Private company

Summit Healthcare REIT, Inc

American real estate investment trust, incorporated in Maryland1

In its 2026 annual report the company says: “Summit Healthcare REIT, Inc., a Maryland corporation, formed in 2004, invests in and owns real estate. We are structured as an umbrella partnership REIT, referred to as an “UPREIT,” under which substantially all of our business is conducted through Summit Healthcare Operating Partnership, L.P. We are self-managed and have employees to directly manage our operations.”4 It is headquartered in Laguna Hills, California.1

Last updated Oct 20, 2026.

Overview

  • IndustryReal Estate Investment Trusts1
  • HeadquartersLaguna Hills, California1
  • Incorporated inMD2
  • Business address23382 Mill Creek Drive, Ste 125, Laguna Hills, Ca 926532
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Summit Healthcare REIT, Inc. (“Summit”), a Maryland corporation, formed in 2004, invests in and owns real estate. We continue to qualify as a real estate investment trust (“REIT”) for federal tax purposes. We are structured as an umbrella partnership REIT, referred to as an “UPREIT,” under which substantially all of our business is conducted through Summit Healthcare Operating Partnership, L.P. (“Operating Partnership”).4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-1.7%Operating margin5
7.2%Net margin5
-21.5%Revenue growth, 20255
3.7%Return on equity5
1.65×Debt to equity5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs78¢$10.0M
  • Interest15¢$1.9M
  • Profit7¢$930.0K

Out of $12.8M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$1.2M

Out of $1.2M of cash from operations.5

Financial statements

Revenue6789105$12.8M in 2025+59% since 2019
0$10.0M$20.0M$30.0M2019: $8.1M$8.1M20192020: $7.8M$7.8M2020−3%2021: $7.0M$7.0M2021−11%2022: $26.3M$26.3M2022+278%2023: $25.4M$25.4M2023−3%2024: $16.4M$16.4M2024−36%2025: $12.8M$12.8M2025−21%
Operating income6789105-$213.0K in 2025
-$20.0M0$20.0M$40.0M$60.0M2019: $5.3M$5.3M20192020: $1.1M$1.1M2020−79%2021: -$1.2M-$1.2M20212022: $7.6M$7.6M20222023: -$8.0M-$8.0M20232024: $43.3M$43.3M20242025: -$213.0K-$213.0K2025
Net income6789105$930.0K in 2025−70% since 2019
-$40.0M-$20.0M0$20.0M$40.0M2019: $3.1M$3.1M20192020: -$613.0K-$613.0K20202021: -$585.0K-$585.0K2021−5%2022: -$8.7M-$8.7M2022+1386%2023: -$24.8M-$24.8M2023+185%2024: $27.1M$27.1M20242025: $930.0K$930.0K2025−97%
Fiscal year2019202020212022202320242025
Revenue$8.1M6$7.8M7$7.0M8$26.3M9$25.4M10$16.4M5$12.8M5
Operating expenses$8.1M8$18.7M9$33.4M10$14.8M5$13.1M5
Operating income$5.3M6$1.1M7-$1.2M8$7.6M9-$8.0M10$43.3M5-$213.0K5
Interest$2.6M6$2.3M7$2.5M8$13.5M9$4.3M10$3.1M5$1.9M5
Net income$3.1M6-$613.0K7-$585.0K8-$8.7M9-$24.8M10$27.1M5$930.0K5
Earnings per share$0.146-$0.037-$0.038-$0.389-$1.0810$1.185$0.045
Earnings per share (diluted)$0.136-$0.037-$0.038-$0.389-$1.0810$1.185$0.045
Shares (weighted, basic)23.0M shares823.0M shares923.0M shares1023.0M shares523.0M shares5
Shares (weighted, diluted)23.0M shares823.0M shares923.0M shares1023.1M shares523.1M shares5

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Corporate structure

Summit Healthcare REIT, Inc sits at the top of its group. 15 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Summit Healthcare REIT, Inc

