U.S. Healthcare REITs "A Healthy Dose Of Optimism" Goldsmith

Research evidence excerpt

U.S. Healthcare REITs "A Healthy Dose Of Optimism" Goldsmith

Global Research

7 July 2026ab

U.S. Healthcare REITs Equities

AmericasA Healthy Dose Of Optimism

Real Estate

Michael Goldsmith

Our take: We believe Healthcare REITs sustained momentum in 2Q'26, with Analyst

strong operating fundamentals complemented by elevated transaction activity michael.goldsmith@ubs.com

As we see it, Senior Housing and Skilled Nursing REITs are particularly well positioned to +1-212-713 2951

report favorable 2Q'26 results, reflecting healthy operating fundamentals and sizable Justin Haasbeek

accretive acquisitions. On operations, we believe Senior Housing continued to benefit Associate Analyst

from muted supply growth and demographic tailwinds. Recent conference commentary justin.haasbeek@ubs.com

further suggests that new development projects largely remain uneconomic at current +1-212-713 2014

rental rates, supporting our expectation for limited future supply. On external growth, Ami Probandt

numerous REITs have indicated that the volume of SHOP assets coming to market is at an Analyst

all-time high as operators and private owners seek to capitalize on strong investor ami.probandt@ubs.com

demand. Despite modest cap-rate compression, WELL has indicated that projected +1-212-713 2078

unlevered acquisition returns remain comparable to or slightly better than prior years. In Connor Mitchell

our view, this reflects WELL's growing operating and data science advantages, which Associate Analyst

continue to drive stronger property-level performance. We believe these capabilities, connor.mitchell@ubs.com

along with scale and durable access to low-cost capital, position WELL, VTR, and AHR as +1-212-649 8246

the natural consolidators of the senior housing sector.