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 2023-06-30

 2024-03-13

 UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K/A

 (Amendment No. 1)

 (Mark One)

 x

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2023

 or

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from _________ to __________

 Commission file number: 001-39153

 Healthcare Trust, Inc.

 (Exact name of registrant as specified in its charter)

 Maryland

 38-3888962

 (State or other jurisdiction of incorporation or organization)

 (I.R.S. Employer Identification No.)

 222 Bellevue Ave., Newport, RI 02840

 (Address of principal executive offices) (Zip Code)

 Registrant's telephone number, including
area code: ( 212) 415-6500

 650 Fifth Ave., 30th Floor, New York, NY

 Former name, former address, and former fiscal year, if changed since last report

 Securities registered pursuant to Section 12(b) of the Act:

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share

 HTIA

 The Nasdaq Global Market

 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share

 HTIB

 The Nasdaq Global Market

 Securities registered pursuant to Section 12 (g) of the Act:

 Common stock, $0.01 par value per share

 (Title of class)

 Common Share Purchase Rights

 (Title of class)

by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes
 No x

by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes
 No x

by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. x Yes
No

by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was
required to submit such files). x Yes No

 Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See
the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and
"emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 x

 Smaller reporting company

 Emerging growth company

 If an emerging growth company indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.

 Indicate by check mark whether the registrant
has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared
or issued its audit report.

 If securities are registered pursuant to Section 12(b) of
the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an
error to previously issued financial statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b).

by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x
No

 There is no established public market for the
registrant's shares of common stock.

 As of March 13, 2024, the registrant had
 113,185,753 shares of common stock outstanding.

 DOCUMENTS INCORPORATED BY REFERENCE

 Portions of the registrant's definitive
proxy statement to be delivered to stockholders in connection with the registrant's 2024 Annual Meeting of Stockholders are incorporated
by reference into Part III of this Form 10-K. The registrant intends to file its proxy statement within 120 days after its fiscal
year end.

 Auditor Firm ID
 Auditor Name
 Auditor
 Location

 PricewaterhouseCoopers LLP
 New York, New York

 EXPLANATORY NOTE

 Healthcare
Trust, Inc., a Maryland corporation (the "Company"), is filing this Amendment No. 1
on Form 10-K/A (the "Amendment") to amend and restate certain items in its Annual Report on Form 10-K for the year
ended December 31, 2023 originally filed with the U.S. Securities and Exchange Commission (the "SEC") on March 15,
2024 (the "Original 10-K") which inadvertently (i) removed reference to the common share purchase rights (the
"Rights"), each of which was issued as a dividend for each share of the Company's common stock, par value $0.01 per
share (the "common stock"), outstanding on the close of business on December 18, 2020 to the stockholders of record on
that date pursuant to a Rights Agreement (the "Rights Agreement"), dated as of May 18, 2020, by and between the
Company and Computershare Trust Company, N.A., as rights agent (the "Rights Agent"), entered into in connection with the stockholder
rights plan adopted by the Company's board of directors in May 2020 (the "Stockholder Rights Plan"), (ii) removed
reference to the Rights in the Risk Factors included in Part I, Item 1A of the Original 10-K, (iii) removed reference to
the Rights in the Description of Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of
1934 filed as Exhibit 4.9 to the Original 10-K and (iv) omitted from the Exhibit Index included in Part IV, Item
15(b) of the Original 10-K Amendment No. 1 to the Rights Agreement, dated May 18, 2023 (the "Rights Agreement Amendment"),
by and between the Company and the Rights Agent, which amended the Rights Agreement solely to extend the expiration date of the Rights
from May 18, 2023 to May 18, 2026, unless the Rights are previously redeemed, exchanged or terminated, or if the common stock
is listed on NYSE or NASDAQ, 364 days from the commencement of trading.

 Accordingly, Part I, Item
1A, Risk Factors has been amended and restated in its entirety to include a risk factor related to the effect the Stockholder Rights
Plan may have on a potential acquisition of the Company by a third party and Part IV, Item
15(b). Exhibits, Financial Statement Schedules Risk Factors has been amended and restated in its entirety to include the Rights
Agreement Amendment as Exhibit 4.10 and file as Exhibit 4.9 a revised Description of Registrant's Securities Registered
Pursuant to Section 12 of the Securities Exchange Act of 1934 that includes a description of the Rights, the Rights Agreement and
the Rights Agreement Amendment.

 In accordance with Rules 12b-15
and 13a-14 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we have also amended Part IV, Item
15 to include currently dated certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 from our principal executive
officer and principal financial and accounting officer. Because no financial statements have been included in this Amendment and this
Amendment does not contain or amend any disclosure with respect to Items 307 and 308 of Regulation S-K, paragraphs 3, 4 and 5 of the certifications
have been omitted. Similarly, because no financial statements have been included in this Amendment, certifications pursuant to Section 906
of the Sarbanes-Oxley Act of 2002 have been omitted.

 Except as described above,
this Amendment does not amend, update or change any other disclosures in the Original 10-K. In addition, the information contained in
this Amendment does not reflect events occurring after the filing of the Original 10-K and does not modify or update the disclosures therein,
except as specifically identified above.

 HEALTHCARE TRUST, INC.

 FORM 10-K

 Year Ended December 31, 2023

 Page

 Item
 1A.

 Risk
 Factors

 Item
 15.

 Exhibit and
 Financial Statement Schedules

 SIGNATURES

 Item 1A. Risk
Factors

 Set
 forth below are the risk factors that we believe are material to our investors and a summary thereof. The occurrence of any of the
risks discussed in the Original 10-K and in this Amendment could have a material
adverse effect on our business, financial condition, results of operations and ability to pay dividends and they may also impact other
distributions and the value of an investment in our common and preferred stock.

 Summary Risk Factors

 •
 Our operating results are affected by economic and regulatory changes that have an adverse impact on the
real estate market.

 •
 Our property portfolio has a high concentration of properties located in Florida and Pennsylvania. Our
properties may be adversely affected by economic cycles and risks inherent to those states.

 •
 We have not paid our distributions on our common stock in cash since 2020, and there can be no assurance
we will pay distributions on our common stock in cash in the future.

 •
 Inflation will have an adverse effect on our investments and results of operations.

 •
 Our real estate investments are concentrated in healthcare-related facilities, and we may be negatively
impacted by adverse trends in the healthcare industry.

 •
 The healthcare industry is heavily regulated, and new laws or regulations, changes to existing laws or
regulations, loss of licensure or failure to obtain licensure could result in the inability of our tenants to make rent payments to us.

 •
 If a tenant or lease guarantor declares bankruptcy or becomes insolvent, we may be unable to collect balances
due under relevant leases.

 •
 We assume additional operating risks and are subject to additional regulation and liability because we
depend on eligible independent contractors to manage some of our facilities.

 •
 Joint venture investments could be adversely affected by our lack of sole decision-making authority, our
reliance on the financial condition of co-venturers and disputes between us and our co-venturers.

 •
 We may be unable to renew leases or re-lease space as leases expire.

 •
 Our level of indebtedness may increase our business risks.

 •
 Our financing arrangements have restrictive covenants, which may limit our ability to pursue strategic
alternatives and react to changes in our business and industry or pay dividends.

 •
 We depend on our Advisor and Property Manager to provide us with executive officers, key personnel and
all services required for us to conduct our operations and our operating performance may be impacted by any adverse changes in the financial
health or reputation of our Advisor and Property Manager.

 •
 All of our executive officers, some of our directors and the key real estate and other professionals assembled
by our Advisor and Property Manager face conflicts of interest related to their positions or interests in entities related to AR Global,
which could hinder our ability to implement our business strategy.

 •
 We may terminate our advisory agreement in only limited circumstances, which may require payment of a
termination fee.

 •
 The Estimated Per-Share NAV of our common stock is based upon subjective judgments, assumptions and opinions
about future events, and may not reflect the amount that our stockholders might receive for their shares.

 •
 Maryland law prohibits certain business combinations, which may make it more difficult for us to be acquired
and may discourage a third-party from acquiring us in a manner that might result in a premium price to our stockholders.

 •
 The share ownership restrictions for REITs and the 9.8% share ownership limit in our charter may inhibit
market activity in shares of our stock and restrict our business combination opportunities.

 •
 Our failure to remain qualified as a REIT would subject us to U.S. federal income tax and potentially
state and local tax.

 •
 Complying with REIT requirements may force us to forgo or liquidate otherwise attractive investment opportunities.

 Risks Related to Our Properties and Operations

 Our property portfolio has a high concentration
of properties located in one state. Our properties may be adversely affected by economic cycles and risks inherent to those states.

 A total of 10% or more of
our consolidated annualized rental income on a straight-line basis for the fiscal year ended December 31, 2023 was generated from
the state below:

 State

 Percentage of Straight-Line

 Rental Income

 Florida

 19.9
 %

 Pennsylvania

 10.6
 %

 Any adverse situation that
disproportionately affects operations or investments in the states listed above may have a magnified adverse effect on our portfolio.
Real estate markets are subject to economic downturns, as they have been in the past, and we cannot predict how economic conditions will
impact this market in both the short and long-term. Declines in the economy or a decline in the real estate markets in these states could
hurt our financial performance and the value of our properties. Historically, Florida has been at greater risk of acts of nature such
as hurricanes and tropical storms, which may have worsened as a result of climate change, and has been subject to more pronounced real
estate downturns than other regions. Accordingly, our business, financial condition and results of operations may be particularly susceptible
to downturns or changes in the local Florida economies where we operate. Other factors that may negatively affect economic conditions
include:

 •
 business layoffs or downsizing;

 •
 industry slowdowns;

 •
 relocations of businesses;

 •
 climate change;

 •
 changing demographics;

 •
 increased telecommuting and use of alternative workplaces;

 •
 infrastructure quality;

 •
 any oversupply of, or reduced demand for, real estate;

 •
 concessions or reduced rental rates under new leases for properties where tenants defaulted;

 •
 increased insurance premiums;

 •
 state budgets and payment to providers under Medicaid or other state healthcare programs; and

 •
 changes in reimbursement for healthcare services from commercial insurers.

 We may be unable to enter into contracts
for and complete property acquisitions on advantageous terms or our property acquisitions may not perform as we expect.

 One of our goals is to increase
assets through acquiring additional properties, and pursuing this investment objective exposes us to numerous risks, including:

 •
 competition from other real estate investors with significant capital resources;

 •
 we may acquire properties that are not accretive;

 •
 we may not successfully integrate, manage and lease the properties we acquire in a fashion that meets
our expectations or market conditions may result in future vacancies and lower-than expected rental rates;

 •
 we may be unable to assume existing debt financing or obtain property-level debt financing or raise equity
required to fund acquisitions from other sources on favorable terms, or at all;

 •
 we may need to spend more than budgeted amounts to make necessary improvements or renovations to acquired
properties;

 •
 agreements for the acquisition of properties are typically subject to customary conditions to closing
that may or may not be completed, and we may spend significant time and money on potential acquisitions that we do not consummate;

 •
 the process of acquiring or pursuing the acquisition of a new property may divert the attention of our
management team from our existing business operations; and

 •
 we may acquire properties without recourse, or with only limited recourse, for liabilities, whether known
or unknown.

 We rely upon our Advisor
and the real estate professionals employed by affiliates of our Advisor to identify suitable investments. There can be no assurance that
our Advisor will be successful in doing so on financially attractive terms or that our objectives will be achieved. If our Advisor is
unable to timely locate suitable investments, or if the terms governing our investments are unfavorable, we may be unable to meet our
investment objectives, which could adversely affect our business.

 We have not paid any distributions on our
common stock in cash since 2020, and there can be no assurance we will pay distributions on our common stock in cash in the future.

 All dividends or other distributions
on our common stock are paid in the discretion of our Board. We have not paid cash distributions since 2020. We have recently been issuing
dividends in the form of common stock valued at the Estimated Per-Share NAV in effect on the applicable date. There is no assurance we
will continue to do so or when or if we will pay dividends or distributions in cash. We last published an Estimated Per-Share NAV on March 31,
2023. The estimate was as of December 31, 2022 and has not been adjusted since publication and will not be adjusted until the Board
determines a new Estimated Per-Share NAV which is expected in late March 2024. Dividends issued in the form of additional shares
of common stock will, all things being equal, cause the value of each share of common stock to decline because the number of shares outstanding
will increase when stock dividends are issued; however, because each common stockholder will receive the same number of new shares per
share of common stock held, the total value of a common stockholder's investment, all things being equal, will not change assuming
no sales or other transfers. Our ability to make future cash distributions on our common stock will depend on our future cash flows and
indebtedness and may further depend on our ability to obtain additional liquidity, which may not be available on favorable terms, or at
all. Further, if we do not pay dividends on our Series A Preferred Stock or Series B Preferred Stock, any accrued and unpaid
dividends payable with respect to the Series A Preferred Stock or Series B Preferred Stock become part of the liquidation preference
thereof, as applicable, and, whenever dividends on the Series A Preferred Stock or Series B Preferred Stock are in arrears,
whether or not authorized or declared, for six or more quarterly periods, holders of Series A Preferred Stock or Series B Preferred
Stock will have the right to elect two additional directors to serve on our board.

 If a tenant or lease guarantor declares
bankruptcy or becomes insolvent, we may be unable to collect balances due under relevant leases.

 We have previously had tenants
file for bankruptcy and seek the protections afforded under Title 11 of the United States Code. There is no assurance we will not experience
this in the future. A bankruptcy filing by one of our tenants or any guarantor of a tenant's lease obligations would result in a
stay of all efforts by us to collect pre-bankruptcy debts from these entities or their assets, unless we receive an enabling order from
the bankruptcy court. Post-bankruptcy debts would be required to be paid currently. If a lease is assumed by the tenant, all pre-bankruptcy
balances owing under it must be paid in full. If a lease is rejected by a tenant in bankruptcy, we would only have a general unsecured
claim for damages. If a lease is rejected, it is unlikely we would receive any payments from the tenant because our claim is capped at
the rent reserved under the lease, without acceleration, for the greater of one year or 15% of the remaining term of the lease, but not
greater than three years, plus rent already due but unpaid as of the date of the bankruptcy filing (post-bankruptcy rent would be payable
in full). This claim could be paid only if funds were available, and then only in the same percentage as that realized on other unsecured
claims.

 A tenant or lease guarantor
bankruptcy could delay efforts to collect past due balances under the relevant leases, and could ultimately preclude full collection of
these sums. A tenant or lease guarantor bankruptcy could cause a decrease or cessation of rental payments that would mean a reduction
in our cash flow and the amount available for dividends and other distributions to our stockholders. In the event of a bankruptcy, there
is no assurance that the debtor in possession or the bankruptcy trustee will assume the lease.

 A sale-leaseback transaction may be recharacterized
in a tenant's bankruptcy proceeding.

 We may enter into sale-leaseback
transactions, where we purchase a property and then lease the same property back to the seller, who becomes our tenant as part of the
transaction. In the event of the bankruptcy of a tenant, a transaction structured as a sale-leaseback may be recharacterized as either
a financing or a joint venture, and either type of recharacterization could adversely affect our business. If the sale-leaseback were
recharacterized as a financing, we might not be considered the owner of the property, and as a result would have the status of a creditor.
In that event, we would no longer have the right to sell or encumber our ownership interest in the property. Instead, we would have a
claim against the tenant for the amounts owed under the lease. The tenant/debtor might have the ability to propose a plan restructuring
the term, interest rate and amortization schedule of its outstanding balance. If this plan were confirmed by the bankruptcy court, we
would be bound by the new terms. If the sale-leaseback were recharacterized as a joint venture, our lessee and we could be treated as
co-venturers with regard to the property. As a result, we could be held liable, under some circumstances, for debts incurred by the lessee
relating to the property. Either of these outcomes could adversely affect our cash flow.

 Our results of operations have been, and
may continue to be, adversely impacted by our inability to collect rent from tenants.

 On occasion, tenants at certain
properties in our MOB segment and residents at certain properties in our SHOP segment have been in default under their leases to us. These
defaults negatively impact our results of operations. We incurred $1.2 million, $3.2 million and $1.1 million of bad debt expense, including
straight-line rent write-offs, related to tenants in default under their leases to us during the years ended December 31, 2023, 2022
and 2021, respectively.

 Further, even if we replace
tenants in default to us in a manner that will allow us to transition the properties leased to those tenants to our SHOP segment, there
can be no assurance this strategy will be successful and we may be more exposed to changes in property operating expenses. There also
can be no assurance that we will be able to replace these tenants on a timely basis, or at all, and our results of operations may therefore
continue to be adversely impacted by bad debt expenses related to our inability to collect rent from defaulting tenants. Transitions will
also increase our exposure to risks associated with operating in this structure.

 Our tenants or operators
that experience deteriorating financial conditions have been, or may, in the future be, unwilling or unable to pay us in full or on a
timely basis due to bankruptcy, lack of liquidity, lack of funding, operational failures, or for other reasons. There is no assurance
we will continue to collect at the current rates. Our ability to collect rents in future periods may be impacted by issues or events that
cannot be determined as present and the amount of cash rent collected during 2023 may not be indicative of any future period.

 We obtain only limited warranties when we purchase a property
and therefore have only limited recourse if our due diligence did not identify any issues that lower the value of our property.

 We have acquired and may
continue to acquire properties in "as is" condition on a "where is" basis and "with all faults," without
any warranties of merchantability or fitness for a particular use or purpose. In addition, purchase agreements we entered into in the
past, or may enter into in the future, may contain only limited warranties, representations and indemnifications that will only survive
for a limited period after the closing. The purchase of properties with limited warranties increases the risk that we may lose some or
all our invested capital in the property as well as the loss of rental income from that property if a situation or loss occurs after the
fact for which we have limited or no remedy.

 Our properties and tenants may be unable
to compete successfully.

 The properties we have acquired
and will acquire may face competition from nearby hospitals, senior housing properties and other medical office buildings and medical
facilities that provide comparable services. Some of those competing facilities are owned by governmental agencies and supported by tax
revenues, and others are owned by nonprofit corporations and may be supported to a large extent by endowments and charitable contributions.
These types of support are not available to our properties. Similarly, our tenants face competition from other medical practices in nearby
hospitals and other medical facilities. Additionally, the introduction and explosion of new stakeholders competing with traditional providers
in the healthcare market, including companies such as telemedicine, telehealth and mhealth, are disrupting the healthcare industry. Our
tenants' failure to compete successfully with these other practices and providers could adversely affect their ability to make rental
payments, which could adversely affect our rental revenues.

