Quarterly Results


1Q 2022

First Quarter 2022 Highlights


  • Net income of $0.13 per share, Nareit FFO of $0.45 per share, FFO as Adjusted of $0.43 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 5.6%
    • Life Science and MOB Same-Store Portfolio Cash (Adjusted) NOI growth of 5.2% and 3.6%, respectively
    • Total pro forma Same-Store Portfolio Cash (Adjusted) NOI growth of 3.2% excluding government grants received under the CARES Act at our CCRC properties 
  • Life science development:
    • Placed 263,000 square feet of 100% leased Class A life science developments in service during the first quarter, representing $262 million of total investment 
    • Active life science developments 71% pre-leased as of March 31, 2022 with significant active tenant interest in remaining availability 
  • Placed in service three on-campus HCA medical office development projects representing 237,000 square feet and $68 million of investment at completion; the properties were 61% leased as of March 31, 2022
  • Acquired two medical office buildings on the campus of an HCA hospital in the Houston MSA for $43 million
  • Net debt to adjusted EBITDAre and liquidity were 5.1x and $2.1 billion, respectively, as of March 31, 2022
  • Kathy Sandstrom appointed independent Vice Chair of the Board of Directors
  • The Board of Directors declared a quarterly common stock cash dividend of $0.30 per share to be paid on May 20, 2022, to stockholders of record as of the close of business on May 9, 2022 
  • Recent ESG accomplishments include:
    • Named to Fortune's inaugural Modern Board 25 list, recognizing the 25 most innovative boards of directors among S&P 500 companies based on corporate governance criteria such as director expertise, independence, diversity and tenure, as well as ESG scoring
    • Received a Supplier Engagement Rating of "A-" from CDP for the third consecutive year for our leading performance in ESG governance, environmental targets, greenhouse gas emissions disclosure and supplier engagement 
    • Recognized by the Women's Leadership Foundation of Colorado for having a gender-balanced Board