  • MACKENZIE CAPITAL MANAGEMENT, LP Filed SC 13G on Summit Healthcare REIT, Inc, latest Feb 3, 2022
  • Summit Healthcare REIT, Inc Laguna Hills, California
    • CHP Friendswood SNF, LLC Subsidiary · Delaware, United States
    • CHP Portland LLC Subsidiary · Delaware, United States
    • CHP Sheridan LLC Subsidiary · Delaware, United States
    • CHP Tigard, LLC Subsidiary · Delaware, United States
    • Cornerstone Healthcare Holdings 1, LLC Subsidiary · Delaware, United States
    • Cornerstone Healthcare Partners, LLC Subsidiary · Delaware, United States
    • Healthcare Property Holding Co., LLC Subsidiary · Delaware, United States
    • HP Aledo, LLC Subsidiary · Delaware, United States
    • HP Redding, LLC Subsidiary · Delaware, United States
    • NHP Holding Co., LLC Subsidiary · Delaware, United States
    • SHOP TRS LLC Subsidiary · Delaware, United States
    • Summit Chandler, LLC Subsidiary · Delaware, United States
    • Summit Healthcare Asset Management, LLC Subsidiary · Delaware, United States
    • Summit Healthcare Operating Partnership, L.P. Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Summit Healthcare REIT, Inc reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$58.0K5 Dec 31, 2025$223.0K10 Dec 31, 2024−74.0%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$38.9M5 Dec 31, 2025$39.9M5 Dec 31, 2024−2.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$23.7M5 Dec 31, 2025$25.2M5 Dec 31, 2024−5.9%
Stakes in other companies (equity method)$1.8M5 Dec 31, 2025$449.0K5 Dec 31, 2024+295.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, net$010 Dec 31, 2024$11.7M10 Dec 31, 2023−100.0%

Properties, in its own words

As of December 31, 2025, our portfolio consisted of seven properties, three of which we own 100%, and four of which we own through a 95.3% interest in CHP LLC. Five of the properties are 100% leased, on a triple net basis, to the tenants of the related facilities and the other two properties, Sundial Assisted Living and Pennington Gardens (the “Operated Properties”), are each 100% leased to an affiliated subsidiary. The following table (excluding the five properties held by our unconsolidated equity-method investment) provides summary information regarding these properties:

Number

The rest of Item 2

Purchase · of

Property · Location · Date Purchased · Type(1) · Price(2) · Beds

Sheridan Care Center · Sheridan, OR · August 3, 2012 · SNF · 4,100,000 · 51

Fernhill Care Center · Portland, OR · August 3, 2012 · SNF · 4,500,000 · 63

Friendship Haven Healthcare and Rehabilitation Center · Galveston County, TX · September 14, 2012 · SNF · 15,000,000 · 150

Pacific Health and Rehabilitation Center · Tigard, OR · December 24, 2012 · SNF · 8,140,000 · 73

Brookstone of Aledo · Aledo, IL · July 2, 2013 · AL · 8,625,000 · 66

Sundial Assisted Living · Redding, CA · December 18, 2013 · AL · 3,500,000 · 65

Pennington Gardens · Chandler, AZ · July 17, 2017 · AL/MC · 13,400,000 · 90

Total: · 57,265,000 · 558

(1)SNF is an abbreviation for skilled nursing facility.

AL is an abbreviation for assisted living facility.

MC is an abbreviation for memory care facility.

(2)Excludes acquisition costs.

Disposal of Georgia Properties

In March 2024, we derecognized the eight skilled nursing facilities located in Georgia, purchased in 2021 through our wholly-owned subsidiary and the parent holding company (collectively, the “GA8 Properties”), and in December 2024, we transferred ownership and were released from all debt and guarantee obligations. See Notes 4 and 14 to the accompanying Notes to Consolidated Financial Statements for further information.

Sale of California Properties

In September 2024, we completed the sale of three properties located in California (“CA3 Properties”), purchased in 2021. See Note 3 to the accompanying Notes to Consolidated Financial Statements for further information.

