The Emerus Health Micro-Hospital Portfolio (the “Portfolio”) offers qualified investors the opportunity to acquire two purpose-built micro-hospitals located in Las Vegas, Nevada and San Antonio, Texas. The Portfolio totals approximately 33,848 rentable square feet (RSF) across two state-of-the-art facilities built in 2022 and 2024. Both buildings were specifically designed to support hospital-level emergency and inpatient care.

The Portfolio is 100% leased to Emerus Health, one of the nation’s leading developers and operators of neighborhood hospitals, currently operating 46 hospitals nationally. Emerus operates the facilities through strategic joint ventures with established regional health systems, including Dignity Health (part of CommonSpirit Health) in Las Vegas and Baptist Health System (part of Tenet Healthcare) in San Antonio. These affiliations integrate the facilities within established regional healthcare networks while expanding access to emergency and inpatient services within their respective communities.

Both properties are secured by long-term Absolute Net leases with Emerus-affiliated entities, providing stable, predictable income with minimal landlord responsibilities. The Portfolio has a weighted average lease term (WALT) of approximately 13.4 years and includes annual rent escalations of approximately 2%.

The Portfolio provides exposure to two of the nation’s largest and fastest-growing metropolitan areas. The San Antonio-New Braunfels MSA is the 24th-largest in the United States with a population exceeding 2.8 million, while the Las Vegas-Henderson-North Las Vegas MSA ranks 29th with a population of more than 2.4 million.

Investment Highlights

Stabilized Micro-Hospital Portfolio
100% leased to Emerus Health, a leading operator and developer of neighborhood hospitals across the U.S.

Health System Partnerships
The facilities operate through joint ventures between Emerus Health and its health system partners, including Baptist Health System and Dignity Health. The leases are supported by joint venture guarantors affiliated with these partnerships.

Newly Constructed, Mission-Critical Healthcare Facilities
Recently constructed, purpose-built micro-hospitals designed with state-of-the-art medical equipment and technology to support 24/7 emergency and inpatient care while functioning as extensions of regional hospital systems.

Long-Term Absolute NNN Lease Structure
The lease structure is highly passive and landlord friendly, with tenant responsible for all costs related to repair, replacement, maintenance, and management of the building.

Annual Rent Escalations
Annual rent increases of approximately 2%, providing consistent NOI growth and a hedge against inflation.

Located in High-Growth Sun Belt Markets
Las Vegas and San Antonio rank as the 29th and 24th largest MSA’s in the U.S., with populations exceeding 2.3 million and 2.6 million residents, respectively

High Barriers to Entry
Hospital licensing, regulatory requirements, and specialized construction create meaningful barriers to entry for competing facilities.

High Performing Asset Class
Healthcare real estate continues to be among the most stable institutional asset classes, supported by demographic trends, growing healthcare utilization, and the essential nature of medical services.