PEAK - Earnings call transcript Q2 2020 | Healthpeak Properties, Inc.

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Operator

Good day, and welcome to the Healthpeak Properties, Inc.

Second Quarter Conference Call. [Operator Instructions]. I would now like to turn the conference call over to Ms. Barbat Rodgers, Senior Director, Investor Relations. Ms. yours, is floor the ma'am. Rodgers,

Barbat Rodgers

welcome Thank Results statements. Second Financial Healthpeak's Call. you, Today's forward-looking and Conference certain conference Quarter contain to call will

measures we differ to risks statements uncertainties any financial that of the assumptions, GAAP reflected comparable discussed do actual the non-GAAP SEC the most duty on our and exhibit furnished we In forward-looking financial with based the an reconciled results cause to our be subject our factors to press will on reasonable X-K have release our today, from directly Although this forward-looking measures are statements we update A call. non-GAAP may with Reg believe now materially I expectations. expectations www.healthpeak.com. are filings the requirements. Chief statements. included Executive with Herzog. is Certain G discussion website is a Officer, over of our risks The will in our on also not to SEC. forward-looking any in Tom measure accordance available We at turn detailed to and in call all in undertake the exhibit risk and

Thomas Herzog

Thank morning, you, everyone. Barbat, good and

in results cases, Legal generally our some and our expected. and General CFO. with with Officer and Development and of and Scott and are me Pete are were To call Tom the McHenry, call Counsel. the Officer; Chief available the on and Brinker, than President quarter, Scott, Chief our the On Operating for today summarize second our better the portion our Troy Also in line CIO; Q&A line our Klaritch, expectations

a into its uncertainty months future are remains penetration now However, the of pandemic, duration. X on and and deal we great there

increases businesses our XX%. science we of to generated can of report. by life earnings XX% provided and state play. our small office supplemental night, which of total I'll inclusive total hospitals XX Pages our portfolio of of last was and QX our you XXXX through with start current medical update to well-covered XX such, our As find on that framework, an NOI

businesses In capital to fundamentals of develop a vaccines remains healthy during drug strong reported global forefront, enjoyed and respect with and efforts equity leasing sector for raised. in as science, innovation to the rent demand quarter, collections. All COVID especially are the these at treatments. the record have steady second And high the life sector

show in leasing on our Both and our on-campus development has of year-to-date renewal strong in our expectations, full our been consistent to in Bans and leasing high-quality, announced of pre-leasing have submarkets. ahead favorable is already original San above year Boston driven outpatient all by primarily part we office, results. medical continued expectations. Diego markets. Our In portfolio procedures across came lifted new our the

range, rents. with low in CCRC where had mark-to-market in length single-digit of ended the XX% and was average high attrition lease total the lower fees place. the of much XX% Our SHOP to XX-year the entry quarter X- due by QX portfolio, than is to our NOI stay nonrefundable retention along we generated

CCRC QX inherent occupancy environment operating very in our to of line generated stay. X% expectation. care combined NOI due and memory and results COVID, a tough total length which assisted SHOP, independent, Our with experience to by the of were continues was with short

forth rent environment, expenses have senior a finally, by generated However, but QX NOI less X% the tough in And slowly, previous total rose dramatically operating triple-net, which of and monthly framework. stable. than declined collections set operating remained outlook occupancy also our more housing midpoints faced was

to dividend, great remain is our AFFO. we Moving to share, $X.XX announced yesterday, shape. In per on sheet liquidity. $X.XX our above continue to they balance put, at and which QX in both our Simply be

COVID progresses. to continue our will as dividend We monitor

to sustainable report, corporate social highlighting commitment On the governance business we our history annual In achievements. June, practices. ESG environmental, front, responsibility and we XXXX published ESG decade-plus and our of have ninth a

year, of Best REITs one XXX consecutive second Responsibility List. the we only For were X named Citizens Corporate Corporate at Magazine's

Green as CDP and GRESB's rating consecutive well for received have Sustainability awards each. for also from leadership years consecutive X as Jones Index years Star S&P's We X Dow

So our the and improve We've balance of take already majority strong continued our significant actions quite performing portfolio in liquidity. to summary, is sheet well. to have

even come very working I'll it With that, expect is the and this to team pandemic Our home, side out Scott. fully turn from to and we stronger of other productively company.

Scott Brinker

Tom. of science, to driven operating leasing rent Thank In life Tenant XX%. renewals, a across to X contractual of same-store XXX,XXX basis mark-to-market across speak of is demand markets. XXX transaction above points our collections. square The represented outlook. and escalators segments space for cash Okay. grew by results new occupancy driving with core X.X% were update. on I'll XQ, of pool, commencements, the you, year-over-year, up had XX% feet our which business activity, In strong high all and we finish results the NOI X lease our end

of included of feet That rates of of high-growth the local quarter of lease tenants, leases, an the cash Boston. pre-leased underwriting outperformed XX,XXX importance our development a foot our is project in the new end, Our another with list Boardwalk, the and July, quarter We the a a termination renewals XXX,XXX did example we quarter, mark-to-market early at project XX,XXX already flagship in and included campus San at feet in first in and in Subsequent development Hayden by mark-to-market watch on which is to above XX expand now scale had and leasing of which at quarter rental XX% XXX,XXX Construction signed pre-leased to XX,XXX XX%. than XX,XXX market. existing the in for rental XXX% we feet, renewals at with executions XX% began underwriting. tenant of feet Diego. more in one our XX% the at proactively a additional lease rates cash one feet

X Hayden interior life 'XX. suburban XQ of the and XXX. the amenities expect is in and We near premier Boston's location campus, arguably complete Routes prominent science its scale, given intersection to build-outs

the final in July to Wateridge XX,XXX the San genomics Diego, space a received needed leasing in also where New government. our a COVID at from redevelopment Scripps accommodate testing company feet urgently included mandate

Rent Both aggregating while next vacancy sublease collections in from in to the rent more continue more in $X The markets deminimis, with COVID. are to X their same-store digits deferred. the was favorable, quarter hasn't will the initial the single the tenants, than delayed than that including been the July, due to and the that's XX% In this X able years are close XX second changed half be aggregate. do pipeline to of got year. cases, million lease just about And the lease all deferrals team remains and already a is over in both low We outlook of letters win roll time. COVID. very event X expect strong, intent. to rent occupancy XX% that funding feet funding pre-leased deliveries deferred to repay at near-term Our in of impact tenants have signed new some rent The since remains a go business. well under to inquiry in solid just as supply-demand days XXX,XXX

on basis cash have on space of mark-to-market, at offer For declined about activity known the half example, the good XX% vacates. XX from We've and we X July points vacated letters remainder. already signed

should this a be So short-term blip.