Portfolio Lease Expirations

The following table sets forth lease expiration information for the ten years and thereafter following December 31, 2025. We expect that, prior to maturity, we will negotiate new terms of a lease to either the current tenant or another qualified operator.

Percent of

Base Rent · Total · Percent of

In Final Year · Leasable · Total

No. of · of Expiring · Area · Annual Base

Leases · Leases · Expiring · Rent Expiring

Year Ending December 31 · Expiring · (Annual $) · (%) · (%)

2027 · 1 · (1) · 1,538,000 · (1) · 35.9 · 30.9

2030 · 1 · 913,000 · 31.1 · 18.4

2033 · 3 · 2,522,000 · 33.0 · 50.7

5 · 4,973,000 · 100.0 · 100.0

(1) · Excludes the intercompany leases for the Operated Properties and related rental revenue. These intercompany leases are eliminated in consolidation. Resident agreements for the Operated Properties are short-term and excluded from the table above and revenue is included in resident fees and services in the accompanying statements of operations.

Item 2 of the 10-K filed Mar 27, 2026.4

Leadership

Who has led Summit Healthcare REIT, Inc, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Terry G. Roussel2007

President

  1. Terry G. Roussel2007
  2. Kent Eikanas2012–2019

Chief financial officer

  1. Sharon C. Kaiser2007
  2. Stephen I. Robie2012
  3. Dominic J. Petrucci2014
  4. Elizabeth A. Pagliarini2014–2019
  5. Sharyn I. Grant2023–2024

Chief operating officer

  1. Dominic J. Petrucci2007
  2. Kent Eikanas2012
2010201520202025
Board members and other officers (11)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • CHP Friendswood SNF, LLC Delaware3
  • CHP Portland LLC Delaware3
  • CHP Sheridan LLC Delaware3
  • CHP Tigard, LLC Delaware3
  • Cornerstone Healthcare Holdings 1, LLC Delaware3
  • Cornerstone Healthcare Partners, LLC Delaware3
  • HP Aledo, LLC Delaware3
  • HP Redding, LLC Delaware3
  • Healthcare Property Holding Co., LLC Delaware3
  • NHP Holding Co., LLC Delaware3
  • SHOP TRS LLC Delaware3
  • Summit Chandler, LLC Delaware3
  • Summit Healthcare Asset Management, LLC Delaware3
  • Summit Healthcare Operating Partnership, L.P. Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Cornerstone Core Properties REIT, Inc.Jan 14, 2005 to Oct 8, 20132
  • Cornerstone Realty Fund IncDec 14, 2004 to Apr 13, 20052

Timeline

  1. May 14, 20258-K Shareholder vote32
  2. Apr 16, 20258-K Other events33
  3. Apr 10, 20258-K Entered a material agreement34
  4. Apr 4, 20258-K Other events35
  5. Feb 20, 20258-K Bylaws or fiscal year changed; Director nominations; Other events36
  6. Dec 26, 20248-K Entered a material agreement; Ended a material agreement; Completed an acquisition or sale37
  7. Dec 6, 20248-K Entered a material agreement; Executive or director change38
  8. Sep 11, 20248-K Completed an acquisition or sale; Other events39
  9. Aug 28, 20248-K Change of auditor40
  10. May 22, 20248-K Other events41
  11. Apr 10, 20248-K Debt or obligation accelerated42
  12. Nov 29, 20238-K Shareholder vote43
  13. Apr 13, 2007New chief executive Terry G. Roussel becomes CEO14

Filings

54 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 24 major events, 2 insider forms, 1 large holders, 6 other. The latest 20:

