NEURACAP
Sector ReportSep 28, 2026 · 21 pages · Free to read

Health Care REITs Sector Outlook — September 2026

NeuraCap's Health Care REITs sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

16.8x
Sector median EV/EBITDA
24.6x
Premium end EV/EBITDA vs 9.9x at the discount end
13
Transactions with disclosed terms

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REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › HEALTH CARE REITS

Health Care REITs: Growth Needs Earnings Support

The report shows how portfolio mix, earnings delivery and operator health shape the sector’s valuation range.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Health Care REITs Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Health Care REIT valuation reflects more than revenue growth. The observed premium sits with companies where forward earnings, operator health and portfolio quality offer a more durable operating case. Owners can strengthen their standing by directing capital toward cash NOI resilience, lease coverage and disciplined portfolio expansion.

Key findings

  • Diversified Portfolios Set the Public Benchmark
  • The Forward Premium Demands Durability
  • Faster Growth Sits Alongside Higher Valuation
  • Deal Values Reflect Different Strategic Jobs

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › HEALTH CARE REITS

    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › HEALTH CARE REITS.

    Cover — Health Care REITs sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

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    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › HEALTH CARE REITS Health Care REITs: Growth Needs Earnings Support The report shows how portfolio mix, earnings delivery and operator health shape the sector’s valuation range. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Health Care REIT Value Rests on Earnings and Portfolio Quality 02 The Landscape One Dominant Model Defines the Sector, but Property Exposure Still Matters 03 Valuation & Situations The Premium End Pairs Growth with More Durable Earnings Expectations 04 Precedent Transactions Buyers Have Paid for Portfolio Fit Across Very Different Structures 05 Strategic Implications Strengthen the Earnings Base Before Reaching for Faster Expansion 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Health Care REITs Split Between Diversified Portfolios and Life Science Assets, with Value Concentrated in Earnings Delivery

    Health Care REITs Split Between Diversified Portfolios and Life Science Assets, with Value Concentrated in Earnings Delivery.

    Health Care REITs Split Between Diversified Portfolios and Life Science Assets, with Value Concentrated in Earnings Delivery The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Health Care REITs Split Between Diversified Portfolios and Life Science Assets, with Value Concentrated in Earnings Delivery The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Diversified Portfolios Set the Public Benchmark Diversified health care real estate represents 92% of the set, while life science campuses and laboratory offices represent 8%. The smaller group carries different leasing, development and capital-intensity considerations. 2 The Forward Premium Demands Durability The premium end stands at 24.6x, with the discount end at 9.9x. A forward EV / EBITDA multiple already credits forecast growth, so the remaining spread is associated with confidence in durable earnings. 3 Faster Growth Sits Alongside Higher Valuation Among the 7 names with a forward estimate, the 4 at or above 10% growth carry 18.6x, alongside 14.8x for the 3 below that mark. The small groups make operator health, lease coverage and portfolio mix important context. 4 Deal Values Reflect Different Strategic Jobs New Healthpeak, Inc.’s transaction involving Healthpeak Properties, Inc. was valued at $21.6B, while Blue Owl Capital Inc.’s acquisition of Sila Realty Trust, Inc. was valued at $3.1B. The contrast suggests buyers assess portfolio fit, property cash flow and financing durability deal by deal. 16.8x Sector median EV/EBITDA CY2027E consensus · 7 rated of 13 companies 24.6x Premium end EV/EBITDA vs 9.9x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 13 Transactions with disclosed terms 51 recorded in this tier · 2 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    02.

    Section 02 of 06 — One Dominant Model Defines the Sector, but Property Exposure Still Matters. Diversified health care real estate sets the public benchmark, while life science assets carry different leasing and capital needs. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE One Dominant Model Defines the Sector, but Property Exposure Still Matters Diversified health care real estate sets the public benchmark, while life science assets carry different leasing and capital needs. 02 of 06 Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Diversified Portfolios Hold the Center of Health Care REIT Valuation

    Diversified Portfolios Hold the Center of Health Care REIT Valuation.

