NATIONAL VETERINARY
REAL ESTATE PORTFOLIO
Institutional-Grade Investment Opportunity
17 Mission-Critical Facilities in One of the Fastest-Growing Healthcare Asset Classes
01 — Executive Summary
Offering Introduction
Matthews™ Healthcare Division
Matthews™ Healthcare Division is pleased to exclusively offer the opportunity to acquire a premier national veterinary portfolio consisting of 17 mission-critical properties totaling approximately 125,060 square feet across 11 states throughout the United States. The portfolio is fully tenanted by a best-in-class veterinary operator with 930+ locations across 41+ states, providing investors with immediate scale and meaningful geographic diversification within the resilient animal healthcare sector.
The portfolio demonstrates exceptional unit-level performance providing significant support for the durability of the underlying cash flow.
With approximately 10.8 years of weighted average remaining lease term (as of January 2027), the portfolio leases are strategically structured primarily as absolute & standard NNN leases, ensuring minimal to no landlord responsibilities. Furthermore, the portfolio features rent escalations ranging from 2%-3%, providing consistent income growth and built-in inflation protection.
Heavily supported by exceptional macroeconomic tailwinds within the recession-resistant U.S. pet healthcare sector—which serves 195M pets across approximately 95 million households—the veterinary industry continues to experience strong secular growth driven by increasing pet ownership and higher veterinary spending. This offering provides investors with the opportunity to acquire within a highly attractive healthcare real estate sector while benefiting from a best-in-class veterinary operator, stellar unit level performance, long-term leases, contractual rent escalations, and meaningful geographic diversification.
Sector Capital Formation
Over $100 Billion of strategic capital has entered the veterinary sector over the last decade, resulting in significant consolidation and institutionalization of veterinary practice ownership.
- 17
- Properties Across 11 States
- 10.8
- Years Weighted Avg Lease Term
02 — Portfolio
17 Properties | 11 States
The Opportunity
Investment Highlights
- 01 / 09 · TENANCY
High-Caliber Operator
The portfolio is backed by a best-in-class pet healthcare company that operates 930+ veterinary facilities across 41+ states.
- 02 / 09 · PERFORMANCE
Fantastic Unit-Level Performance
The portfolio comprises high-performing facilities and boasts a phenomenal portfolio-level rent coverage ratio. This strong coverage provides investors with confidence that the underlying facilities are performing exceptionally well and generating sufficient cash flow to comfortably support tenants’ rental obligations across the portfolio.
- 03 / 09 · LEASE TERM
Long-Term Lease Duration
The portfolio features an attractive weighted average remaining lease term of 10.8 years (as of January 2027), offering investors predictable long-term cash flow with reduced roll over exposure.
- 04 / 09 · STRUCTURE
Favorable Lease Structures
The portfolio is comprised of absolute & standard NNN leases, either eliminating or greatly limiting landlord responsibilities and providing investors with attractive expense protection.
- 05 / 09 · SCALE
Institutional Portfolio With Immediate Scale
The portfolio is comprised of 17 properties totaling 125k square feet across 11 states offering investors an opportunity to achieve immediate scale with built in geographic diversification.
- 06 / 09 · GROWTH
Annual Rental Escalators
The portfolio features annual rental escalators across all properties ranging from 2% to 3% - ensuring that investors receive annual increases in cash flow which will serve as a great hedge against inflation.
- 07 / 09 · FACILITIES
Mission-Critical Veterinary Facilities
A majority of the portfolio consists of purpose-built veterinary hospitals that feature specialized improvements and equipment, creating significant tenant investment and reducing relocation risk.
- 08 / 09 · DEFENSIVE SECTOR
Recession-Resistant Healthcare Asset Class
Veterinary services benefit from recurring, non-discretionary pet healthcare spending and have demonstrated resilience through economic cycles.
