loss reserve | (25) | (171) |
| Straight-line rent adjustments, net of write-offs | 3009 | 2388 |
| Amortization of above (below) market lease intangibles, including ground leases, net | (15) | (23) |
| Internal property management fee | (1412) | (1299) |
| Deferred rent<sup>(1)</sup> | (1812) | (319) |
| Non-same store cash NOI | 5533 | 745 |
| Net income attributable to common stockholders | $12420 | $7898 |

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(1) &nbsp;&nbsp;&nbsp;&nbsp;The deferred rent related to the three months ended March 31, 2026 represents cash proceeds received from the tenant for development costs that are related to lessor-owned assets at the El Segundo Healthcare Facility. These proceeds are recognized over time in straight-line rent adjustments within rental revenues. The deferred rent related to the three months ended March 31, 2025 represents rent received on 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.

***<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.

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***<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 128 same store properties for the quarters ended March 31, 2026 and 2025.

***<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.

## Exhibit 99.2

![](exhibit992-q12026earning001.jpg)

EXHIBIT 99.2

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![](exhibit992-q12026earning002.jpg)

Q1 \| 2026 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 facts, 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 "may," "will," "would," "could," "should," "expect," "intend," "anticipate," "estimate," "believe," "continue," "seek," "endeavor," and other words, 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 2025 Annual Report on Form 10-K, as filed with the SEC on February 25, 2026. 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, 2025, as filed with the SEC on February 25, 2026. See the glossary for a description of the Company's non-GAAP financial and operating metrics. Disclosures

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![](exhibit992-q12026earning003.jpg)

Q1 \| 2026 2 **Table of Contents** Supplemental Information as of March 31, 2026 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 Condensed Consolidated Balance Sheets 6 Condensed 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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![](exhibit992-q12026earning004.jpg)

Q1 \| 2026 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 March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Rental revenue $52,060 $50,083 $49,421 $48,544 $48,256 Net income attributable to common stockholders $12,420 $5,015 $11,609 $8,598 $7,898 Net income per common share - diluted $0.22 $0.09 $0.21 $0.15 $0.14 EBITDAre $38,899 $38,942 $39,475 $37,870 $36,516 FFO $29,827 $29,753 $30,976 $30,014 $29,166 FFO per common share - diluted $0.54 $0.54 $0.56 $0.54 $0.52 FFO payout ratio 75.0 % 74.1 % 71.2 % 73.9 % 77.1 % Core FFO $32,904 $31,058 $31,154 $30,106 $29,607 Core FFO per common share - diluted $0.59 $0.57 $0.56 $0.54 $0.53 Core FFO payout ratio 68.0 % 71.0 % 70.8 % 73.7 % 76.0 % AFFO $33,547 $30,387 $31,081 $29,997 $29,448 AFFO per common share - diluted $0.61 $0.55 $0.56 $0.54 $0.53 AFFO payout ratio 66.7 % 72.6 % 71.0 % 74.0 % 76.4 % As of Portfolio Metrics March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Number of properties1 137 140 140 136 136 Rentable square feet (in thousands) 5,259 5,323 5,323 5,194 5,333 Weighted average rent escalation 2.1 % 2.1% 2.1% 2.2% 2.2% Leased rate2 98.7% 98.7% 99.1% 99.2% 96.0% Weighted average remaining lease term 10.1 years 10.0 years 9.7 years 9.5 years 9.7 years Number of leases3 173 172 173 169 169 Triple net lease exposure4,5 99.5 % 99.9 % 99.9 % 99.9 % 99.9 % (1) All periods exclude two undeveloped land parcels. Additionally, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025 exclude the Stoughton Healthcare Facility. (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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![](exhibit992-q12026earning005.jpg)

