Healthpeak Properties, Inc.

Good morning and welcome to the HealthPeak Properties, Inc. third quarter conference call. All 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 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 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 HealthBeak's third quarter of 2021 Financial Results Conference Call. Today's conference call will contain certain forward-looking statements. Although we believe the 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 risk and risk factors is included in our press release and detail in our filings. With the SEC, we do not undertake a duty to update any forward-looking statements. Certain non-GAAP financial measures will be discussed on this call. In an exhibit to the AK we furnished to the SEC yesterday, we have reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with the IG requirements. The exhibit is also available on our website. Also, last night we published a West Cambridge and South San Francisco transaction update presentation. This presentation can be found in the investor presentation section of our website. I will now turn the call over to our Chief Executive Officer, Tom Herzog.

Thanks, AJ, and good morning, everyone. On the call with me today are Scott Brinker, our President and CIO, and Pete Scott, our CFO. Also on the line and available for the Q&A portion of the call are Tom Clerch, our COO, and Trey McHenry, our Chief Legal Officer and General Counsel. Our Q3 operating and earnings results were favorable. Meanwhile, we have been very active and productive in our transaction, development, and leasing activities. Let me hit the high points. Starting with operations, our life science and MOV businesses, which represent close to 90% of our Q3 NOI, continued to perform above expectations, while our combined CCRC and sovereign wealth fund JV performance was roughly in line with expectations. On the transaction front, we closed our remaining $150 million of rental senior housing sales, bringing total sales since July of 2020 to $4 billion. And we redeployed the entirety of these sales proceeds into our core life science and MOB acquisitions and debt reduction. In life science, we announced a $625 million largely contiguous assemblage of operating and covered land investments in West Cambridge. With this strategic play, we have now captured the majority of the high-quality, developable land in this important sub-market and plan to develop multiple Class A life science properties over the next decade plus. In MOBs, we added three new acquisitions, bringing our year-to-date MOB acquisitions to approximately $780 million, which are primarily on campus. We were also awarded three new developments from HCA two traditional medical office buildings, along with a standalone nursing school that will be fully leased by HCA. As I mentioned last quarter, we expect to continue to focus our MLB growth on full business to leverage our platform, scale, and relationships, hitting accretive singles and doubles. Moving to development. Our life science development program continues to see positive momentum as fundamentals remain strong across our three core markets of San Francisco, Boston, and San Diego. A $1.2 billion active development pipeline is 87% pre-leased, with the remaining un-leased space in active discussions. Given this, yesterday we announced the commencement of our $393 million Vantage Phase I development in South San Francisco. With the scheduled closings of the remaining West Cambridge acquisitions, we will have aggregated 7 million square feet or 10 billion plus of embedded development and densification opportunities across our three businesses and all fully under our ownership and control. One final comment. This quarter, we added to our ESG recognition with the Gresby Green Star designation and inclusion in the FTSE for Goods Sustainability Index, both for the 10th consecutive year. We are proud that ESG has and will continue to be woven into the fabric of our corporate culture. With that, I'll turn it over to Scott.