Vertically-Integrated Healthcare Real Estate Platform

Capitalizing on strong fundamentals, compelling healthcare trends, and robust deal flow with one of the industry's best track records

23.3%
10-Year IRR
2.1
Sharpe Ratio
$3.6B
Current Pipeline
$1.2B
GAV Managed
4M
MOB RSF

MOB Real Estate Experts

Healthcare One Properties LLC is a vertically integrated healthcare real estate investment platform with extensive capabilities in acquisitions, underwriting, research, asset management and capital markets, enabling superior investment performance.

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Attractive Risk-Adjusted Returns

Value-added approach emphasizing bottom-up, rigorous property-level underwriting coupled with top-down risk policies to achieve index-beating returns

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Strong Market Fundamentals

Aging population and shift away from hospitals creates increasing demand for strategically located essential use medical outpatient buildings

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Portfolio Diversification

Strong credit tenants, triple net leases, and high dollar tenant build-outs create stabilized sticky tenant base with recession-proof assets

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In-House Sourcing Team

Dedicated teams managing strategic relationships to originate off-market and limited market opportunities

USA Map

National Scale & Infrastructure

Vertically-integrated firm customized for scalability, reliability and accountability with experience in 41 states

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ESG Philosophy

Fully integrated ESG considerations into the investment process to examine long-term sustainability risk of portfolio assets

Investment Criteria & Strategy

Target Metrics

Target Deal Size $10M - $800M
Unlevered IRR 10% - 12%
Levered IRR 15%+ / 1.8x MOIC (5-yr)
LTV 65% target
Cash-on-Cash Yield Exceeding 6%

Investment Focus

Mission-Critical Locations

Locations pivotal to hospital systems or local medical submarkets

High-Quality Assets

Institutional quality Class A and B medical outpatient buildings and ASCs

In-House Sourcing

Focus on off-market & limited market opportunities through long-term relationships

High-Acuity Tenants

Target medical practices with significant capital investment and stable patient base

Medical office building

Historical Portfolio

Medical office building in portfolio
Medical office building exterior
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120
Buildings
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750
Tenants
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4M
RSF
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41
States
Outpatient center in portfolio
Healthcare facility

National Best-In-Class Healthcare Tenants

Market Overview & Sector Fundamentals

Demographic Tailwinds

  • U.S. population over 65 expected to grow from 56M (2020) to 92M (2060)
  • Healthcare expenditures expected to reach $8 trillion annually by 2027 (~20% of GDP)
  • MOBs maintain 91% occupancy (Q3 2026) vs traditional office at ~85%; vacancy 9.0% vs 14.8%—the widest gap in a decade

Shift to Outpatient Care

  • ASC market expected to generate $39B by 2028 (6% annual growth)
  • Low and medium risk procedures (84% of revenue) increasingly performed at outpatient sites
  • COVID-19 accelerated shift away from hospital campuses

Historical Outperformance

  • Medical office total returns outperformed traditional office by 539 bps since 2016
  • MOB NOI growth averaging 2.6% annually with projections of ~3.0%
  • Strong rent coverage ratios and minimal leasing risk
Modern American medical center with English signage

Competitive Advantages

Fragmented Ownership

Fragmented MOB market allows Healthcare One to identify especially attractive investments from relatively unsophisticated sellers

Limited Supply

New construction has not kept pace with demand, driving continued cap rate compression

Secure Sector

High quality tenants with strong rent coverage, even through pandemic and periods of financial difficulty

Current Pipeline

$3.6 Billion
Actionable Opportunities
Outpatient medical center
45%
Investment-Grade Tenants
75%
Off-Campus Assets
92%
Target Occupancy Rate
65%
Target Deployment Leverage

Rigorous Investment Process

1

Initial Review

Explore off-market and limited market opportunities, leverage strategic relationships

2

Filter

Proprietary research methodology determines which properties meet criteria based on price, tenancy, location, credit and market

3

Model & Decide

Extensive proprietary models and preliminary due diligence to determine purchase price and returns

4

Deal Making

Negotiate favorable terms providing downside protection and maximum flexibility

5

Due Diligence

Comprehensive financial, market, legal and physical review; personal tenant interviews

6

Close

Establish capital stack, develop strategy for leasing, management and capital improvements

7

Portfolio Management

Implement strategy with institutional asset management and ongoing reporting

Leadership

Dr. David Lynn, CEO of Healthcare One Properties

Dr. David Lynn

Chief Executive Officer & Chairman

MIT MBA Cornell MS LSE PhD/MSc Berkeley BA

Visionary founder of three nationally recognized medical private equity real estate platforms. The team has transacted on over $20 billion of institutional real estate and actively managed over $1.2 billion of MOBs, delivering top-decile returns, multiple nine-figure exits, and consistent maximum performance ratings from institutional investors.

Dr. David Lynn at an industry leadership event
Dr. David Lynn at an industry leadership event
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$500 Million

Personally raised in equity from sovereign wealth funds, pension plans, endowments, and family offices

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PERE Global Deal of the Year

$720M, 61-property, 20-state portfolio acquisition—the largest medical office transaction in recent history

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$90 Million

Annual portfolio revenue from one of the largest, highest-quality MOB portfolios in the United States

Executive Role

Serves as Chairman of the Executive Management and Investment Committees with final approval authority on all strategy and transactions. Architect and lead executor of Healthcare One's national medical office platform—from capital formation and acquisition through asset management, leasing, and disposition.

Industry Recognition

Recognized industry leader and active member of PREA (Pension Real Estate Association), NAREIM (National Association of Real Estate Investment Managers), and ULI Healthcare Council (Urban Land Institute).

Healthcare One Properties team — a diverse group of 20 professionals in business formal attire
The Healthcare One Properties Team

Contact Us

For institutional investor inquiries, please contact:

Dr. David Lynn

Dr. David Lynn

Chief Executive Officer & Chairman

MIT MBA | Cornell MS | LSE PhD/MSc | Berkeley BA

📞 646-541-0497
✉️ David@healthcareoneproperties.com