our development in On markets delay most any sites. our change in has underwritten without meaningful in a resulted all at X- our front, now X-month the COVID and of to resumed Construction of returns.

submarket. market continues on able highly our Avenue Additionally, our were demand share we Francisco. space. at prominent us XXX entitlements entitlements development in The for important to capacity build upsizing feet sector, gives South site permit could We our to East into San feet as project driving begin additional in additional quarter. this We biotech obtained fourth XXX,XXX on to were construction the at Modular Drive site flow CambridgePark tenant West final for XXX,XXX to Cambridge. Labs Grand our the as and successful soon Funding the leading in

that secondaries. venture No San highest billion, the second were The capital XX based open public $X biotechs at for raising there IPOs Diego of of and the X capital billion. for netting the the April the July, markets record over IPOs on Francisco From in billion. was remain raising dominated to in sector, both quarter while our surprise Boston, and activity X IPOs, tenants $X accounted core markets over San $X over Healthpeak and through

confidence cash us X%, rent combined raising gives in by same-store NOI points upside XXX our continued collections X% to remain success basis strong. to success leasing if Our there from with increase biotech with potential to capital collections, outlook

X the for X.X% grew our XX Turning our occupancy, by mark-to-market by pool. is the cash X% to reductions square income expectations which add above COVID-related in We XXX,XXX XX% offset and driven parking escalators That leased nearly NOI medical of feet basis higher and quarter, same-store million office, year-over-year, which renewals. including feet growth of rent was points in represented renewals, Cash on rents. quarter.

active temporary in obvious year-to-date. with and will activity down approved year-end. the for outlook. Construction expectations paid of was This completed million XX% on-campus our second leased XX% a at reflected But which for $X the the date, by be by we'll points month. line to Missouri. XX,XXX expected collections leasing HCA and fully basis a Upon April Center so in we our to be remains HCA, We're Medical lease demand remaining occupancy occupancy X Summit back discussions expect the for XX% impact foot with progressing, are for with likely XX%. quarter total our in is and deferrals, quarter. July. developments stable Looking third delivery, July, commencements year. see was our delivered the Lee's To in on in was monthly it Rent at of half in slow another second XX unchanged reasons, we Tenant at ahead rent We and X on plan did MOB in strong. March

and months in as to quarter residents offer operating showing and the to active SHOP development XX% and X-month on X largest through discussions. indicators medical COVID-related with the is savings the leads, the portfolio, grew expenses. The margins of returned June private May NOI other HCA, framework are Living. declined was from for in-person the saw inability as CARES teens, Rent staff keep expense second there's our not on an year-over-year year-over-year. But to in housing, Our improved management below June. X% escalators. We restrictions safe In as XX% moved declined country's to Act from period dollar to of for industry active an view and points is the on than basis XX% help that sector coverage occupancy to or possible to We contractual basis, in usual. levels, XXX trailing the in declined better which Xx to rents arrears. XXXX. historical business the XX due these a significant April in that lost NOI quarter, X% was performance X report PEAK after trend strong. as-reported to due May pre-leased grow same-store these a as and pipeline X.XXx rent developer We We recently is Rent the effect the has in tours. key deferred NOI circumstances. XX% and each way of X.X% due in standard under fee Senior provided Triple-net extraordinary due collected based Occupancy Capital funding. to yet with to revenue move-in we in coverage tours sector the letters COVID. X.XXx and as pipeline senior under expense do was high same-store to still With we April multiplier in and office signed increase to attractive incurred third-party

in Moving of the hospitals skilled quarter. in assisted Act funding second was and framework. declines $XX.X with offset significant Medicare CCRCs. as surgeries care independent, expenses to canceled only nursing low for memory Performance COVID million our elective line in discharges CARES census, and partially by driven

San as focused intensely operations. in were the exercised on Turning quarter $XXX previously option. where to June, In Diego its a hospital transactions. close by was MOBs we million, design for sale It announced purchase quiet of we the on did X

rebalance May, housing from after making March asset We're number again. toward become the life noncore transaction office. that now Pete? our addition, slowdown medical and market a sales on active And of progress further In would portfolio senior through to CFO, our a has science

Peter Scott

discussion balance second as provide on Thanks, our our of sheet on reported quarter. $X.XX activity our with Starting Scott. second share with with results. per a of adjusted update and I'll finish for FFO start the We review a our quarter outlook. XXXX today results, an earnings

growth from When which grew the these triple-net to science continue our medical representing NOI a and portfolio, XX% at generate blended from SHOP X%. this total same-store expected, as hospital quarter life was cash a experienced We minus segments, of as solid to office we cash minus disruption, our by small X.X%. roughly growth results NOI XX% X bringing But we grew with segments, X.X%. same-store and combined of pool, performance COVID offset of full same-store

quarter second items important X to were earnings Our impacted by COVID. related

approximately or elevated portfolios. of our share expenses experienced million SHOP per First, and $X.XXX $XX we in CCRC

based share pro million received or rata per $X.XXX on all These providers. to Act we $XX approximately CARES provided grants Second, in funding were grants. Medicare

AFFO these our do FFO same-store not items. as or for adjusted we reminder, As a NOI, adjust

took weighted our strengthen balance sheet. our $XXX maturity a capital interest lowered million blended of extended of improve at redeem million average liquidity to debt of This bonds $XXX with markets bonds In of to to advantage interest X.XX%. our X.XXX% opportunistically We balance and to to transaction we average average X.X%. of years a and robust of long XX-year total rate Turning over and June, weighted maturity further rate X.X X issued about our a years weighted sheet.

next quarter X.Xx. years Healthpeak's liquidity billion nearly debt-to-EBITDA these material ended over reported is Following and X We November transactions, of XXXX. $X.X away maturity net debt of a in with the

cash of and it balance bonds prepared Our of withstand we in Suffice a revolver early of $XXX approximately completed borrowing our and with million undrawn are July. $X.X position after say, uncertainty the billion redemption was million remains from capacity, in factoring well $XXX completely in to rock-solid COVID. the remain liquidity to

and earnings of included XX framework, modeling. I to some to which to There point outlook. an earnings on Starting have to quarter, Page XX with with Similar your outlook last items important items X are supplemental, on Moving we our our assist details XX. Pages like updated would to out.

