National Blue Chip Veterinary Portfolio — $78,721,000

01 — Executive Summary

Offering
Introduction

Matthews™ Healthcare Division

Matthews™ Healthcare Division is pleased to exclusively offer the opportunity to acquire a premier National Blue Chip Veterinary Portfolio consisting of 15 properties totaling approximately 183,261 square feet across multiple markets throughout the United States. The portfolio features a diverse collection of purpose-built veterinary hospitals strategically located in Florida, Illinois, Massachusetts, North Carolina, Ohio, Virginia, Vermont, and Tennessee.

The portfolio is comprised of single-tenant net-leased veterinary facilities with approximately 7.0 years of weighted average remaining lease term. Leases are primarily structured as NNN with annual rent escalations ranging from 2% — 3%. Nearly the entire portfolio is anchored by the industry's most sought-after operators — BluePearl (owned by Mars, Inc., S&P: A, ~$55B+ in revenues) and MedVet (the world's largest independent veterinarian-owned specialty network, ~$400–500M in 2025 revenues).

At approximately $430 per square foot, the pricing is highly attractive for specialty veterinary hospitals of this caliber, offering investors a compelling entry point into a defensive, institutional-grade healthcare asset class.

Sector Capital Formation

Purpose-Built Veterinary Properties

7.0

Years Weighted Avg Lease Term

Portfolio

15 Properties · 8 States

Active State

Property Location (hover for details)

