Quarterly Results

Quarter

3Q 2018

Third Quarter 2018 Highlights
  • Under contract to sell our Shoreline Technology Center campus in Mountain View, California for gross proceeds of $1.0 billion
  • Signed 460,000 square feet of leases at our South San Francisco developments; both Phase I of The Shore at Sierra Point and Phase IV of The Cove are now 100% pre-leased
  • Created a program with HCA Healthcare to develop primarily on-campus MOBs; commenced first project, a $26 million on-campus MOB in Myrtle Beach, South Carolina 
  • Closed on the previously announced $605 million joint venture with Morgan Stanley Real Estate Investing in a two million square foot medical office portfolio
  • Completed the sale of 17 senior housing communities to an investment fund managed by affiliates of Apollo Global Management for $264 million and expect the remaining two assets in the portfolio to close by year-end for approximately $113 million
  • Completed 35 senior housing operator transitions from Brookdale Senior Living, Inc. ("Brookdale") with four additional transitions expected to be completed by year-end
  • Completed the early redemption of all $700 million of our 5.375% senior notes due 2021 using proceeds from capital recycling 
  • Named to the Dow Jones Sustainability Index and received the Green Star designation from GRESB, our sixth and seventh year, respectively, receiving these prestigious awards
  • Achieved total portfolio year-over-year SPP Cash NOI growth of 1.7% in the third quarter
  • Reaffirmed 2018 FFO as adjusted and full-year 2018 SPP Cash NOI guidance ranges