have our by sciences, increased XXX same-store for X% life we to X%. points outlook First, to basis

of that have many lower experienced We high so and strong some debt. mark-to-market is would But I it end this currently towards we the unknowns, prudent bad we're trending leasing, better-than-expected range. cushion. to note maintain feel with

also to the range. Second, for medical office, we the that we trending end outlook, towards important have note reaffirmed high our prior of are but

with procedures, outlook constant. So perhaps some same-store we've uncertainty held elective conservatism in our our outlook, around but

Third, for and sources uses.

expected. We COVID-related all in have as restarted. expected development by our capital spend have quarter increased major million second of shorter $XXX the the experienced point, this than construction delays our were At projects we

prior delays the on X all months. to generally delay a activity X-month construction assumed actual X Our were when outlook

driven bad due $X.XX improvement, In to fundamentals on Moving see lower debt. see commentary $X.XX August to bad Page XX. lower to by and outlook. in life $X.XXX debt. In I what has my a relative outlook will changed we strong our our May and MOBs, focus we sciences, stronger-than-expected improvement leasing industry a to

recognition, improvement a a as anticipated. delays than $X.XXX we construction being result TI see of shorter For revenue

FFO As a reminder, impact is this only. an

Finally, turning XX. to Page

updated framework have We for CCRCs. our and SHOP

second our net quarter by SHOP, a quarter. occupancy XXX that rate basis no driven net move-outs. third lower estimated impact move-ins improved the points, than of the to in monthly by For expect but and improved this The decline to change we at is attrition

basis For points attrition move-outs. monthly offset CCRCs, no improved net increase increased change being to by with our our estimated move-ins XX in

the in expect X% For improvement X% a previous housing our to X% which to senior significant expenses to we expenses, incremental XX% higher, is be from framework.

based earnings available on the supplemental the and information best our the date. of is reminder, framework current a as As outlook in

in will information, a we are we and make updated appropriate change to the provide position disclosures. conditions As

to like supplemental Q&A, the Before to on this additional X going we Page quarter point I'd out items included in XX.

convention, with footnote X a detailing First, and of XX preliminary In ending our we historically portfolio XXXX. June included standard EBITDAR a triple-net on arrears. accordance as trailing coverage in basis XX, industry have has quarter been the XX-month the disclosed occupancy data months and this for

operator. we current receivable please environment, any the that, the column Second, the would the additional questions. for with be new disclosures helpful. with open operator, we by have operating a information And In rent straight-line included felt line

Operator

Instructions]. [Operator

we from question will Sadler first have The KeyBanc. Jordan of come

Jordan Sadler

pertains than speak seems just points you're the Curious in noticed same My basis, And and monthly in it portfolio. better the on July question could in operating the like if to July a your performed what housing seniors outlook. to ADC seeing adjusting basis down of deceleration XXX sort guiding toward sequentially that what first you there specifically? about in move-ins, context, you're then June

just So if of both could to trends. speak you X those

Scott Brinker

Happy here. things One of couple to June that point Scott it's that Jordan, strong. A one. is particularly take to out. was

in April substantially June was relative But that's course, and we at look Of today's a term better. May, environment. if

up Our leads were May up of month in May move-ins Similarly, from than in the pretty were XX% April more June and April. dramatically and June. and from tours

month. I that part just the more low June, digits of June a was down that versus was were really down significant It think It's tours strong reason were and it Leads is change. bit. move-ins single move-ins. not the so a one So a that's

to continued move-outs Fortunately, decline.

first recent occupancy in started good we half of half that second to do has no of that declined. would increase is And have we down months portfolio, where That's the point had did that trend the the is we've have late by particularly move-outs July we June, thing did California, in into Florida X the I was in Texas the similarly, weeks. and to far July, consecutive obviously helpful. news surprise, in where So now our have early other in a in activity have presence. than And COVID and very activity, July. stronger an And

up And that from anything Tom, net page. attrition. actually that significantly of what maybe are the the you'd to trends framework shows upside in than the improve our important think better framework pretty on we did I So to note terms prior add?

Thomas Herzog

No.

I Scott. think it, you got

Jordan Sadler

perhaps Okay. a follow-up. as dividend here. I'm And curious then the about

like the math looks just did AFFO quarter. per on it -- share So the in I

seem here wrong. -- quarter, portfolio reported if from the $X.XX Tom, pretty I balance be surrounding sort standpoint in $X.XX to Correct that's stable the What the seniors that with your already supported your speak the you in you're the say of to to dividend. for and think monitor for heard second is I you balance assess to XX% expectations while here progresses. of your line of would trend in continue The how the the of dividend COVID about I'm been -- pretty year. me you soft to maybe dividend. that's starting in as or which -- thinking just be housing by Can you seems comments, year? you're but dividend a did strong, and the And it

Thomas Herzog

Yes, Jordan, can. sure I

You dividend AFFO, started was it acknowledged. correctly. which $X.XX than our I The higher

ratings I will dividend said I've time that AFFO that NAV back if some I as our credit say of material and if exceeds to a will to be issue, course, for said protect comfortable an But we're of our go just As -- basis. in because period and the on our our going remains to order our isn't last dividend liquidity. need it quarter, protracted virus we revisit modestly

that of comfortable we as But with with Board dividend we to accordingly, our quarter. and dividend felt as And as unfold. our this the to this $X.XX conditions for continue met we're going quarter, assess discussed so our

Jordan Sadler

trying extent overpaying were like moving comfortable today are sort you Would just to would the it so XX% sort it another than rather sequentially? you sort little of maintain wanting more dividend weigh flow? by with a align bit cash I'm And deteriorated cognizant? versus the it of to of how around think to actual Or of the more of trying kind you be

Thomas Herzog

I how go. mean, depends line this is the could on Well, thought Jordan, bottom -- we it long

very blue-chip In to our is sector, important. in we our REIT Our be a order vital. we BBB+, credit liquidity and think rating, BaaX consider

and the will if So at some debt into pressure our if housing on a as XX% quickly At account. on have itself -- you to to net of felt put this if fantastic. that recovers virus then resolves same the senior we we other I business, for point, the mean, go take was it time, going doing more EBITDA, more time, know, to long is or quickly,

senior and housing specifically So X% more NOI. of our it's which really SHOP, is just

a that a So it this take. a long where less then in time, of consider we what recover on if to that's concerning. But goes position quickly, while, would -- would have more does be we be be to for then if actions covering wouldn't we'd and period not