    Diversified Portfolios Hold the Center of Health Care REIT Valuation 13 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP Diversified Portfolios Hold the Center of Health Care REIT Valuation 13 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED HEALTH CARE REAL ESTATE 12 cos median 16.8x Welltower (WELL) Ventas (VTR) Healthpeak (DOC) Omega Healthcare (OHI) American (AHR) Healthcare (HR) CareTrust REIT (CTRE) Sabra Health (SBRA) National Health (NHI) Diversified (DHC) Community (CHCT) Universal Health (UHT) At 92% of the set, this group anchors the public benchmark across operator, lease and property exposures. LIFE SCIENCE CAMPUSES AND LABORATORY OFFICES 1 cos no rated names Alexandria Real (ARE) At 8% of the set, this model brings distinct laboratory leasing, development and capital requirements.

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    02 · LANDSCAPE

    Portfolio Structure Changes the Risks Behind the Same Sector Label

    Portfolio Structure Changes the Risks Behind the Same Sector Label.

    Portfolio Structure Changes the Risks Behind the Same Sector Label Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Portfolio Structure Changes the Risks Behind the Same Sector Label Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Diversified health care real estate 12 92% 16.8x Welltower Inc. (WELL) · Ventas, Inc. (VTR) · +10 more Scale defines the benchmark. These portfolios span health care property and operator exposures, making cash NOI, lease coverage, private-pay mix and reimbursement sensitivity central to the operating case. The middle of the valued range is 16.8x. Life science campuses and laboratory offices 1 8% — Alexandria Real Estate Equities, Inc. (ARE) Leasing carries different risks. Laboratory offices and life science campuses depend more directly on tenant demand, specialized property design, development pipelines and local market depth.

  7. 07
    SECTION 03

    03

    03.

    Section 03 of 06 — The Premium End Pairs Growth with More Durable Earnings Expectations. Forward valuation already credits forecast growth, raising the bar for a premium to hold. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Premium End Pairs Growth with More Durable Earnings Expectations Forward valuation already credits forecast growth, raising the bar for a premium to hold. 03 of 06 Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    The Two Ends Price Very Different Levels of Earnings Confidence

    The Two Ends Price Very Different Levels of Earnings Confidence.

    The Two Ends Price Very Different Levels of Earnings Confidence EV / EBITDA (CY2027E) · all 7 rated companies, sorted descending · sector median 16.8x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION The Two Ends Price Very Different Levels of Earnings Confidence EV / EBITDA (CY2027E) · all 7 rated companies, sorted descending · sector median 16.8x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 24.6x CORE · median 16.8x DISCOUNT · median 9.9x Sector median 16.8x WHAT SEPARATES THE TWO ENDS The top holds confidence. The premium end carries a 24.6x forward EV / EBITDA multiple. Since the measure already credits forecast growth, holding this position calls for durable cash NOI and credible earnings delivery. The bottom needs proof. The discount end carries a 9.9x forward EV / EBITDA multiple. Better operator health, rent coverage and cost control would strengthen the case for a narrower gap. Coverage limits broad claims. Seven of the 13 approved companies carry a forward estimate. Portfolio mix and estimate coverage should therefore stay visible when owners benchmark their standing.

  9. 09
    03 · VALUATION DRIVERS

    Faster-Growing Names Carry the Higher Forward Valuation

    Faster-Growing Names Carry the Higher Forward Valuation.

    Faster-Growing Names Carry the Higher Forward Valuation Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Faster-Growing Names Carry the Higher Forward Valuation Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 10% · EBITDA-margin split at 38% Growth Separates the Two Observed Groups On the 7 names with a forward estimate, the 4 at or above the 10% split carry 18.6x, compared with 14.8x for the 3 below it. The result is an association, not evidence that growth alone establishes value. Operator Health Tests the Quality of Growth Lease coverage, rent collection and operator EBITDAR coverage help distinguish durable cash NOI from growth that may carry reimbursement, labor or tenant risk. Portfolio Mix Changes How Growth Should Be Read Private-pay exposure, near-term lease rollover, maintenance capital intensity and development commitments can make similar growth profiles economically different.

