Today the collectively of team incredibly one-year Tom. first year. Thanks, am and the proud I over my accomplishments has HCP, marks of my anniversary officially course achieved at the
made HCP, complete have clear have path transformation. forward we progress substantial our to a and in We repositioning
on we totaling call today, $XXX the On balance acquisition and sheet, Starting our the an of on update million. update activity, of the review key with activity, transactions will development fourth that a key guidance. earnings, announced our I closed we review three of transaction an on following: in provide XXXX an quarter overview results, the a and fourth and important along with XXXX quarter
million. community the XX-unit, a community LCB Residence for venture We Senior Watertown housing The acquired joint in Boston. at is transaction, located first a The Living $XX X-year-old with in senior consolidated Square,
We modern to targeted England partner operators. to for of fit was LCB our high-barrier-to-entry one opportunities has group the We've a living pioneers with trying look LCB excellent this to find welcome to senior been continually time, as them are add an quite and pleased some we assets high-quality New our into focus portfolio. of market. to been with the in in
group acquisition feet portfolio strong is this occupied. Montecito medical majority the office by is lease of practices XX-asset, a and and announced average million totaling XX% anchored an XXX,XXX for in of and is the medical with eight Montecito specialty term square large closing transaction. an also years. portfolio off-market We hospitals off-campus The $XXX weighted of portfolio
for closed on Research announced the acquisition Hayden $XXX previously Campus Lastly, we million.
we under quarter. our way a the We of X.X%. Based this on yield our picture supplemental to Hayden XX have to-date, well leasing cover are of achieving on our included initial progress of
mark-to-market In our look yield late enhancing addition, the positive maturity, capitalize to the mid-X% on on opportunity level. further to lease we'll XXXX
development having to the to this in life to fruition. additional coming King to kicking to feet are transactions acquisition We lab square evaluate important continue close on with campus. XXX,XXX this construction are of front examples on hard begin work off We approvals phase we three science our will space on the of look Street, These of the project great additional final to opportunities an market. grow and forward
three completed of we acquisitions across all year, segments. property the $XXX For million
Downtown Moving the be participating $XXX Pacific a the of In XXX The of million, development Care, Hill of financing preeminent arrangement on Northwest. Terry, will debt XXX-unit the to in a urban Pacific entered we one Columbia into living activity. the senior Seattle. managed by First construction in to property high-rise neighborhood located operators Advisors December, Leisure development fund with
earn to of provide will a $XXX balance and in development XX% receive We and interest the the X.X% participating up financing on rate interest million loan a outstanding profit.
be well loan development our completed in program is The that debt participating initial in Our initially the development fits XXXX. and expected XXXX. in fundings we in to created be will mid-XXXX, investment
of recognition for significant had participation through the our have We success purchases historical harvesting gains. positions asset
of commenced Finally, and we construction result Sierra consisting market. The in The the Point, on Francisco science is a have Cove, success as campus a at the designed project life South multi-building leasing XXX,XXX-square-foot remaining to spend. in late approximately feet initial developed two with phases with million XXXX Phase $XXX and of I of XXX,XXX expected roughly buildings square be delivery in date an totaling
on to Moving results. our
fourth X.X%. of per For we year-over-year the portfolio total FFO NOI as delivered adjusted and $X.XX reported of same-store quarter, cash share, our growth
we quarter $X.XX as our same-store guidance. midpoint year, reported at NOI third or per segments share full cash the For All X.X%. and above growth of adjusted the were of FFO of
reported Going X% into for growth during quarter Medical office segment. major the our in the and NOI cash X.X% full more year. of detail same-store
and strong, stable Our continues growth. market-leading steady portfolio generate to
X.X on XXXX, space square leases During team achieved our and retention feet executed rate. XX.X% million an of
senior cash effect forma the NOI been would pro midpoint EBITDAR of for times, basis coming same-store X.XX and respectively. grew housing X.XX and X.X% year, during and On triple-net coverages our giving EBITDARM transition, X.X% to have slightly in quarter the guidance. a portfolio, times full the sales Brookdale and above after our For the our
X.X% same-store we the in drove of SPP portfolio, XXXX SHOP which, improved NOI portfolio's basis year-over-year back the expectation. the growth was previously our quarter was with results. occupancy of guidance quarter adjusted third XX our at positive For importantly, points, cash half in of finished for with negative essentially line our high end the The XXXX range.