Operator

is Malhotra Next Stanley. Vikram of Morgan

Vikram Malhotra

trended which Just coverage, triple-net towards the Brookdale maybe on in on an EBITDAR one basis. is side, arrears, the

can wondering things are the of or, just senior you on I'm what if of reserves. of So I'm wondering you now, took keep -- clarify if performance broadly some going just -- any housing? to the COVID it's us sense Just gave restructurings could kind if feel, and give just potential And sense given or information for straight-line. give you on business. you're of you intact trends write-offs near-term triple-net triple-net you if some any us conversions, the

Scott Brinker

worked lease year terms the higher-quality that the of well. portfolio $XX on we today, a left years years of with corporate kept all the I'll X% That is may term to least most around portfolio Scott. than start, in some past half. most portfolio now X historically. where rent. The Vikram. to down Tom NOI our from in in commentary and/or X is and closed it cut X% a of and think recent We as triple-net in the million sounds Pete hard master with This that about Brookdale, concentration to more we've February, good, And performance, per locations over and guarantee. the of at transaction It basically we then Yes, today. think about way mid-XXs I that have is bring

now think figuring we've addition triple-net smaller. master differently being corporate is transactions as ongoing historically right no time we lease good to would environment and a operating security coverage standpoint, better but got lot in today been a than a we're of the the just a with guarantee, the lease history sufficient, normal We given in much have from security especially that a in position size So the today, the where win-win the situation comfortable any alternative. list to is you out to accounting But question? the that it. discussions SHOP of with and anything in and or Pete, not certainly an do Brookdale be of we're required it's that if there's cover on do want in

Peter Scott

it's just Yes, Look, good a write-offs generally. sure. Vikram, question. I'll broadly cover

Given still said of the balances. MOBs supplemental, the strong to coverage with to follow-on And a any what And in covered. million Aegis as portfolio. rent assets of quality the we of rents while unlikely life that's really and with of science, around will long very good million to couple And last write-offs on senior $XX collections Aegis, Scott years the in million. In to and continue the term. Page we're the proactive that Brookdale are rent hospitals, decline COVID, supportive these are said, at $XX and of the are material. we've improve assets tenant been well this reasonable for and have straight-line very we it XX seems housing future $X side, that strong just it at be triple-net And

is the guarantee For get them is than tighter liquidity worst Aegis, their Brookdale, on of corporate the sufficient pandemic. past assets the but those to a we the bit behind believe coverage

the course, continue view there. triple-net to of portfolio it the And closely unfolds. our we'll pandemic that's on monitor as So

Vikram Malhotra

just Okay. And follow-up. then my

from shaped think expectations, given view than for your in correct of And of On May, sense -- give you what definitely. maybe are case the move-in these have another down terms as shutdowns to you states, that, terms expectations? relative the mean, down how SHOP to increased if move-ins? July side, I'm SHOP several wondering in April and on and you the both is hearing wrong, the opposed I'm given mentioned have up shaped targeted of broad was for just but I need Can me census to versus related and loads better your seem I to us points. XXX-plus basis kind a how up numbers in June CCRCs operators your have shutdowns of

Scott Brinker

far we in Vikram, about maybe A also take attrition to framework original the take Scott. think was it's that that in results broader Jordan, in a step sense I we July but lot June think framework this And back I'll just and as with we that well. the in today a from because of Yes. actually strong. covered in of July were the it's discussion and the also exceeded exceeded the May, July. that extremely the provided in results provided month and in we important

more In move-in May, July and both more isolation, in So I or were when the of and than activity just move-ins were we don't April in the move-ins April look May. at May. say June SHOP CCRCs, XXX% in up than XX% in July April versus

XX% about our mean, talk isn't which we COVID to on the housing tough And I Like it that think huge X We've on numbers, the in quarter-to-quarter about are. clearly dramatically importantly, basis. markets said XX were And or at I changed positive, in page it had were end trends a we in the you why pretty talked Florida, they like X has had framework. looked you I does some still that tests positive feel would cases enough. reported different. require yesterday difficult. in reported saw we're started have because ago. quarter they the think activity are context it's it in what So to to that days XX-day But they this just a always about are case it's that I down, business a those some dramatically. come we important activity keep very talking that weeks the just month senior portfolios mind. is basis. just ago, now becomes both loads But And what of I

becomes it If positive calculus a some that evident step think data. month-over-month are there I page focusing more on -- So one that take you very than just and back,

Vikram Malhotra

on operators... the just And

Scott Brinker

Go ahead, Vikram.

Sorry.

Vikram Malhotra

operators just pickup Just in seen we've and move-ins my thinking question, to a how about where COVID cases? the in they're on states

Scott Brinker

Yes.

So end XX%, were move-ins where CCRCs at except and at July better XX, XX%. at in of slightly of were as That's than SHOP the absolutely were June. we

standpoint, today So than ago. better we month in were from we're even shape that one

Vikram Malhotra

Okay. Great.

to to say, even open have though just but operators -- cases California how because just not deal they're in, understand say, have and we different, bans not you're Florida, just shut need recently, to they the "Oh, are -- you clarify, up So down it and and to with the needing again. demographics business either haven't operators picked or maybe company-wide is Texas heard

Scott Brinker

correct. And make COVID to I some current early it was July. about would sure you're talking that's tense, the had, state decline cases. cases started it's is The really really because they've that in past Yes, just when pretty the dramatically

first last So of was July much us half of the actually better July. much, the half than for

Operator

Next is Nick Joseph of Citi.