- 09 / 09 · TAILWINDS
Significant Industry Tailwinds & Fundamentals
The veterinary sector is supported by strong structural tailwinds, including high pet ownership (95M U.S. households) and consistent spending growth. The U.S. veterinary services industry is projected to nearly double in size over the next eight years, growing from roughly $37.4 billion in 2025 to nearly $70 billion by 2033. That represents about 87% total growth, or an 8.1% annual growth rate.
03 — Industry Overview
A Resilient Industry Positioned For Long-Term Growth
The U.S. veterinary industry benefits from durable demographic trends, increasing consumer spending, and the continued humanization of pets. As ownership reaches record levels and veterinary care becomes an essential household expense, the sector continues to generate predictable, recession-resistant demand.
- 195M
- Pets in U.S. (Cats & Dogs)
- 95M
- Pet-Owning Households (2025)
- $40.3B
- 2025 Industry Revenue (Vet Care)
- 8.10%
- CAGR Through 2033)
IBISWorld, “Number of Pets (Cats and Dogs), 2025
APPA 2026 State of the Industry Report
Grand View Research, U.S. Veterinary Services Market report
Grand View Research, U.S. Veterinary Services Market report
Humanization
Owners increasingly view pets as family members, driving higher spending on preventative care, diagnostics, specialty medicine, and wellness.
Recurring
Routine wellness visits, vaccinations, medications, dental care, and chronic disease management generate consistent demand throughout economic cycles.
Essential
Veterinary services remain a needs-based category with relatively low sensitivity to discretionary spending.
Veterinary Practice Revenue Growth
Revenue Index (2018 = 100)
56%
Revenue Growth Since 2018
Veterinary practices have experienced consistent revenue growth, increasing 56% from 2018 to 2025, outpacing pre-pandemic growth trends.
Source: AVMA (2025) – Veterinary Industry Tracker: Practice Trends Report
U.S. Pet Owning Households
- 95M2024Pet-Owning Households
- 85M2020Pet-Owning Households
- 82M2014Pet-Owning Households
+13MSince 2014
— Source: APPA National Pet Owners Survey / 2026 State of the Industry Repor
Annual U.S. Pet Spending by Category
2025 actual U.S. market sales by major pet industry category
- Food & Treats$68.3B
- Veterinary Care & Products$41.0B
- Supplies, Live Animals & OTC Medicine$34.4B
- Other Services*$14.3B
*Other Services includes boarding, grooming, insurance, training, pet sitting, pet walking, and other non-veterinary services. Source: American Pet Products Association (APPA), 2026 State of the Industry Report.
Exclusively Listed By
License No. 01982943 (CA)
License No. 01986299 (CA)
License No. 02055475 (CA)
License No. 02238285 (CA)
Confidential Offering
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Brokers of Record
Donnie Jarreau
Broker Lic. No: BROK.32688-ACT (LA)
Firm Lic. No: BROK.995704351-CORP (LA)
David Harrington
Broker Lic. No: 1320460 (CA)
Firm Lic. No: 2168060 (CA)
Kurt Sauer
Broker Lic. No: 40841921 (MN)
Firm Lic. No: 41005445 (MN)
Brayden Conner
Broker Lic. No: ER.100106933 (CO)
Firm Lic. No: EC.100099522 (CO)
Gerard Hamas
Broker Lic. No: 362768 (NC)
Firm Lic. No: C42113 (NC)
Adam Marek
Broker Lic. No: S44830000 (IA)
Firm Lic. No: F03991000 (IA)
Cory Rosenthal
Broker Lic. No: 10311210106 (NY)
Firm Lic. No: 10991237833 (NY)
Matthew M. Fitzgerald
Broker Lic. No: 51983-90 (WI)
Firm Lic. No: 938105-91 (WI)
Kyle Matthews
Broker Lic. No: RB17001213 (IN); 105710 (SC); 1000083-RE-RB (SC)
Firm Lic. No: RC52200195 (IN); 22684 (SC)