other on calls, outsized a have as earnings mentioned well previous had create in XXXX. comparison. items I rebates the fourth purchase year-over-year quarter As volume rebates we distorted of recorded These as
XX CCRC's which which on point of and a September increased page negative basis On the normalized the the of details our would more quarter X of year-over-year and through items, captured quarter important gain Sequentially, the for in included that approximately performance basis, XXXX. NOI on low at briefly Touching in For August hit points. slightly it growth positive. SHOP you inclusive fees, occupancy the exceptionally our growth footnote been for performance please these CCRC quarterly entrance fees, and to X.X% then were non-refundable quarter have supplemental. cash want on year. during of strong look a remind and for SPP reported is the growth We is quarter in fourth year. X.X% of which for July the in was the the quarter both of fourth non-refundable were full same-store see maintained XX.X%. October, end XX quarter, and Life I XX%, positive our Inclusive to entrance the science the for
II leased. we market-leading presence continued I to XXXX, During which Francisco Phases The in our San with and XXX% expand are South of Cove
tenants Diego, Denali, for development, we property market-leading ahead moved past week, San originally recently leased signed XXX,XXX on lease their to XXX,XXX-square-foot I a will LOI bring AstraZeneca report this with to (XX:XX:XX). other an this am existing an Ridgeview square Just of of contemplated. joining and CytomX tenant our In feet we pleased when XXX% into which including space,
three me in briefly the touch important Let items fourth accounting quarter. upon
million conjunction the the in majority with will be intangibles The charge the write-off we of is of related a to non-cash terminated. The charge incurred transaction. with that this first item, associated leases triple-net $XX Brookdale
and you terminations. components fair aware, of including takes. above-market management value transaction lease from fair received lots puts the agreement of the from we the fair requires we the value Additionally, to are us as and value relinquished the included termination Brookdale certain these GAAP
table charge. a have this XX summary on We GAAP of which the impact shows page our of supplemental, included
Importantly, no impact there cash is to NOI.
million. Today, reducing item, of The we $XXX investment. $XX our impairment Tandem our second an announced value million, carrying to
a pursuing our strategic including sale loan are potential of We actively position. alternatives
the Act three charge of of changes FFO portfolio, The the accounting been we per XXXX rate third as first XXXX. is a these NAREIT was the in dividend, very to dividend unchanged comfortable of dividend of result corporate charges December and Tax reported were $XX legislation the company's for we of our the million Jobs have is Based adjusted to signed and tax differentiated FFO FAD. board $X.XX regards With but Cuts by item, All into that safe, on share, from incurred high-quality as a back pay a enacted at in level. non-cash and added XXXX. our declared which are directors quarter private this
on to Moving balance the sheet.
fourth a of longer Tandem trailing metrics interest result year our announced we with elevated receiving of no debt basis EBITDA annualized anticipate reducing the we finished our investment, with X.X combined on in the a timing As we on our to temporary, the a fourth year acquisitions complete quarter, basis. quarter as on times and materially net a of leverage half adjusted in the the first leverage and X.X are sales. These XX-month of our times
our on Moving to guidance. XXXX
per at to X.XX% $X.XX X% between rates share X.X% growth office growth X.XX% to zero, between range $X.XX same-property X.X% science X.XX% will XXXX to For X.XX%. per the to segment to senior by medical range The as adjusted housing at year, at share. cash to life X.X%, FFO triple-net finally, NOI full at will and are X.XX%, negative to at other SHOP X.X%. X.XX%, total
some our Let affect me impact of guidance. same-store describe take to minute items a onetime that the
life decline the basis affected call, Francisco. earnings in at life on is our by quarter science on San XXX points. As lease million The $X.X South negative same-store mark-to-market third science impact rent mentioned same-store XXX,XXX-square-foot is a
account same-store impact into XXX transaction. $X.X triple-net triple-net on larger of which is of The the million, negative SPP Our component basis takes Brookdale rent a one points. reduction guidance is
at same-store will growth cash the X.X%. midpoint total be items, these both Excluding
than our a as a guidance. spend The result on of larger range minute me SHOP Let important is typical some items.
peak First, abated, deliveries to are in that starts housing persist expect we while midst XXXX. throughout the have construction and of senior
Second, middle season. very we in the a flu are of challenging
certain impacted reduction embargoes in assets, move-ins. have by We have been we significant not move-outs, in has resulted which but in experienced a
result, project as As we cautious being we are forward. a
of Brookdale in Third, operators. from of to process approximately the we're other pool the transitioning one-third SPP
heightened there transition, we be expect while is smooth we nevertheless in While performance ongoing. to anticipate this some volatility
get we specific of the through year more progress on guidance severity such and intend we range. As as items flu, tighten to clarity the the the
on the recycling embedded capital to timing that in key Moving are guidance. our transaction our
first agreed sell six near the to assets on in of to we end on have one closing quarter. With estimate the and we the Brookdale, remainder of assets the closed January the
UK II and For second quarter. we the RIDEA sale our have closing remaining assumed investments of these the during transactions portfolio, the
we to We we these utilize parties, managed that of be are For reinvested and closing proceeds into a midyear. or assumed third $X.X approximately repay approximately Brookdale by assumed to combination rate of debt plan and X%. dispositions the currently the a transactions to have capital assets to at these sell others proceeds blended billion expenditures remaining to The from of plan leased currently at investments.
item recycling exclude capital any forward. back peers, we improve comparability same-property fund our our going have with before page regarding the guidance JVs modeling, and to performance in of on create call To additional provided acquisitions greater from turning to XXXX assumptions assist disclosures our did additional assume acquisition, Tom. have supplemental. related not occurring. to last One To and to unconsolidated guidance decided our we Beyond XX detail our and
can NOI page will CCRCs on Although in included XX SHOP, found and longer non-refundable of be no guidance fees supplemental. entrance be on the
excluding XX our JVs included summary including also pages to of a XXXX unconsolidated We and on have results, XX.
have from there to little turn call very And impact the me let that, Tom. that in would can been see this with change. You back XXXX,
