Healthpeak Properties, Inc.

Good morning. Welcome to Healthcare Investor First Quarter 2021 Earnings Conference Call. Our participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there'll be an opportunity to ask questions. Please note that this event is being recorded. I would now like to turn the conference over to Michelle Reber. Please go ahead.

Thank you, and good morning. With me today are Omega's CEO, Taylor Pickett, COO, Dan Booth, CFO, Bob Stevenson, Chief Corporate Development Officer, Stephen Insoft, and Megan Krull, Senior Vice President of Operations. Comments made during this conference call that are not historical facts may be forward-looking statements, such as statements regarding our financial projections, dividend policy, portfolio restructurings, rent payments, financial condition or prospects of our operators, contemplated acquisitions, dispositions or transitions, and our business and portfolio outlook generally. These forward-looking statements involve risks and uncertainties which may cause actual results to differ materially. Please see our press releases and our filings with the Securities and Exchange Commission, including, without limitation, our most recent report on Form 10-K and which identifies specific factors that may cause actual results or events to differ materially from those described in forward-looking statements. During the call today, we will refer to some non-GAAP financial measures, such as NAREIT FFO, Adjusted FFO, FAD, and EBITDA. Reconciliations of these non-GAAP measures to the most comparable measure under generally accepted accounting principles, as well as an explanation of the usefulness of the non-GAAP measures, are available under the Financial Information section of our website. at www.omegahealthcare.com, and in the case of NAERI FFO and adjusted FFO, in our recently issued press release. In addition, certain operator coverage and financial information that we discuss is based on data provided by our operators that has not been independently verified by Omega. I will now turn the call over to Taylor.

Thanks, Michelle. Good morning, and thank you for joining our first quarter 2021 earnings conference call. Today, I will discuss our first quarter financial results, the COVID-19 pandemic and various industry issues, and the vaccine rollout. We are very pleased with our strong first quarter results. Our adjusted FFO of 85 cents per share and our funds available for distribution of 81 cents per share allowed us to maintain our quarterly dividend of 67 cents per share. The payout ratio is 79% of adjusted FFO and 83% of funds available for distribution. Additionally, for the first quarter end in April, we collected virtually all of our contractual rents. Over the last six months, we have issued $1.4 billion in bonds, and we've recast our $1.5 billion bank credit facility with a four-year maturity in 2025. Our liquidity and our debt maturity ladder have never been stronger as we move forward facing the uncertain timing of pandemic recovery. I again want to thank our operating partners and their staff who have cared for tens of thousands of residents within our facilities. I would also like to recognize and thank the federal government and the states for their support of the skilled nursing and assisted living communities. The allocation and distribution of additional government funding along with the communication and evolution of clinical protocols has been critical in protecting and saving lives as we combat this unprecedented, deadly pandemic. Looking forward, The key to our industry recovery is the return of occupancy to pre-pandemic levels. Although we have seen occupancy stabilize and increase slightly as vaccines have rolled out, it is not clear that the pace of occupancy recovery will be sufficient to avoid industry-level cash flow issues. With an estimated $24.5 billion remaining in the Provider Relief Fund and the likelihood of provider funding requests well in excess of this amount, we expect certain providers in the industry may have shortfalls. Furthermore, although many states have provided meaningful support, there are many states where additional support will be necessary to avoid facility financial stress and potential closures. We continue to strongly believe in the positive long-term prospects for our operating partners while acknowledging the possibility of near-term stress that some skilled nursing and senior housing providers may face. Turning to the vaccine rollout, We continue to gather vaccination data from our operators and can report the following. As of April 30th, all three clinics have been conducted at substantially all of our facilities. Based on operators representing over 90% of our facilities reporting in, the vaccination rate for residents is approximately 81%, with the vaccination rate for staff at approximately 49%. This is a vast improvement over what we reported last quarter of 69%, and 36% for residents and staff, respectively. I will now turn the call over to Bob.