 Further, from time to time
and for reasons beyond our control, referral sources, including physicians and managed care organizations, may change their lists of hospitals
or physicians to which they refer patients. This could adversely affect the ability of our tenants to make rental payments, which could
have a material adverse impact on us.

 We may be unable to secure funds for future
tenant improvements or capital needs.

 If a tenant does not renew
its lease or otherwise vacates its space, we will likely be required to expend substantial funds to improve and refurbish the vacated
space. In addition, we are typically responsible for any major structural repairs, such as repairs to the foundation, exterior walls and
rooftops, even if our leases with tenants may require tenants to pay routine property maintenance costs, and the impact of such costs
on our results of operations may be exacerbated during inflationary periods, such as that experienced in recent years. If we need additional
capital in the future to improve or maintain our properties or for any other reason, we may have to obtain financing from sources beyond
our cash flow from operations, such as borrowings, property sales or future equity offerings to fund these capital requirements. These
sources of funding may not be available on attractive terms or at all, including, as a result of rising interest rates. Failure to procure
additional funding for additional funding improvements would impact the value of the applicable property or our ability to lease the applicable
property on favorable terms, if at all.

 We have acquired or financed, and may continue
to acquire or finance, properties with lock-out provisions which may prohibit us from selling a property, or may require us to maintain
specified debt levels for a period of years on some properties.

 Lock-out provisions, such
as the provisions contained in certain mortgage loans we have entered into, could materially restrict our ability to sell or otherwise
dispose of properties or refinance properties, including by requiring a yield maintenance premium to be paid in connection with the required
prepayment of principal upon a sale or disposition. Lock-out provisions may also prohibit us from reducing the outstanding indebtedness
with respect to any properties, refinancing such indebtedness on a non-recourse basis at maturity, or increasing the amount of indebtedness
with respect to such properties. Lock-out provisions could also impair our ability to take other actions during the lock-out period that
may otherwise be in the best interests of our stockholders. In particular, lock-out provisions could preclude us from participating in
major transactions that could result in a disposition of our assets or a change in control. Payment of yield maintenance premiums in connection
with dispositions or refinancings could adversely affect our cash flow, affecting our results of operations and the ability to pay distributions
to our stockholders.

 Rising expenses could reduce cash flow.

 The properties that we own
or may acquire are subject to operating risks, any or all of which may negatively affect us. If any property is not fully occupied or
if rents are being paid in an amount that is insufficient to cover operating expenses, we could be required to expend funds with respect
to that property for operating expenses. Properties may be subject to increases in tax rates, utility costs, operating expenses, insurance
costs, repairs and maintenance and administrative expenses. Following the COVID-19 pandemic, we have experienced shortages in qualified
labor and supply chain disruptions that have increased our operating costs, particularly in our SHOP segment. We may not be able to negotiate
leases on a triple-net basis or on a basis requiring the tenants to pay all or some of such expenses, in which event we may have to pay
those costs. If we are unable to lease properties on a triple-net basis or on a basis requiring the tenants to pay all or some of such
expenses, or if tenants fail to pay required tax, utility and other impositions, we could be required to pay those costs, which could
adversely affect our cash flow, affecting our results of operations and ability to pay distributions to our stockholders.

 Inflation may have an adverse effect on
our investments and results of operations.

 Recent increases and continuing
increases in the rate of inflation, both real and anticipated, may impact our investments and results of operations. Inflation could erode
the value of long-term leases that do not contain indexed escalation provisions, or contain fixed annual rent escalation provisions that
are at rates lower than the rate of inflation, and increase expenses including those that cannot be passed through under our leases. Increased
inflation could also increase our general and administrative expenses and, as a result of an increase in market interest rate in response
to higher than anticipated inflation rate, increase our mortgage and debt interest costs, and these costs could increase at a rate higher
than our rent increases. An increase in our expenses, or expenses paid or incurred by our Advisor or its affiliates that are reimbursed
by us pursuant to the advisory agreement, or a failure of revenues to increase at least with inflation could adversely impact our results
of operations.

 For the year ended December 31,
2023, the increase to the 12-month Consumer Price Index for all items, as published by the Bureau of Labor Statistics, was 3.4%. To help
mitigate the adverse impact of inflation, most of our leases with tenants in our MOB segment contain rent escalation provisions which
increase the cash that is due under these leases over their respective terms. These provisions generally increase rental rates during
the terms of the leases either at fixed rates or indexed escalations (based on the Consumer Price Index or other measures). Leases with
fixed or no escalation provisions may not keep pace with current rates of inflation, whereas leases with indexed escalations may provide
more protection against inflation. Although most of our leases contain rent escalation provisions, these escalation rates are generally
below the rate of inflation.

 In addition to base rent,
our net leases require the single-tenant MOB leases to pay all the properties operating expenses and our multi-tenant MOB leases to pay
their allocable share of operating expenses, which may include common area maintenance costs, real estate taxes and insurance. Increased
operating costs paid by our tenants under these net leases could have an adverse impact on our tenants if increases in their operating
expenses exceed increases in their revenue, which may adversely affect our tenants' ability to pay rent owed to us or property expenses
to be paid, or reimbursed to us, by our tenants. Renewals of leases or future leases for our net lease properties may not be negotiated
on a triple-net basis or on a basis requiring the tenants to pay all or some of such expenses, in which event we may have to pay those
costs. If we are unable to lease properties on a triple-net basis or on a basis requiring the tenants to pay all or some of such expenses,
or if tenants fail to pay required tax, utility and other impositions, we could be required to pay those costs.

 Leases with residents at
our SHOPs typically do not have rent escalations, however, we are able to renew leases at market rates as they mature due to their short-term
nature. As inflation rates increase, the cost of providing medical care at our SHOPs, particularly labor costs, will increase. If we are
unable to admit new residents or renew resident leases at market rates, while bearing these increased costs from providing services to
our residents, our results of operations may be affected.

 Damage from catastrophic weather and other
natural events and climate change could result in losses to us.

 Certain of our properties
are located in areas that may experience catastrophic weather and other natural events from time to time, including hurricanes or other
severe weather, flooding, fires, snow or ice storms, windstorms or, earthquakes. These adverse weather and natural events could cause
substantial damages or losses to our properties which could exceed our insurance coverage. In the event of a loss in excess of insured
limits, we could lose our capital invested in the affected property, as well as anticipated future revenue from that property. We could
also continue to be obligated to repay any mortgage indebtedness or other obligations related to the property.

 To the extent that significant
changes in the climate occur, we may experience extreme weather and changes in precipitation and temperature and rising sea levels, all
of which may result in physical damage to or a decrease in demand for properties located in these areas or affected by these conditions.
The impact of climate change may be material in nature, including destruction of our properties, or occur for lengthy periods of time.

 Growing public concern about
climate change has resulted in the increased focus of local, state, regional, national and international regulatory bodies on greenhouse
gas ("GHG") emissions and climate change issues. Legislation to regulate GHG emissions has periodically been introduced in
the U.S. Congress, and there has been a wide-ranging policy debate, both in the U.S. and internationally, regarding the impact of these
gases and possible means for their regulation. Federal, state or foreign legislation or regulation on climate change could result in increased
capital expenditures to improve the energy efficiency of our existing properties or to protect them from the consequence of climate change
and could also result in increased compliance costs or additional operating restrictions that could adversely impact the businesses of
our tenants and their ability to pay rent.

 We may suffer uninsured losses relating
to real property or have to pay expensive premiums for insurance coverage.

 Our general liability, property
and umbrella liability insurance coverage on all our properties may not be adequate to insure against liability claims and provide for
the costs of defense. Similarly, we may not have adequate coverage against the risk of direct physical damage or to reimburse us on a
replacement cost basis for costs incurred to repair or rebuild each property. Moreover, there are types of losses, generally catastrophic
in nature, such as losses due to wars, acts of terrorism, earthquakes, floods, hurricanes, pollution or environmental matters that are
uninsurable or not economically insurable, or may be insured subject to limitations, such as large deductibles or co-payments. Insurance
risks associated with such catastrophic events could sharply increase the premiums we pay for coverage against property and casualty claims.

 This risk is particularly
relevant with respect to potential acts of terrorism. The Terrorism Risk Insurance Act of 2002 (the "TRIA"), under which the
U.S. federal government bears a significant portion of insured losses caused by terrorism, will expire on December 31, 2027, and
there can be no assurance that Congress will act to renew or replace the TRIA following its expiration. In the event that the TRIA is
not renewed or replaced, terrorism insurance may become difficult or impossible to obtain at reasonable costs or at all, which may result
in adverse impacts and additional costs to us.

 Changes in the cost or availability
of insurance due to the non-renewal of the TRIA or for other reasons could expose us to uninsured casualty losses. If any of our properties
incurs a casualty loss that is not fully insured, the value of our assets will be reduced by any uninsured loss. In addition, other than
any working capital reserve or other reserves we may establish, we have no source of funding to repair or reconstruct any uninsured property.
Also, to the extent we must pay unexpectedly large amounts for insurance, we could suffer reduced earnings that would result in less cash
flow.

 Additionally, mortgage lenders
insist in some cases that commercial property owners purchase coverage against terrorism as a condition for providing mortgage loans.
Accordingly, to the extent terrorism risk insurance policies are not available at reasonable costs, if at all, our ability to finance
or refinance indebtedness secured by our properties could be impaired. In such instances, we may be required to provide other financial
support, either through financial assurances or self-insurance, to cover potential losses. We may not have adequate, or any, coverage
for the losses.

 Covenants, conditions and restrictions may
impact our ability to operate a property.

 Some of our properties are
contiguous to other parcels of real property, comprising part of the same commercial center. In connection with such properties, there
are significant covenants, conditions and restrictions restricting the operation of such properties and any improvements on such properties,
and related to granting easements on such properties. Moreover, the operation and management of the contiguous properties may impact such
properties. Compliance with covenants, conditions and restrictions may adversely affect our operating costs and reduce the amount of cash
flow that we generate.

 Our operating results may be negatively
affected by potential development and construction delays and resultant increased costs and risks.

 We have acquired and developed,
and may in the future acquire and develop, properties upon which we will construct improvements. In connection with our development activities,
we are subject to uncertainties associated with re-zoning for development, environmental concerns of governmental entities or community
groups and our builder or partner's ability to build in conformity with plans, specifications, budgeted costs, and timetables. Performance
also may be affected or delayed by conditions beyond our control. For example, we experienced substantial delays and incurred significant
additional costs associated with development of a property located in Jupiter, Florida, a property we subsequently sold at a price below
the amount we had invested. We would be exposed to the risks in connection with any other properties we develop. We may incur additional
risks when we make periodic progress payments or other advances to builders before they complete construction. If a builder or development
partner fails to perform, we may resort to legal action to rescind the purchase or the construction contract or to compel performance,
but there can be no assurance any legal action would be successful. These and other factors can result in increased costs of a project
or loss of our investment. In addition, we will be subject to normal lease-up risks relating to newly constructed projects. We also must
rely on rental income and expense projections and estimates of the fair market value of property upon completion of construction when
agreeing upon a price at the time we acquire the property. If our projections are inaccurate, we may pay too much for a property, and
our return on our investment could suffer.

 We compete with third parties in acquiring
properties and other investments and attracting credit worthy tenants.

 We compete with many other
entities engaged in real estate investment activities, including individuals, corporations, private investment funds, bank and insurance
company investment accounts, other REITs, real estate limited partnerships, and other entities engaged in real estate investment activities,
many of which have greater resources than we do. These entities may enjoy significant competitive advantages that result from, among other
things, a lower cost of capital and enhanced operating efficiencies. In addition, the number of entities and the amount of funds competing
for suitable investments may increase. Increased demand for assets will likely increase acquisition prices.

 We also compete with other
comparable properties for tenants, which impacts our ability to rent space and the amount of rent charged. We could be adversely affected
if additional competitive properties are built in locations near our properties, causing increased competition for creditworthy tenants.
This could result in decreased cash flow from our properties and may require us to make capital improvements to properties that we would
not have otherwise made, further impacting property cash flows.

 Discovery of previously undetected environmentally
hazardous conditions may adversely affect our operating results.

 We are subject to various
federal, state and local laws and regulations that (a) regulate certain activities and operations that may have environmental or
health and safety effects, such as the management, generation, release or disposal of regulated materials, substances or wastes, (b) impose
liability for the costs of cleaning up, and damages to natural resources from, past spills, waste disposals on and off-site, or other
releases of hazardous materials or regulated substances, and (c) regulate workplace safety. Compliance with these laws and regulations
could increase our operational costs. Violation of these laws may subject us to significant fines, penalties or disposal costs, which
could negatively impact our results of operations, financial position and cash flows. Under various federal, state and local environmental
laws (including those of foreign jurisdictions), a current or previous owner or operator of currently or formerly owned, leased or operated
real property may be liable for the cost of removing or remediating hazardous or toxic substances on, under or in such property. The costs
of removing or remediating could be substantial. These laws often impose liability whether or not the owner or operator knew of, or was
responsible for, the presence of such hazardous or toxic substances. Certain environmental laws and common law principles could be used
to impose liability for release of, and exposure to, hazardous substances, including asbestos-containing materials into the air, and third
parties may seek recovery from owners or operators of real properties for personal injury or property damage associated with exposure
to released hazardous substances. In addition, when excessive moisture accumulates in buildings or on building materials, mold growth
may occur, particularly if the moisture problem remains undiscovered or is not addressed over a period of time. Some molds may produce
airborne toxins or irritants. Concern about indoor exposure to mold has been increasing, as exposure to mold may cause a variety of adverse
health effects and symptoms, including allergic or other reactions. As a result, the presence of significant mold at any of our properties
could require us to undertake a costly remediation program to contain or remove the mold from the affected property or development project.
Accordingly, we may incur significant costs to defend against claims of liability, to comply with environmental regulatory requirements,
to remediate any contaminated property, or to pay personal injury claims.

 Moreover, environmental laws
also may impose liens on property or other restrictions on the manner in which property may be used or businesses may be operated, and
these restrictions may require substantial expenditures or prevent us or our Property Manager and its assignees from operating such properties.
Compliance with new or more stringent laws or regulations or stricter interpretation of existing laws may require us to incur material
expenditures. Future laws, ordinances or regulations or the discovery of currently unknown conditions or non-compliances may impose material
liability under environmental laws.

 If we sell properties by providing financing
to purchasers, defaults by the purchasers could adversely affect our cash flows.

 In some instances, we may
sell our properties by providing financing to purchasers. If we do so, we will bear the risk that the purchaser may default on its debt,
requiring us to seek remedies, a process which may be time-consuming and costly. Further, the borrower may have defenses that could limit
or eliminate our remedies. In addition, even in the absence of a purchaser default, the proceeds from the sale will be delayed until the
promissory notes or other property we may accept upon the sale are actually paid, sold, refinanced or otherwise disposed of. In some cases,
we may receive initial down payments in cash and other property in the year of sale in an amount less than the selling price and subsequent
payments will be spread over a number of years.

 We assume additional operational risks and
are subject to additional regulation and liability because we depend on eligible independent contractors to manage some of our facilities.

 We invest in SHOPs using
the RIDEA structure which permits REITs such as us to lease certain types of healthcare facilities that we own or partially own to a TRS,
provided that our TRS hires an independent qualifying management company to operate the facility. Under this structure, the independent
qualifying management company, which we also refer to as an operator, receives a management fee from our TRS for operating the facility
as an independent contractor. As the owner of the facility, we assume most of the operational risk because we lease our facility to our
own partially- or wholly-owned subsidiary rather than a third-party operator. We are therefore responsible for any operating deficits
incurred by the facility. As of December 31, 2023, we had four eligible independent contractors operating 46 SHOPs. We may in the
future, transition other MOB facilities, which may or may not be experiencing declining performance, to third-party managed facilities
using the RIDEA structure, in connection with which they would also transition from our MOB segment to our SHOP segment. There can be
no assurance these transitions will improve performance of the properties, and they will also increase our exposure to risks associated
with operating in this structure.

 The income we generate from
SHOPs is subject to a number of operational risks including fluctuations in occupancy levels and resident fee levels, increases in the
cost of food, materials, energy, labor (as a result of unionization or otherwise) or other services, rent control regulations, national
and regional economic conditions, the imposition of new or increased taxes, capital expenditure requirements, professional and general
liability claims, and the availability and cost of professional and general liability insurance. As noted herein, we have experienced
declines in occupancy at our SHOPs since the onset of the pandemic. There is no assurance we will be able to mitigate these declines.
Further, we rely on the personnel, expertise, technical resources and information systems, proprietary information, good faith and judgment
of our operators to set appropriate resident fees, provide accurate property-level financial results for our properties in a timely manner
and to otherwise operate our SHOPs in compliance with the terms of our management agreements and all applicable laws and regulations.
We also depend on our operators to attract and retain skilled management personnel who are responsible for the day-to-day operations of
our SHOPs. A shortage of nurses or other trained personnel or general inflationary pressures have forced the operator to enhance pay and
benefit packages to compete effectively for personnel, but it may not be able to offset these added costs by increasing the rates charged
to residents. The impact on staffing has resulted in increased turnover amongst staff and greater reliance on staffing agencies, which
could have the effect of increased insurance premiums. Any additional increase in labor costs and other property operating expenses, any
failure to attract and retain qualified personnel, or significant changes in the operator's senior management or equity ownership
could adversely affect the income we receive from our SHOPs.

 The tenants of our SHOPs
are generally required to be holders of the applicable healthcare licenses for the healthcare services they administer. Any delay in obtaining
the license, or failure to obtain one at all, could result in a delay or an inability to collect a significant portion of our revenue
from the impacted property. Furthermore, this licensing requirement subjects us (through our ownership interest in our TRS) to various
regulatory laws, including those described herein. Most states regulate and inspect healthcare facility operations, patient care, construction
and the safety of the physical environment. If one or more of our healthcare real estate facilities fails to comply with applicable laws,
our TRS, if it holds the healthcare license and is the entity enrolled in government health care programs, would be subject to penalties
including loss or suspension of license, certification or accreditation, exclusion from government healthcare programs such as Medicare
or Medicaid, administrative sanctions, civil monetary penalties, and in certain instances, criminal penalties. Additionally, when we receive
individually identifiable health information relating to residents of our TRS-operated healthcare facilities, we may be subject to federal
and state data privacy and confidentiality laws and rules, and could be subject to liability in the event of an audit, complaint, or data
breach. Furthermore, to the extent our TRS holds the healthcare license, it could have exposure to professional liability claims arising
out of an alleged breach of the applicable standard of care rules.