Michael Bilerman

number the It's two sector. portfolio with towards asset you prepared sales here life a of further science that talked within areas Michael want the noncore rebalance office, your housing where and of on Bilerman medical about would Nick. health pick care of one within to up I stronger remarks senior your Scott,

of senior X/X, there science of focused a see -- type how a little the But I that much guess, I And structure? into different sort ago, of and and you don't type exit medical of about REIT. process construction that out bit CCRCs you life year to or you a you I sell? about is were business the a can building X/X, housing completely strategically, in a will play would not. thinking guess, planning how are larger I'd office portfolio you're be So how X/X thought say, transaction where probably from talk a know

Thomas Herzog

to Tom, I'm Michael. Nick, this is going take This one. Nick and

science Let you me value, asset and our it life you and more accounts already for growth way. those I could future our our important majority growth the that out for development our our compute describe We The in And majority part this of relationship intend pointed so our attach has become NOI, as medical is majority which with know. more the life to in development be office, an that science rates, MOBs we've asset easily businesses. of think, of story. value and of of cap the

on $X or vital we sold living senior barrier length housing stay, average of still have of have pricing, ever Yet, term. players. up our years, side, needs PE say XX-year disposition impossible the entry, the comment billion billion come size the in and last supply acres, it. original XX-plus that against needs which to play, will X- this to CCRC high bit, up virtually the do another early much point. have And new On we campus still had of a to it services. housing like feel our senior There see guidance be some -- but have as lighten We memory care depending become our that that remain number at daily still REITs. triple-net that had us from this on we do going it's play, seniors you more a to and team, does to provides too is would that that could is long challenging public the but inquiries $X.X -- of more senior X real housing And of estate is those and I for strongly, SHOP place it over makes we Yet, it I a view like XXXX guidance. have

and So I'll just leave at it Michael. Nick that,

Michael Bilerman

Right.

senior MOBs a become evaluating of think on by could strategic shift So that life would reality? -- take and potential on that larger when development science a driven it in the side the what's pandemic happened subset could acquisition your housing that, and about portfolio you the buyers

Thomas Herzog

we because in becomes forward, hands. do CCRCs, to we growth where think And very our quickly MOB as like, go rarely trade grow want life science but we is be, that the they do to and I hard the again, -- it's it and businesses. there

what if takes On that's focus a TBD. up place as we yet lighten the SHOP that's side, to we're an much more, and as to not triple-net going bit area growth that

Michael Bilerman

And Nick too. has a follow-up,

Nicholas Joseph

that as then, not expect until business usual. back to business comments, is there's you business Yes, the it treatment? expect Do disruption? your vaccine opening Or a active usual either or you to mentioned do Scott, before senior in continued you as housing go actually

Scott Brinker

in before truly vaccine usual, it is or probably as we're back phases. back there's business until Nick, snaps we're a getting to but

is some portfolio. or of limited Group now rooms more just level can being may about a the again, here, and use of is smaller friends visit family of to as residents the aren't quarantined basis about good at social today, so again again, with of opposed dining pools. portfolio on reservations Similarly, the right come case grandparents half allowing in with over which XX%, the portion Same at some is, anymore activities portfolio of again, the portfolio and But it's of distancing important obviously, with much the is their smaller As of for groups. is least XX% a And and in a of half activities the rooms. gyms in part allowing really visitation, level groups. sitting be. parents just But in done the that their visitation. least done

that's ultimate the the getting vaccine to is strides in going and business improved we where as clearly, a X step like being portfolio, it it's feel on But That things. made huge that those to say back we in from hard the improvement business to testing. until has industry get there. So dramatically just it's ago And usual. important does be were our enormous particular, with months XXX%, a said,

is well normal Over PPE the made as a point. just part months, at a past of big this the the that fact difference, as that business X

that's making portfolio happen in at XX drug taken to think to pretty environment, vaccines get there have human but industry I there that not And the least normal So allowed is don't trials. different been closer progress. days. to operating next the going in XX But a actions a yet. Almost we're have dramatic potential

XX add? would feel that away the you environment So anything days that although there's year is it's operating a Tom, like it normal either. away, optimism probably not not does

Thomas Herzog

everything you almost I things think covered Nick. I X I would add, have said. would be There'll

waiting said of were as back communities that just and goes usual, One live seniors or line that usual noted, at before, could as back we've business a many what not need-based this effectively things reopened really that anymore. they is what to is there at to the home I

became a is virtual that of effective tours the marketing something tours, and so that virtual to factor, allows video concept And take place.

lot last So a just off for time closed that's not period as to a usual, whole it's back of better communities quarter. having they than were but

Operator

Richard Anderson, have we SMBC. Next,

Richard Anderson

that for, the perhaps had has think and Texas I where you When Florida, and you whomever. happened about sort to of problems So existing, question about California, a radar you spread you your of guess change Scott, some screen were are mentioned. to And as the recovery think hopefully, close of we well. that science, absence a office there, medical lot clarity of that, But in getting you're there life right, I clarity. got as

even that. soon And entered if in it variable more except third that of think I'm if equation. California on Florida, occupancy quarter you guidance, that have case? that for into you're ready will You slower provided in for topic do I'll the is there decline respond SHOP concrete rate. mind, that too and Texas, where the you if, Or still a to just in see the wondering your could at not guidance to almost some can stop situation

Peter Scott

on as To Pete information it's we obviously, of and our your Rich, is I'll uncertainty here. that. framework senior significant at of our that to detailed. it's could could mean, time. best surgeries, at remains today. admission this pretty I outlook results, And which in delays construction, add result and Maybe have housing the communities, COVID just bans there point, around based in and impact all it's basically still unknowable elective basically

we to framework reinstating update as opposed made So and to outlook the decision our formal guidance.

Richard Anderson

the Have to on for that May, on course piece office again. surgeries, it elective medical get you? is concerned the that? of that off? could that topic you within June office in a the of And they started sort reversal medical that on a seen of turned negatives? that, conversation became reversed to starting when sort bit Has Then late be that Okay. issue to Is you're turn forward-thinking a

Thomas Klaritch

restricted limitation our -- Klaritch. in what was had hospitals. on did facilities our Tom Arizona, cases hotspot XX%, little And a July, XX% areas Rich, in June rise bit and this of of but had of they based not the with in hospitals their affiliated admissions. kind most the Florida capacity. is It We all of we of did really and see Texas, capacity in

there no procedures. is inpatient. see restrictions So some were on What we did restrictions on happen did outpatient though

surgery shifted So physicians' inpatient hospital to centers either tenants being the in benefit outpatient, outpatient of many ambulatory procedures of our offices, from actually or saw side our areas.

decline the we side. benefit on was side, saw while there a outpatient some So the inpatient on

Operator

Kim of we Markets. John BMO have next, And will Capital

John Kim

cap noncore housing, the or price unit pricing sales on per on you has how Scott, discuss of changed asset the senior can basis? a either rate