Offering Price

$78,721,000

Annual NOI

$5,116,876

Weighted Avg Lease Term

7.0 Years

Offering Summary

Key capital structure & lease economics

Total Annual Base Rent

$5,116,876

Avg Rent PSF

$27.98

Total Building SF

183,261 SF

Number of Properties

States

FL · IL · MA · NC · OH · TN · VT · VA

Lease Type

Predominantly NNN

Annual Escalations

2.00% – 3.00%

Ownership Type

Fee Simple

#	Address	Tenant	SF	Lease Exp.	Annual Rent	PSF	Escalation
01	3000 Busch Lake BlvdTampa, FL 33614	BluePearl Holdings	12,968	12/31/2033	$678,492	$52.32	3.00%
Address 3000 Busch Lake Blvd, Tampa, FL 33614 Tenant BluePearl Holdings Building SF 12,968 SF Annual Rent $678,492 Rent PSF $52.32 Lease Expiration 12/31/2033 Term Remaining 7.5 Years Rent Escalation 3.00% Annually
02	2910 Busch Lake BlvdTampa, FL 33614	BluePearl Holdings	2,498	12/31/2033	$76,306	$30.55	3.00%
Address 2910 Busch Lake Blvd, Tampa, FL 33614 Tenant BluePearl Holdings Building SF 2,498 SF Annual Rent $76,306 Rent PSF $30.55 Lease Expiration 12/31/2033 Term Remaining 7.5 Years Rent Escalation 3.00% Annually
03	2950 Busch Lake BlvdTampa, FL 33614	BluePearl Holdings	8,043	12/31/2033	$214,399	$26.66	3.00%
Address 2950 Busch Lake Blvd, Tampa, FL 33614 Tenant BluePearl Holdings Building SF 8,043 SF Annual Rent $214,399 Rent PSF $26.66 Lease Expiration 12/31/2033 Term Remaining 7.5 Years Rent Escalation 3.00% Annually
04	4525 Ulmerton RoadClearwater, FL 33762	BluePearl Holdings	2,926	10/31/2033	$156,483	$53.48	3.00%
Address 4525 Ulmerton Road, Clearwater, FL 33762 Tenant BluePearl Holdings Building SF 2,926 SF Annual Rent $156,483 Rent PSF $53.48 Lease Expiration 10/31/2033 Term Remaining 7.3 Years Rent Escalation 3.00% Annually
05	607 Lumsden Professional CtBrandon, FL 33511	BluePearl Holdings	8,506	10/31/2033	$262,560	$30.87	3.00%
Address 607 Lumsden Professional Ct, Brandon, FL 33511 Tenant BluePearl Holdings Building SF 8,506 SF Annual Rent $262,560 Rent PSF $30.87 Lease Expiration 10/31/2033 Term Remaining 7.3 Years Rent Escalation 3.00% Annually
06	820 Frontage RoadNorthfield, IL 60093	BluePearl Holdings	14,180	10/31/2033	$610,497	$43.05	3.00%
Address 820 Frontage Road, Northfield, IL 60093 Tenant BluePearl Holdings Building SF 14,180 SF Annual Rent $610,497 Rent PSF $43.05 Lease Expiration 10/31/2033 Term Remaining 7.3 Years Rent Escalation 3.00% Annually
07	29 Theodore DrWestminster, MA 01473	PetVet Care Centers	16,988	10/31/2035	$320,682	$18.88	1.80%
Address 29 Theodore Dr, Westminster, MA 01473 Tenant PetVet Care Centers Building SF 16,988 SF Annual Rent $320,682 Rent PSF $18.88 Lease Expiration 10/31/2035 Term Remaining 9.3 Years Rent Escalation 1.80% Annually
08	4640 Paragon Park RdRaleigh, NC 27616	BluePearl Operations	5,974	09/27/2030	$184,663	$30.91	2.25%
Address 4640 Paragon Park Rd, Raleigh, NC 27616 Tenant BluePearl Operations Building SF 5,974 SF Annual Rent $184,663 Rent PSF $30.91 Lease Expiration 09/27/2030 Term Remaining 4.2 Years Rent Escalation 2.25% Annually
09	1321 Centerview CircleCopley, OH 44321	MedVet Associates	31,324	04/30/2032	$567,240	$18.11	2.50%
Address 1321 Centerview Circle, Copley, OH 44321 Tenant MedVet Associates Building SF 31,324 SF Annual Rent $567,240 Rent PSF $18.11 Lease Expiration 04/30/2032 Term Remaining 5.8 Years Rent Escalation 2.50% Annually
10	2680 W. Liberty StGirard, OH 44420	MedVet Associates	5,017	04/30/2032	$102,318	$20.39	2.50%
Address 2680 W. Liberty St, Girard, OH 44420 Tenant MedVet Associates Building SF 5,017 SF Annual Rent $102,318 Rent PSF $20.39 Lease Expiration 04/30/2032 Term Remaining 5.8 Years Rent Escalation 2.50% Annually
11	3020 Mallory LaneFranklin, TN 37067	BluePearl Holdings	12,100	02/28/2035	$528,059	$43.64	3.00%
Address 3020 Mallory Lane, Franklin, TN 37067 Tenant BluePearl Holdings Building SF 12,100 SF Annual Rent $528,059 Rent PSF $43.64 Lease Expiration 02/28/2035 Term Remaining 8.7 Years Rent Escalation 3.00% Annually
12	158 Hurricane LaneWilliston, VT 05495	Ethos Veterinary Health	14,520	05/31/2034	$334,544	$23.04	2.00%
Address 158 Hurricane Lane, Williston, VT 05495 Tenant Ethos Veterinary Health Building SF 14,520 SF Annual Rent $334,544 Rent PSF $23.04 Lease Expiration 05/31/2034 Term Remaining 7.9 Years Rent Escalation 2.00% Annually
13	364 S Independence BlvdVirginia Beach, VA 23452	BluePearl Holdings	12,960	05/31/2031	$373,120	$28.79	2.15%
Address 364 S Independence Blvd, Virginia Beach, VA 23452 Tenant BluePearl Holdings Building SF 12,960 SF Annual Rent $373,120 Rent PSF $28.79 Lease Expiration 05/31/2031 Term Remaining 4.9 Years Rent Escalation 2.15% Annually
14	8614 Centreville RdManassas, VA 20110	MedVet Associates	10,529	05/31/2031	$300,000	$28.49	Flat
Address 8614 Centreville Rd, Manassas, VA 20110 Tenant MedVet Associates Building SF 10,529 SF Annual Rent $300,000 Rent PSF $28.49 Lease Expiration 05/31/2031 Term Remaining 4.9 Years Rent Escalation Flat Annually
15	11415 Georgetown PikeGreat Falls, VA 22066	CVP Operations	24,728	10/31/2033	$407,513	$16.48	2.00%
Address 11415 Georgetown Pike, Great Falls, VA 22066 Tenant CVP Operations Building SF 24,728 SF Annual Rent $407,513 Rent PSF $16.48 Lease Expiration 10/31/2033 Term Remaining 7.3 Years Rent Escalation 2.00% Annually
	TOTAL / AVERAGE		183,261	7.0 Yrs	$5,116,876	$27.98

The Opportunity

Investment Highlights

01 / 10 · TENANCY
High-Caliber, Blue Chip Tenants
Institutional-quality portfolio of 15 veterinary properties totaling ~183,261 SF across high-growth markets, leased to BluePearl, MedVet, Ethos, PetVet Care Centers, and Community Veterinary Partners.

