Company to formally rebrand to Healing Realty Trust
Jupiter, Florida--(Newsfile Corp. - November 2, 2023) - Healing Commercial Real Estate Inc." ("Healing CREI", "Healing Realty Trust" or the "Company"), a data-driven self-managed real estate investment company focused on the evolution and infrastructure of behavioral health treatments, announced today that it has appointed Joseph Caltabiano as Chief Executive Officer and Chairman of the Board of Directors. Mr. Caltabiano will oversee the Company's mission to address the lack of physical healthcare infrastructure as the behavioral treatment landscape is quickly evolving. The Company is also excited to announce that it has engaged Piper Sandler & Co., a leading multinational investment bank and financial services company, as its financial advisor.
As CEO and Chairman, Mr. Caltabiano is responsible for helping develop Healing CREI's long-term strategic plan to maximize shareholder value. He previously founded JSC Fund where he seeks to advance opportunities within the cannabis market. Additionally, he co-founded Cresco Labs, one of North America's largest vertically integrated cannabis operators. With an extensive background in real estate, management and marketing, Mr. Caltabiano guided the company from a startup to a multi-state operator with annualized revenue of over $250 million and operations spanning nine states. He boosted Cresco's market penetration and was integrally involved with the development of more than 1 million square feet of real estate. Mr. Caltabiano was crucial in helping the company expand its footprint into strategic U.S. markets, sourcing multiple M&A transactions and numerous multimillion-dollar capital raises.
"We sit at a pivotal moment for the state of healthcare in the US with an opportunity for Healing CREI to help maximize accessibility to novel treatment programs to the benefit of healthcare professionals and their patients," said Mr. Caltabiano. "Healing CREI is uniquely positioned to address the growing needs for mental, behavioral and physical healthcare by providing state-of-the-art healthcare facilities to support the evolving treatments for counseling, physical therapy, wellness and more. Through our unique strategic approach, we have the opportunity to work with world-class institutional bankers, investors, and healthcare professionals enabling us to accelerate our growth strategy."
Healing CREI is a data driven company that intends to invest in NNN-leased healthcare-related real estate assets. The Company intends to manage both property acquisition and interior buildout to optimize the properties for each individual tenant or practitioner. With escalating healthcare costs driving patients to explore novel treatments and an overall growing prioritization of wellness across the U.S., the behavioral health market is projected to be valued at $132.4 billion by 2027.
"Our primary goal is to have $1 billion in real estate assets under management in the next five years and Joe's extensive experience as a leader in real estate make it clear that he is the right person to help us capitalize on our goals," said Healing CREI President Cody Shandraw. "Over the next 12 months we are prepared to meet the demand for advanced clinics and facilities as swiftly as possible."
In addition, Healing CREI intends to file articles of amendment with the State of Maryland to begin the process to change its name to Healing Realty Trust and formally convert to a Maryland corporation. The Company anticipates the formal name change to officially take place in the coming weeks.
About Healing CREI
Healing CREI invests in real estate supporting the healthcare industry across the United States and Canada, including psychedelic therapy centers, behavioral health facilities, as well as therapy and rehabilitation services, positioning the company to become one of the top healthcare investment companies. Healing CREI's commitment to providing high-quality care and extensive industry knowledge uniquely positions the company for success in the competitive healthcare real estate market.
Media Contacts:
Kristin Cwalinski / Nick Opich
KCSA Strategic Communications
hcrei@kcsa.com
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