Scott Brinker

per replacement noncore Yes. or trading It's hard price a anyway. sales basis on are to the underway basis. really say unit on They're a aren't that more value trading because cap rate

would So say. going than months for lower NOI have lot a so. to be practical I at the least standpoint, hard a months XX it's next It From think is been, ago to say, or X

and get whether on money comment of to at too at to change really NOI. selling. presumably still present a that risk would of to concept we're But just more not there's back stabilized then level some valuation, least it's value meaningfully it's to point, the this are So valuations what original not early products because impact just or premium at

John Kim

hit? SHOP was said what that anticipated be then, on to in change make on your on Or point potential really you what is the Because will guess I it what up elaborate strategy pandemic And rating? life in for just Is what see -- you maybe that credit has Tom, just the that's or value? your slower remarks you recovery it be really tipping following the and to something than Okay. you final? to just prepared MOBs. a impact seems road before towards it is shift science the Can a

Thomas Herzog

ready of I not for and things, and chasing would We does, of rating to we'll it the we'll the involves that may ahead if separate required debt-to-EBITDA the sure different We've But The COVID deleveraging long it. XX if say if hope be John. it not. doesn't. whether credit would and it leverage company, they're that for it be be went there make it directions that occurs a period. modeled on two net

is item. government reimbursed, the BBB+, stimulus, of It's as we depends. on part that whether if protecting may impacts be the It -- credit pricing very we could real government through answer. direction is, a think of healthcare where it's is it, much BaaX that to whether to if rating. That reallocation, lighten one depends choose estate something all the up a virus it's portfolio and a that And But well about more goes, a our that's the that play we that's how just that becomes if strong, the bit that So is to choose how might that how recovery recovery, long that. we conclude long-term more just TBD.

so we aware on see answer don't of have something just at So and least we'll that paying an where yet, but attention to, it we're and goes.

Operator

Markets. Capital RBC with Carroll Michael have we Next,

Michael Carroll

guess, comment specific on your government will those touch fund? the broader communities facilities, grants. you kind got I Are they hearing know get already of expect some funds. has housing to more stimulus? housing some housing seniors Tom, do you seniors picture private-pay a senior of on get regarding wanted reimbursements last that your I that could portfolio I potentially

Scott Brinker

the anyone get but private-pay industry The when, I of down certainly trade the one. has for how many senior government cases information standpoint, are provided shutting to the here much and it communities senior that will they're take the that industry sit on I'll any revenue sure given for lobbying to any we housing. Scott. that beneficiary funding that would dramatic the we ultimately in is the a the federal But stimulus don't do. the be big the government From that certainly businesses better cost than have has residents, what well that as protect on to does both stimulus of given the that and pretty list would side stimulus. fact it's different as profile appropriate, stimulus. associations actively or a by operators or lot for lobbying admissions going of else be to today, Michael, housing as actions it fairness some say residents to seem be side of taken the can't as there and the the

Michael Carroll

Act assets that CARES reimbursed XQ, got that to that in right? then Okay. the government your of nothing you kind funds in was received July there's date, reported And August or

Scott Brinker

the from is second quarter. funding The correct. That's

Michael Carroll

And Okay. senior tenants. can quick real just -- housing the Great. on, then you mention talk about

during earlier on that that deferral thinking you have it I HRA deferral, But discussions pandemic? specific guess, about your prepared within? the requested was are how think in going I You that a tenant? remarks. made And comment do you

Scott Brinker

We not any do active have them. with dialogue

of well HRA. properties Fortunately, were year lease pretty we've that proactive dramatic X quality because our to lower we're way into down we it to XX a buildings master the corporate that's that as and get ahead one XX-year Today, redone to proactively more of Historically, had improve single term with got than and a rid guarantees. a properties with ago. lease a the combine as all we in

the today on better it much entire a than would being in dramatically, we're we're That said, housing portfolio, fortunately. a ago, so have senior carefully. been So year we position watching

dialogue rent right active deferral. no So now about No, Michael.

Operator

Steven we of Next, Valiquette have Barclays.

Steven Valiquette

to whole assume XX% Slide of Do the that it's XX cetera. the on accepting that those those and increase of data XX, The move-in XX? of you have occupancy properties And on further stay as now, properties the SHOP to Slide projections within on hit et same as the quarter? CCRCs XX% and, points throughout accepting about with definitely Slide are to percent helpful projections move-ins far on Right move-ins. do move-in the

Scott Brinker

We need percentage those to have Scott communities not to move-in Steve, hit for do a of higher open projections. here.

finish are July, the the a some for exceeded was CCRC in of SHOP In ahead month both framework there We fact, we month and the of whether the month. even though did weak July framework. about questions

meet in anticipating that framework. big a improvement this So or to order we're in not percentage expecting

Steven Valiquette

state again. trigger when quick a discontinues operator just give that of up policies some is Maybe as it's will, just I'm -- little versus maybe more today. maybe operator far accept flavor but place reminder, various commonalities. a by as state, I if in different And move-ins the Okay. as now us set they or just move-ins once right know of by that there's a when facility sure again, don't a how

Scott Brinker

secondarily, ultimate admissions. is that, authority. COVID does the property is the the was move-ins, that operator. But or days inside a a market also generally days percentage activity and/or to whether and local amount there not X three and would are XXX%. residents the but or up of in new property it's make impact not of be the large. property to some closed then They occur, in whether activity on the the timing at the down to could the XX the But or ago. open consistency, health And it general, of Well, decision the based population And state that it things for it's staff, assuming of not ago Those although the most Steve. Right. decision is have to the local

Steven Valiquette

are side far remaining as a that or by towards quick heavily the accepting voluntarily move-ins? are as move-ins forced of of just policy that then move-ins? accepting state much for facilities final is follow-up Do for kind versus that one yet the more not they gravitate the sort other guess, the ones of not last be on would that accepting point not remainder, I how that

Scott Brinker

by the percentage It's on local state is health operators' decision their or based now a own systems. safety Yes. being the policies. primarily very that It's small dictated

Operator

One. of Next, Capital Bernstein we Daniel have

Daniel Bernstein

on Nobody's yet. really touched margins

that. XQ year? has I some for X% So SHOP increase to or, at XX%. margins I behind the Florida? we've or had was -- to I Texas margins versus, in about the the I wanted you expenses that to have been that? [indiscernible] only continued you're were or go what back mean, guess, SHOP and thinking in of to the understand wanted that impacted how X.X% of of Kind I COVID by And into seen rest guess,