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    03 · SITUATION MAP

    Margin and Valuation Reveal Four Different Operating Agendas

    Margin and Valuation Reveal Four Different Operating Agendas.

    Margin and Valuation Reveal Four Different Operating Agendas Cut on EV / EBITDA vs the sector median (16.8x) (rows) and EBITDA margin vs the covered median (38%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP Margin and Valuation Reveal Four Different Operating Agendas Cut on EV / EBITDA vs the sector median (16.8x) (rows) and EBITDA margin vs the covered median (38%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Higher Margin Above-median multiple · above-median EBITDA margin 2 names Welltower Inc. (WELL) · Healthpeak Properties, Inc. (DOC) Welltower Inc. (WELL) and Healthpeak Properties, Inc. (DOC) pair an above-middle multiple with an above-middle EBITDA margin. Their agenda is to preserve earnings durability while funding disciplined external growth. Premium with Lower Margin Above-median multiple · below-median EBITDA margin 2 names Ventas, Inc. (VTR) · American Healthcare REIT, Inc. (AHR) Ventas, Inc. (VTR) and American Healthcare REIT, Inc. (AHR) pair an above-middle multiple with a below-middle EBITDA margin. Their valuation leaves room to strengthen cost structure, operator performance and cash conversion. Discount with Higher Margin Below-median multiple · above-median EBITDA margin 2 names Healthcare Realty Trust Incorporated (HR) · Sabra Health Care REIT, Inc. (SBRA) Healthcare Realty Trust Incorporated (HR) and Sabra Health Care REIT, Inc. (SBRA) pair a below-middle multiple with an above-middle EBITDA margin. Their opportunity is to convert profitability into more durable growth and clearer portfolio quality. Discount with Lower Margin Below-median multiple · below-median EBITDA margin 1 names Diversified Healthcare Trust (DHC) Diversified Healthcare Trust (DHC) sits below the middle on both multiple and EBITDA margin. The operating priority is to improve asset productivity, operator health and the cost base before accelerating expansion.

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    03 · THE AGENDA

    Operating Evidence Frames Capital Allocation Choices

    Operating Evidence Frames Capital Allocation Choices.

    Operating Evidence Frames Capital Allocation Choices NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 11

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    03 · THE AGENDA Operating Evidence Frames Capital Allocation Choices NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Back Durable Same-Store Growth Direct capital toward assets and operators where occupancy, rent coverage and tenant retention support recurring cash NOI. What changes the answer: The answer changes when growth depends more heavily on reimbursement, labor-intensive operations or near-term lease rollover. Repair Earnings Before Expanding Prioritize operator transitions, cost discipline and asset productivity where portfolio scale is not yet converting into durable earnings. What changes the answer: The answer changes when lease coverage and operator EBITDAR coverage show sustained improvement. Recycle Capital with Purpose Shift capital from assets with higher maintenance needs or weaker tenant economics toward properties with better cash NOI durability and portfolio fit. What changes the answer: The answer changes when retained assets offer superior redevelopment economics or strategic campus density. Choose Build Versus Buy Carefully Compare development risk and funding needs with the cash flow, tenant relationships and portfolio density available through acquisitions. What changes the answer: The answer changes when entitlement, licensing or operator-transition constraints alter timing and risk.

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    SECTION 04

    04

    04.

    Section 04 of 06 — Buyers Have Paid for Portfolio Fit Across Very Different Structures. The transaction record spans corporate combinations, real estate portfolios and operating businesses. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 12

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Have Paid for Portfolio Fit Across Very Different Structures The transaction record spans corporate combinations, real estate portfolios and operating businesses. 04 of 06 Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Point to Deal-Specific Portfolio Logic

    Precedent Transactions Point to Deal-Specific Portfolio Logic.

