Quarterly Results
Quarter
Categories
4Q 2017
4Q 2017 Earnings Results
Earnings Release & Supplemental Report
10-K Filing
Discussion + Reconciliation of Non-GAAP Financial Measures
Fourth Quarter 2017 Highlights
- Net loss, FFO and FFO as adjusted applicable to common shares were $(0.13), $0.11 and $0.48 per share, respectively
- Commenced Phase I of Sierra Point, our next major life science development in South San Francisco
- Entered into a $115 million participating development financing agreement for a high-rise senior living development in downtown Seattle
- Acquired an 11-asset portfolio of medical office buildings for $151 million
- Closed on the previously announced $228 million acquisition of the Hayden Research Campus in the Boston life science market
- As previously announced, closed on a new $2.0 billion unsecured revolving credit facility
- Recognized an $84 million impairment on our Tandem debt investment
- Announced Mike McKee to step down from his role as Executive Chairman and retire from HCP's Board of Directors at the upcoming Annual Meeting
- Named as a 2017 ENERGY STAR Partner of the Year for outstanding efforts to improve our properties' energy efficiency
Full Year 2017 Highlights
- Net income, FFO and FFO as adjusted applicable to common shares were $0.88, $1.41 and $1.95 per share, respectively
- Achieved year-over-year Total SPP Cash NOI growth of 3.4%
- Significantly lowered our Brookdale Senior Living, Inc. ("Brookdale") tenant concentration with $1.6 billion of closed dispositions and entered into additional strategic transactions which, when combined, result in a more diversified senior housing operator portfolio, improved triple-net lease coverage, and a stronger balance sheet
- Closed $562 million of acquisitions, including our entry into the Boston life science market
- Enhanced our financial position with $1.4 billion of debt repayments
- Substantially exited our high-risk mezzanine debt investments, generating proceeds of $500 million
- Launched sales process for our remaining U.K. investments
- Executed 4.1 million square feet of leasing across our medical office and life science portfolios
- Recognized for our continued leadership and performance by several prominent Environmental, Social and Governance ("ESG") benchmarking institutions
- Enhanced corporate governance by opting out of provisions of the Maryland Unsolicited Takeover Act ("MUTA") and adopting majority-vote standard for stockholder bylaw amendments
Upcoming Earnings Call