Q1 \| 2026 4 Three Months Ended Interest Coverage Ratio March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Interest expense $9,044 $9,162 $8,470 $7,829 $7,325 EBITDAre 38,899 38,942 39,475 37,870 36,516 Interest coverage ratio 4.3 x 4.3 x 4.7 x 4.8 x 5.0 x As of Net Debt Ratios March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Principal debt outstanding $690,000 $676,000 $676,000 $581,000 $557,000 Less: cash and cash equivalents 30,778 32,288 27,709 24,832 30,458 Net debt 659,222 643,712 648,291 556,168 526,542 EBITDAre annualized1 166,831 165,708 166,020 153,432 149,712 Net debt to EBITDAre ratio 4.0 x 3.9 x 3.9 x 3.6 x 3.5 x Net debt $659,222 $643,712 $648,291 $556,168 $526,542 Market capitalization 1,313,928 1,289,411 1,390,673 1,311,710 1,485,789 Enterprise value 1,973,150 1,933,123 2,038,964 1,867,878 2,012,331 Net debt to enterprise value 33.4 % 33.3 % 31.8 % 29.8 % 26.2 % 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 March 31, 2026 Other Key Metrics March 31, 2026 Net debt enterprise value 33.4 % Total real estate investments at cost $2,411,568 Net debt to EBITDAre ratio 4.0 x Common stock (NYSE: SILA) price per share $23.68 Interest coverage ratio 4.3 x Annualized distribution per share3 $1.60 Liquidity2 $465,778 (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 $30,778,000 and borrowing base availability on the Company's credit facility of $435,000,000 as of March 31, 2026. (3) Represents annualized amount of distributions paid during the quarter ended March 31, 2026.

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![](exhibit992-q12026earning006.jpg)

Q1 \| 2026 5 (Unaudited) March 31, 2026 December 31, 2025 ASSETS Real estate: Land $170,865 $171,848 Buildings and improvements, less accumulated depreciation of $335,713 and $331,437, respectively 1,623,478 1,616,905 Total real estate, net 1,794,343 1,788,753 Cash and cash equivalents 30,778 32,288 Real estate related notes receivable, net of current expected credit loss reserve of $205 and $180, respectively 17,116 17,106 Intangible assets, less accumulated amortization of $112,584 and $112,292, respectively 114,709 116,693 Goodwill 17,432 17,635 Right-of-use assets - operating leases 34,613 35,008 Right-of-use assets - finance lease 1,901 1,901 Other assets 85,983 85,119 Total assets $2,096,875 $2,094,503 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Credit facility, net of deferred financing costs of $1,562 and $1,878, respectively $688,438 $674,122 Accounts payable and other liabilities 37,844 42,183 Intangible liabilities, less accumulated amortization of $9,254 and $8,939, respectively 5,495 5,810 Operating lease liabilities 40,450 41,013 Finance lease liabilities 69 77 Total liabilities 772,296 763,205 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; 62,066,544 and 61,939,043 shares issued, respectively; 54,954,347 and 54,876,558 shares outstanding, respectively 550 549 Additional paid-in capital 1,994,960 1,994,960 Distributions in excess of accumulated earnings (672,956) (663,197) Accumulated other comprehensive income (loss) 2,025 (1,014) Total stockholders' equity 1,324,579 1,331,298 Total liabilities and stockholders' equity $2,096,875 $2,094,503 Condensed 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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![](exhibit992-q12026earning007.jpg)

Q1 \| 2026 6 Three Months Ended March 31, 2026 2025 Revenue: Rental revenue $52,060 $48,256 Real estate related notes receivable interest income 605 — Total revenues 52,665 48,256 Expenses: Rental expenses 6,038 6,326 General and administrative expenses 4,978 5,698 Depreciation and amortization 19,908 17,762 Impairment losses — 3,531 Demolition costs 986 — Total operating expenses 31,910 33,317 Other income (expense): Gain on dispositions of real estate 2,473 — Interest and other income 163 455 Interest expense (9,044) (7,325) Increase in current expected credit loss reserve (25) (171) Merger-related costs (1,902) — Total other expense (8,335) (7,041) Net income attributable to common stockholders $12,420 $7,898 Weighted average number of common shares outstanding: Basic 54,933,931 55,130,665 Diluted 55,423,778 55,620,892 Net income per common share attributable to common stockholders: Basic $0.23 $0.14 Diluted $0.22 $0.14 Condensed 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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![](exhibit992-q12026earning008.jpg)

