Q4 2021 Fund Update

• Over Q4 2021, SP01 realized 100% rent collections from all properties.
• The current valuation of SP01 as of December 31st, 2021 is $8,336,756.92. The Net Asset Value (“NAV”) as of December 31st, 2021 is 11.08 (ex-dividend), representing a 1.27% return for the quarter and a annualised return of 7.34%.
• A dividend per share of $0.07 was paid during the quarter end. The next dividend payment is scheduled to be paid in February.
• The Fund continues to perform in line with expectations generating close to 5% cash-on-cash yield with a projected 10-12% IRR at the liquidation of the assets.

Acquired Properties

Pipeline

There were an estimated 100,306 drug overdose deaths in the United States during the 12-months ending in April 2021, an increase of 28.5% from the same period the year before.

Behavioural health centers (BHCs) are forecast to grow at a compounded annual growth rate (CAGR) of approximately 3.6% over the next seven years, and industry revenues will climb to almost $99.4 billion by 2028. This rapid expansion, combined with our inside knowledge of the bed capacity and turnover rate for these facilities, compels us to seek additional buildings that can cater to the needs of a growing at-risk population.

We continue to identify additional properties that meet the investment criteria. The fund has approximately $10 million (2 locations) fully stabilized and ready for acquisition (one which is set to close during Q1 2022), as well as an additional $70 million identified as potential acquisitions (capital dependent).