REIT / SLB
🛡️ Public data only — no PHI permitted on this instance.
Healthcare REIT / Sale-Leaseback Analyzer
Real-estate monetization · cap-rate comps · rent coverage · REIT buyer landscape · proceeds allocation — 1,515 corpus deals
Total Assets
6
Book Value
$355.6M
Market Value
$485.8M
Unrealized Gain
$130.2M
Weighted Cap
7.01%
Max Proceeds
$486M
Recommendation
Full Portfolio S
Corpus Deals
1,515
Market vs Book Value — Hidden Equity by Asset
Real Estate Portfolio Roster
| ID | Asset Type | Location | SqFt | NOI ($M) | Cap Rate | Market ($M) | Book ($M) | Unrealized Gain ($M) | Occupancy | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| RE-001 | Acute Care Hospital | Tampa, FL | 287,850 | $13.77 | 6.73% | $204.55 | $135.00 | $69.55 | 93.8% | owned |
| RE-002 | Medical Office Building (MOB) | Seattle, WA | 73,440 | $7.31 | 6.37% | $114.76 | $95.25 | $19.51 | 88.9% | owned |
| RE-003 | ASC Facility | Chicago, IL | 41,580 | $3.98 | 7.34% | $54.17 | $37.38 | $16.79 | 84.2% | owned |
| RE-004 | Specialty Hospital | Atlanta, GA | 85,500 | $3.82 | 7.87% | $48.59 | $36.44 | $12.15 | 81.2% | owned |
| RE-005 | Rehab / LTACH | Chicago, IL | 67,579 | $3.33 | 9.50% | $35.07 | $27.71 | $7.37 | 75.7% | owned |
| RE-006 | Medical Office Building (MOB) | Chicago, IL | 35,340 | $1.83 | 6.37% | $28.69 | $23.81 | $4.88 | 91.9% | owned |
Sale-Leaseback Scenario Matrix
| Scenario | Asset Type | Proceeds ($M) | Initial Rent ($M) | Escalation | Term (yr) | Coverage (EBITDAR/Rent) | NPV Benefit ($M) | Tax Gain ($M) |
|---|---|---|---|---|---|---|---|---|
| Hospital Only Partial | Hospital | $253.14 | $19.35 | 2.25% | 20 | 4.39x | $+95.25 | $24.30 |
| MOB Portfolio | Medical Office Building (MOB) | $143.45 | $9.60 | 2.50% | 15 | 8.86x | $+74.35 | $15.49 |
| Full Portfolio SLB | All Owned RE | $485.83 | $36.76 | 2.50% | 20 | 2.31x | $+151.28 | $48.97 |
| Ground-Lease Only (Hybrid) | Land Only | $136.03 | $11.76 | 2.00% | 99 | 7.23x | $-90.43 | $20.40 |
REIT Buyer Landscape — Public + Private Capital
| Buyer | Type | Focus | Typical Cap | Avg Deal ($M) | Pipeline ($M) | Credit |
|---|---|---|---|---|---|---|
| Medical Properties Trust | Public REIT | Acute Care Hospital | 7.50% | $125.0 | $850 | BB+ |
| Healthcare Trust of America / Healthpeak | Public REIT | MOB / Life Sciences | 6.20% | $85.0 | $1,250 | BBB+ |
| Welltower | Public REIT | Senior Living / SNF | 6.80% | $95.0 | $2,400 | BBB+ |
| Ventas | Public REIT | Senior Living / MOB | 6.50% | $92.0 | $1,850 | BBB+ |
| Omega Healthcare | Public REIT | Skilled Nursing | 9.50% | $68.0 | $825 | BBB- |
| Sabra Health Care | Public REIT | SNF / Behavioral | 9.20% | $45.0 | $485 | BBB- |
| CareTrust REIT | Public REIT | Skilled Nursing | 8.80% | $35.0 | $320 | BBB- |
| Physicians Realty Trust | Public REIT | MOB | 6.30% | $48.0 | $520 | BBB |
| Global Medical REIT | Public REIT | MOB / Specialty Med | 7.80% | $25.0 | $195 | BB+ |
| Blackstone Real Estate Debt Strategies | Private Capital | All Healthcare RE | 7.20% | $150.0 | $3,500 | N/A |
| KKR Real Estate Credit | Private Capital | MOB / Hospital | 6.80% | $95.0 | $1,850 | N/A |
| Carlyle Real Estate | Private Capital | MOB / ASC | 7.00% | $75.0 | $1,250 | N/A |
Rent Coverage & Covenant Impact
| Metric | Pre-SLB | Post-SLB | Δ % | Covenant | Headroom |
|---|---|---|---|---|---|
| EBITDAR / Rent Coverage | 8500.00 | 2.31 | -100.0% | 1.75 | +32.1% |
| Fixed Charge Coverage | 7225.00 | 1.90 | -100.0% | 1.50 | +26.4% |
| Debt / EBITDAR | 4.50 | 3.20 | -28.9% | 5.50 | +71.9% |
| Interest Coverage | 5.80 | 5.60 | -3.4% | 3.00 | +86.7% |
Proceeds Allocation Plan
| Use of Proceeds | Allocation % | Amount ($M) | Rationale | MOIC Uplift |
|---|---|---|---|---|
| Debt Paydown (reduce leverage) | 42.0% | $153.04 | Primary covenant protection | +0.12x |
| M&A / Bolt-On Acquisitions | 28.0% | $102.02 | Redeploy into platform expansion | +0.38x |
| Dividend Recap to LPs | 15.0% | $54.66 | Accelerated DPI | +0.22x |
| Growth Capex (facility expansion) | 8.0% | $29.15 | Capacity additions | +0.18x |
| Technology / EHR Investment | 4.0% | $14.57 | Platform integration | +0.08x |
| Working Capital Reserve | 3.0% | $10.93 | Operational flexibility | +0.02x |
Sale-Leaseback Thesis: 6 owned assets carry $485.8M market value on $355.6M book,
producing $130.2M hidden equity. Weighted cap rate 7.01% is sellable into public REITs (BBB-rated, 6-9% targets) or private
real estate credit funds. Recommended scenario: Full Portfolio SLB, producing $486M proceeds.
Post-SLB rent coverage remains comfortably above 1.75x covenant. Proceeds deployed 42% to debt paydown, 28% to bolt-on M&A, 15% to dividend recap — producing meaningful MOIC uplift at exit.
Ground-lease optionality provides a tax-advantaged hybrid alternative if full SLB creates covenant stress.