    Precedent Transactions Point to Deal-Specific Portfolio Logic 2 of 13 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 80 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 38 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Precedent Transactions Point to Deal-Specific Portfolio Logic 2 of 13 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 80 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 38 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Feb-2023 $21.6B New Healthpeak, Inc. New Healthpeak, Inc. and Healthpeak Properties, Inc. Combined at Corporate Scale EV / LTM revenue 10.5x EV / LTM EBITDA 61.4x WHY THE DEAL HAPPENED The pairing suggests a corporate combination built around portfolio breadth, recurring property earnings and balance-sheet capacity. The strategic fit sits within diversified health care real estate. HOW THE TARGET WAS VALUED The transaction carried a disclosed value of $21.6B and an EBITDA multiple of 61.4x. That multiple sits above the public peer range and should be read with the transaction’s structure and portfolio scope. Apr-2026 $3.1B Blue Owl Capital Inc. Blue Owl Capital Inc. Acquired Sila Realty Trust, Inc. for Its Real Estate Platform EV / LTM revenue 15.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests a focus on property-level cash flow, financing durability and portfolio fit. It also reflects financial buyer participation in health care real estate. HOW THE TARGET WAS VALUED The transaction carried a disclosed value of $3.1B and a revenue multiple of 15.3x. The revenue benchmark reflects a different lens from the public peer set’s forward EV / EBITDA convention.

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    SECTION 05

    05

    05.

    Section 05 of 06 — Strengthen the Earnings Base Before Reaching for Faster Expansion. Capital allocation should reinforce cash NOI, operator health and funding capacity. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Earnings Base Before Reaching for Faster Expansion Capital allocation should reinforce cash NOI, operator health and funding capacity. 05 of 06 Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Durable Earnings Give Growth More Strategic Value

    Durable Earnings Give Growth More Strategic Value.

    Durable Earnings Give Growth More Strategic Value NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 15

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    05 · STRATEGIC IMPLICATIONS Durable Earnings Give Growth More Strategic Value NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Make Portfolio Quality Visible in Operations Align capital allocation with cash NOI durability, lease coverage, private-pay mix and tenant retention. Growth carries more weight when these operating foundations move with it. FOR OPERATORS Protect Rent Coverage and Occupancy Focus on labor productivity, resident flows, reimbursement exposure and property-level execution. Better operator health strengthens both rent durability and access to growth capital. FOR CAPITAL ALLOCATORS Fund the Model That Compounds Compare development, acquisitions and capital recycling on recurring cash earnings, maintenance needs and funding durability. Portfolio expansion should reinforce rather than dilute earnings quality.

  16. 16
    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

  17. 17
    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (16.8x); amber marks below · 7 rated companies; 6 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 7 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 17

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (16.8x); amber marks below · 7 rated companies; 6 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 7 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥18.6x · median 24.6x · 2 companies Welltower Inc. WELL Diversified health care real estate $180B 29.1x 14% 38% 52 Ventas, Inc. VTR Diversified health care real estate $54.9B 20.1x 10% 36% 46 CORE — 14.0x–18.6x · median 16.8x · 3 companies American Healthcare REIT, Inc. AHR Diversified health care real estate $11.5B 17.2x 11% 22% 33 Healthpeak Properties, Inc. DOC Diversified health care real estate $26.0B 16.8x 7% 48% 55 Healthcare Realty Trust Incorporated HR Diversified health care real estate $10.6B 14.8x 3% 63% 66 DISCOUNT — <14.0x · median 9.9x · 2 companies Sabra Health Care REIT, Inc. SBRA Diversified health care real estate $7.6B 13.3x 10% 56% 66 Diversified Healthcare Trust DHC Diversified health care real estate $2.3B 6.6x 6% 22% 28

