Tier 169%of NOI
Parent revenue ≥$50M or named institutional PE sponsor
57 buildings
Named institutional PE sponsors include Warburg Pincus, Linden Capital, Morgan Stanley Private Credit, Compass Group, Health Enterprise Partners, BlackRock, and Chicago Pacific Founders. Aggregate Tier 1 parent revenue exceeds $2.5 billion.
Tier 213%of NOI
Parent revenue $25M–$50M, corporate financials on file
8 buildings
Multi-site operators with corporate financials on file. Strong rent coverage ratios and corporate guarantees.
Tier 318%of NOI
Practice-level financials only, parent revenue <$25M
19 buildings
Practice-level financials only. Real estate fundamentals and sub-65% LTV are the primary credit anchor. Zero delinquencies across all Tier 3 assets since acquisition.