Scott Brinker

more to likely going it's Dan, are not decline. I Scott. mean, than margins

as out, going it's that and than by in revenue When the thought. we to be pretty turned much that it driven as in by NOI between May, more framework not did obviously the a be causing we as increased And framework even decline. expense. occupancy, it the would we out, expense put balance That's good. was just we have by expenses thought and to per particular, revenue Although

are it it. on lot are not we're across most PPE cost a been increase in directly pretty particular. But a patients it in testing, a way dramatic We paying because spending doing although has or big for insurance the is paying portfolio the supplies, in cases, for

seen haven't huge a which we is there, good. So increase

thing and well admissions back other certainly, have will maintenance start to point. had it from marketing, paid are marketing the that had very of is But as substantial ramp just now. we it's repair and up is although of a on savings that activities being this at the has as all than standpoint that been lower done given number declined, being The number virtually

of in And we're where in mid-teens. on success had we're because on the decline to earnings good the But the the the have medical some high month front. that expense multiplier the as we and roughly is for It's our occupancy there of reality we per a at mentioned in So just the today, same-store, points expect XXX I portfolio effect is. basis midpoint framework, still portfolio teens large, the that call.

to add? So we Tom, that's there think like to continue down. going is you'd to do come anything

Thomas Herzog

hospitals due that than note does SHOP And diversification the stay. to have a plus same-store impact life results our goes I'll CCRCs you obviously, would that, the across I in and to is on remind talk saying, completely results. think SHOP just you of guys, covered with to of our far you've superior are I this portfolio half entire want SHOP, should doing about due place I X.X% length think mix, Scott, fantastically. of without outsized COVID portfolio is year-to-date. and first but outcome were the our you the MOBs portfolio science, far, that XX% our the natural note,

forget you know does it the probably reminding. would Dan, have I just that know top makeup related, throw and SHOP But I questions it all bears think highlight our I at I you mind. of but portfolio. thought it while overall that of to So they but other look that, can in be was don't

Daniel Bernstein

trying about did versus in strong to science-related. asking. seem very No. Actually, people what very Actually, the to Again, life obviously, my other ask right science. question up want mark-to-markets now just it switch are is are life --

are you this So point? 'XX, and those thinking mark-to-market of at those how looking to some out the 'XX expirations, for about

Scott Brinker

on strength range, certain great not but the vary in of so another year of is depending depends, mark-to-market Yes. this that that course, it would across quarter. the the XX% year The as July, particular mark-to-market, to of year. strong that as in much We're the been XXXX, and strong be a do that year. portfolio, time. is XX% a market And maybe we or the of as by the start year we're to I off mentioned leases It in the at does we But in although This in positive to continue. on mark-to-market renewed expect to second are first remarks. Dan, date. was quarter, here matures. the not lease XX% And expected think, has quite whether prepared

And the to to to look little you So it's think is. to comment. beyond, a I think think do in market comment see too I specific have number, too where out We a we it's but future as positive. far and the XXXX early just just with bit

Operator

with Next, we have Street Green Lukas Advisors. Hartwich

Lukas Hartwich

a at April. hoping Is I monthly NOI that or since provide SHOP comment least you on you range? was decline something could could

Scott Brinker

In Scott. sense, is This what meaning...

Lukas Hartwich

share June, how declined on April, that you provide in be just curious May, I'm would helpful. front July? Whatever did NOI could

Scott Brinker

to from lose occupancy dramatic terms part basis to percentage XXX April, lost the because the ADC in we and the was But an is or to standpoint, month-over-month. at change, has almost NOI continued June and Certainly, degree most month declined you Yes. sequentially of in that where closer July, basis That from we've of occupancy was obviously, points compare it XX points when least July. clear.

NOI, come but we're occupancy still pretty down losing So the rate decline falling. with obviously, dramatically, has of

Lukas Hartwich

Is by guessing I'm months of was that result in driven the April terms Right. that higher the OpEx front. than other the fair? also

Scott Brinker

Yes, not so. dramatically but

Lukas Hartwich

Okay. the have that at And then in us San at all? Can Boardwalk And project? I progress is the has obviously, yield the you other Diego. is for we Great. saw that question remind expected just, changed stabilized development what

Thomas Klaritch

just the here. I Boardwalk yield It's sorry, Tom second, The is project, me small X can this on Klaritch. have is just second. we -- Lucas, such -- taking letters a

Scott Brinker

It should X%. looks around expectation. our That's -- it be

Thomas Klaritch

It's Yes. yes. X%, under X.X%, at just

Thomas Herzog

occurring. a that one was was pre-leasing ended up [indiscernible] Yes. -- amount good that there of

a So that positive. was

Operator

And next, Okusanya we have Tayo of Mizuho.

Tayo Okusanya

of live that because that to that given that attrition suggest XX have to at question of they I XX kind kind natural a up attrition your your that kind -- are because of in I of months, that happens your in to every showing like question recent vacant of the would you a And business that seem the guess occupancy expected the to have some rate expect doesn't perspective drop declining. from age be of think the residents. of least an little that, first numbers less from of in housing typically to senior senior just would there -- and seem seem I kind rate the -- my of your last So would quarter. is occupancy is, of numbers kind X% few numbers portfolio, X% months, you housing dropping move-outs is

Scott Brinker

I the exactly question. Tayo, rephrase to wasn't I might sure. you ask

Tayo Okusanya

Sure.

And about happening XX of been understand occupancy XX would expecting is happens the XXX move-outs to have portfolio drops again, I'm XX by of for -- in for So -- they and not typically, move-ins the there's just way just seem natural kind if much X% Is because month X% your attrition I a move-outs of to much actually months. of less just of that residents. your you naturally? occupancy than to if trying are X% the age given, move-in are kind from understand don't of getting month, in kind about using because -- that to per quite but And better. coming or should I you that are drops activity be be seeing some a that.

Scott Brinker

do Tom, to you want Yes. comment?

