Earnings Release & Supplemental Report

10-Q Filing

Discussion + Reconciliation of Non-GAAP Financial Measures

• Entered into a $605 million joint venture with Morgan Stanley Real Estate Investing on a two million square foot medical office portfolio
• Commenced $267 million of life science development projects, including $160 million at Hayden Research Campus in the Boston market and $107 million at Phase IV of The Cove in South San Francisco
• Generated $892 million of proceeds from asset sales, including: (i) a 51% interest in our U.K. holdings; (ii) our remaining investment in the RIDEA II senior housing joint venture ("RIDEA II"); and (iii) five assets sold to Brookdale Senior Living, Inc. ("Brookdale")
• Under contract on the previously announced disposition of 22 senior housing communities managed by Brookdale to an investment fund managed by affiliates of Apollo Global Management for $428 million
• Completed 28 senior housing operator transitions from Brookdale to date, including 20 to Atria, five to Sunrise, two to Eclipse and one to Sonata
• Completed 324,000 square feet of leasing at Phase III of The Cove, bringing Phase III to 100% leased
• Repaid $700 million of our 5.375% senior notes due 2021 using proceeds from capital recycling 
• Appointed Katherine Sandstrom to the Company's Board of Directors 
• Named to the FTSE4Good sustainability index for the seventh consecutive year
• Increased 2018 FFO as adjusted guidance and reaffirmed full-year 2018 SPP Cash NOI guidance ranges