Earnings Release & Supplemental Report

10-Q Filing

Discussion + Reconciliation of Non-GAAP Financial Measures

• Net income of $0.13 per share, Nareit FFO of $0.44 per share, FFO as Adjusted of $0.44 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 3.7%
  • Life Science and MOB Same-Store Portfolio Cash (Adjusted) NOI growth of 4.3% and 4.5%, respectively
• South San Francisco Joint Ventures:
  • Formed a new life science joint venture with a sovereign wealth fund (“SWF Partner”) for the near-term redevelopment of seven buildings on Healthpeak's Pointe Grand campus in South San Francisco
  • Healthpeak and its SWF Partner have also signed agreements to utilize a similar joint venture structure to develop Phases II & III of Vantage in South San Francisco
• Announced a $500 million share repurchase program
• Life science development:
  • Signed a 154,000 square foot full-building lease with a global pharmaceutical company at Vantage Phase I in South San Francisco 
  • Placed in service the remaining 74,000 square feet at The Boardwalk and an additional 160,000 square feet at The Shore 
  • $1 billion active life science developments 81% pre-leased as of August 2, 2022 
• Added a new $36 million on-campus medical office development to our HCA Healthcare ("HCA") development program
• Increased MOB full-year 2022 same-store cash NOI outlook
• Net debt to adjusted EBITDAre and liquidity were 5.1x and $2.0 billion, respectively, as of June 30, 2022
• Obtained indicative lender commitments in excess of $500 million for proposed new senior unsecured delayed draw term loans
• The Board of Directors declared a quarterly common stock cash dividend of $0.30 per share to be paid on August 19, 2022, to stockholders of record as of the close of business on August 8, 2022 
• Published 11th annual ESG report covering environmental, social and governance initiatives and progress