  1. Aug 12, 202610-Q EDGAR
  2. May 13, 202610-Q EDGAR
  3. Mar 27, 202610-K EDGAR
  4. Nov 13, 202510-Q EDGAR
  5. Aug 13, 202510-Q EDGAR
  6. May 14, 202510-Q EDGAR
  7. May 14, 20258-K EDGAR
  8. Apr 16, 20258-K EDGAR
  9. Apr 10, 20258-K EDGAR
  10. Apr 4, 20258-K EDGAR
  11. Apr 1, 2025DEFA14A EDGAR
  12. Apr 1, 2025DEF 14A EDGAR
  13. Mar 26, 202510-K EDGAR
  14. Feb 20, 20258-K EDGAR
  15. Dec 26, 20248-K EDGAR
  16. Dec 6, 20248-K EDGAR
  17. Nov 13, 202410-Q EDGAR
  18. Sep 11, 20248-K EDGAR
  19. Aug 28, 20248-K EDGAR
  20. Aug 14, 202410-Q EDGAR

The 54 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Elizabeth Pagliarini ChiefExecutive Officer and Secretary as of July 15, 2023, and Chief Financial Officer and$575.8K$989.6K45
2024Sharyn GrantChief Financial Officer and Treasurer$250.8K$323.1K45
2023Chief Operating Officer and Treasurer (through July 142023)$489.0K$927.2K45
2023Sharyn GrantChief Financial Officer and Treasurer (effective July 15, 2023)$227.8K$301.3K45

SEC filer profile

How Summit Healthcare REIT, Inc is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSummit Healthcare REIT, Inc1
  • CIK0001310383
  • Employer ID (EIN)73-17217914
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inMaryland4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address23382 Mill Creek Drive, Ste 125, Laguna Hills, CA 926531
  • Phone949-535-20221
  • Shares outstanding23,027,978 as of Aug 3, 202612
  • Public float$0 as of Jun 30, 20255
  • AuditorHaskell & White LLP, Irvine, California PCAOB ID 200; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceDec 14, 20041
  • Filings509 in all: 8-K (203), 10-Q (63), 424B3 (44), 4 (24), 10-K (21), 3 (19), CORRESP (18), DEF 14A (18)1
    All 33 form types

    UPLOAD (18), POS AM (15), 8-K/A (13), EFFECT (12), S-11/A (7), 10-K/A (3), DEFA14A (3), SC 13G (3), SC 14D9 (3), SC TO-T (3), SC TO-T/A (3), 4/A (2), S-11 (2), 10-Q/A (1), 3/A (1), 8-A12G (1), ARS (1), DEFR14A (1), NO ACT (1), NT 10-K (1), NT 10-Q (1), POS EX (1), PRE 14A (1), S-8 (1), SC 14D9/A (1)

  • Latest filingsAnnual report (10-K) Mar 27, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Apr 1, 2025
    Latest 8-K (8-K) May 14, 2025

Risk factors and legal proceedings

The risks Summit Healthcare REIT, Inc names in Item 1A of its 10-K filed Mar 27, 2026: 31 risks under these headings, as written.4

