Earnings Release & Supplemental Report

10-Q Filing

Discussion + Reconciliation of Non-GAAP Financial Measures

• Closed on $842 million of acquisitions in the second quarter, including $803 million previously announced
  • $245 million previously announced acquisition of Sierra Point Towers in South San Francisco
  • $445 million previously announced acquisition of nine recently-built senior housing properties operated by Discovery Senior Living ("Discovery")
  • $113 million previously announced acquisition of three recently-built senior housing properties operated by Oakmont Senior Living ("Oakmont")
  • $24 million of other miscellaneous senior housing acquisitions
  • $15 million acquisition of an on-campus medical office building in Overland Park, Kansas (Kansas City MSA)
• Closed on $528 million of newly announced acquisitions in July 2019
  • $228 million four-building life science campus in Lexington, Massachusetts
  • $284 million portfolio of five recently-built senior housing properties in California operated by Oakmont
  • $16 million building on an existing HCP life science campus in the Sorrento Mesa submarket of San Diego, California
• Entered into an agreement to sell our direct financing lease interests in 13 non-core senior housing properties for $274 million
• Delivered Phase III of The Cove in South San Francisco, representing 324,000 square feet of Class A life science space that is 100% leased
• Added one on-campus medical office development with a total estimated spend of $12 million to our development program with HCA Healthcare ("HCA")
• Renewed the senior housing master lease with Aegis Living ("Aegis") whereby the existing rent will escalate at 3% per year through 2030
• Amended our lease agreements with Harbor Retirement Associates ("HRA") to create an 8-property master lease maturing in 2028
• Completed the previously announced conversion of an additional 15 senior housing properties operated by Sunrise Senior Living ("Sunrise") from triple-net leases to RIDEA structures
• Issued $1.3 billion of senior unsecured notes
• Upsized revolving credit facility to $2.5 billion and originated a $250 million unsecured term loan facility
• Sold 15.7 million shares of common stock under our ATM equity offering program for estimated net proceeds of $496 million
• Increased 2019 FFO as adjusted per share guidance by two cents at the midpoint and 2019 blended Total Portfolio SPP Cash NOI guidance by 50 basis points at the midpoint
• Named to Corporate Responsibility Magazine's 100 Best Corporate Citizens List for 2019 and became a constituent in the Dow Jones Global 1200 ESG Index for the first time in 2019