Q1 \| 2026 7 Three Months Ended March 31, 2026 2025 Net income attributable to common stockholders $12,420 $7,898 Adjustments: Depreciation and amortization of real estate assets 19,880 17,737 Gain on dispositions of real estate (2,473) — Impairment losses — 3,531 FFO $29,827 $29,166 Adjustments: Severance 102 11 Write-off of straight-line rent receivables related to prior periods — 3 Accelerated stock-based compensation 47 — Amortization of above (below) market lease intangibles, including ground leases, net 15 23 Loss on extinguishment of debt — 233 Increase in current expected credit loss reserve 25 171 Demolition costs 986 — Merger-related costs 1,902 — Core FFO $32,904 $29,607 Adjustments: Deferred rent1 1,812 319 Straight-line rent adjustments (3,009) (2,391) Amortization of deferred financing costs 725 652 Amortization of fees on real estate related notes receivable (35) — Stock-based compensation 1,150 1,261 AFFO $33,547 $29,448 Net income per common share - diluted $0.22 $0.14 FFO per common share - diluted $0.54 $0.52 Core FFO per common share - diluted $0.59 $0.53 AFFO per common share - diluted $0.61 $0.53 FFO payout ratio 75.0 % 77.1 % Core FFO payout ratio 68.0 % 76.0 % AFFO payout ratio 66.7 % 76.4 % 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 deferred rent related to the three months ended March 31, 2026 represents cash proceeds received from the tenant for development costs that are related to lessor-owned assets at the El Segundo Healthcare Facility. These proceeds are recognized over time in straight-line rent adjustments within rental revenues. The deferred rent related to the three months ended March 31, 2025 represents rent received on 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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![](exhibit992-q12026earning009.jpg)

Q1 \| 2026 8 Three Months Ended March 31, 2026 2025 Net income attributable to common stockholders $12,420 $7,898 Adjustments: Interest expense1 9,044 7,325 Depreciation and amortization 19,908 17,762 EBITDA $41,372 $32,985 Gain on real estate dispositions (2,473) — Impairment losses — 3,531 EBITDAre $38,899 $36,516 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 for the three months ended March 31, 2025, in connection with extinguishment of our prior revolving credit agreement.

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![](exhibit992-q12026earning010.jpg)

Q1 \| 2026 9 Three Months Ended March 31, 2026 2025 Rental revenue $52,060 $48,256 Rental expenses (6,038) (6,326) Net operating income $46,022 $41,930 Adjustments: Straight-line rent adjustments, net of write-offs (3,009) (2,388) Amortization of above (below) market lease intangibles, including ground leases, net 15 23 Internal property management fee 1,412 1,299 Deferred rent1 1,812 319 Cash NOI1 $46,252 $41,183 Cash NOI margin2 88.8 % 85.3 % Cash NOI yield3 7.4 % 7.3 % 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 deferred rent related to the three months ended March 31, 2026 represents cash proceeds received from the tenant for development costs that are related to lessor-owned assets at the El Segundo Healthcare Facility. These proceeds are recognized over time in straight-line rent adjustments within rental revenues. The deferred rent related to the three months ended March 31, 2025 represents rent received on 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. (2) Calculated by dividing Cash NOI by rental revenue. (3) Calculated by dividing the annualized Cash NOI for the three months ended March 31, 2026 and 2025, respectively (determined by multiplying actual Cash NOI, excluding lease termination income and non-recurring deferred revenue, by four quarters, then adding lease termination income and non-recurring deferred revenue collected for the quarter), by the weighted average total real estate investments at cost.