 Joint venture investments could be adversely
affected by our lack of sole decision-making authority, our reliance on the financial condition of co-venturers and disputes between us
and our co-venturers.

 We have made investments
in certain assets through joint ventures and may continue to enter into joint ventures, partnerships and other co-ownership arrangements
(including preferred equity investments) in the future. In such event, we may not be in a position to exercise sole decision-making authority
regarding the joint venture. Investments in joint ventures may, under certain circumstances, involve risks not present were a third-party
not involved, including the possibility that partners or co-venturers might become bankrupt or fail to fund their required capital contributions.
Co-venturers may have economic or other business interests or goals which are inconsistent with our business interests or goals, and may
be in a position to take actions contrary to our policies or objectives. These investments may also have the potential risk of impasses
on decisions, such as a sale, because neither we nor the co-venturer would have full control over the joint venture. Disputes between
us and co-venturers may result in litigation or arbitration that would increase our expenses and prevent our officers or directors from
focusing their time and effort on our business. Consequently, actions by or disputes with co-venturers might result in subjecting properties
owned by the joint venture to additional risk. In addition, we may in certain circumstances be liable for the actions of our co-venturers.

 Net leases may not result in fair market
lease rates over time.

 Some of our rental income
is generated by properties leased to tenants under net leases, which generally provide the tenant greater discretion in using the leased
property than ordinary property leases, such as the right to freely sublease the property, to make alterations in the leased premises
and to terminate the lease prior to its expiration under specified circumstances. Furthermore, net leases typically have longer lease
terms and, thus, there is an increased risk that contractual rental increases in future years will fail to result in fair market rental
rates during those years. Moreover, inflation could erode the value of long-term leases that do not contain indexed escalation provisions.

 We may be unable to renew leases or re-lease
space as leases expire.

 We may be unable to renew
expiring leases on terms and conditions that are as, or more, favorable as the terms and conditions of the expiring leases. In addition,
vacancies may occur at one or more of our properties due to a default by a tenant on its lease or expiration of a lease. Vacancies may
reduce the value of a property as a result of reduced cash flow generated by the property. Healthcare facilities in general and MOBs in
particular tend to be specifically suited for the particular needs of their tenants and we may not be able to locate suitable replacement
tenants to lease the property for their specialized uses. Alternatively, major renovations and expenditures may be required to adapt the
properties for other uses in order for us to re-lease vacant space or may be required to decrease the rent we intend to charge or provide
other concessions in order to lease the property to another tenant, which could adversely affect our business, financial condition and
results of operations and our ability to make distributions to stockholders.

 Our properties have been and may continue
to be subject to impairment charges.

 We periodically evaluate
our real estate investments for impairment indicators. The judgment regarding the existence of impairment indicators is based on factors
such as market conditions, tenant performance and legal structure. For example, the early termination of, or default under, a lease by
a major tenant may lead to an impairment charge. If we determine that an impairment has occurred, we are required to make a downward adjustment
to the net carrying value of the property. Impairment charges also indicate a potential permanent adverse change in the fundamental operating
characteristics of the impaired property. There is no assurance that these adverse changes will be reversed in the future and the decline
in the impaired property's value could be permanent. We have incurred impairment charges, which have an immediate direct impact
on our net loss for GAAP purposes, including $4.7 million, during the year ended December 31, 2023. There can be no assurance
that we will not take additional charges in the future. Any future impairment could have a material adverse effect on our financial position
and results of operations and liquidity.

 Our real estate investments are relatively
illiquid, and therefore we may not be able to dispose of properties when we desire to do so or on favorable terms.

 Investments in real properties
are relatively illiquid. We may not be able to quickly alter our portfolio or generate capital by selling properties. The real estate
market is affected by many factors, such as general economic conditions, the availability of financing, interest rates and other factors,
including supply and demand, that are beyond our control. If we need or desire to sell a property or properties, we cannot predict whether
we will be able to do so at a price or on the terms and conditions acceptable to us. We cannot predict the length of time needed to find
a willing purchaser and to close the sale of a property. Further, we may be required to invest monies to correct defects or to make improvements
before a property can be sold. We can make no assurance that we will have funds available to correct these defects or to make these improvements.
Moreover, in acquiring a property or incurring debt securing a property, we may agree to restrictions that prohibit the sale of that property
for a period of time or impose other restrictions, such as a limitation on the amount of debt that can be placed or repaid on that property.
These types of provisions restrict our ability to sell a property.

 In addition, applicable provisions
of the Code impose restrictions on the ability of a REIT to dispose of properties that are not applicable to other types of real estate
companies. Thus, we may be unable to realize our investment objectives by selling or otherwise disposing of a property, or refinancing
debt secured by the property, at attractive prices within any given period of time or may otherwise be unable to complete any exit strategy.

 The ongoing Russia-Ukraine conflict and
the recent escalation of the Israel-Hamas conflict may adversely impact our business operations and financial performance.

 The United States and global
markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict,
as the North Atlantic Treaty Organization ("NATO") has deployed additional military forces to eastern Europe, and the United
States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia,
Belarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank
Financial Telecommunication ("SWIFT") payment system. Certain countries, including the United States, have also provided and
may continue to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of
nations. The invasion of Ukraine by Russia and the escalation of the Israel-Hamas conflict and the resulting measures that have been taken,
and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighboring
states and other countries have created global security concerns that could have a lasting impact on regional and global economies. Although
the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant
volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyber-attacks against
U.S. companies. Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability
and lack of liquidity in capital markets. These ongoing conflicts and the resulting geopolitical instability can adversely impact our
business operations and financial performance. These factors may also result in the weakening of the financial condition of a significant
tenant or a number of smaller tenants, which could adversely impact their ability to timely pay rent. Our revenues are largely dependent
on the success and economic viability of our tenants and, as a result, our financial condition and results of operations may be adversely
impacted.

 We are subject to risks associated with
public health crises, such as pandemics and epidemics, which may have a material adverse effect on our business.

 We are subject to risks associated
with public health crises, such as pandemics and epidemics, including the COVID-19 pandemic. The COVID-19 pandemic has subsided with the
normalization of living with COVID-19 following the increase in accessibility to COVID-19 vaccines and antiviral treatments. While the
U.S. has removed or reduced the restrictions taken in response to the COVID-19 pandemic, a resurgence of the COVID-19 pandemic could once
again impact our operations and the operations of our tenants as a result of quarantines, location closures, illnesses, and travel restrictions.
Any future resurgence of COVID-19 or variants of the virus, and the severity and duration thereof, remain uncertain, however, a substantial
and continuous deterioration in the business environment in the U.S. as a consequence thereof could have a material adverse effect on
our business, financial condition and results of operations. The scope and duration of any future public health crisis, including the
potential emergence of new variants of the COVID-19 virus, the pace at which government restrictions are imposed and lifted, the scope
of additional actions taken to mitigate the spread of disease, global vaccination and booster rates, the speed and extent to which global
markets fully recover from the disruptions caused by such a public health crisis, and the impact of these factors on our business, financial
condition and results of operations, will depend on future developments that are highly uncertain and cannot be predicted with confidence.

 Risks Related to the Healthcare Industry

 Our real estate investments are concentrated
in healthcare-related facilities, and we may be negatively impacted by adverse trends in the healthcare industry.

 We own and seek to acquire
a diversified portfolio of healthcare-related assets including MOBs, SHOPs and other healthcare-related facilities. We are subject to
risks inherent in concentrating investments in real estate and, in particular, healthcare-related assets. A downturn in the commercial
real estate industry generally could significantly adversely affect the value of our properties. A downturn in the healthcare industry
could particularly negatively affect our lessees' ability to make lease payments to us and our ability to pay dividends and other
distributions to our stockholders. These adverse effects could be more pronounced than if we diversified our investments outside of real
estate or if our portfolio did not include a concentration in healthcare-related assets.

 Furthermore, the healthcare
industry currently is experiencing rapid regulatory changes and uncertainty; changes in the demand for and methods of delivering healthcare
services; changes in third-party reimbursement policies; significant unused capacity in certain areas, which has created substantial competition
for patients among healthcare providers in those areas; expansion of insurance providers into patient care; continuing pressure by private
and governmental payors to reduce payments to providers of services; and increased scrutiny of billing, referral and other practices by
federal and state authorities. These factors may adversely affect the economic performance of some or all of our tenants and, in turn,
our revenues and cash flows.

 The healthcare industry is heavily regulated,
and new laws or regulations, changes to existing laws or regulations, loss of licensure or failure to obtain licensure could result in
the inability of our tenants to make rent payments to us.

 The healthcare industry is
heavily regulated by federal, state and local governmental bodies. Our tenants and operators generally are subject to laws and regulations
covering, among other things, licensure, certification for participation in government programs, relationships with physicians and other
referral sources, and the privacy and security of patient health information. Changes in these laws and regulations could negatively affect
the ability of our tenants to make lease payments to us. In some states, healthcare facilities are subject to various state CON laws requiring
governmental approval prior to the development or expansion of healthcare facilities and services. The approval process in these states
generally requires a facility to demonstrate the need for additional or expanded healthcare facilities or services. CONs, where applicable,
can also be conditions to regulatory approval of changes in ownership or control of licensed facilities, addition of beds, investment
in major capital equipment, introduction of new services, termination of services previously approved through the CON process and other
control or operational changes. Many of our medical facilities and their tenants may require a license or CON to operate. Failure to obtain
a license or CON, or loss of a required license or CON, would prevent a facility from operating in the manner intended by the tenant and
may restrict a tenant's or operator's ability to expand properties and grow the tenant's or operator's business
in certain circumstances, which could have an adverse effect on the operator's or tenant's revenues, and in turn, negatively
impact their ability to make rental payments under, and otherwise comply with the terms of their leases with us. State CON laws are not
uniform throughout the United States and are subject to change. We cannot predict the impact of state CON laws on our improvement of medical
facilities or the operations of our tenants and operators. In addition, state CON laws often materially impact the ability of competitors
to enter into the marketplace of our facilities. The repeal of CON laws could allow competitors to freely operate in previously closed
markets. This could negatively affect the ability of our tenants' to make rental payments to us. In limited circumstances, loss
of state licensure or certification or closure of a facility could ultimately result in loss of authority to operate the facility and
require new CON authorization to re-institute operations.

 Furthermore, uncertainty
surrounding the implementation of the Affordable Care Act may adversely affect our tenants. As the primary vehicle for comprehensive healthcare
reform in the United States, the Affordable Care Act was designed to reduce the number of individuals in the United States without health
insurance and change the ways in which healthcare is organized, delivered and reimbursed. The Affordable Care Act has faced ongoing legal
challenges, including litigation seeking to invalidate some or all of the law or the manner in which it has been interpreted. The legal
challenges and legislative initiatives to roll back the Affordable Care Act continues and the outcomes are uncertain. In June of
2021, the Supreme Court of the United States for a third time declined to invalidate the Affordable Care Act. There is no assurance that
future litigation or legislative initiatives will not attempt to do so. There are no current challenges to the Affordable Care Act but
that could change based on the makeup of Congress and presidential administration. The regulatory uncertainty and the potential impact
on our tenants could have an adverse material effect on their ability to satisfy their contractual obligations. Further, we are unable
to predict the scope of future federal, state and local regulations and legislation, including Medicare and Medicaid statutes and regulations
or judicial decisions, or the intensity of enforcement efforts with respect to such regulations and legislation, and any changes in the
regulatory or judicial framework may have a material adverse effect on our tenants.

 Health insurance coverage
under the Affordable Care Act is likely going to continue to expand in 2024. However, the repeal of the individual mandate penalty included
in the Tax Cuts and Jobs Act of 2017, recent actions to increase the availability of insurance policies that do not include Affordable
Care Act minimum benefit standards, and support for Medicaid work requirements will likely impact the market. Accordingly, current and
future payments under federal and state healthcare programs may not be sufficient to sustain a facility's operations, which could
adversely affect its ability to satisfy its contractual obligations, including making rental payments under, and otherwise complying with
the terms of, the facility's leases and other agreements with us. These risks could be mitigated by our limited participation in
governmental-sponsored payor programs.

 The Affordable Care Act includes
program integrity provisions that both create new authorities and expand existing authorities for federal and state governments to address
fraud, waste and abuse in federal health programs. In addition, the Affordable Care Act expands reporting requirements and responsibilities
related to facility ownership and management, patient safety and care quality. In the ordinary course of their businesses, our tenants
and operators may be regularly subjected to inquiries, investigations and audits by federal and state agencies that oversee these laws
and regulations. If they do not comply with the additional reporting requirements and responsibilities, the ability of our tenants'
to participate in federal health programs may be adversely affected. Moreover, there may be other comprehensive healthcare reform legislation,
which, depending on how they are implemented, could materially and adversely affect our operators.

 The Affordable Care Act also
requires the reporting and return of overpayments. Healthcare providers that fail to report and return an overpayment could face potential
liability under the FCA and the CMPL and exclusion from federal healthcare programs. Accordingly, if our tenants fail to comply with the
Affordable Care Act's requirements, they may be subject to significant monetary penalties and excluded from participation in Medicare
and Medicaid, which could materially and adversely affect their ability to pay rent and satisfy other financial obligations to us.

 Reductions or changes in reimbursement from
third-party payors, including Medicare and Medicaid, or delays in receiving these reimbursements, could adversely affect the profitability
of our tenants and operators and hinder their ability to make rent payments to us.

 Our tenants and operators
may receive payments from the federal Medicare program, state Medicaid programs, private insurance carriers and health maintenance organizations,
among others. Efforts by such payors to reduce healthcare costs have intensified in recent years and will likely continue, which may result
in reductions or slower growth in reimbursement for certain services provided by some of our tenants and operators. The Medicare and Medicaid
programs have adopted a variety of initiatives which have been incorporated and expanded by private insurance carriers, including health
maintenance organizations and other health plans, to extract greater discounts and impose more stringent cost controls upon healthcare
provider operations. Examples include, but are not limited to, changes in reimbursement rates and methodologies, such as bundled payments,
capitation payments and discounted fee structures. As a result, our tenants and operators may face significant limits on the reimbursed
and on reimbursement rates and fees. All of these changes could impact the ability of our tenants' to pay rent or our operator's
ability to meet their obligations to us. In addition, tenants and operators in certain states have experienced delays; some of which are,
have been, and may be late in receiving reimbursements, which have adversely affected their ability to make rent payments to us. Further,
failure of any of our tenants or operators to comply with various laws and regulations could jeopardize their ability to continue participating
in Medicare, Medicaid and other government-sponsored payment programs.

 The healthcare industry continues
to face various challenges, including increased government and private payor pressure on healthcare providers to control or reduce costs.
Coverage expansions under the Affordable Care Act through the Medicaid expansion and health insurance exchanges may be scaled back or
eliminated in the future due to ongoing legal challenges and the future status of the Affordable Care Act is unknown. We cannot ensure
that of our tenants or operators who currently depend on governmental or private payer reimbursement will be adequately reimbursed for
the services they provide.

 Any slowdown in the United
States economy can negatively affect state budgets, thereby putting pressure on states to decrease spending on state programs including
Medicaid. The need to control Medicaid expenditures may be exacerbated by the potential for increased enrollment in state Medicaid programs
due to unemployment and declines in family incomes. Historically, some states have attempted to reduce Medicaid spending by limiting benefits
and tightening Medicaid eligibility requirements. Potential reductions to Medicaid program spending in response to state budgetary pressures
could negatively impact the ability of our tenants and operators to successfully operate their businesses.

 Our tenants and operators
may continue to experience a shift in payor mix away from fee-for-service payors, resulting in an increase in the percentage of revenues
attributable to managed care payors, and general industry trends that include pressures to control healthcare costs. In addition, some
of our tenants and operators may be subject to value-based purchasing programs, which base reimbursement on the quality and efficiency
of care provided by facilities and require the public reporting of quality data and preventable adverse events to receive full reimbursement.
Pressures to control healthcare costs and a shift away from traditional health insurance reimbursement to managed care plans have resulted
in an increase in the number of patients whose healthcare coverage is provided under managed care plans, such as health maintenance organizations
and preferred provider organizations. Medicare Access and CHIP Reauthorization Act ("MACRA") has also established a new payment
framework, which modified certain Medicare payments to eligible clinicians, representing a fundamental change to physician reimbursement.
These changes could have a material adverse effect on the financial condition of some or all of our tenants in our properties. The financial
impact on our tenants could restrict their ability to make rent payments to us.

 Required regulatory approvals can delay
or prohibit transfers of our healthcare facilities.

 Transfers of healthcare facilities
to successor tenants and/or operators are typically subject to regulatory approvals or ratifications, including, but not limited to, change
of ownership approvals, zoning approvals, and Medicare and Medicaid provider arrangements that are either not required, or enjoy reduced
requirements, in connection with transfers of other types of commercial operations and other types of real estate. The replacement of
any tenant and/or operator could be delayed by the regulatory approval process of any federal, state or local government agency necessary
for the transfer of the facility or the replacement of the tenant or, if applicable, operator, licensed to operate the facility. If we
are unable to find a suitable replacement tenant or operator upon favorable terms, or at all, we may take possession of a facility, which
could expose us to successor liability, require us to indemnify subsequent entities to whom we transfer the operating rights and licenses,
or require us to spend substantial time and funds to preserve the value of the property and adapt the facility to other use. Furthermore,
transitioning to a new tenant and/or operator could cause disruptions at the operations of the properties and, if there is a delay in
the new tenant or operator obtaining its ability to receive reimbursement from third-party payors.

 A reduction in Medicare payment rates for
skilled nursing facilities may have an adverse effect on the Medicare reimbursements received by one of our tenants.

