Healthpeak Properties, Inc.

Good morning, everyone, and welcome to the HealthPeak Properties, Inc. second quarter conference call. All participants will be in a 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 will be an opportunity to ask questions. To ask a question, you may press star then one on your touch-tone phone. To withdraw your question, please press star then two. Please note that this event is being recorded. I would now like to turn the conference over to Andrew Johns, Vice President, Corporate Finance and Investor Relations. Please go ahead.

Welcome to HealthPeak Second Quarter 2021 Financial Results Conference Call. Today's conference call will contain certain forward-looking statements. Although we believe expectations reflected in any forward-looking statements are based on reasonable assumptions, our forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations. A discussion of risks and risk factors is included in our press release and detailed in our filings of the SEC. We do not undertake a duty to update any forward-looking statements. Certain non-GAAP financial measures will be discussed in this call. In an exhibit to the 8K we furnished to the SEC yesterday, we have reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Reggie requirements. This exhibit is also available on our website at healthpeak.com. I'll now turn the call over to our Chief Executive Officer, Tom Herzog.

Thank you, Andrew, and good morning, everyone. On the call with me today are Scott Brinker, our President and CIO, and Pete Scott, our CFO. Hello. Also on the line and available for the Q&A portion of the call are Tom Clerch, our COO, and Troy McHenry, our Chief Legal Officer and General Counsel. We've maintained our strong start to the year. Our life science, MOB, and CCRC businesses continue to perform well. Our balance sheet is in great shape. Our exit from rental senior housing is substantially complete, and we are having good success redeploying excess sales proceeds and have built a strong acquisition pipeline. Let me hit the high points. Operating results across all three of our core businesses were ahead of our expectations. We're down to the final $150 million of rental senior housing sales, which are all under binding contracts. This leaves us with our interest in the sovereign wealth JV, which we will continue to evaluate with our partner. We acquired $425 million of MOBs in Q2 and another $205 million in July. and which, combined with our first quarter activity, brings our year-to-date MOB acquisitions to $640 million, all of which were done on an off-market basis. On the development side, life science market dynamics, projected deliveries, and pre-leasing all remain favorable. During the second quarter, we signed a full campus lease for our Kellen Ridge densification project, and yesterday announced Sorrento Gateway is also fully spoken for, bringing our active life science development pipeline to 73 percent pre-leased or committed. Earlier this month, we issued $450 million of senior unsecured bonds due in 2027 in our inaugural green bond offering. Given our operational progress, we raised our FFO-adjusted guidance by a penny at the midpoint and same-store guidance by 50 basis points at the midpoint. Finally, in July, we published our 10th annual ESG report. Our ESG program continues to produce meaningful results and receive industry and global recognition. Our team at HealthPeak is very pleased with the progress we've made over the last decade and are continuing to pursue and invest in initiatives that improve our overall ESG performance and support our long-term goals. So everything is progressing very well. With that, I'll turn it over to Scott Brinker.