Quarterly Results

Quarter

3Q 2021

Third Quarter 2021 Highlights
  • Net income of $0.10 per share, Nareit FFO of $0.36 per share, FFO as Adjusted of $0.40 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 3.2%
    • Life Science and MOB Same-Store Portfolio Cash (Adjusted) NOI growth of 6.8% and 2.9%, respectively
    • Total pro forma Same-Store Portfolio Cash (Adjusted) NOI growth of 4.1% excluding government grants received under the CARES Act at our CCRC properties 
  • Announced $782 million of new acquisitions:
    • Through a series of eight separate transactions, and $625 million of initial investment, assembled 36 acres of income-producing properties and covered land plays in the Alewife submarket of West Cambridge to support significant future life science development activity over the next decade or more
    • Acquired a five acre covered land play in the Sorrento Mesa submarket of San Diego for $20 million to further strengthen our sizable position in the submarket and support future development
    • $137 million of new on-campus MOB acquisitions
  • Life science development leasing:
    • Signed 178,000 square feet of new leases at our active developments, including 36,000 square feet at The Shore at Sierra Point Phase II, bringing the project to 100% pre-leased, and 142,000 square feet at 101 CambridgePark Drive, bringing the project to 88% pre-leased
    • Active life science developments 87% pre-leased as of the end of the third quarter
  • New life science development start:
    • Commenced construction on the first phase of Vantage, a 343,000 square foot Class A life science development in South San Francisco  
  • Closed the final $149 million of senior housing dispositions, bringing total sales proceeds to $4 billion since July 2020
  • Balance sheet:
    • In September, closed on an upsized $3 billion revolving credit facility, extending maturity to 2026
    • Sold 9.1 million shares of common stock under our ATM equity program on a forward basis, which is expected to result in net proceeds of approximately $320 million
    • Net debt to adjusted EBITDAre of 5.0x as of September 30, 2021
  • The Board of Directors declared a quarterly common stock cash dividend of $0.30 per share to be paid on November 19, 2021, to stockholders of record as of the close of business on November 8, 2021
  • Received the Green Star designation from GRESB and named a constituent in the FTSE4Good Index, each for the tenth consecutive year; short-listed by IR Magazine for the Corporate Governance Awards – Best Proxy Statement for the second consecutive year
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