02 / 10 · OPERATOR STRENGTH
Established Operator Base
BluePearl is owned by Mars, Inc. (S&P: A, ~$55B+ revenues). MedVet is the world's largest independent veterinarian-owned specialty network, backed by significant private equity capital.

03 / 10 · TERM
Attractive Remaining Term
Weighted average remaining lease term of approximately 7.0 years, providing long-term cash flow visibility and stability throughout the hold period.

04 / 10 · STRUCTURE
Predominantly NNN Lease Structure
Majority of assets operate under NNN lease structures, minimizing landlord responsibilities and creating a passive investment vehicle with minimal management overhead.

05 / 10 · GROWTH
Built-In Rent Growth | Inflation Protection
Most leases feature contractual annual rent escalations ranging from 2.00% to 3.00%, providing organic NOI growth and a built-in hedge against inflation.

06 / 10 · GEOGRAPHY
National Geographic Diversification
Properties strategically located across Florida, Illinois, Massachusetts, North Carolina, Ohio, Virginia, Vermont, and Tennessee — concentrated in high-growth markets with strong population inflows.

07 / 10 · FACILITIES
Mission-Critical Veterinary Facilities
Purpose-built veterinary hospitals with specialized improvements and equipment, creating significant tenant investment and reducing relocation risk across the portfolio.

08 / 10 · DEFENSIVE SECTOR
Recession-Resistant Healthcare Asset Class
Veterinary services benefit from recurring, non-discretionary pet healthcare spending and have demonstrated resilience through multiple economic cycles.

09 / 10 · SCALE
Attractive Institutional Scale
The portfolio offers immediate institutional scale at $78,721,000 in aggregate value, appealing to institutional, private equity, REIT, and 1031 exchange investors.

10 / 10 · TAILWINDS
Growing Industry Fundamentals
~67% of U.S. households own pets. U.S. pet industry expenditures projected to reach $165B in 2026, with veterinary care alone surpassing $42B.

Tenant & Industry Overview

Blue Chip Tenant Roster

Anchored by the Most Sought-After Operators in U.S. Animal Healthcare

Specialty & Emergency

Owned by Mars, Inc. (S&P: A) — generating ~$55B+ in revenues. BluePearl is the portfolio's dominant operator, with leases primarily extending into 2033–2035.

9Properties

43.7%% RSF

58.3%% Rent

Specialty & Emergency

World's largest independent, veterinarian-owned specialty and emergency pet hospital network. ~$400M–$500M in 2025 revenue with continued national expansion.

3Properties

25.6%% RSF

18.9%% Rent

General & Specialty

Community Veterinary Partners — PE-backed multi-site veterinary platform operating across the Mid-Atlantic and Northeast with long-term facility commitment.

1Properties

13.5%% RSF

8.0%% Rent

General & Specialty

PetVet Care Centers — KKR-backed national veterinary group operating 450+ hospitals across general and specialty practice areas nationwide.

1Properties

9.3%% RSF

6.3%% Rent

Specialty & Emergency

Ethos Veterinary Health — PE-backed national specialty hospital platform delivering best-in-class advanced and emergency care across the U.S.

1Properties

7.9%% RSF

6.5%% Rent

Why Veterinary Real Estate

188M+U.S. Pets Across 94M Households

67%of U.S. Households Own a Pet

$165BProjected U.S. Pet Industry Spend 2026

$42B+Projected Veterinary Care Spend 2026

$100B+PE & Strategic Capital Deployed Last Decade

The U.S. veterinary sector has emerged as one of the most resilient and fastest-growing segments of healthcare real estate. Spanning over 188 million pets across 94 million households, the animal healthcare industry is driven by non-discretionary, emotionally-motivated spending — making it fundamentally resistant to economic downturns. The industry continues to scale toward a projected $69 billion at a ~7% annual growth trajectory.

Over $100 billion of private equity and strategic capital has entered the veterinary sector over the last decade, resulting in significant consolidation and institutionalization of practice ownership. The resulting large, creditworthy operators sign long-term leases on purpose-built facilities — producing investment-grade income streams for institutional owners.

OfferingIntroduction

15 Properties · 8 States

Investment Highlights

Blue Chip Tenant Roster

Why Veterinary Real Estate

Exclusively Listed By

Offering
Introduction