 Several government initiatives
have resulted in reductions in funding of the Medicare and Medicaid programs and additional changes in reimbursement regulations by the
CMS, contributing to pressure to contain healthcare costs and additional operational requirements, which may impact the ability of our
tenant to make rent payments to us. The Medicare and Medicaid programs have adopted a variety of initiatives which have been incorporated
and expanded by private insurance carriers, including health maintenance organizations and other health plans, to extract greater discounts
and impose more stringent cost controls upon healthcare provider operations. As a result, our tenant may face reductions in reimbursement
rates and fees. A delay in receiving reimbursements could adversely affect its ability to make rent payments to us. Similar delays, or
reductions in reimbursements, may continue to impose financial and operational challenges for our tenants and tenant, which may affect
its ability to make contractual payments to us. These risks could be mitigated by our limited participation in government-sponsored payor
programs.

 There have been numerous
initiatives on the federal and state levels for comprehensive reforms affecting the payment for, and availability of, healthcare services.
We may own and acquire skilled nursing facility assets that rely on revenue from Medicaid or Medicare. Our one SNF has, and may continue
to experience, limited increases or reductions in Medicare payments and aspects of certain of these government initiatives, such as further
reductions in funding of the Medicare and Medicaid programs, additional changes in reimbursement regulations by CMS, enhanced pressure
to contain healthcare costs by Medicare, Medicaid and other payors, and additional operational requirements may adversely affect their
ability to make rental payments. For example, CMS is focused on reducing what it considers to be payment errors by identifying, reporting,
and implementing actions to reduce payment error vulnerabilities.

 In addition, CMS is currently
in the midst of transitioning Medicare from traditional fee for service reimbursement models to a capitated system, which means medical
providers are given a set fee per patient regardless of treatment required, and value-based and bundled payment approaches, where the
government pays a set amount for each beneficiary for a defined period of time, based on that person's underlying medical needs,
rather than based on the actual services provided. Providers and facilities are increasing responsible to care for and be financially
responsible for certain populations of patients under the population health models and this shift in patient management paradigm is creating
and will continue to create unprecedented challenges for providers and impact their ability to pay rent to us.

 Certain of our facilities may be subject
to pre- and post-payment reviews and audits by governmental authorities, which could result in recoupments, denials or delay of payments
and could adversely affect the profitability of our tenants and operators.

 Certain of our facilities
may be subject to periodic pre- and post-payment reviews and audits by governmental authorities. If the review or audit shows a facility
is not in compliance with federal and state requirements, previous payments to the facility may be recouped and future payments may be
denied or delayed. Recoupments, denials or delay of payments could adversely affect the profitability of our tenants and hinder their
ability to make rent payments to us and the ability of our operators to satisfy their ongoing contractual obligations, and our results
of operations could be adversely affected.

 We may incur costs associated with complying
with the Americans with Disabilities Act.

 Our properties must also
comply with the Americans with Disabilities Act of 1990 (the "Disabilities Act"). Under the Disabilities Act, all places of
public accommodation are required to comply with federal requirements related to access and use by disabled persons. The Disabilities
Act has separate compliance requirements for "public accommodations" and "commercial facilities" that generally
require that buildings and services, including restaurants and retail stores, be made accessible and available to people with disabilities.
The Disabilities Act's requirements could require removal of access barriers and could result in the imposition of injunctive relief,
monetary penalties, or, in some cases, an award of damages. A determination that a property does not comply with the Disabilities Act
could result in liability for both governmental fines and damages. If we are required to make unanticipated major modifications to any
of our properties to comply with the Disabilities Act which are determined not to be the responsibility of our tenants, we could incur
unanticipated expenses that could have an adverse impact upon our cash flow.

 Events that adversely affect the ability
of seniors and their families to afford daily resident fees at our SHOPs could cause our occupancy rates and resident fee revenues to
decline.

 Assisted and independent
living services generally are not reimbursable under as Medicare and our facilities have limited participation in Medicaid. Most of the
resident fee revenues generated by our SHOPs, therefore, are derived from private pay sources consisting of the income or assets of residents
or their family members. The rates for these residents are set by the facilities based on local market conditions and operating costs.
In light of the significant expense associated with building new properties and staffing and other costs of providing services, typically
only seniors with income or assets that meet or exceed the comparable region median can afford the daily resident and care fees at our
SHOPs. A weak economy, depressed housing market or changes in demographics could adversely affect their continued ability to do so. If
the operators of our SHOPs are unable to attract and retain seniors that have sufficient income, assets or other resources to pay the
fees associated with assisted and independent living services, the occupancy rates, resident fee revenues and results of operations of
our SHOPs could decline.

 Termination of SHOP leases by residents
pursuant to state law mandated contractual provisions could have an adverse effect on our business, financial condition and results of
operations.

 State regulations generally
require assisted living communities to have a written lease agreement with each resident that permits the resident to terminate his or
her lease for any reason on reasonable notice, unlike typical apartment lease agreements that have initial terms of one year or longer.
Due to these lease termination rights and the advanced age of the residents, the resident turnover rate in our SHOPs may be difficult
to predict. A large number of resident lease agreements may terminate at or around the same time, and the affected units may remain unoccupied,
which could have an adverse effect on our business, financial condition and results of operations.

 Some tenants and operators of our healthcare-related
assets must comply with fraud and abuse laws, the violation of which by either may jeopardize the tenant's ability to make rent
payments to us.

 There are various federal
and state laws prohibiting fraudulent and abusive business practices by healthcare providers who participate in, receive payments from
or are in a position to make referrals in connection with government-sponsored healthcare programs, including the Medicare and Medicaid
programs.

 Our lease arrangements with
certain tenants and our management agreements with certain operators may also be subject to these fraud and abuse laws. These laws include
the Federal Anti-Kickback Statute, which prohibits, among other things, the knowing and willful offer, payment, solicitation or receipt
of any form of remuneration in return for, or to induce, the referral of any item or service reimbursed by Medicare or Medicaid; the Federal
Physician Self-Referral Prohibition (commonly referred to as the "Stark Law"), which, subject to specific exceptions, restricts
physicians from making referrals for specifically designated health services for which payment may be made under Medicare or Medicaid
programs to an entity with which the physician, or an immediate family member, has a financial relationship; the FCA, which prohibits
any person from knowingly presenting false or fraudulent claims for payment to the federal government, including claims paid by the Medicare
and Medicaid programs; and the CMPL, which authorizes the U.S. Department of Health and Human Services to impose monetary penalties for
certain fraudulent acts. Additionally, some states may have laws similar to the Federal Anti-Kickback Statute and the Stark Law expanding
their respective prohibitions to private insurance.

 Each of these laws includes
substantial criminal or civil penalties for violations that range from punitive sanctions, damage assessments, penalties, imprisonment,
denial of Medicare and Medicaid payments or exclusion from the Medicare and Medicaid programs. Certain laws, such as the FCA, allow for
individuals to bring whistleblower actions on behalf of the government for violations thereof. Additionally, certain states in which the
facilities are located also have similar fraud and abuse laws. Federal and state adoption and enforcement of such laws increase the regulatory
burden and costs, and potential liability, of healthcare providers. Investigation by a federal or state governmental body for violation
of fraud and abuse laws or imposition of any of these penalties upon one of our tenants could jeopardize that tenant's and operator's
business, reputation, and ability to operate or to make rent payments, which could have a material adverse effect on us.

 Tenants and operators of our healthcare-related
assets may be subject to significant legal actions that could subject them to increased operating costs and substantial uninsured liabilities,
which may affect their ability to pay their rent payments to us.

 Our tenants and operators
of our healthcare-related assets may often become subject to claims that their services have resulted in patient injury or other adverse
effects. The insurance coverage maintained by these tenants and operators may not cover all claims made against them or continue to be
available at a reasonable cost, if at all. In some states, insurance coverage for the risk of punitive damages arising from professional
liability and general liability claims or litigation may not, in certain cases, be available to these tenants due to state law prohibitions
or limitations of availability. As a result, these types of tenants and operators operating in these states may be liable for punitive
damage awards that are either not covered or are in excess of their insurance policy limits. Recently, there has been an increase in governmental
investigations of certain healthcare providers, particularly in the area of Medicare and Medicaid false claims, as well as an increase
in enforcement actions resulting from these investigations. Insurance may not be available to cover such losses. Any adverse determination
in a legal proceeding or governmental investigation, whether currently asserted or arising in the future, could have a material adverse
effect on a tenant's or operator's financial condition. If a tenant or operator is unable to obtain or maintain insurance
coverage, if judgments are obtained in excess of the insurance coverage, if a tenant or operator is required to pay uninsured punitive
damages, or if a tenant or operator is subject to an uninsurable government enforcement action, the tenant could be exposed to substantial
additional liabilities, which may affect the tenant's or operator's business, operations and the tenant's ability to
pay rent to us, which could have a material adverse effect on us.

 We may experience adverse effects as a result
of potential financial and operational challenges faced by the tenants and operators of any seniors housing facilities and skilled nursing
facilities we own or acquire.

 Tenants and operators of
any seniors housing facilities and skilled nursing facilities may face operational challenges from potentially reduced revenue streams
and increased demands on their existing financial resources. The resources of our skilled nursing units are primarily derived from government-funded
reimbursement programs, such as Medicare and Medicaid. Accordingly, our one SNF and limited assisted living facilities that participate
in Medicaid could be subject to the potential negative effects of decreased reimbursement rates or other changes in reimbursement policy
or programs offered through such reimbursement programs. Revenue may also be adversely affected as a result of falling occupancy rates
or slow lease-ups for assisted and independent living facilities due to various factors. In addition, our facility operators may incur
additional demands on their existing financial resources as a result of increases in seniors housing facility operator liability, insurance
premiums and other operational expenses, which is worsened by the nationwide staffing shortage. The economic deterioration of a tenant
or operator could cause such operator to file for bankruptcy protection. The bankruptcy or insolvency of a tenant or operator may adversely
affect the income produced by the property or properties it operates.

 The performance and economic
condition of our tenant and operators may be negatively affected if they fail to comply with various complex federal and state laws that
govern a wide array of referrals, relationships and licensure requirements in the senior healthcare industry. The violation of any of
these laws or regulations by a seniors housing facility tenant or operator may result in the imposition of fines or other penalties that
could jeopardize that tenant's or operator's ability to make payments to us or to continue operating its facility. In addition,
legislative proposals are commonly being introduced or proposed in federal and state legislatures that could affect major changes in the
seniors housing sector, either nationally or at the state level. Any such legislation could materially impact our tenant or operators
in an adverse fashion.

 We may change our targeted investments without
stockholder consent.

 We have acquired and expect
to continue to acquire a diversified portfolio of healthcare-related assets including MOBs, SHOPs and other healthcare-related facilities.
However, the Board may change our investment policies in its sole discretion. We may change our targeted investments and investment guidelines
at any time without the consent of our stockholders, which could result in our making investments that are different from, and possibly
riskier than, initially anticipated by increasing our exposure to, among other things, interest rate risk, default risk and real estate
market fluctuations.

 Risks Related to our Indebtedness

 Our level of indebtedness may increase our
business risks.

 As of December 31, 2023,
we had total outstanding indebtedness of $1.2 billion. We may incur additional indebtedness in the future for various purposes. The amount
of our indebtedness could have material adverse consequences for us, including:

 •
 hindering our ability to adjust to changing market, industry or economic conditions;

 •
 limiting our ability to access the capital markets to raise additional equity or debt on favorable terms or at all, whether to refinance
maturing debt, to fund acquisitions, to fund dividends and other distributions or for other corporate purposes;

 •
 limiting the amount of free cash flow available for future operations, acquisitions, dividends and other distributions, stock repurchases
or other uses; and

 •
 making us more vulnerable to economic or industry downturns, including interest rate increases.

 In most instances, we acquire
real properties by using either existing financing or borrowing new funds. We may incur debt and pledge the underlying property as security
for that debt to obtain funds to acquire additional properties or for other corporate purposes. We may also borrow if we need funds to
satisfy the REIT tax qualification requirement that we generally distribute annually to our stockholders at least 90% of our REIT taxable
income (which does not equal net income as calculated in accordance with GAAP), determined without regard to the deduction for dividends
paid and excluding any net capital gain. We also may borrow if we otherwise deem it necessary or advisable to assure that we maintain
our qualification as a REIT.

 If there is a shortfall between
the cash flow from a property and the cash flow needed to service mortgage debt on that property, especially if we acquire the property
when it is being developed or under construction, we may use additional borrowings to fund the shortfall. Using debt increases the risk
of loss because defaults on indebtedness secured by a property may result in lenders initiating foreclosure actions. In that case, we
could lose the property securing the loan that is in default. For U.S. federal income tax purposes, a foreclosure of any of our properties
would be treated as a sale of the property for a purchase price equal to the outstanding balance of the debt secured by the mortgage.
If the outstanding balance of the debt secured by the mortgage exceeds our tax basis in the property, we would recognize taxable income
on foreclosure, but would not receive any cash proceeds. In this event, we may be unable to pay the amount of distributions required in
order to maintain our REIT status. We may also fully or partially guarantee mortgage debt incurred by the subsidiary entities that own
our properties. In those cases, we will be responsible to the lender for repaying the debt if it is not paid by the entity. In the case
of mortgages containing cross-collateralization or cross-default provisions, a default on a single mortgage could affect multiple properties.

 We may in the future acquire or originate
real estate debt or invest in real estate-related securities issued by real estate market participants, which would expose us to additional
risks.

 We may in the future acquire
or originate first mortgage debt loans, mezzanine loans, preferred equity or securitized loans, CMBS, preferred equity and other higher-yielding
structured debt and equity investments. Doing so would expose us not only to the risks and uncertainties we are currently exposed to through
our direct investments in real estate but also to additional risks and uncertainties attendant to investing in and holding these types
of investments, such as:

 •
 risk of defaults by borrowers in paying debt service on outstanding indebtedness and to other impairments
of our loans and investments;

 •
 increased competition from entities engaged in mortgage lending and, or investing in our target assets;

 •
 deterioration in the performance of properties securing our investments may cause deterioration in the
performance of our investments and, potentially, principal losses to us;

 •
 fluctuations in interest rates and credit spreads could reduce our ability to generate income on our loans
and other investments;

 •
 difficulty in redeploying the proceeds from repayments of our existing loans and investments;

 •
 the illiquidity of certain of these investments;

 •
 lack of control over certain of our loans and investments;

 •
 the potential need to foreclose on certain of the loans we originate or acquire, which could result in
losses;

 •
 additional risks, including the risks of the securitization process, posed by investments in CMBS and
other similar structured finance investments, as well as those we structure, sponsor or arrange; use of leverage may create a mismatch
with the duration and interest rate of the investments that we finance;

 •
 risks related to the operating performance or trading price volatility of any publicly-traded and private
companies primarily engaged in real estate businesses we invest in; and

 •
 the need to structure, select and more closely monitor our investments such that we continue to maintain
our qualification as a REIT and our exemption from registration under the Investment Company Act of 1940, as amended.

 Any one or a combination
of these factors may cause a borrower to default on a loan or to declare bankruptcy. If a default or bankruptcy occurs and the underlying
asset value is less than the loan amount, we will suffer a loss. In the event of any default under a commercial real estate loan held
directly by us, we will bear a risk of loss of principal or accrued interest to the extent of any deficiency between the value of the
collateral and the principal and accrued interest of the commercial real estate loan, which could have a material adverse effect on our
cash flow from operations. In the event of a default by a borrower on a non-recourse commercial real estate loan, we will only have recourse
to the underlying asset (including any escrowed funds and reserves) collateralizing the commercial real estate loan. If a borrower defaults
on one of our commercial real estate investments and the underlying property collateralizing the commercial real estate debt is insufficient
to satisfy the outstanding balance of the debt, we may suffer a loss of principal or interest. In addition, even if we have recourse to
a borrower's assets, we may not have full recourse to such assets in the event of a borrower bankruptcy as the loan to such borrower
will be deemed to be secured only to the extent of the value of the mortgaged property at the time of bankruptcy (as determined by the
bankruptcy court) and the lien securing the loan will be subject to the avoidance powers of the bankruptcy trustee or debtor-in-possession
to the extent the lien is unenforceable under state law. We are also exposed to these risks through the commercial real estate loans underlying
a commercial real estate security we hold, which may result in us not recovering a portion or all of our investment in such commercial
real estate security.

 Our financing arrangements have restrictive
covenants, which may limit our ability to pursue strategic alternatives and react to changes in our business and industry or pay distributions.

 The agreements governing
our borrowings contain provisions that affect or restrict our policies regarding dividends and other distributions and our operations,
require us to satisfy financial coverage ratios, and may restrict our ability to, among other things, incur additional indebtedness, make
certain investments, enter into certain transactions with our affiliates, replace our Advisor, discontinue insurance coverage, merge with
another company, and create, incur or assume liens. These or other limitations may adversely affect our flexibility and our ability to
achieve our investment and operating objectives. Our failure to comply with those covenants could result in an event of default which,
if not cured or waived, could result in the acceleration of debt under such agreements. Any such event of default or acceleration could
have a material adverse effect on our business, financial condition and results of operations.

 Changes in the debt markets could have a
material adverse impact on our earnings and financial condition.

 The commercial real estate
debt markets are subject to volatility, resulting in, from time to time, the tightening of underwriting standards by lenders and credit
rating agencies and reductions in the availability of financing. For example, recent credit and capital market conditions have been characterized
by volatility and a tightening of credit standards. This may impact our ability to access capital on favorable terms, in a timely manner,
or at all, which could make obtaining funding for our capital needs more challenging or expensive. We also face a heightened level of
interest rate risk as the U.S. Federal Reserve Board tapers its quantitative easing program and raises interest rates, such as in recent
years. All of these actions will likely lead to increases in borrowing costs.

 If our overall cost of borrowings
continue to increase, either due to increases in the index rates or due to increases in lender spreads, we will need to factor such increases
into pricing and projected returns for any future acquisitions. This may result in future acquisitions generating lower overall economic
returns. Volatility in the debt markets, may negatively impact our ability to borrow monies to finance the purchase of, or other activities
related to, our real estate assets may be negatively impacted. If we are unable to borrow monies on terms and conditions that we find
acceptable, our ability to purchase properties and meet other capital requirements may be limited, and the return on the properties we
do purchase may be lower. In addition, we may find it difficult, costly or impossible to refinance maturing indebtedness.

 Furthermore, the state of
the debt markets could have an impact on the overall amount of capital being invested in real estate, which may result in price or value
decreases of real estate assets and could negatively impact the value of our assets, which could have a material adverse effect on us.

