Sale-Leasebacks Are Surging—But Only the Best Operators Are Getting the Best Terms

In a high-rate environment, liquidity is gold—and healthcare operators know it. That’s why sale-leaseback activity is still going strong in 2025.

Whether it’s behavioral health, dental groups, surgery centers, or senior living portfolios—providers are offloading real estate to free up capital for growth, pay down debt, or just weather the storm.

But here’s the part not everyone’s talking about:

Not all operators are getting the same deal.

The spread between strong-credit, experienced providers and those with shakier fundamentals is wider than it’s been in years.

What’s driving that divide?

→ Creditworthiness. Buyers are demanding full financial packages, and they’re pricing risk accordingly. Clean books = better cap rates.

→ Licensing strength. Operators with state-level compliance, good track records, and transferable licenses reduce risk—and get better lease terms.

→ Facility condition. Buyers are willing to pay more when they’re not inheriting deferred maintenance or capex landmines.

→ Location alignment. Assets in markets with strong demand, referral pipelines, and staffing stability always get more attention.

If you’re considering a sale-leaseback, it’s critical to prep like you’re going public—because that’s how closely investors are reviewing deals now.

From a valuation standpoint, we’re looking at a more integrated picture:

• Real estate value

• Operator health

• Lease structure viability

• Market context

📅 Thinking about doing a sale-leaseback this year? Book a call and I’ll walk you through how buyers are pricing these in 2025.

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The money’s still out there. But the bar is higher. Let’s make sure you’re ready to clear it.