Healthpeak Properties, Inc.

Good morning, and welcome to the HealthPeak Properties, Inc. third quarter 2026 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 touchtone phone. To withdraw your question, please press star one again. Please note, this event is being recorded. I would now like to turn the conference over to Andrew Johns, Senior Vice President, Investor Relations. Please, go ahead.

Welcome. As a reminder, certain statements made in this call may be deemed forward-looking statements in the meaning of the Private Securities Litigation Reform Act. Although healthy, please, any forward-looking statements are based on reasonable assumptions. The company can give no assurances that its projected results will be attained, and we do not undertake a duty to update any forward-looking statements. Factors that could cause actual results differ materially from those in the forward-looking statements or details in the company's filings or the SEC. We will refer to certain non-GAAP financial measures during this call, which are reconciled to the most directly comparable GAAP measures in an exhibit to the 8K referred to the SEC yesterday in accordance with Reg G. I'll now turn the call over to our President, Chief Executive Officer, Scott Brinker.

Thanks, Adrian, and welcome to our 3Q earnings call. I want to congratulate the team here on a very strong quarter operationally, which allowed us to increase earnings guidance for the third time this year, and by a total of $0.05 per share at the midpoint. The guidance raises this year were primarily driven by operations across the portfolio and the flow-through impact of Janus Living. In outpatient medical, the strong fundamentals we spoke to at the merger three years ago continue to be validated. Cost pressures are making outpatient delivery a strategic mandate for health systems across the country, and we play a vital role helping them address that mandate. The aging population is driving record demand and new supplies at historical lows. against that favorable backdrop, we created the leading platform and portfolio in the outpatient sector with the merger. Third quarter results included positive net absorption, strong retention and releasing spreads, and modest TIs and commissions. These are the metrics that drive cash flow and value creation. We don't focus on same store because it ignores equally important items like CapEx and moving properties in and out of the pool. Our outpatient business is stronger than ever and we expect internal growth to accelerate in 2027 given our recent lease executions and pipeline. We're also happy to have closed nearly $2 billion of fully stabilized outpatient sales, recaps, and loan repayments earlier this year at a blended 6% cap rate. More than half of that amount was joint venture recaps with Blue Chip LPs who chose to partner with HealthPeak given our platform. Moving to our life science business. Earlier this year, we shared our expectation of growing total occupancy by 100 basis points in 2026. That was not a consensus view at the time. But we saw early signs of an improving environment, and we were confident we'd capture market share. Year to date, we've outperformed our own expectations. Total occupancy increased 130 basis points last quarter and by 270 basis points year to date. Not sure anyone else in the sector could make that same claim. And why the success? We've made strategic new hires, we own really good real estate, we have liquidity and credibility, and we can move quickly given our buildings are unencumbered by third party debt. All of those factors will continue to drive leasing out performance. Life science job growth turned positive in 3Q, which is consistent with the growing demand that we see in our pipeline. On the supply side, we continue to see certain quote unquote life science buildings go to alternative uses, which is soaking up some of the vacancy. The robust infrastructure of a lab building is attractive to AI-adjacent users, including robotics, because of power, floor loads, and ceiling heights. We're seeing a lot of that type of demand in the marketplace. The net effect is that supply and demand are starting to move in our favor, albeit at different rates depending on the submarket. For example, we're now fully leased in Torrey Pines versus 65% leased in that submarket just six months ago. Strong occupancy will, of course, allow us to drive better economics on future leases. We continue to make good progress at the Gateway Campus we acquired earlier this year with 125,000 square feet of leases signed so far in the fourth quarter alone, plus 100,000 square feet undersigned LOI or in active discussions. The three acquisitions announced yesterday are building surrounded by existing HealthPeak real estate and add to our competitive advantage in core submarkets. It's a great time to be a buyer because most life science GPs, LPs, and lenders are upside down. Capital availability in this sector has gone from overly abundant to severely constrained. As a result, we can now buy core assets at a basis with both downside protection and significant upside. Current occupancy across the acquisitions is 41%, with a 5% in-place yield going to 9% to 10% at stabilization. And these are not passive investments. We're bringing our relationships and expertise to the table, and we already have strong leasing activity on 70% of the acquired vacancy. When we acquire quality real estate in our core submarkets, there's a network effect that increases the value of our entire local footprint as we become the easy button for tenants and brokers. More broadly, we entered the sector downturn in 2022 as the number three player in life science real estate. We're entering the recovery as the only company growing its footprint and adding talent. More work to do, but we're on a trajectory to become the leading portfolio and platform in the life science real estate sector. In senior housing, the lifestyle and value of our communities is driving higher occupancy and revenue. Our same store portfolio had 300 basis points of occupancy growth and 26% NOI growth in the quarter. Entry fee sales in 3Q were simply incredible, achieving a new all-time high for the quarter. We've closed $2.2 billion of acquisitions since the IPO, and the NOI on these deals is trending in line or ahead of underwriting. Most important to the long-term strategy, we've gone from two operating partners to 13, which dramatically increases JAN's external growth, as those partners are now bringing us proprietary acquisitions. JAN's success is also driving earnings growth and value creation at HealthPeak, given our unique and creative deal structure that aligns the interests of both companies. I'll turn it to Kelvin.