 Increases in interest rates may make it
difficult for us to finance or refinance indebtedness secured by our properties.

 We have borrowed, and may
continue to borrow monies, secured and unsecured by our properties. The U.S. Federal Reserve Board significantly increased the federal
funds rate in 2022 and 2023. Further increases in interest rates may adversely impact our ability to refinance our indebtedness, including
the indebtedness secured by our properties, as the loans come due or we otherwise desire to do so on favorable terms, or at all. If interest
rates are higher when the indebtedness is refinanced, we may not be able to refinance indebtedness secured by the properties and we may
be required to obtain equity to repay the loan or to increase the collateral for the loan, which could adversely affect our business,
financial condition, results of operations and liquidity.

 Increasing interest rates could increase
the amount of our debt payments.

 We have incurred, and may
continue to incur, variable-rate debt. The significant increase in the federal funds rate in 2022 and 2023 has increased the borrowing
costs on our variable-rate debt and may increase the cost of any new debt we incur or refinance.

 We have mortgages, credit
facilities and derivative agreements that have terms that are based on the Secured Overnight Financing Rate ("SOFR"). As of
December 31, 2023, 62.5% of our total gross debt bore interest at variable rates. As of December 31, 2023, we had one designated
interest rate swap with a notional amount of $378.5 million, which effectively fixes a portion of our variable-rate debt, and we had seven
interest rate caps with a notional amount of $364.2 million, which, while not designated as hedges for accounting purposes, do economically
limit our exposure to increasing variable rates, but such interest rate swap and caps may not be effective in reducing our exposure to
interest rate changes.

 SOFR has a limited history, and the future
performance of SOFR cannot be predicted based on historical performance

 As of December 31, 2023,
approximately 62.5% of our total gross debt bore interest at variable rates, all of which are based on SOFR. The publication of SOFR began
in April 2018, and, therefore, it has a limited history. In addition, the future performance of SOFR cannot be predicted based on
the limited historical performance. Future levels of SOFR may bear little or no relation to the historical actual or historical indicative
SOFR data. Prior observed patterns, if any, in the behavior of market variables and their relation to SOFR, such as correlations, may
change in the future. Hypothetical performance data are not indicative of, and have no bearing on, the potential performance of SOFR.
Although changes in term SOFR and compounded SOFR generally are not expected to be as volatile as changes in SOFR on a daily basis, the
return on, value of and market for the SOFR based debt may fluctuate more than floating rate debt securities with interest rates based
on less volatile rates.

 Any hedging strategies we utilize may not be successful in mitigating
our risks.

 We have used, and may continue
to use, derivative financial instruments to hedge our exposure to changes in interest rates with respect to borrowings made or to be made
to acquire or own real estate assets, which instruments expose us to credit basis and legal enforceability risks. Derivative financial
instruments may include interest rate swap contracts, interest rate cap or floor contracts, futures or forward contracts, options or repurchase
agreements. In this context, credit risk is the failure of the counterparty to perform under the terms of the derivative contract. If
the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk for us. Basis risk occurs when
the index upon which the contract is based is more or less variable than the index upon which the hedged asset or liability is based,
thereby making the hedge less effective. Finally, legal enforceability risks encompass general contractual risks, including the risk that
the counterparty will breach the terms of, or fail to perform its obligations under, the derivative contract. These derivative instruments
are speculative in nature and there is no guarantee that they will be effective. If we are unable to manage these risks effectively, we
could be materially and adversely affected.

 Risks Related to Conflicts of Interest

 Our Advisor faces conflicts of interest
relating to the purchase and leasing of properties and these conflicts may not be resolved in our favor, which could adversely affect
our investment opportunities.

 We rely on our Advisor and
its executive officers and other key real estate professionals at our Advisor and our Property Manager to identify suitable investment
opportunities for us. Several of these individuals are also executive officers or key real estate professionals at AR Global and other
entities advised by affiliates of AR Global. Many investment opportunities that are suitable for us may also be suitable for other entities
advised by affiliates of AR Global. We do not have any agreements with any of these entities that govern the allocation of investment
opportunities. Thus, the executive officers and real estate professionals at our Advisor could direct attractive investment opportunities
to other entities advised by affiliates of AR Global.

 We and other entities advised
by affiliates of AR Global also rely on these executive officers and other key real estate professionals to supervise the property management
and leasing of properties. These individuals, as well as AR Global, as an entity are not prohibited from engaging, directly or indirectly,
in any business or from possessing interests in other businesses and ventures, including businesses and ventures involved in the acquisition,
development, ownership, leasing or sale of real estate investments.

 In addition, we may acquire
properties in geographic areas where other entities advised by affiliates of AR Global own properties, and if we may acquire properties
from, or sell properties to, other entities advised by affiliates of AR Global. If one of the other entities advised by affiliates of
AR Global attracts a tenant that we are competing for, we could suffer a loss of revenue due to delays in locating another suitable tenant,
which could adversely affect our cash flows and ability to make distributions to our stockholders.

 Our Advisor faces conflicts of interest
relating to joint ventures, which could result in a disproportionate benefit to the other venture partners at our expense.

 We may enter into joint ventures
with other entities advised by affiliates of AR Global for the acquisition, development or improvement of properties. Our Advisor may
have conflicts of interest in determining which entities advised by affiliates of AR Global should enter into any particular joint venture
agreement. The co-venturer may have economic or business interests or goals that are or may become inconsistent with our business interests
or goals. In addition, our Advisor may face a conflict in structuring the terms of the relationship between our interests and the interest
of the affiliated co-venturer and in managing the joint venture. Due to the role of our Advisor and its affiliates, agreements and transactions
between the co-venturers with respect to any joint venture will not have the benefit of arm's-length negotiation of the type normally
conducted between unrelated co-venturers, which may result in the co-venturer receiving benefits greater than the benefits that we receive.
In addition, we may assume liabilities related to the joint venture that exceeds the percentage of our investment in the joint venture.

 Our Advisor, AR Global and their officers
and employees and certain of our executive officers and other key personnel face competing demands relating to their time, and this may
cause our operating results to suffer.

 Our Advisor, AR Global and
their officers and employees and certain of our executive officers and other key personnel and their respective affiliates are key personnel,
general partners, sponsors, managers, owners and advisors of other real estate investment programs, including entities advised by affiliates
of AR Global, some of which have investment objectives and legal and financial obligations similar to ours and may have other business
interests as well. Because these entities and individuals have competing demands on their time and resources, they may have conflicts
of interest in allocating their time between our business and these other activities, which may have a material adverse effect on our
operating results.

 All of our executive officers, some of our directors and the
key real estate and other professionals assembled by our Advisor and our Property Manager face conflicts of interest related to their
positions or interests in entities related to AR Global, which could hinder our ability to implement our business strategy.

 All of our executive officers,
and the key real estate and other professionals assembled by our Advisor and Property Manager are also executive officers, directors,
managers, key professionals or holders of a direct or indirect interests in our Advisor, our Property Manager or other AR Global-affiliated
entities. Through AR Global's affiliates, some of these persons work on behalf of entities advised by affiliates of AR Global. In
addition, all of our executive officers and some of our directors serve in similar capacities for other entities advised by affiliates
of our Advisor. As a result, they have duties to each of these entities, which duties could conflict with the duties they owe to us and
could result in action or inaction detrimental to our business. Conflicts with our business and interests are most likely to arise from
(a) allocation of investments and management time and services between us and the other entities; (b) compensation to our Advisor
or Property Manager; (c) our purchase of properties from, or sale of properties to, entities advised by affiliates of our Advisor;
and (d) investments with entities advised by affiliates of our Advisor. Conflicts of interest may hinder our ability to implement
our business strategy, and, if we do not successfully implement our business strategy.

 Our Advisor faces conflicts of interest
relating to the structure of the compensation it may receive.

 Under our advisory agreement,
the Advisor is entitled to substantial minimum compensation regardless of performance as well as incentive compensation. The variable
base management fee payable to the Advisor under the advisory agreement increases proportionately with the cumulative net proceeds of
any equity (including convertible equity and certain convertible debt but excluding proceeds from the DRIP) raised by us. In addition,
the limited partnership agreement of our OP requires it to pay a subordinated incentive listing distribution to the "Special Limited
Partner," an affiliate of our Advisor, in connection with a listing or other liquidity event, such as the sale of all or substantially
all of our assets, or if we terminate the advisory agreement, even for "cause." The Special Limited Partner is also entitled
to participate in the distribution of net sales proceeds. These arrangements may result in the Advisor taking actions or recommending
investments that are riskier or more speculative absent these compensation arrangements. In addition, these fees and other compensation
payable to the Advisor reduce the cash available for investment or other corporate purposes.

 Risks Related to our Corporate Structure

 Our common stock is not traded on a national
securities exchange, and our SRP, which provides for repurchases only in the event of death or disability of a stockholder, is suspended.
Stockholders may have to hold their shares for an indefinite period of time.

 Our common stock is not listed
on a national securities exchange and there is otherwise no active trading market for the shares and our SRP is suspended. Even if not
suspended, our SRP includes numerous restrictions that limit a stockholder's ability to sell shares of common stock to us, including
limiting repurchases only to stockholders that have died or become disabled, limiting the total value of repurchases pursuant to our SRP
to the amount of proceeds received from issuances of common stock pursuant to the DRIP and limiting repurchases in any fiscal semester
to 2.5% of the average number of shares outstanding during the previous fiscal year. These limits are subject to the authority of the
Board to identify another source of funds for repurchases under the SRP. The Board may also reject any request for repurchase of shares
at its discretion or amend, suspend or terminate our SRP upon notice in its discretion. Shares that are repurchased will be repurchased
at a price equal to the applicable Estimated Per-Share NAV and may be at a substantial discount to the price the stockholder paid for
the shares.

 The Estimated Per-Share NAV of our common
stock is based upon subjective judgments, assumptions and opinions about future events, and may not reflect the amount that our stockholders
might receive for their shares.

 We intend to publish an updated
Estimated Per-Share NAV as of December 31, 2023 in late March 2024. Our Advisor has engaged an independent valuer to perform
appraisals of our real estate assets in accordance with valuation guidelines established by the Board. As with any methodology used to
estimate value, the valuation methodologies that will be used by any independent valuer to value our properties involve subjective judgments
concerning factors such as comparable sales, rental and operating expense data, capitalization or discount rate, and projections of future
rent and expenses.

 Under our valuation guidelines,
our independent valuer estimates the market value of our principal real estate and real estate-related assets, and our Advisor makes a
recommendation as to the net value of our real estate and real estate-related assets and liabilities taking into consideration such estimate
provided by the independent valuer. Our Advisor reviews the valuation provided by the independent valuer for consistency with our valuation
guidelines and the reasonableness of the independent valuer's conclusions. The independent directors of the Board oversee and review
the appraisals and valuations and make a final determination of the Estimated Per-Share NAV. The independent directors of the Board rely
on our Advisor's input, including its view of the estimate and the appraisals performed by the independent valuer, but the independent
directors of the Board may, in their discretion, consider other factors. Although the valuations of our real estate assets by the independent
valuer are reviewed by our Advisor and approved by the independent directors of the Board, neither our Advisor nor the independent directors
of the Board will independently verify the appraised value of our properties and valuations do not necessarily represent the price at
which we would be able to sell any asset. As a result, the appraised value of a particular property may be greater or less than its potential
realizable value, which would cause our Estimated per-share NAV to be greater or less than the potential realizable value of our assets.

 The price at which shares
of our common stock may be sold under the DRIP, if reinstated, would be the price at which shares of our common stock may be repurchased
by us pursuant to the SRP, if reinstated, would be based on Estimated Per-Share NAV and may not reflect the price that our stockholders
would receive for their shares in a market transaction, the proceeds that would be received upon our liquidation or the price that a third-party
would pay to acquire us.

 Because Estimated Per-Share NAV is only
determined annually, it may differ significantly from our actual per-share net asset value at any given time.

 Our Board estimates the per-share
net asset value of our common stock only on an annual basis. In connection with any valuation, the Board estimate of the value of our
real estate and real estate-related assets will be partly based on appraisals of our properties. Because the process of making this estimate
is conducted annually, this process may not account for material events that occur after the estimate has been completed for that year.
Material events could include the appraised value of our properties substantially changing actual property operating results differing
from what we originally budgeted or dividends and other distributions to stockholders exceeding cash flow generated by us. Any such material
event could cause a change in the Estimated Per-Share NAV that would not be reflected until the next valuation. Also, cash dividends and
other distributions in excess of our cash flows provided by operations could decrease our Estimated Per-Share NAV. The Estimated Per-Share
NAV reflected stock dividends actually issued as of December 31, 2022, but has not been adjusted to reflect or consider any of the
other stock dividends that were issued and will not be adjusted for stock dividends paid or that may be issued in the future until the
Board determines a new Estimated Per-Share NAV which is expected in late March 2024. Dividends paid in the form of additional shares
of common stock will, all things equal, cause the value of each share of common stock to decline because the number of shares outstanding
increases when dividends paid in stock are issued reducing the Estimated Per-Share NAV. The Estimated Per-Share NAV may not reflect the
value of shares of our common stock at any given time, and our estimated per-share NAV may differ significantly from our actual per-share
net asset value at any given time.

 The trading price of our Series A Preferred
Stock and Series B Preferred Stock may fluctuate significantly.

 The trading price of our
Series A Preferred Stock and Series B Preferred Stock may be volatile and subject to significant price and volume fluctuations
in response to market and other factors, and is impacted by a number of factors, many of which are outside our control. Among the factors
that could affect the trading price are:

 our financial condition, including the level of our indebtedness, and performance;

 our ability to grow through property acquisitions, the terms and pace of any acquisitions we may make
and the availability and terms of financing for those acquisitions;

 the financial condition of our tenants, including tenant bankruptcies or defaults;

 actual or anticipated quarterly fluctuations in our operating results and financial condition;

 the amount and frequency of our payment of dividends and other distributions;

 additional sales of equity securities, including Series A Preferred Stock, Series B Preferred
Stock, common stock or any other equity interests, or the perception that additional sales may occur;

 the reputation of REITs and real estate investments generally and the attractiveness of REIT equity securities
in comparison to other equity securities, and fixed income debt securities;

 our reputation and the reputation of AR Global and its affiliates or other entities advised by AR Global
and its affiliates;

 uncertainty and volatility in the equity and credit markets;

 increases in interest rates;

 inflation and continuing increases in the real or perceived inflation rate;

 changes in revenue or earnings estimates, if any, or publication of research reports and recommendations
by financial analysts or actions taken by rating agencies with respect to our securities or those of other REITs;

 failure to meet analyst revenue or earnings estimates;

 strategic actions by us or our competitors, such as acquisitions or restructurings;

 the extent of investment in our Series A Preferred Stock and Series B Preferred Stock by institutional
investors;

 the extent of short-selling of our Series A Preferred Stock and Series B Preferred Stock;

 general financial and economic market conditions and, in particular, developments related to market conditions
for REITs and other real estate related companies;

 failure to maintain our REIT status;

 changes in tax laws;

 domestic and international economic factors unrelated to our performance; and

 all other risk factors addressed
elsewhere in the Original 10-K and in this Amendment.

 Moreover, although shares
of Series A Preferred Stock and Series B Preferred Stock are listed on The Nasdaq Global Market, there can be no assurance that
the trading volume for shares will provide sufficient liquidity for holders to sell their shares at the time of their choosing or that
the trading price for shares will equal or exceed the price paid for the shares. Because the shares of Series A Preferred Stock and
Series B Preferred Stock carry a fixed dividend rate, the trading price in the secondary market will be influenced by changes in
interest rates and will tend to move inversely to changes in interest rates. In particular, an increase in market interest rates may result
in higher yields on other financial instruments and may lead purchasers of shares of Series A Preferred Stock and Series B Preferred
Stock to demand a higher yield on their purchase price, which could adversely affect the market price of those shares. An increase in
interest rates available to investors could also reduce the value of our common stock.

 We currently do not pay cash distributions
on our common stock and we may be unable to pay or maintain cash distributions in the future or increase distributions over time.

 There are many factors that
can affect the availability and timing of cash distributions to stockholders, and we currently do not pay cash distributions on our common
stock. Distributions will be based principally on cash available from our operations. The amount of cash available for distributions is
affected by many factors, such as income from our properties and our operating expense levels, as well as many other variables. Actual
cash available for distributions may vary substantially from estimates. We cannot assure a stockholder that we will be able to pay distributions
or that distributions will increase over time with respect to our capital stock. Our actual results may differ significantly from the
assumptions used by our Board in establishing the distribution rate to stockholders. We may not have sufficient cash from operations to
make a distribution required to qualify or maintain our qualification as a REIT, which may materially adversely affect a stockholder's
investment.

 The limit on the number of shares a person
may own may discourage a third-party from acquiring us in a manner that might result in a premium price to our stockholders.

 Our charter, with certain
exceptions, authorizes our directors to take such actions as are necessary and desirable to preserve our qualification as a REIT. Unless
exempted (prospectively or retroactively) by the Board, no person may own more than 9.8% in value of the aggregate of our outstanding
shares of our capital stock or more than 9.8% (in value or in number of shares, whichever is more restrictive) of any class or series
of shares of our capital stock. This restriction may have the effect of delaying, deferring or preventing a change in control of us, including
an extraordinary transaction (such as a merger, tender offer or sale of all or substantially all our assets) that might provide a premium
price for holders of our common stock.

 The terms of our Series A Preferred
Stock, Series B Preferred Stock, and the terms of other preferred stock we may issue, may discourage a third- party from acquiring
us in a manner that might result in a premium price to stockholders.

 The change of control conversion
and redemption features of the Series A Preferred Stock and Series B Preferred Stock may make it more difficult for a party
to acquire us or discourage a party from seeking to acquire us. Upon the occurrence of a change of control, holders of Series A Preferred
Stock and Series B Preferred Stock will, under certain circumstances, have the right to convert some of or all their shares of Series A
Preferred Stock and Series B Preferred Stock into shares of our common stock (or equivalent value of alternative consideration) and
under these circumstances we will also have a change of control redemption right to redeem shares of Series A Preferred Stock and
Series B Preferred Stock. Upon exercise of this conversion right, the holders will be limited to a maximum number of shares of our
common stock pursuant to a predetermined ratio. These features of the Series A Preferred Stock and Series B Preferred Stock
may have the effect of discouraging a third-party from seeking to acquire us or of delaying, deferring or preventing a change of control
under circumstances that otherwise could provide the holders of our common stock with the opportunity to realize a premium over the then-current
market price or that stockholders may otherwise believe is in their best interests. We may also issue other classes or series of preferred
stock that could also have the same effect.

