Quarterly Results

Quarter

2Q 2021

2Q 2021 Earnings Results
Earnings Release & Supplemental Report
 
10-Q Filing
 
Discussion + Reconciliation of Non-GAAP Financial Measures

 

Second Quarter 2021 Highlights
  • Net income of $0.51 per share, Nareit FFO of $0.28 per share, FFO as Adjusted of $0.40 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 1.2%
    • Total pro forma Same-Store Portfolio Cash (Adjusted) NOI growth of 7.6% excluding government grants received under the CARES Act at our CCRC properties
    • Life Science and MOB Same-Store Portfolio Cash (Adjusted) NOI growth of 7.4% and 4.1%, respectively
  • Acquisitions:
    • Closed on $425 million of MOB acquisitions during the second quarter
    • In July 2021, acquired an aggregate $205 million of MOBs in off-market transactions, consisting of three buildings that are 100% leased to Atlantic Health System for $155 million and a 132,000 square foot medical campus 100% leased to HCA for $50 million
  • Development leasing:
    • Signed a binding term sheet for a 163,000 square foot full-building lease for the Sorrento Gateway life science development in the Sorrento Mesa submarket of San Diego, California
    • Signed a 185,000 square foot full-campus lease for the Callan Ridge densification in the Torrey Pines submarket of San Diego, California
    • Active life science development pipeline now 73% pre-leased
  • Dispositions:
    • Closed on an additional $249 million of senior housing sales and $19 million of loan repayments from our May 4, 2021 earnings release through August 1, 2021 and under contract on the remaining sales
    • Received $246 million of seller-financing early repayments in June 2021
    • Closed on the previously announced sale of Hoag Hospital purchase option, generating proceeds of $226 million 
  • Balance sheet:
    • Completed the previously announced tender offers for $550 million of senior unsecured notes due 2025
    • Issued $450 million of 1.35% senior unsecured notes due 2027 in our inaugural green bond offering
    • Net debt to adjusted EBITDAre of 4.6x as of June 30, 2021
  • The Board of Directors declared a quarterly common stock cash dividend of $0.30 per share to be paid on August 20, 2021, to stockholders of record as of the close of business on August 9, 2021
  • Published 10th annual ESG report covering environmental, social and governance initiatives and progress