Risk factors

Four customers generated 87% of 2025 revenue, versus one customer at 57% in 2024.

Third-party IT and other service providers are newly identified as potential sources of service failures, legal violations, and reputational or economic harm.

New risk disclosure addresses privacy-law and data-governance exposure involving sensitive business and personal data.

Goodwill and intangible assets increased to $11,299.2 million at December 31, 2025, representing 70% of total assets compared to $10,471.1 million or 72% in the prior year.

Affiliate repositioning now flags regulatory considerations and possible misalignment with Affiliate management.

New tariffs and trade barriers threaten costs and access to markets, given manufacturing across Malaysia, Vietnam, and Mexico and components sourced from China.

New risks explicitly cover tariffs and trade retaliation, legal/product liability, innovation and IP protection, and global tax exposure.

New risks address AI deployment and legacy IT systems, including costly upgrades and disruption.

AI use is still early, with accuracy, cybersecurity, bias, privacy and regulatory risks newly identified.

Risk 15 now specifically warns that USMCA cancellation or significant modification could raise tariff costs and disrupt supply chains.

Procedure demand risks now include care shifting from hospitals to outpatient, ambulatory surgery and office settings, affecting mix and pricing.

Texas and Florida now provide 26.7% of annualized rent, down from 38.4% for Texas, Illinois and Ohio; the portfolio fell from 200 to 198 properties.