 We have a classified board, which may discourage
a third-party from acquiring us in a manner that might result in a premium price to our stockholders.

 The Board is divided into
three classes of directors. At each annual meeting, directors of one class are elected to serve until the annual meeting of stockholders
held in the third year following the year of their election and until their successors are duly elected and qualify. The classification
of our directors may have the effect of delaying, deferring or preventing a change in control of us, including an extraordinary transaction
(such as a merger, tender offer or sale of all or substantially all our assets) that might result in a premium price for our stockholders.

 Maryland
law prohibits certain business combinations, which may make it more difficult for us to be acquired and may discourage a third- party
 from acquiring us in a manner that might result in a premium price to our stockholders.

 Under Maryland law, "business
combinations" between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited
for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations
include, but are not limited to, a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer
or issuance or reclassification of equity securities. An interested stockholder is defined as:

 any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation's
outstanding voting stock; or

 an affiliate or associate of the corporation who, at any time within the two-year period prior to the
date in question, was the beneficial owner of, directly or indirectly, 10% or more of the voting power of the then outstanding stock of
the corporation.

 A person is not an interested
stockholder under the statute if the board of directors approved in advance the transaction by which he or she otherwise would have become
an interested stockholder. However, in approving a transaction, the board of directors may provide that its approval is subject to compliance,
at or after the time of approval, with any terms and conditions determined by the board of directors.

 After the five-year prohibition,
any business combination between the Maryland corporation and an interested stockholder generally must be recommended by the board of
directors of the corporation and approved by the affirmative vote of at least:

 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation;
and

 two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares
held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate
or associate of the interested stockholder.

 These super-majority vote
requirements do not apply if the corporation's common stockholders receive a minimum price, as defined under Maryland law, for their
shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares. The
business combination statute permits various exemptions from its provisions, including business combinations that are exempted by the
Board of directors prior to the time that the interested stockholder becomes an interested stockholder. Pursuant to the statute, the board
has exempted any business combination involving our Advisor or any affiliate of our Advisor. Consequently, the five-year prohibition and
the super-majority vote requirements will not apply to business combinations between us and our Advisor or any affiliate of our Advisor.
As a result, our Advisor and any affiliate of our Advisor may be able to enter into business combinations with us that may not be in the
best interests of our stockholders, without compliance with the super-majority vote requirements and the other provisions of the statute.
The business combination statute may discourage others from trying to acquire control of us and increase the difficulty of consummating
any offer.

 Our bylaws designate the Circuit Court for
Baltimore City, Maryland as the sole and exclusive forum for certain actions and proceedings that may be initiated by our stockholders.

 Our bylaws provide that,
unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that court
does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division, is the sole and exclusive
forum for (a) any derivative action or proceeding brought on our behalf, other than actions arising under federal securities laws;
(b) any Internal Corporate Claim, as such term is defined in the Maryland General Corporation Law (the "MGCL"), or any
successor provision thereof, including, without limitation, (i) any action asserting a claim of breach of any duty owed by any of
our directors, officers or other employees to us or to our stockholders or (ii) any action asserting a claim against us or any of
our directors, officers or other employees arising pursuant to any provision of the MGCL, our charter or our bylaws; or (c) any other
action asserting a claim against us or any of our directors, officers or other employees that is governed by the internal affairs doctrine.
Our bylaws also provide that unless we consent in writing, none of the foregoing actions, claims or proceedings may be brought in any
court sitting outside the State of Maryland and the federal district courts are, to the fullest extent permitted by law, the sole and
exclusive forum for the resolution of any complaint asserting a cause of action under the Securities Act. These choice of forum provisions
may limit a stockholder's ability to bring a claim in a judicial forum that the stockholder believes is favorable. Alternatively,
if a court were to find these provisions of our bylaws inapplicable to, or unenforceable in respect of, one or more of the specified types
of actions or proceedings, we may incur additional costs associated with resolving these matters in other jurisdictions.

 Certain provisions in our bylaws and agreements
may deter, delay or prevent a change in our control.

 Provisions contained in our
bylaws may deter, delay or prevent a change in control of our Board, including, for example, provisions requiring qualifications for an
individual to serve as a director and a requirement that certain of our directors be "Managing Directors" and other directors
be "Independent Directors", as defined in our governing documents. Such provisions may have the effect of delaying, deferring
or preventing a change in control of us, including an extraordinary transaction (such as a merger, tender offer or sale of all or substantially
all of our assets) that might otherwise result in a premium for our stockholders.

 Maryland law limits the ability of a third-party
to buy a large stake in us and exercise voting power in electing directors, which may discourage a third-party from acquiring us in a
manner that might result in a premium price to our stockholders.

 The Maryland Control Share
Acquisition Act provides that holders of "control shares" of a Maryland corporation acquired in a "control share acquisition"
have no voting rights except to the extent approved by the stockholders by the affirmative vote of two-thirds of all the votes entitled
to be cast on the matter, excluding all shares of stock owned by the acquirer, by officers or by employees who are directors of the corporation.
"Control shares" are voting shares of stock which, if aggregated with all other shares of stock owned by the acquirer or in
respect of which the acquirer can exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would
entitle the acquirer to exercise voting power in electing directors within specified ranges of voting power. Control shares do not include
shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval or shares acquired
directly from the corporation. A "control share acquisition" means the acquisition of issued and outstanding control shares.
The Maryland Control Share Acquisition Act does not apply (a) to shares acquired in a merger, consolidation or share exchange if
the corporation is a party to the transaction, or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation.

 Our bylaws contain a provision
exempting from the Maryland Control Share Acquisition Act any and all acquisitions of our stock by any person. There can be no assurance
that this provision will not be amended or eliminated at any time in the future.

 The stockholder rights plan adopted by our
Board may discourage a third-party from acquiring us in a manner that might result in a premium price to our stockholders.

 Our
Board previously adopted a stockholder rights plan, with an original expiration date of May 18, 2023, extended to May 18, 2026
pursuant to that certain Amendment No. 1 Rights Agreement, dated as of May 18, 2020, with Computershare Trust Company,
N.A., as rights agent (the "Rights Agent"), dated of May 18, 2023 by and between us and the Rights Agent. In connection
with the stockholder rights plan, in December 2020, we paid a dividend of one common share purchase right (the "Rights")
for each share of our common stock outstanding as authorized by our Board in its discretion. The Rights may expire sooner than May 18,
2026 if the Rights are previously redeemed, exchanged or terminated, or if our common stock is listed on NYSE or NASDAQ, 364 days from
the commencement of trading. If a person or entity, together with its affiliates and associates, acquires beneficial ownership of 2.0%
or more of our then outstanding common stock, subject to certain exceptions, each Right would entitle its holder (other than the acquirer,
its affiliates and associates) to purchase additional shares of our common stock at a substantial discount to the then current per share
estimated net asset value. In addition, under certain circumstances, we may exchange the Rights (other than Rights beneficially owned
by the acquirer, its affiliates and associates), in whole or in part, for shares of common stock on a one-for-one basis. The stockholder
rights plan could make it more difficult for a third-party to acquire the Company or a large block of our common stock without the approval
of our Board, which may discourage a third-party from acquiring us in a manner that might result in a premium price to our stockholders.

 If we internalize our management functions,
we would be required to pay a transition fee and would not have the right to retain our management or personnel.

 We may engage in an internalization
transaction and become self-managed in the future. If we internalize our management functions, under the terms of our advisory agreement
we would be required to pay a transition fee to our Advisor upon termination of the advisory agreement in connection with an internalization
that could be up to 4.5 times the compensation paid to our Advisor in the previous year, plus expenses. We also would not have any right
to retain our executive officers or other personnel of our Advisor who currently manage our day-to-day operations. An inability to manage
an internalization transaction effectively could thus result in our incurring excess costs and suffering deficiencies in our disclosure
controls and procedures or our internal control over financial reporting. These deficiencies could cause us to incur additional costs,
and our management's attention could be diverted from most effectively managing our investments, which could result in litigation
and resulting associated costs in connection with the internalization transaction.

 We may terminate our advisory agreement
in only limited circumstances, which may require payment of a termination fee.

 We have limited rights to
terminate our Advisor. The initial term of our advisory agreement expires on February 16, 2027, but is automatically renewed upon
expiration for consecutive ten-year terms unless notice of termination is provided by either party 365 days in advance of the expiration
of the term. Further, we may terminate the agreement only under limited circumstances. In the event of a termination in connection with
a change in control of us, we would be required to pay a termination fee that could be up to four times the compensation paid to our Advisor
in the previous year, plus expenses. The limited termination rights will make it difficult for us to renegotiate the terms of the advisory
agreement or replace our Advisor even if the terms of the advisory agreement are no longer consistent with the terms generally available
to externally-managed REITs for similar services, could have a material adverse effect on us.

 Our business and operations could suffer
if our Advisor or any other party that provides us with services essential to our operations experiences system failures or cyber incidents
or a deficiency in cybersecurity.

 The internal information
technology networks and related systems of our Advisor and other parties that provide us with services essential to our operations (including
our tenants, operators, and other third-party operators of our healthcare facilities) are vulnerable to damage from any number of sources,
including computer viruses, unauthorized access, energy blackouts, natural disasters, terrorism, war and telecommunication failures. Any
system failure or accident that causes interruptions in our operations could result in a material disruption to our business. We may also
incur additional costs to remedy damages caused by these disruptions.

 As reliance on technology
has increased, so have the risks posed to those systems. Our Advisor and other parties that provide us with services essential to our
operations must continuously monitor and develop their networks and information technology to prevent, detect, address and mitigate the
risk of unauthorized access, misuse, computer viruses, and social engineering, such as phishing. Our Advisor is continuously working,
including with the aid of third-party service providers, to install new, and to upgrade existing, network and information technology systems,
to create processes for risk assessment, testing, prioritization, remediation, risk acceptance, and reporting, and to provide awareness
training around phishing, malware and other cyber risks to ensure that our Advisor and other parties that provide us with services essential
to our operations are protected against cyber risks and security breaches and that we are also therefore so protected. However, these
upgrades, processes, new technology and training may not be sufficient to protect us from all risks. Even the most well protected information,
networks, systems and facilities remain potentially vulnerable because the techniques and technologies used in attempted attacks and intrusions
evolve and generally are not recognized until launched against a target. In some cases, attempted attacks and intrusions are designed
not to be detected and, in fact, may not be detected.

 The remediation costs and
lost revenues experienced by a subject of an intentional cyberattack or other event which results in unauthorized third-party access to
systems to disrupt operations, corrupt data or steal confidential information may be significant and significant resources may be required
to repair system damage, protect against the threat of future security breaches or to alleviate problems, including reputational harm,
loss of revenues and litigation, caused by any breaches. Additionally, any failure to adequately protect against unauthorized or unlawful
processing of personal data, or to take appropriate action in cases of infringement may result in significant penalties under privacy
law.

 Furthermore, a security breach
or other significant disruption involving the information technology networks and related systems of our Advisor or any other party that
provides us with services essential to our operations could:

 result in misstated financial reports, violations of loan covenants, missed reporting deadlines or missed
permitting deadlines;

 affect our ability to properly monitor our compliance with the rules and regulations regarding our
qualification as a REIT;

 result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of, proprietary,
confidential, sensitive or otherwise valuable information (including information about our tenant operators and other third-party operators
of our healthcare facilities, as well as the patients or residents at those facilities), which others could use to compete against us
or for disruptive, destructive or otherwise harmful purposes and outcomes;

 result in our inability to maintain the building systems relied upon by our tenants for the efficient
use of their leased space;

 require significant management attention and resources to remedy any damages that result;

 subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other
agreements; or

 adversely impact our reputation among our tenants, operators and investors generally.

 Although our Advisor and
other parties that provide us with services essential to our operations intend to continue to implement industry-standard security measures,
there can be no assurance that those measures will be sufficient, and any material adverse effect experienced by our Advisor and other
parties that provide us with services essential to our operations could, in turn, have an adverse impact on us.

 We depend on our Advisor and Property Manager
to provide us with executive officers, key personnel and all services required for us to conduct our operations and our operating performance
may be impacted by any adverse changes in the financial health or reputation of our Advisor.

 We have no employees. Personnel
and services that we require are provided to us under contracts with our Advisor and its affiliates including our Property Manager. We
depend on our Advisor and our Property Manager to manage our operations and acquire and manage certain of our real estate assets. Our
Advisor makes all decisions with respect to the management of our company, subject to the supervision of, and any guidelines established
by, the Board.

 Our success depends to a
significant degree upon the contributions of our executive officers and other key personnel of our Advisor and its affiliates, including
Michael Anderson, our chief executive officer, and Scott Lappetito, our chief financial officer, treasurer and secretary. Neither our
Advisor nor any of its affiliates has an employment agreement with these key personnel and we cannot guarantee that all, or any particular
one, of these individuals will remain employed by our Advisor or one of its affiliates and otherwise available to continue to perform
services for us. Further, we do not maintain key person life insurance on any person. We believe that our success depends, in large part,
upon the ability of our Advisor to hire, retain or contract for services of highly skilled managerial, operational and marketing personnel.
Competition for skilled personnel is intense, and there can be no assurance that our Advisor will be successful in attracting and retaining
skilled personnel. If our Advisor loses or is unable to obtain the services of skilled personnel due to, among other things, an overall
labor shortage, lack of skilled labor, increased turnover or labor inflation, our Advisor's ability to manage our business and implement
our investment strategies could be delayed or hindered, which could have a material adverse effect on us.

 Any adverse changes in the
financial condition or financial health of, or our relationship with, our Advisor or Property Manager, including any change resulting
from an adverse outcome in any litigation could hinder their ability to successfully manage our operations and our investments. Additionally,
changes in ownership or management practices, the occurrence of adverse events affecting our Advisor or its affiliates or other companies
advised by our Advisor or its affiliates could create adverse publicity and adversely affect us and our relationship with lenders, tenants,
operators or counterparties.

 We depend on our OP and its subsidiaries
for cash flow and are structurally subordinated in right of payment to the obligations of our OP and its subsidiaries.

 We conduct, and intend to
continue conducting, all of our business operations through our OP, and, accordingly, we rely on distributions from our OP and its subsidiaries
to provide cash to pay our obligations. There is no assurance that our OP or its subsidiaries will be able to, or be permitted to, pay
distributions to us that will enable us to pay dividends and other distributions to our stockholders and meet our other obligations. Each
of our OP's subsidiaries is a distinct legal entity and, under certain circumstances, legal and contractual restrictions may limit
our ability to obtain cash from these entities. In addition, any claims we may have will be structurally subordinated to all existing
and future liabilities and obligations of our OP and its subsidiaries. Therefore, in the event of our bankruptcy, liquidation or reorganization,
our assets and those of our OP and its subsidiaries will be available to satisfy the claims of our creditors or to pay dividends and other
distributions to our stockholders only after all the liabilities and obligations of our OP and its subsidiaries have been paid in full.

 U.S. Federal Income Tax Risks

 Our failure to remain qualified as a REIT
would subject us to U.S. federal income tax and potentially state and local tax.

 We elected to be taxed as
a REIT, commencing with our taxable year ended December 31, 2013, and intend to operate in a manner that will allow us to continue
to qualify as a REIT for U.S. federal income tax purposes. However, we may terminate our REIT qualification inadvertently or if the Board
determines that doing so is in our best interests. Our qualification as a REIT depends upon our satisfaction of certain asset, income,
organizational, distribution, stockholder ownership and other requirements on a continuing basis. We have structured, and intend to continue
structuring, our activities in a manner designed to satisfy all the requirements to qualify as a REIT. However, the REIT qualification
requirements are extremely complex and interpretation of the U.S. federal income tax laws governing qualification as a REIT is limited.
Furthermore, any opinion of our counsel, including tax counsel, as to our eligibility to remain qualified as a REIT is not binding on
the Internal Revenue Service (the "IRS") and is not a guarantee that we will continue to qualify as a REIT. Accordingly, we
cannot be certain that we will be successful in operating so that we can remain qualified as a REIT. Our ability to satisfy the asset
tests depends on our analysis of the characterization and fair market values of our assets, some of which are not susceptible to a precise
determination, and for which we will not obtain independent appraisals. Our compliance with the REIT income or quarterly asset requirements
also depends on our ability to successfully manage the composition of our income and assets on an ongoing basis. Accordingly, if certain
of our operations were to be recharacterized by the IRS, such recharacterization could jeopardize our ability to satisfy all requirements
for qualification as a REIT. Furthermore, future legislative, judicial or administrative changes to the U.S. federal income tax laws could
be applied retroactively, which could result in our disqualification as a REIT.

 If we fail to continue to
qualify as a REIT for any taxable year, and we do not qualify for certain statutory relief provisions, we will be subject to U.S. federal
income tax on our taxable income at the corporate rate. In addition, we would generally be disqualified from treatment as a REIT for the
four taxable years following the year in which we lose our REIT qualification. Losing our REIT qualification would reduce our net earnings
available for investment or distribution to stockholders because of the additional entity-level tax liability. In addition, amounts paid
to stockholders that are treated as dividends for U.S. federal income tax purposes would no longer qualify for the dividends paid deduction,
and we would no longer be required to make distributions. If we lose our REIT qualification, we might be required to borrow funds or liquidate
some investments in order to pay the applicable taxes.

 Even as a REIT, in certain circumstances,
we may incur tax liabilities that would reduce our cash available for distribution to our stockholders.