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![](exhibit992-q12026earning011.jpg)

Q1 \| 2026 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 $40.4 $40.4 $40.4 $40.6 $40.7 99.3% 99.2% 99.0% 98.9% 98.6% 1Q25 2Q25 3Q25 4Q25 1Q26 0M 10M 20M 30M 40M 50M 40% 50% 60% 70% 80% 90% 100% 128 Properties1

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![](exhibit992-q12026earning012.jpg)

Q1 \| 2026 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% 28.1 % Ratio of secured indebtedness to total gross asset value ≤ 30.0% 0.0 % Ratio of adjusted EBITDA to fixed charges ≥ 1.50x 4.7 x Ratio of adjusted NOI from unencumbered properties under the credit facility to total unsecured interest expense ≥ 1.75x 4.7 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 % 76.1 % Total hedged debt 525,000 4.6 % 76.1 % Variable rate debt Revolving line of credit2 165,000 4.9 % 23.9 % Total variable rate debt 165,000 4.9 % 23.9 % Total debt $690,000 4.7 % 100.0 % $250M $275M $165M 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 March 31, 2026. (2) Interest rate represents the daily Secured Overnight Financing Rate of 3.63% in effect on the Company's revolving line of credit plus the applicable margin of 1.25% as of March 31, 2026. (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 March 31, 2026, 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 March 31, 2026, the weighted average fixed interest rate on the interest rate swap agreements maturing on March 20, 2029 was 3.76%. 43 5 6 Revolver (Undrawn $435M) Credit Facility Term Loan - Fixed Through Swaps Credit Facility Revolver

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![](exhibit992-q12026earning013.jpg)

2026 Dispositions Date Disposed Property Rentable Square Feet Market State Sales Price (in thousands) 01/29/2026 Saginaw Healthcare Facility 87,843 Saginaw MI $14,500 03/04/2026 Henderson Healthcare Facility 6,685 Las Vegas NV 3,850 03/04/2026 Las Vegas Healthcare Facility II 6,963 Las Vegas NV 5,150 03/30/2026 Alexandria Healthcare Facility 15,600 Alexandria LA 1,550 Total Year-to-Date Dispositions 117,091 $25,050 Q1 \| 2026 12 See the glossary for a description of the Company's non-GAAP financial and operating metrics. Acquisitions and Dispositions 2026 Acquisitions Date Acquired Property Rentable Square Feet Market State Acquisition Price1 (in thousands) 01/15/2026 Oklahoma City Healthcare Facility X 53,122 Oklahoma City OK $43,300 Total Year-to-Date Acquisitions 53,122 $43,300 (1) Includes capitalized acquisition costs.

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![](exhibit992-q12026earning014.jpg)

Q1 \| 2026 13 Property Map (as of March 31, 2026) See the glossary for a description of the Company's non-GAAP financial and operating metrics. 33.6% 36.5% 29.9% 62.8% 19.0% 18.2% 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 March 2026 contractual base rent. (3) Excludes three undeveloped land parcels. (4) Excludes vacant properties. Single/Multi-Tenant Concentration 89.0% 11.0% 91.1% 8.9% Annualized Base Rent2 Properties3,4 Single Tenant Multi-Tenant

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![](exhibit992-q12026earning015.jpg)

Q1 \| 2026 14 29.3% 8.3% 6.8% 5.3% 4.6% 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 March 31, 2026 2025 Rentable square feet 5,258,755 5,332,636 Number of properties1 137 136 Average annualized base rent per leased square foot $34.48 $32.96 Weighted average remaining lease term 10.1 years 9.7 years Leased rate2 98.7 % 96.0 % Number of leases3 173 169 Top 10 Markets4 As of March 31, 2026 As of March 31, 2025 Rentable Square Feet % Leased5 Rentable Square Feet % Leased5 Dallas 392,198 100.0 % 312,590 100.0 % Oklahoma City 532,259 96.6 % 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 99.1 % 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 2,328,799 98.7 % 2,146,985 99.4 % 9.6% 8.3% 5.4% 4.0% 3.8% 3.8% 3.4% 3.0% 2.9% 2.8% Dallas Oklahoma City San Antonio Akron Tucson Des Moines Philadelphia Phoenix Houston Chicago Top 10 Markets4 (1) Excludes three undeveloped land parcels as of March 31, 2026. Excludes two undeveloped land parcels as of March 31, 2025. (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 March 2026 contractual base rent as a percentage of total annualized March 2026 contractual base rent. (5) Percentage based on rentable square feet. Top 10 States4

