Americas Healthcare REITs 2Q26 Preview Life Science funding greenshoots, leasing remains subdued

Equity Research 24 July 2026 | 5:00AM PDT

2Q26 Preview: Life Science funding greenshoots, leasing remains subdued

We highlight recent data and commentary regarding the three main verticals of the Julien Blouin | Healthcare REIT portfolios: Life Science, Senior Housing (incl. Skilled Nursing), and Goldman Sachs & Co. LLC OMF. Data across all three appears encouraging, with strong NIC MAP data for skilled Ryan Treais nursing and senior housing, and Life Science seeing recent surges in both IPO and VC | Goldman Sachs & Co. LLC funding deals (however, this has yet to translate to stronger leasing volumes). We explore key topics and debates for each sector going into earnings. See below for Shikhar Gupta | more details. Goldman Sachs India SPL

Life Science: Leasing data not reflecting recent funding greenshoots yet

Biopharma IPO Activity Re-awakens Biopharma IPO Activity in 2Q26 showed positive momentum, generating $2.4B across six NASDAQ and NYSE listings vs. 11 listings and $1.6B generated in all of FY2025 and only $34mm in 2Q25. We believe this represents an encouraging development for the Life Science sector, and if sustained could lead to leasing if the improvement in the IPO market can be sustained, and we expect a lag before we see any flow through to leasing demand.

Exhibit 1: BioTech IPOs have rebounded in 2026 after a weak couple of years BioTech IPOs and total proceeds by year (as of July 21, 2026)

MILLIONS 104 $0 100 $0 79 80 $0 54 $0 47 60

$0 $4, $0 19 $1, $0 $5,678 $5,091 $14,873 $14,671 $2,230 $2,669 $3,509 $

Total Proceeds ($MM) Number of IPOs (RHS)

Source: BiopharmaDive, Data compiled by Goldman Sachs Global Investment Research

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Goldman Sachs Americas Healthcare REITs

VC Funding sees meaningful surge The VC funding environment for biotech and other life science companies appears to have improved sharply, with Q2 2026 volumes (on 3 month rolling basis) up 145% YoY. When just accounting for preclinical-only deals, T3M volumes increased 257% YoY. Strong growth in 2Q26 was driven by numerous $100M+ deals. A notable pre-clinical transaction was the $2.1B investment in Isomorphic Labs, focused on AI drug discovery, in May 2026. Other notable deals included investments in NewLimit ($435M) and Beeline Medicines ($300M) in June and April, respectively. These deals represent the majority of the volume in the quarter at ~50%. Excluding these three outsized deals, volumes in the quarter were up +27% YoY which would still represent positive momentum after multiple months of decreasing investments.

Exhibit 2: Preclinical biotech VC funding has improved Exhibit 3: Preclinical biotech VC funding grew strongly in markedly in recent months 2026 Trailing 3-month VC funding volumes 2022-2026 VC funding YoY growth, 3M rolling average

300.0% $1,500 200.0% $1,000 100.0%

3/1/2022 6/1/2022 9/1/2022 12/1/2022 3/1/2023 6/1/2023 9/1/2023 12/1/2023 3/1/2024 6/1/2024 9/1/2024 12/1/2024 3/1/2025 6/1/2025 9/1/2025 12/1/2025 3/1/2026 6/1/2026 3/1/2023 6/1/2023 9/1/2023 12/1/2023 3/1/2024 6/1/2024 9/1/2024 12/1/2024 3/1/2025 6/1/2025 9/1/2025 12/1/2025 3/1/2026 6/1/2026

Preclinical only Other VC funding Total VC Funding Preclinical only

Source: Biopharma Dive, Data compiled by Goldman Sachs Global Investment Source: Biopharma Dive, Data compiled by Goldman Sachs Global Investment Research Research

Bio-manufacturing Investment Activity String Changes in tariff policy have driven a large increase in Biopharma manufacturing investment in the United States. CBRE has tracked ~$540B of additional investments slated to occur through 2030, dispersed across the United States. These investments pertain to manufacturing and production rather than…