 Even as a REIT, we may be
subject to U.S. federal, state and local income taxes. For example, net income from the sale of properties that are "dealer"
properties sold by a REIT and that do not meet a safe harbor available under the Code (a "prohibited transaction" under the
Code) will be subject to a 100% tax. We may not make sufficient distributions to avoid excise taxes applicable to REITs. Similarly, if
we were to fail an income test (and did not lose our REIT status because such failure was due to reasonable cause and not willful neglect),
we would be subject to tax on the income that does not meet the income test requirements. We also may decide to retain net capital gains
we earn from the sale or other disposition of our property and pay U.S. federal income tax directly on such income. In that event, our
stockholders would be treated as if they earned that income and paid the tax on it directly. However, stockholders that are tax-exempt,
such as charities or qualified pension plans, would have no benefit from their deemed payment of such tax liability unless they file U.S.
federal income tax returns and seek a refund of such tax. We also will be subject to corporate tax on any undistributed REIT taxable income.
We also may be subject to state and local taxes on our income or property, including franchise, payroll and transfer taxes, either directly
or at the level of the OP or at the level of the other companies through which we indirectly own our assets, such as any TRSs, which are
subject to full U.S. federal, state, local and foreign corporate-level income taxes. Any taxes we pay directly or indirectly will reduce
our cash flow.

 To qualify as a REIT, we must meet annual
distribution requirements, which may force us to forgo otherwise attractive opportunities or borrow funds during unfavorable market conditions.
This could delay or hinder our ability to meet our investment objectives and reduce our stockholders' overall return.

 In order to qualify as a
REIT, we must distribute annually to our stockholders at least 90% of our REIT taxable income (which does not equal net income as calculated
in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding net capital gain. We will be subject
to U.S. federal income tax on our undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount
by which distributions we make with respect to any calendar year are less than the sum of (a) 85% of our ordinary income, (b) 95%
of our capital gain net income and (c) 100% of our undistributed income from prior years. These requirements could cause us to distribute
amounts that otherwise would be spent on investments in real estate assets and it is possible that we might be required to borrow funds,
possibly at unfavorable rates, or sell assets to fund these distributions. Although we intend to make distributions sufficient to meet
the annual distribution requirements and to avoid U.S. federal income and excise taxes on our earnings while we qualify as a REIT, it
is possible that we might not always be able to do so.

 Recharacterization of sale-leaseback transactions may cause us
to lose our REIT status.

 We will use commercially
reasonable efforts to structure any sale-leaseback transaction we enter into so that the lease will be characterized as a "true
lease" for U.S. federal income tax purposes, thereby allowing us to be treated as the owner of the property for U.S. federal income
tax purposes. However, the IRS may challenge this characterization. In the event that any sale-leaseback transaction is challenged and
recharacterized as a financing transaction or loan for U.S. federal income tax purposes, deductions for depreciation and cost recovery
relating to the property would be disallowed. If a sale-leaseback transaction were so recharacterized, we might fail to continue to satisfy
the REIT qualification asset tests or income tests and, consequently, lose our REIT status effective with the year of recharacterization.
Alternatively, the amount of our REIT taxable income could be recalculated which might also cause us to fail to meet the distribution
requirement for a taxable year.

 Certain of our business activities are potentially
subject to the prohibited transaction tax.

 For so long as we qualify
as a REIT, our ability to dispose of property during the first few years following acquisition may be restricted to a substantial extent
as a result of our REIT qualification. Under applicable provisions of the Code regarding prohibited transactions by REITs, while we qualify
as a REIT and provided we do not meet a safe harbor available under the Code, we will be subject to a 100% penalty tax on the net income
from the sale or other disposition of any property (other than foreclosure property) that we own, directly or indirectly through any subsidiary
entity, including the OP, but generally excluding TRSs, that is deemed to be inventory or property held primarily for sale to customers
in the ordinary course of a trade or business. Whether property is inventory or otherwise held primarily for sale to customers in the
ordinary course of a trade or business depends on the particular facts and circumstances surrounding each property. We intend to avoid
the 100% prohibited transaction tax by (a) conducting activities that may otherwise be considered prohibited transactions through
a TRS (but such TRS will incur corporate rate income taxes with respect to any income or gain recognized by it), (b) conducting our
operations in such a manner so that no sale or other disposition of an asset we own, directly or indirectly through any subsidiary, will
be treated as a prohibited transaction, and (c) structuring certain dispositions of our properties to comply with the requirements
of the prohibited transaction safe harbor available under the Code for properties that, among other requirements, have been held for at
least two years. Despite our present intention, no assurance can be given that any particular property we own, directly or through any
subsidiary entity, including the OP, but generally excluding TRSs, will not be treated as inventory or property held primarily for sale
to customers in the ordinary course of a trade or business.

 TRSs are subject to corporate-level taxes
and our dealings with TRSs may be subject to a 100% excise tax.

 A REIT may own up to 100%
of the stock of one or more TRSs. Both the subsidiary and the REIT must jointly elect to treat the subsidiary as a TRS. A corporation
of which a TRS directly or indirectly owns more than 35% of the voting power or value of the stock will automatically be treated as a
TRS. Overall, no more than 20% (25% for taxable years beginning prior to January 1, 2018) of the gross value of a REIT's assets
may consist of stock or securities of one or more TRSs. A TRS may hold assets and earn income that would not be qualifying assets or income
if held or earned directly by a REIT, including gross income from operations pursuant to management contracts. We may lease some of our
seniors housing properties that are "qualified health care properties" to one or more TRSs which, in turn, contract with independent
third-party management companies to operate those qualified health care properties on behalf of those TRSs. In addition, we may use one
or more TRSs generally to hold properties for sale in the ordinary course of a trade or business or to hold assets or conduct activities
that we cannot conduct directly as a REIT. A TRS is subject to applicable U.S. federal, state, local and foreign income tax on its taxable
income, as well as limitations on the deductibility of its interest expenses. In addition, the Code imposes a 100% excise tax on certain
transactions between a TRS and its parent REIT that are not conducted on an arm's-length basis.

 If the OP failed to qualify as a partnership
or is not otherwise disregarded for U.S. federal income tax purposes, we would cease to qualify as a REIT.

 If the IRS were to successfully
challenge the status of the OP as a partnership or disregarded entity for U.S. federal income tax purposes, the OP would be taxable as
a corporation. In such event, this would reduce the amount of distributions that the OP could make to us. This also would result in our
failing to qualify as a REIT, and we would become subject to a corporate-level tax on our income. This substantially would reduce our
cash available to pay dividends and other distributions to our stockholders. In addition, if any of the partnerships or limited liability
companies through which the OP owns its properties, in whole or in part, loses its characterization as a partnership and is otherwise
not disregarded for U.S. federal income tax purposes, the partnership or limited liability company would be subject to taxation as a corporation,
thereby reducing distributions to the OP. Such a recharacterization of an underlying property owner could also threaten our ability to
maintain our REIT qualification.

 If our qualified health care properties
are not properly leased to a TRS or the managers of those qualified health care properties do not qualify as "eligible independent
contractors," we could fail to qualify as a REIT.

 In general, under the REIT
rules, we cannot directly operate any of our seniors housing properties that are qualified health care properties and can only indirectly
participate in the operation of qualified health care properties on an after-tax basis by leasing those properties to independent health
care facility operators or to TRSs. A qualified health care property is any real property (and any personal property incident to that
real property), which is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted living facilities, congregate
care facility, qualified continuing care facility, or other licensed facility which extends medical or nursing or ancillary services to
patients and is operated by a provider of those services that is eligible for participation in the Medicare program with respect to that
facility. Furthermore, rent paid by a lessee of a qualified health care property that is a "related party tenant" of ours
will not be qualifying income for purposes of the two gross income tests applicable to REITs. However, a TRS that leases qualified health
care properties from us will not be treated as a related party tenant with respect to our qualified health care properties that are managed
by an eligible independent contractor.

 An eligible independent contractor
is an independent contractor that, at the time such contractor enters into a management or other agreement with a TRS to operate a qualified
health care property, is actively engaged in the trade or business of operating qualified health care properties for any person not related
to us or the TRS. Among other requirements to qualify as an independent contractor, a manager must not own, directly or applying attribution
provisions of the Code, more than 35% of the shares of our outstanding stock (by value), and no person or group of persons can own more
than 35% of the shares of our outstanding stock and 35% of the ownership interests of the manager (taking into account only owners of
more than 5% of our shares and, with respect to ownership interest in such managers that are publicly traded, only holders of more than
5% of such ownership interests). The ownership attribution rules that apply for purposes of the 35% thresholds are complex. There
can be no assurance that the levels of ownership of our shares by our managers and their owners will not be exceeded.

 If our leases with TRSs are not respected
as true leases for U.S. federal income tax purposes, we likely would fail to qualify as a REIT.

 To qualify as a REIT, we
must satisfy two gross income tests, under which specified percentages of our gross income must be derived from certain sources, such
as "rents from real property." Rent paid by TRSs to the OP pursuant to the lease of our qualified healthcare properties will
constitute a substantial portion of our gross income. For that rent to qualify as rents from real property for purposes of the REIT gross
income tests, the leases must be respected as true leases for U.S. federal income tax purposes and not be treated as service contracts,
joint ventures or some other type of arrangement. If our leases are not respected as true leases for U.S. federal income tax purposes,
we may fail to qualify as a REIT.

 We may choose to make distributions partly
in cash and partly in shares of our common stock, in which case our stockholders may be required to pay U.S. federal income taxes in excess
of the cash portion of such distributions they receive.

 In connection with our qualification
as a REIT, we are required to distribute annually to our stockholders at least 90% of our REIT taxable income (which does not equal net
income as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding net capital
gain. The IRS has issued Revenue Procedures authorizing elective cash/stock distributions to be made by "publically offered REITs,"
like us, in order to satisfy this requirement, provided that at least 20% of the aggregate amount of a distribution to stockholders is
paid in cash and certain other parameters detailed in the Revenue Procedures are satisfied. Taxable stockholders receiving such distributions
will be required to include the full amount of such distributions as ordinary dividend income to the extent of our current or accumulated
earnings and profits, as determined for U.S. federal income tax purposes. As a result, U.S. stockholders may be required to pay U.S. federal
income taxes with respect to such distributions in excess of the cash portion of the distribution received.

 Accordingly, U.S. stockholders
receiving a distribution partly in cash and partly in shares of our common stock may be required to sell shares received in such distribution
or may be required to sell other stock or assets owned by them, at a time that may be disadvantageous, in order to satisfy any tax imposed
on such distribution. If a U.S. stockholder sells the shares that it receives as part of the distribution in order to pay this tax, the
sales proceeds may be less than the amount included in income with respect to the distribution, depending on the value of the shares at
the time of the sale. Furthermore, with respect to certain non-U.S. stockholders, we may be required to withhold U.S. tax with respect
to such distribution, including in respect of all or a portion of such distribution that is payable in stock, by withholding or disposing
of part of the shares included in such distribution and using the proceeds of such disposition to satisfy the withholding tax imposed.
Because there is no established trading market for shares of our common stock, stockholders may not be able to sell shares of our common
stock to pay taxes owed on dividend income.

 Our current distribution
policy with respect to distributions on shares of our common stock is to pay such distributions solely in shares of our common stock.
Such distributions are not taxable to our stockholders.

 The taxation of distributions can be complex;
however, distributions to stockholders that are treated as dividends for U.S. federal income tax purposes generally will be taxable as
ordinary income, which may reduce our stockholders' after-tax anticipated return from an investment in us.

 Amounts that we pay to our
taxable stockholders out of current and accumulated earnings and profits (and not designated as capital gain dividends or qualified dividend
income) generally will be treated as dividends for U.S. federal income tax purposes and will be taxable as ordinary income. Noncorporate
stockholders are entitled to a 20% deduction with respect to these ordinary REIT dividends which would, if allowed in full, result in
a maximum effective U.S. federal income tax rate on these ordinary REIT dividends of 29.6% (or 33.4% including the 3.8% surtax on net
investment income); however, the 20% deduction will end after December 31, 2025.

 However, a portion of the
amounts that we pay to our stockholders generally may (a) be designated by us as capital gain dividends taxable as long-term capital
gain to the extent that such portion is attributable to net capital gain recognized by us, (b) be designated by us as qualified dividend
income, taxable at capital gains rates, to the extent that such portion is attributable to dividends we receive from TRSs, or (c) constitute
a return of capital to the extent that such portion exceeds our accumulated earnings and profits as determined for U.S. federal income
tax purposes. With respect to qualified dividend income, the current maximum U.S federal tax rate applicable to U.S. noncorporate stockholders
is 20% (or 23.8% including the 3.8% surtax on net investment income). Dividends payable by REITs, however, generally are not eligible
for this reduced rate and, as described above, through December 31, 2025, will be subject to an effective rate of 29.6% (or 33.4%
including the 3.8% surtax on net investment income). Although this does not adversely affect the taxation of REITs or dividends payable
by REITs, the more favorable rates applicable to regular corporate qualified dividends could cause investors who are individuals, trusts
and estates to perceive investments in REITs to be relatively less attractive than investments in the stock of non-REIT corporations that
pay dividends, which could adversely affect the value of the stock of REITs, including shares of our stock. Tax rates could be changed
in future legislation. A return of capital is not taxable but has the effect of reducing the tax basis of a stockholder's investment
in shares of our stock. Amounts paid to our stockholders that exceed our current and accumulated earnings and profits and a stockholder's
tax basis in shares of our stock generally will be taxable as capital gain.

 Our stockholders may have tax liability
on distributions that they elect to reinvest in shares of our common stock, but they would not receive the cash from such distributions
to pay such tax liability.

 Stockholders who participate
in the DRIP generally will be deemed to receive distributions in an amount equal to the fair market value of the shares of our common
stock received on the date of distribution, regardless of whether such shares were purchased at a discount to fair market value, and will
be taxed on any such distribution to the extent it was not a tax-free return of capital. As a result, unless a stockholder is a tax-exempt
entity, it may have to use funds from other sources to pay its tax liability on the distributions reinvested in shares of our common stock
pursuant to the DRIP.

 Complying with REIT requirements may limit
our ability to hedge our liabilities effectively and may cause us to incur tax liabilities.

 The REIT provisions of the
Code may limit our ability to hedge our liabilities. Any income from a hedging transaction we enter into to manage the risk of interest
rate changes, price changes or currency fluctuations with respect to borrowings made or to be made to acquire or carry real estate assets,
or in certain cases to hedge previously acquired hedges entered into to manage risks associated with property that has been disposed of
or liabilities that have been extinguished, if properly identified under applicable Treasury Regulations, does not constitute "gross
income" for purposes of the 75% or 95% gross income tests. To the extent that we enter into other types of hedging transactions,
the income from those transactions will likely be treated as non-qualifying income for purposes of both of the gross income tests. As
a result of these rules, we may need to limit our use of advantageous hedging techniques or implement those hedges through a TRS. This
could increase the cost of our hedging activities because the TRS would be subject to tax on gains or expose us to greater risks associated
with changes in interest rates than we would otherwise want to bear. In addition, losses in a TRS generally will not provide any tax benefit,
except for being carried forward against future taxable income of the TRS.

 Complying with REIT requirements may force
us to forgo or liquidate otherwise attractive investment opportunities.

 To maintain our qualification
as a REIT, we must ensure that we meet the REIT gross income tests annually and that at the end of each calendar quarter, at least 75%
of the value of our assets consists of cash, cash items, government securities and qualified REIT real estate assets, including certain
mortgage loans and certain kinds of mortgage-related securities. The remainder of our investment in securities (other than securities
that qualify for the 75% asset test and securities of qualified REIT subsidiaries and TRSs) generally cannot exceed 10% of the outstanding
voting securities of any one issuer, 10% of the total value of the outstanding securities of any one issuer, or 5% of the value of our
assets as to any one issuer. In addition, no more than 20% of the value of our total assets may consist of stock or securities of one
or more TRSs and no more than 25% of our assets may consist of publicly offered REIT debt instruments that do not otherwise qualify under
the 75% asset test. If we fail to comply with these requirements at the end of any calendar quarter, we must correct the failure within
30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification
and suffering adverse tax consequences. As a result, we may be required to liquidate assets from our portfolio or not make otherwise attractive
investments in order to maintain our qualification as a REIT.

 The ability of the Board to revoke our REIT
qualification without stockholder approval may subject us to U.S. federal income tax and reduce distributions to our stockholders.

 Our charter provides that
the Board may revoke or otherwise terminate our REIT election, without the approval of our stockholders, if it determines that it is no
longer in our best interests to continue to qualify as a REIT. While we intend to maintain our qualification as a REIT, we may terminate
our REIT election if we determine that qualifying as a REIT is no longer in our best interests. If we cease to be a REIT, we would become
subject to corporate-level U.S. federal income tax on our taxable income (as well as any applicable state and local corporate tax) and
would no longer be required to distribute most of our taxable income to our stockholders, which may have adverse consequences on our total
return to our stockholders and on the value of shares of our stock.

 We may be subject to adverse legislative
or regulatory tax changes that could increase our tax liability, reduce our operating flexibility, and reduce the value of shares of our
stock.

 Changes to the tax laws may
occur, and any such changes could have an adverse effect on an investment in shares of our stock or on the market value or the resale
potential of our assets. Our stockholders are urged to consult with an independent tax advisor with respect to the status of legislative,
regulatory or administrative developments and proposals and their potential effect on an investment in shares of our stock.

 Although REITs generally
receive better tax treatment than entities taxed as non-REIT "C corporations," it is possible that future legislation would
result in a REIT having fewer tax advantages, and it could become more advantageous for a company that invests in real estate to elect
to be treated for U.S. federal income tax purposes as a non-REIT "C corporation." As a result, our charter provides the Board
with the power, under certain circumstances, to revoke or otherwise terminate our REIT election and cause us to be taxed as a non-REIT
"C corporation," without the vote of our stockholders. The Board has duties to us and could only cause such changes in our
tax treatment if it determines that such changes are in our best interests.

 The share ownership restrictions for REITs
and the 9.8% share ownership limit in our charter may inhibit market activity in shares of our stock and restrict our business combination
opportunities.

 In order to qualify as a
REIT, five or fewer individuals, as defined in the Code, may not own, actually or constructively, more than 50% in value of the issued
and outstanding shares of our stock at any time during the last half of each taxable year, other than the first year for which a REIT
election is made. Attribution rules in the Code determine if any individual or entity actually or constructively owns shares of our
stock under this requirement. Additionally, at least 100 persons must beneficially own shares of our stock during at least 335 days of
a taxable year for each taxable year, other than the first year for which a REIT election is made. To help ensure that we meet these tests,
among other purposes, our charter restricts the acquisition and ownership of shares of our stock.

