The Physician-Owned Medical Real Estate Podcast
The Evolution of Sale-Leasebacks and the New Buy-Back Opportunity
In this episode, Sean shares his perspective on how the sale-leaseback market for physician-owned medical real estate has evolved. He discusses the changing buyer landscape, what investors consider when underwriting medical office properties, and why factors such as tenant creditworthiness, rent coverage, geography, and long-term practice performance have become increasingly important. The conversation explores the different structures available to physician owners, from selling 100% of a property to retaining equity following a sale. Sean discusses the potential complications of retained ownership, particularly when physicians are at different stages of their careers, and explains why lease rates and escalators should be evaluated carefully rather than simply maximizing initial sale proceeds. James and Sean also explore a new opportunity emerging for some physician groups: repurchasing buildings that were previously sold through sale-leaseback transactions. With construction costs making new development increasingly expensive, buying back an existing facility may offer an attractive alternative in the right circumstances. For physician groups considering a sale-leaseback—or reevaluating a transaction completed years ago—the episode provides practical insight into balancing immediate value, long-term occupancy costs, and future ownership opportunities. To participate in conversations like this one, attend the CPOMP 2027 Annual Meeting, January 21-23, 2027 at the Omni Scottsdale Resort and Spa at Montelucia. Register at www.CPOMP.org/cpomp-2027 .