  • General Risks of the Company
  • Because there is no public trading market for our stock, it will be difficult for stockholders to sell their stock.
  • We have limited liquidity and we may be required to pursue certain measures in order to maintain or enhance our liquidity.
  • If we do not successfully implement a long-term business strategy, our stockholders may have to hold their investment for an indefinite period.
  • Our investments in new acquisitions may be limited, voluntarily or involuntarily.
  • Cash distributions to our stockholders may be limited.
  • A limit on the percentage of our securities a person may own may discourage a takeover or business combination, which could prevent our stockholders from realizing a premium price for their stock.
  • Our business could be negatively impacted by cyber and other security threats or disruptions.
  • We are subject to risks of damage from catastrophic weather and other natural or man-made disasters and the physical effects of climate change.
  • Our Audit Committee and management have previously identified a material weakness in our internal controls over financial reporting, and we may be unable to develop, implement, and maintain appropriate controls in future periods.
  • General Risks Related to Investments in Real Estate and Real Estate-Related Investments
  • Economic and regulatory changes that impact the real estate market may reduce our net income and the value of our properties.
The other 20 risks
  • Lease terminations, and/or the failure to find new tenants after a lease expires or has been terminated, could reduce our revenues from rents and our distributions to our stockholders and cause the value of our stockholders’ investment in us to decline.
  • Acquisitions of properties that we execute, or seek to execute, may prove to be unsuccessful or may not produce the cash flow that we expect, which would negatively affect our financial results.
  • We may have difficulty selling our real estate investments, and our ability to distribute all or a portion of the net proceeds from such sale to our stockholders may be limited.
  • Actions of our joint venture partners could subject us to liabilities in excess of those contemplated or prevent us from taking actions that are in the best interests of our stockholders which could result in lower investment returns to our stockholders.
  • Our properties are concentrated in certain geographic areas and are leased to a limited number of tenants, which may leave us vulnerable to the economic conditions of such geographic regions and/or tenants.
  • Risks Related to Investments in Healthcare-Related Real Estate
  • Healthcare policy changes, including national legislation to reform the U.S. healthcare system, may have a material adverse effect on our business.
  • Adverse trends in the healthcare service industry may negatively affect lease revenues from healthcare properties that we may acquire and the values of those investments.
  • Tenants of our healthcare properties derive a substantial portion of their income from third-party payors.
  • Operators/managers of healthcare properties that we own or may acquire may be affected by the financial deterioration, insolvency and/or bankruptcy of other significant operators/managers in the healthcare industry.
  • Tenants of healthcare properties that we own or may acquire face certain operational risks that may impact their ability to generate revenues or that may increase their expenses, either of which might negatively affect our financial results.
  • Potential litigation and rising insurance costs may affect our tenants’ ability to obtain and maintain adequate liability and other insurance and their ability to make lease payments and fulfill their insurance and indemnification obligations to us.
  • COVID-19 or another pandemic, epidemic or outbreak of a contagious disease could affect the markets in which our tenants operate or otherwise impact our facilities.
  • Our properties expose us to various operational risks, liabilities and claims that could adversely affect our ability to generate revenues or increase our costs and could have a material adverse effect on us.
  • Transfers of healthcare facilities may require regulatory approvals and these facilities may not have efficient alternative uses.
  • Risks Associated with Financing
  • We expect to continue to use short term acquisition financing to acquire properties and otherwise incur other indebtedness, including long-term financing, which will increase our expenses and could subject us to the risk of losing properties in foreclosure if our cash flow is insufficient to make loan payments.
  • Lenders may require us to enter into restrictive covenants relating to our operations, which could limit our ability to make distributions to our stockholders.
  • High levels of debt or increases in interest rates could increase the amount of our loan payments, reduce the cash available for distribution to stockholders and subject us to the risk of losing properties in foreclosure if our cash flow is insufficient to make loan payments.
  • Federal Income Tax Risks
  • Failure to qualify as a REIT would subject us to federal income tax, which would reduce the cash available for distribution to our stockholders.
  • Even if we qualify as a REIT for federal income tax purposes, we may be subject to other tax liabilities that reduce our cash flow and our ability to make distributions to our stockholders.
  • We may be subject to adverse legislative or regulatory tax changes.

Legal proceedings

See Note 10 to the accompanying Notes to Consolidated Financial Statements for a summary of our material legal proceedings.

On October 31, 2025, the Company filed a motion for specific performance in the Delaware Chancery Court against Best Years seeking to compel Best Years to complete the sale of its membership interests for five entities currently owned by the SUL JV pursuant to an agreement between the Operating Partnership and Best Years. Best Years has taken the position that there was no binding agreement to complete the sale. The matter went to trial and post-trial arguments are scheduled for early April 2026.

In addition, we are or may be subject to various other legal proceedings and actions arising in the normal course of our business. In the opinion of management, based upon the information presently known, the ultimate liability, if any, arising from such pending legal proceedings, as well as from asserted legal claims and known potential legal claims which are likely to be asserted, taking into account established accruals for estimated liabilities (if any), are not expected to be material individually and in the aggregate to our consolidated financial position, results of operations or cash flows.

The opening of Item 3, Legal Proceedings.4

Sources

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    SEC EDGAROther events
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