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (51 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 80 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 38 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (51 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 80 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 38 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2026 Undisclosed buyer → Brookdale Senior Living Inc. $9.6B 3.1x 20.7x The transaction involving Brookdale Senior Living Inc. was valued at $9.6B, with disclosed multiples of 3.1x revenue and 20.7x EBITDA. The figures suggest that operating exposure and earnings conversion both mattered to the valuation frame. Apr-2026 Blue Owl Capital Inc. → Sila Realty Trust, Inc. $3.1B 15.3x n/a Blue Owl Capital Inc.’s acquisition of Sila Realty Trust, Inc. points to continued interest in property cash flow, financing durability and portfolio fit. Oct-2025 n/a → Global Medical REIT Inc. $1.1B n/a n/a The announced transaction involving Global Medical REIT Inc. carried a disclosed value of $1.1B. The pairing keeps medical real estate within the broader buyer landscape. Mar-2025 CareTrust REIT, Inc. → Care REIT plc $817M n/a n/a CareTrust REIT, Inc.’s announced acquisition of Care REIT plc carried a disclosed value of $817M. The transaction suggests portfolio expansion across health care real estate markets. Jul-2024 Undisclosed buyer → Broadstone Net Lease, Inc. $4.9B n/a n/a The announced transaction involving Broadstone Net Lease, Inc. carried a disclosed value of $4.9B. Its scale highlights the capital available for established real estate portfolios. Feb-2023 New Healthpeak, Inc. → Healthpeak Properties, Inc. $21.6B 10.5x 61.4x The completed transaction involving New Healthpeak, Inc. and Healthpeak Properties, Inc. shows how buyers can underwrite portfolio breadth, balance-sheet capacity and recurring property earnings together. Feb-2023 ABP Acquisition 2 LLC → AlerisLife Inc. $40M n/a n/a ABP Acquisition 2 LLC’s announced acquisition of AlerisLife Inc. carried a disclosed value of $40M. The transaction shows that the record extends beyond large real estate portfolios. Jul-2020 Inter-American Management → Global Medical REIT n/a 2.2x n/a Inter-American Management’s announced transaction involving Global Medical REIT carried a disclosed revenue multiple of 2.2x. The benchmark should be read in the context of the target’s property mix and transaction structure. Feb-2019 Omega Healthcare Investors, Inc. → MedEquities Realty Trust, Inc. n/a 10.5x 14.3x Omega Healthcare Investors, Inc.’s announced acquisition of MedEquities Realty Trust, Inc. carried disclosed multiples of 10.5x revenue and 14.3x EBITDA. The pairing suggests value in portfolio fit and tenant relationships.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (51 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 80 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 38 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 19

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (51 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 80 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 38 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2017 KAREP Master JV, LLC → Sentio Healthcare Properties, Inc n/a 5.7x 18.3x Value shown as recorded in the filing; deal value unit unresolved. Apr-2017 NWH Australia Asset Trust → Generation Healthcare REIT n/a 15.1x n/a Value shown as recorded in the filing; deal value unit unresolved. Oct-2015 Blackstone Real Estate Partners VIII L.P. → BioMed Realty Trust n/a 0.7x n/a Jul-2015 Medical Properties Trust, Inc. → Capella Healthcare, Inc. n/a n/a 8.1x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 20

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Health Care REITs Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Health Care REITs and it clears the coverage gate with 7 of 13 companies (54%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 17 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 408 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (407) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Observed Premium Sits with Growth Backed by Durable Earnings and Portfolio Quality.

    The Observed Premium Sits with Growth Backed by Durable Earnings and Portfolio Quality..

    Closing — The Observed Premium Sits with Growth Backed by Durable Earnings and Portfolio Quality. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 21