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![](exhibit992-q12026earning016.jpg)

Q1 \| 2026 15 15.3% 7.8% 5.6% 5.3% 5.3% 5.3% 5.0% 4.4% 3.6% 2.9% PAM Health Baylor Scott & White Health Integris Health Select Medical Trinity Health Tenet Health Community Health Systems Surgery Partners Lifepoint Health Reunion Rehabilitation / Nobis 7.7% 92.3% 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 27.6% 40.2% 32.2% 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 7.5% 92.5% 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 March 31, 2026. (2) Based on annualized March 2026 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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![](exhibit992-q12026earning017.jpg)

Q1 \| 2026 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 14.6% 8.1x Inpatient Rehabilitation Facility 35.3% 4.2x Surgical and Specialty Facilities3 27.5% 6.2x Reporting Properties 77.4% 5.6x Non-Reporting Properties 22.6% 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 March 2026 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 5.5% 6.1% 12.7% 10.4% 15.7% 27.0% <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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![](exhibit992-q12026earning018.jpg)

Q1 \| 2026 17 Portfolio (as of March 31, 2026) 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 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.

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![](exhibit992-q12026earning019.jpg)

Q1 \| 2026 18 Portfolio (Continued) (as of March 31, 2026) 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 Las Vegas Healthcare Facility NV 56,220 6/24/2016 100.0 % Inpatient Rehabilitation Facility 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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![](exhibit992-q12026earning020.jpg)

Q1 \| 2026 19 Portfolio (Continued) (as of March 31, 2026) 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 58.6 % 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 Oklahoma City Healthcare Facility X OK 53,122 1/15/2026 100.0 % Inpatient Rehabilitation Facility 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

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![](exhibit992-q12026earning021.jpg)

Q1 \| 2026 20 Portfolio (Continued) (as of March 31, 2026) 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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![](exhibit992-q12026earning022.jpg)

Q1 \| 2026 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 March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Net income attributable to common stockholders $12,420 $5,015 $11,609 $8,598 $7,898 Adjustments: Interest expense1 9,044 9,162 8,470 7,829 7,325 Depreciation and amortization 19,908 21,606 19,396 18,182 17,762 EBITDA $41,372 $35,783 $39,475 $34,609 $32,985 Gain on real estate dispositions (2,473) — — — — Impairment losses — 3,159 — 3,261 3,531 EBITDAre $38,899 $38,942 $39,475 $37,870 $36,516 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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![](exhibit992-q12026earning023.jpg)

Q1 \| 2026 22 Funds From Operations (FFO), Core Funds From Operations (Core FFO), 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 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, demolition costs and merger-related 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 March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Net income attributable to common stockholders1,2 $12,420 $5,015 $11,609 $8,598 $7,898 Adjustments: Depreciation and amortization of real estate assets 19,880 21,579 19,367 18,155 17,737 Gain on dispositions of real estate (2,473) — — — — Impairment losses — 3,159 — 3,261 3,531 FFO1,2 $29,827 $29,753 $30,976 $30,014 $29,166 Adjustments: Severance 102 — 11 11 11 Write-off of straight-line rent receivables related to prior periods — 426 — 33 3 Accelerated stock-based compensation 47 — — 19 — Amortization of above (below) market lease intangibles, including ground leases, net 15 15 18 22 23 Loss on extinguishment of debt — — — — 233 Increase in current expected credit loss reserve 25 — 2 7 171 Demolition costs 986 864 147 — — Merger-related costs 1,902 $— $— — — Core FFO1,2 $32,904 $31,058 $31,154 $30,106 $29,607 Adjustments: Deferred rent3 1,812 263 322 322 319 Straight-line rent adjustments (3,009) (2,632) (2,363) (2,377) (2,391) Amortization of deferred financing costs 725 725 725 721 652 Amortization of fees on real estate related notes receivable (35) (35) (35) (24) — Stock-based compensation 1,150 1,008 1,278 1,249 1,261 AFFO1,2 $33,547 $30,387 $31,081 $29,997 $29,448 (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) The deferred rent related to the three months ended March 31, 2026 represents cash proceeds received from the tenant for development costs that are related to lessor-owned assets at the El Segundo Healthcare Facility. These proceeds are recognized over time in straight-line rent adjustments within rental revenues. The deferred rent related to the three months ended December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025 represents rent received on 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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![](exhibit992-q12026earning024.jpg)