 Our charter, with certain
exceptions, authorizes our directors to take such actions as are necessary and desirable to preserve our qualification as a REIT while
we so qualify. Unless exempted by the Board, for so long as we qualify as a REIT, our charter prohibits, among other limitations on ownership
and transfer of shares of our stock, any person from beneficially or constructively owning (applying certain attribution rules under
the Code) more than 9.8% in value of the aggregate outstanding shares of our stock and more than 9.8% (in value or in number of shares,
whichever is more restrictive) of any class or series of the outstanding shares of our stock. The Board may not grant an exemption from
these restrictions to any proposed transferee whose ownership in excess of the 9.8% ownership limit would result in the termination of
our qualification as a REIT. These restrictions on transferability and ownership will not apply, however, if the Board determines that
it is no longer in our best interests to continue to qualify as a REIT or that compliance with the restrictions is no longer required
in order for us to continue to so qualify as a REIT.

 These ownership limits could
delay or prevent a transaction or a change in control that might involve a premium price for shares of our stock or otherwise be in the
best interests of the stockholders.

 Non-U.S. stockholders will be subject to
U.S. federal withholding tax and may be subject to U.S. federal income tax on dividends and other distributions received from us and upon
the disposition of shares of our stock.

 Subject to certain exceptions,
amounts paid to non-U.S. stockholders will be treated as dividends for U.S. federal income tax purposes to the extent of our current or
accumulated earnings and profits. Such dividends ordinarily will be subject to U.S. withholding tax at a 30% rate, or such lower rate
as may be specified by an applicable income tax treaty, unless the dividends are treated as "effectively connected" with the
conduct by the non-U.S. stockholder of a U.S. trade or business. Capital gain distributions attributable to sales or exchanges of "U.S.
real property interests" ("USRPIs"), generally will be taxed to a non-U.S. stockholder (other than a "qualified
foreign pension fund," certain entities wholly owned by a qualified foreign pension fund and certain foreign publicly-traded entities)
as if such gain were effectively connected with a U.S. trade or business. However, a capital gain distribution will not be treated as
effectively connected income if (a) the distribution is received with respect to a class of stock that is "regularly traded,"
as defined in applicable Treasury regulations on an established securities market located in the United States and (b) the non-U.S.
stockholder does not own more than 10% of such class of our stock at any time during the one-year period ending on the date the distribution
is received.

 Gain recognized by a non-U.S.
stockholder upon the sale or exchange of shares of our stock generally will not be subject to U.S. federal income taxation unless such
stock constitutes a USRPI. Shares of our stock will not constitute a USRPI so long as we are a "domestically-controlled qualified
investment entity." A domestically-controlled qualified investment entity includes a REIT if at all times during a specified testing
period, less than 50% in value of such REIT's stock is held directly or indirectly by non-U.S. stockholders. Recently proposed regulations
would apply special look-through rules to certain U.S. corporate stockholders in determining whether a REIT is domestically controlled.
We believe that we currently are, but there can be no assurance that we will continue to be, a domestically-controlled qualified investment
entity.

 Even if we do not qualify
as a domestically-controlled qualified investment entity at the time a non-U.S. stockholder sells or exchanges shares of our stock, gain
arising from such a sale or exchange would not be subject to U.S. taxation as a sale of a USRPI if (a) the shares are of a class
of our stock that is "regularly traded," as defined by applicable Treasury regulations, on an established securities market,
and (b) such non-U.S. stockholder owned, actually and constructively, 10% or less of the outstanding shares of such class of stock
at all times during the shorter of (x) five-year period ending on the date of the sale and (y) the period during which the non-U.S.
stockholders held such shares of our stock.

 Potential characterization of dividends
and other distributions or gain on sale may be treated as unrelated business taxable income to tax-exempt investors.

 If (a) we are a "pension-held
REIT," (b) a tax-exempt stockholder has incurred (or is deemed to have incurred) debt to purchase or hold shares of our stock,
or (c) a holder of shares of our stock is a certain type of tax-exempt stockholder, dividends on, and gains recognized on the sale
of, shares of our stock by such tax-exempt stockholder may be subject to U.S. federal income tax as unrelated business taxable income
under the Code.

 Item 15. Exhibit and Financial Statement
Schedules.

 (b) Exhibits

 See Exhibit Index below.

 EXHIBIT INDEX

 The following exhibits are included, or incorporated
by reference, in this Annual Report on Form 10-K/A for the year ended December 31, 2023 (and are numbered in accordance with
Item 601 of Regulation S-K):

 Exhibit No.

 Description

 3.1
 (1)

 Articles of Amendment and Restatement for Healthcare Trust, Inc.

 3.2 (2)

 Articles Supplementary of Healthcare Trust, Inc. relating to election to be subject to Section 3-803 of the Maryland General Corporation Law, dated November 9, 2017

 3.3 (3)

 Articles Supplementary relating to the designation of shares of 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, dated December 6, 2019

 3.4 (6)

 Articles Supplementary designating additional shares of 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, dated September 15, 2020

 3.5 (28)

 Articles Supplementary relating to the designation of shares of 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock, dated October 4, 2021

 3.6 (30)

 Articles Supplementary designating additional shares of 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, dated May 10, 2021

 3.7 (4)

 Amended
and Restated Bylaws of Healthcare Trust, Inc.

 3.8 (5)

 Amendment to Amended and Restated Bylaws of Healthcare Trust, Inc.

 3.9 (29)

 Second Amendment to Amended and Restated Bylaws of Healthcare Trust, Inc.

 4.1 (7)

 Agreement of Limited Partnership of Healthcare Trust Operating Partnership, L.P. (f/k/a American Realty Capital Healthcare Trust II Operating Partnership, L.P.), dated as of February 14, 2013

 4.2 (8)

 First Amendment, dated December 31, 2013, to the Agreement of Limited Partnership of American Realty Capital Healthcare Trust II, L.P., dated February 14, 2013

 4.3 (1)

 Second Amendment, dated April 15, 2015, to the Agreement of Limited Partnership of American Realty Capital Healthcare Trust II, L.P., dated as of February 14, 2013

 4.4 (10)

 Third Amendment, dated December 6, 2019, to the Agreement of Limited Partnership of Healthcare Trust Operating Partnership, L.P., dated February 14, 2013

 4.5 (6)

 Fourth Amendment, dated September 15, 2020, to the Agreement of Limited Partnership of Healthcare Trust Operating Partnership, L.P., dated February 14, 2013

 4.6 (30)

 Fifth Amendment, dated May 7, 2021, to the Agreement of Limited Partnership of Healthcare Trust Operating Partnership, L.P., dated February 14, 2013

 4.7 (28)

 Sixth Amendment, dated October 4, 2021, to the Agreement of Limited Partnership of Healthcare Trust Operating Partnership, L.P., dated February 14, 2013

 4.8 (5)

 Rights Agreement, dated May 18, 2020, between Healthcare Trust, Inc.,and Computershare Trust Company, N.A., as Rights Agent

 4.9 *

 Description of Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934

 4.10 (34)

 Amendment No. 1, dated May 18, 2023, to the Rights Agreement, dated May 18, 2020, between Healthcare Trust, Inc., and Computershare Trust Company, N.A., as Rights Agent.

 10.1 (9)

 Second Amended and Restated Advisory Agreement, dated as of February 17, 2017, by and among the Company, Healthcare Trust Operating Partnership, L.P. and Healthcare Trust Advisors, LLC

 10.2 (11)

 Amendment No. 1, dated as of July 25, 2019, to the Second Amended and Restated Advisory Agreement, by and among Healthcare Trust, Inc., Healthcare Trust Operating Partnership, L.P. and Healthcare Trust Advisors, LLC

 10.3 (9)

 Amended and Restated Property Management and Leasing Agreement, dated as of February 17, 2017, by and among the Company, Healthcare Trust Operating Partnership, L.P. and Healthcare Trust Properties, LLC

 10.4 (12)

 First Amendment, dated as of April 9, 2018, to Amended and Restated Property Management and Leasing Agreement, by and among Healthcare Trust, Inc., Healthcare Trust Operating Partnership, L.P., and Healthcare Trust Properties, LLC

 10.5 (32)

 Second Amendment, dated as of November 11, 2021, to Amended and Restated Property Management and Leasing Agreement, by and among Healthcare Trust, Inc., Healthcare Trust Operating Partnership, L.P., and Healthcare Trust Properties, LLC

 10.6 (13)

 Indemnification Agreement, dated as of December 31, 2014, with Directors, Officers, Advisor and Dealer Manager

 10.7 (13)

 Indemnification Agreement, dated April 14, 2015, with Mr. Randolph C. Read

 10.8 (14)

 Form of Restricted Stock Award Agreement Pursuant to the Employee and Director Incentive Restricted Share Plan of Healthcare Trust, Inc.

 Exhibit No.

 Description

 10.9 (15)

 Master Credit Facility Agreement, dated as of October 31, 2016, by and among the borrowers party thereto and KeyBank National Association

 10.10 (4)

 First Amendment to Master Credit Facility, dated April 26, 2017, by among the borrowers party thereto and KeyBank National Association

 10.11 (4)

 Reaffirmation, Joinder and Second Amendment to Master Credit Facility, dated October 26, 2017, by among the borrowers party thereto and KeyBank National Association

 10.12 (15)

 Master Credit Facility Agreement, dated as of October 31, 2016, by and among the borrowers party thereto and Capital One Multifamily Finance, LLC

 10.13 (4)

 Reaffirmation, Joinder and First Amendment to Master Credit Facility, dated March 30, 2017, by among the borrowers party thereto and Capital One Multifamily Finance, LLC

 10.14 (4)

 Second Amendment to Master Credit Facility, dated October 26, 2017, by among the borrowers party thereto and Capital One Multifamily Finance, LLC

 10.15 (4)

 Third Amendment to Master Credit Facility, dated March 2, 2018, by among the borrowers party thereto and Capital One Multifamily Finance, LLC

 10.16 (16)

 Amended and Restated Loan Agreement, dated as of December 20, 2019, by and among the borrower entities party thereto, Capital One, National Association and the other lenders party thereto

 10.17 (16)

 Amended and Restated Guaranty of Recourse Obligations, dated as of December 20, 2019, by Healthcare Trust Operating Partnership, L.P. in favor of Capital One, National Association

 10.18 (16)

 Amended and Restated Hazardous Materials Indemnity Agreement, dated as of December 20, 2019, by Healthcare Trust Operating Partnership, L.P. and the borrower entities party thereto, for the benefit of Capital One, National Association

 10.19 (2)

 Amended and Restated Employee and Director Incentive Restricted Share Plan of Healthcare Trust, Inc., effective as of August 31, 2017

 10.20 (2)

 Form of Restricted Stock Award Agreement Pursuant to the Amended and Restated Employee and Director Incentive Restricted Share Plan of Healthcare Trust, Inc.

 10.21 (17)

 Loan Agreement, dated as of December 28, 2017, among the borrower entities party thereto and Capital One, National Association

 10.22 (17)

 Guaranty of Recourse Obligation, dated as of December 28, 2017, by Healthcare Trust Operating Partnership, L.P. in favor of Capital One, National Association

 10.23 (17)

 Hazardous Materials Indemnity Agreement, dated as of December 28, 2017, by Healthcare Trust Operating Partnership, L.P. and the borrower entities party thereto, for the benefit of Capital One, National Association

 10.24 (12)

 Loan
Agreement, dated as of April 10, 2018, by and among the borrowers party thereto, and KeyBank National Association, as lender

 10.25 (12)

 Promissory Note A -1, dated as of April 10, 2018, by the borrowers party thereto in favor of KeyBank National Association, as lender

 10.26 (12)

 Promissory Note A-2, dated as of April 10, 2018, by the borrowers party thereto in favor of KeyBank National Association, as lender

 10.27 (12)

 Guarantee Agreement, dated as of April 10, 2018, by Healthcare Trust Operating Partnership, L.P. in favor of KeyBank National Association, as lender

 10.28 (12)

 Environmental Indemnity Agreement, dated as of April 10, 2018, by the borrowers party thereto and Healthcare Trust Operating Partnership, L.P. in favor of KeyBank National Association, as indemnitee

 10.29 (18)

 Form of Indemnification Agreement

 10.30 (19)

 Amended and Restated Senior Secured Revolving Credit Agreement dated as of March 13, 2019 by and among Healthcare Trust Operating Partnership, L.P., KeyBank National Association and the other lender parties thereto

 10.31 (20)

 First Amendment to Amended and Restated Senior Secured Revolving Credit Agreement entered into as of March 13, 2019 by and among Healthcare Trust Operating Partnership, L.P., KeyBank National Association and the other lender parties thereto

 10.32 (21)

 Second Amendment to First Amended and Restated Senior Secured Credit Agreement, entered into as of August 10, 2020, among Healthcare Trust Operating Partnership, L.P., Healthcare Trust, Inc., the other guarantor parties thereto, Keybank National Association and the other lenders party thereto

 10.33 (32)

 Third Amendment to First Amended and Restated Senior Secured Credit Agreement, entered into as of November 12, 2021, among Healthcare Trust Operating Partnership, L.P., Healthcare Trust, Inc., the other guarantor parties thereto, Keybank National Association and the other lenders party thereto

 Exhibit No.

 Description

 10.34 (31)

 Fourth Amendment to First Amended and Restated Senior Credit Agreement, entered into as of August 11, 2022, among Healthcare Trust Operating Partnership, L.P., Healthcare Trust, Inc., the other guarantor parties thereto, Keybank National Association and the other lenders party thereto

 10.35 (33)

 Loan Agreement dated as of May 24, 2023, among the borrower entities party thereto, Barclays Capital Real Estate Inc., Soci t G n rale Financial Corporation, and KeyBank National Association.

 10.36 (33)

 Guaranty Agreement dated as of May 24, 2023, by Healthcare Trust Operating Partnership, L.P. in favor of Barclays Capital Real Estate Inc., Soci t G n rale Financial Corporation, and KeyBank National Association.

 10.37 (33)

 Environmental Indemnity Agreement, dated as of May 24, 2023, by Healthcare Trust Operating Partnership, L.P. and the borrower entities party thereto, for the benefit of Barclays Capital Real Estate Inc., Soci t G n rale Financial Corporation, and KeyBank National Association.

 10.38 (35)

 Loan Agreement, dates as of December 22, 2023, among the borrower entities thereto and Capital One, National Association.

 10.39 (35)

 Loan Agreement, dated as of February 22, 2024, among the borrower entities party thereto and Bank of Montreal.

 21.1 (35)

 List of Subsidiaries of Healthcare Trust, Inc.

 23.1 (35)

 Consent of PricewaterhouseCoopers LLP

 31.1 *

 Certification of the Principal Executive Officer of the Company pursuant to Securities Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 31.2 *

 Certification of the Principal Financial Officer of the Company pursuant to Securities Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 32 (35)

 Written statements of the Principal Executive Officer and Principal Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 97 (35)

 Compensation Clawback Policy

 99.1 (22)

 Second Amended and Restated Share Repurchase Program of Healthcare Trust, Inc.

 99.2 (23)

 Amendment to Second Amended and Restated Share Repurchase Program of Healthcare Trust, Inc.

 99.3 (24)

 Second Amendment to Second Amended and Restated Share Repurchase Program

 99.4 (25)

 Third Amendment to Second Amended and Restated Share Repurchase Program

 99.5 (26)

 Fourth Amendment to Second Amended and Restated Share Repurchase Program

 99.6 (27)

 Fifth Amendment to Second Amended and Restated Share Repurchase Program

 101.INS *

 101.SCH *

 101.CAL *

 101.DEF *

 101.LAB *

 101.PRE *

 104 *

 *
 Filed herewith

 (1)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 6,
2016.

 (2)
 Filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017 filed
with the Securities and Exchange Commission on November 14, 2017.

 (3)
 Filed as an exhibit to the Company's Registration Statement on Form 8-A filed with the Securities and Exchange Commission
on December 6, 2019.

 (4)
 Filed as an exhibit to the Company's Annual Report on Form 10-K for the year ended December 31, 2017 filed with the
Securities and Exchange Commission on March 20, 2018.

 (5)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on May 19,
2020.

 (6)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on September 15,
2020.

 (7)
 Filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 filed with
the Securities and Exchange Commission on May 14, 2013.

 (8)
 Filed as an exhibit to the Company's Quarterly Report on Form 10-K for the fiscal year ended December 31, 2013 filed
with the Securities and Exchange Commission on March 7, 2014.

 (9)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on February 17,
2017.

 (10)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on December 6,
2019.

 (11)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 25,
2019.

 (12)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on April 16,
2018.

 (13)
 Filed as an exhibit to the Company's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the
Securities and Exchange Commission on April 15, 2015.

 (14)
 Filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 filed with
the Securities and Exchange Commission on August 15, 2016.

 (15)
 Filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 filed
with the Securities and Exchange Commission on November 10, 2016.

 (16)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on December 27,
2019.

 (17)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on January 4,
2018.

 (18)
 Filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended May 31, 2018 filed with the
Securities and Exchange Commission on August 3, 2018.

 (19)
 Filed as an exhibit to the Company's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the
Securities and Exchange Commission on March 14, 2019.

 (20)
 Filed as an exhibit to the Company's Annual Report on Form 10-K for the year ended December 31, 2019 filed with the
Securities and Exchange Commission on March 24, 2020.

 (21)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 13,
2020.

 (22)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 14,
2017.

 (23)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on January 29,
2019.

 (24)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 27,
2019.

 (25)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 23,
2019.

 (26)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 21,
2019.

 (27)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on January 9,
2020.

 (28)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 4,
2021, and incorporated by reference herein.

 (29)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 19,
2022, and incorporated by reference herein.

 (30)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on May 10,
2021.

 (31)
 Filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 filed with
the Securities and Exchange Commission on August 12, 2022.

 (32)
 Filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 filed
with the Securities and Exchange Commission on November 12, 2021.

 (33)
 Filed as an exhibit to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on May 31,
2023.

 (34)
 Filed as an exhibit to the Company's Current Report on Form 8-A filed with the SEC
on May 19, 2023, and incorporated by reference herein.

 (35)
 Filed or furnished as an exhibit to the Company's Annual Report on Form 10-K for the year ended December 31, 2023
filed with the Securities and Exchange Commission on March 15, 2024.

 SIGNATURES

 Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized this 22nd day of March, 2024.

 HEALTHCARE TRUST, INC.

 By

 /s/
 Michael Anderson

 Michael Anderson

 Chief Executive Officer

 (Principal Executive Officer)