    Everything on this page

    The Observed Premium Sits with Growth Backed by Durable Earnings and Portfolio Quality. NeuraCap AI — Health Care REITs Coverage September 2026 · Prepared by NeuraCap AI · Confidential Health Care REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Health Care REITs (Real Estate › Equity Real Estate Investment Trusts (REITs) › Health Care REITs) with market data and consensus estimates as of September 28, 2026. The company universe is the 13 listed companies whose core business is Health Care REITs according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: American Healthcare REIT, Inc. (AHR), Alexandria Real Estate Equities, Inc. (ARE), Community Healthcare Trust Incorporated (CHCT), CareTrust REIT, Inc. (CTRE), Diversified Healthcare Trust (DHC), Healthpeak Properties, Inc. (DOC), Healthcare Realty Trust Incorporated (HR), National Health Investors, Inc. (NHI), Omega Healthcare Investors, Inc. (OHI), Sabra Health Care REIT, Inc. (SBRA), Universal Health Realty Income Trust (UHT), Ventas, Inc. (VTR), Welltower Inc. (WELL). The market map groups them by business vertical — Diversified health care real estate: 12 companies (WELL, VTR, DOC, OHI, AHR, HR, CTRE, SBRA, NHI, DHC, CHCT, UHT); Life science campuses and laboratory offices: 1 company (ARE). 7 of the 13 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Health Care REITs (Real Estate › Equity Real Estate Investment Trusts (REITs) › Health Care REITs) with market data and consensus estimates as of September 28, 2026. The company universe is the 13 listed companies whose core business is Health Care REITs according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: American Healthcare REIT, Inc. (AHR), Alexandria Real Estate Equities, Inc. (ARE), Community Healthcare Trust Incorporated (CHCT), CareTrust REIT, Inc. (CTRE), Diversified Healthcare Trust (DHC), Healthpeak Properties, Inc. (DOC), Healthcare Realty Trust Incorporated (HR), National Health Investors, Inc. (NHI), Omega Healthcare Investors, Inc. (OHI), Sabra Health Care REIT, Inc. (SBRA), Universal Health Realty Income Trust (UHT), Ventas, Inc. (VTR), Welltower Inc. (WELL). The market map groups them by business vertical — Diversified health care real estate: 12 companies (WELL, VTR, DOC, OHI, AHR, HR, CTRE, SBRA, NHI, DHC, CHCT, UHT); Life science campuses and laboratory offices: 1 company (ARE). 7 of the 13 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

17 records failed a validation gate and never feed a statistic in this report (6 quarantined; 11 excluded from aggregate). Each exclusion, with its reason: ARE — Implied EBITDA margin 93.6% outside the plausible band [-100%, 80%] (effect: quarantined) · ARE — Implied EBITDA margin 90.6% outside the plausible band [-100%, 80%] (effect: quarantined) · ARE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ARE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ARE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CHCT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · DHC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · DHC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · DHC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · DHC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · HR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · HR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · HR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NHI — Implied EBITDA margin 107.1% outside the plausible band [-100%, 80%] (effect: quarantined) · NHI — Implied EBITDA margin 112.1% outside the plausible band [-100%, 80%] (effect: quarantined) · OHI — Implied EBITDA margin 113.0% outside the plausible band [-100%, 80%] (effect: quarantined) · OHI — Implied EBITDA margin 112.5% outside the plausible band [-100%, 80%] (effect: quarantined)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Health Care REITs and it clears the coverage gate with 7 of 13 companies (54%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 7 of 13 companies; EV / rEVenue: 13 of 13 companies; P/E: 11 of 13 companies. 2 companies show a non-meaningful P / E denominator and are excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥18.6x, Core 14.0x–18.6x, Discount <14.0x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 16.8x = median(ev_ebitda CY2027E) (7 rated companies) · 24.6x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 16.8x = median(ev_ebitda CY2027E) within Core tier (n=3) · 9.9x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 18.6x = median(ev_ebitda CY2027E) | growth ≥ 10% (n=4) · 14.8x = median(ev_ebitda CY2027E) | growth < 10% (n=3) · 15.8x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 38% (n=4) · 17.2x = median(ev_ebitda CY2027E) | EBITDA margin < 38% (n=3) · 52% = median Rule of 40 score (revenue growth + EBITDA margin) (n=7)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Health Care REITs recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 51 transactions were recorded for this industry; 13 are shown. 38 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 26 × no evidence record; 39 × deal value unit unresolved; 4 × duplicate precedent id; 4 × divestiture roles reassigned; 1 × parent financials detached; 6 × financial target ev not meaningful. Case studies lead with the 2 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 412 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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