Q1 \| 2026 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 March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Total credit facilities debt, net $688,438 $674,122 $673,806 $578,490 $554,115 Deferred financing costs, net 1,562 1,878 2,194 2,510 2,885 Principal debt outstanding 690,000 676,000 676,000 581,000 557,000 Less: cash and cash equivalents 30,778 32,288 27,709 24,832 30,458 Net debt $659,222 $643,712 $648,291 $556,168 $526,542 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 March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Outstanding shares 55,486,845 55,315,791 55,405,300 55,416,543 55,626,680 Closing price per share $23.68 $23.31 $25.10 $23.67 $26.71 Market Capitalization $1,313,928 $1,289,411 $1,390,673 $1,311,710 $1,485,789

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![](exhibit992-q12026earning025.jpg)

Q1 \| 2026 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 March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Rental revenue1,2 $52,060 $50,083 $49,421 $48,544 $48,256 Rental expenses (6,038) (5,567) (5,920) (5,991) (6,326) Net operating income 46,022 44,516 43,501 42,553 41,930 Adjustments: Straight-line rent adjustments, net of write-offs (3,009) (2,206) (2,363) (2,344) (2,388) Amortization of above (below) market lease intangibles, including ground leases, net 15 15 18 22 23 Internal property management fee 1,412 1,375 1,347 1,336 1,299 Deferred rent3 1,812 263 322 322 319 Cash NOI1,2 46,252 43,963 42,825 41,889 41,183 Non-same store cash NOI1 (5,533) (3,365) (2,394) (1,534) (745) Same store cash NOI2 40,719 40,598 40,431 40,355 40,438 Real estate related notes receivable interest income 605 617 427 188 — General and administrative expenses (4,978) (5,539) (4,541) (5,129) (5,698) Depreciation and amortization (19,908) (21,606) (19,396) (18,182) (17,762) Impairment losses — (3,159) — (3,261) (3,531) Demolition costs (986) (864) (147) — — Merger-related costs (1,902) — — — — Gain on dispositions of real estate 2,473 — — — — Interest and other income 163 212 237 265 455 Interest expense (9,044) (9,162) (8,470) (7,829) (7,325) Increase in current expected credit loss reserve (25) — (2) (7) (171) Straight-line rent adjustments, net of write-offs 3,009 2,206 2,363 2,344 2,388 Amortization of above (below) market lease intangibles, including ground leases, net (15) (15) (18) (22) (23) Internal property management fee (1,412) (1,375) (1,347) (1,336) (1,299) Deferred rent3 (1,812) (263) (322) (322) (319) Non-same store cash NOI1 5,533 3,365 2,394 1,534 745 Net income attributable to common stockholders1,2,3 $12,420 $5,015 $11,609 $8,598 $7,898 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) The deferred rent related to the three months ended March 31, 2026 represents cash proceeds received from the tenant for development costs that are related to lessor-owned assets at the El Segundo Healthcare Facility. These proceeds are recognized over time in straight-line rent adjustments within rental revenues. The deferred rent related to the three months ended December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025 represents rent received on 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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![](exhibit992-q12026earning026.jpg)

Q1 \| 2026 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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