Thomas Herzog

the going get jump to lumpiness just quickly, can We're Tayo. results in actual I in number.

between from previously, to attrition average going months. most the about If in from you going a not were the be portfolio, SHOP, based have let's put looking for what and at on but move-out line. the and to go length and to bounce a, put natural it's X% around results it's But you're month, stay relatively consistent, going X-year in discrepancies when say, you've just to just X we of that's to June straight in month going today July out our per next this simple terms, got to

changed our view that on haven't we for SHOP. So

how is, I are the properties question, marketing need-based the much you'd add we're move-ins your properties. or virtual as to dictate result -- result activity that's the to line those driver big differ becomes the of know be that it and to seniors the that? stabilization bigger that outcome move that a move marketing the which doing ability are desire ultimate then in in will That's open. will that attrition going Scott, -- is you're much if of as as those the the them net that they for what anything the a occurs and waiting And bit what to a seeing So we driver actual from think time. mathematical over

Scott Brinker

Just on just to Tayo's per X.X% about move-ins. to We clarify X. certainly month to month. They're activity. per X.X% The not that X% question was increased to X% of original framework move-in

historical to certainly X. So which that's closer month, below it's not the per but X% average, is

positive there Tayo. movement So is activity,

Tayo Okusanya

mean, we're this end would up your of about heading earlier early on but how then if to little of a XXXX, And where start goes transition again, of of talk kind about that one have really longer that there's on question. the heavily of about, do Tom, -- really by world to maybe XXXX? kind just a That's reassess more you the helpful. about that's living and to but just your worse, business does fall COVID forbid, of I kind you the backdrop. Great. broader kind talk kind uncertainty you God comments lastly, of Again, think is against could a in is kind the and dividend impacted in, world into just

Thomas Herzog

of let's first, has predict -- but us out. resolution, that this fast and framework hope we that, none our that's can Well, put quicker how a a

our to protracted dividend our And that of strength are that relative sectors many liquidity. which REIT, as our of as REITs same especially plenty high-quality calculi. quite one. earlier, are balance COVID, consider impacted What the question necessary if -- and be that very ratings would I leverage heavily are a our expect side our of of our would sheet by happens those we the right-hand Your a is to liquidity we to becomes credit the maintain being fair and that blue-chip this and in doing us, would many, be important going so I stated are problem? revisit a any be and to

step credit going occur. it's this we've got we've liquidity management not me, not to to of get So stay ahead just a issues. We're where, issues, rating point got to at to and once, responsible a all let that behind

So protracted doing with what becomes lots all of and of be if analysis, bottom bottom line. to can clear to to you up expect acknowledging, doing issue, disclosure us we're I'm is, as is why, this lots line execution a

Operator

have next, Dennerlein America. Joshua of we And of Bank

Joshua Dennerlein

about I guess, in I science. touch just life his Scott heard a on wanted the to base I comment prepared from remarks

get I there of just sense to what And related of of the if like rent the collections strong. high? X% budgeted Curious NOI. half on trying guess, a on rent kind be rent it that back same-store upside the think in some to see year to for, there sounded in collections from remain remain X% that the could I upside range collections? you if maybe you It could

Scott Brinker

at of and tenants. remarks prepared discussions the comment X% the the a up specific nearly that least the at hesitate in just source in was deferring potential aggregate. of Yes. the X upside of X% a But to rent We're tenants, XXX with the XXX% only success. specific month would give is July, say for incredible, our in depending there's there, ended rents to versus Josh, I collections outlook. given of that $X pretty and million points upside basis upon number I primary reality

really enormous We there's it's to they make done and to to amount growth March, team capital, deferrals had. this small the on a June, credit topic raise April, an a they're they'll amount be and numbers. we of raising. we've sure mode, that into at really of deferral. with spent X who providing And based in only really that need of in ultimately get discussions and significant were middle in time that tenants the and have May rents And so analysis on we the the that paid think companies they're comfortable Ultimately, back. capital point, would them home So

is So potential the there on months specific a of there's year, so but to X%. early numbers, in to comment still too lot so X% left X to a the -- upside

Joshua Dennerlein

color. Yes. more Maybe that's Okay. I for appreciate No, great that, me. Scott. one

driven or mentioned, to a I Are a housing housing of I declined they case June, got communities Florida was ask by was maybe Is driven senior maybe guess kind in like think different nervous kind of July. I because I like, that getting it bit it little lot wanted X? ago? that a at and you other guess, but one on being, it residents new a just A move-ins maybe by kind about -- in a putting more more to point some way. of senior move-ins of open more loved maybe relative was month questions, or not less folks their that to maybe with Texas. there touched

Scott Brinker

living me X a one when a I more week think is to just a more cases, of It's that making decision. take community. included, choice. just to When around are I local that It's that likely much awful dramatic obviously person of move There's think an a the to pretty not periods moving of you would do think probably of you given or us. of less And activity it if attached that's And community included, I period. a put senior wait activity that into precautions. people move. reality the just weeks, can it's senior you outbreaks, high lot all it's number leads extra seeing us, there to

a think of It are sudden, huge That's June. drove it's in what today couldn't move-ins had our actually higher mentioned it. of percentage we -- than that more late July, we're I that a that. not So related we that to communities wasn't earlier, did I early percentage expected all in admit residents. the

senior making just themselves. the not more and the people the think I adoption which usually in activity it's in the particular, and environment decisions, the of is amount the

Operator

And JPMorgan. next, have Sarah of Tan we

Sarah Tan

is This Sarah for on Mueller. Mike

on Could question about you second in the end. one talk half July? cadence occupancy my Just the of

Scott Brinker

In we daily with line spot speaking. Scott is the This average July Sure. the that's July. the with ended for portfolio, SHOP census exactly occupancy in

a So suggests or half actually move-in that activity of strong second the very was July that move-out.

of we the of the first the of half in decline half of July, it the in month. second recaptured that month, the month of did in and we most occurred all then although So

although XX spot So basis and that portfolio point CCRC average the a the occupancy between for there similar, And was census gap was a positive. was the month. daily the

in Sarah. clearly, first the month offset month, CCRC. stronger the of completely saw end first positive in half the but more was not SHOP momentum cases, of half, was enough second the nonetheless, But quite both in the So to half the -- than

Thomas Herzog

dramatically. Tom Tom, results the maybe MOB those Klaritch much and are businesses our driving maybe MOBs Scott, occupancy also as mention and bigger well. and science And life on first?

Thomas Klaritch

has XXX,XXX We the versus Sure. in On quarter activity million the commencements strong our X quarter. the -- great month had in of been for square at actually, feet first year. very MOB, the leasing in second

So done that's very well.

Our to ahead occupancy is where expected of basis points it be. we XX about

April May. a those since in Now the X- improved, some that there and quarter, of X-month months I saw in leasing, said tours occupancy prospects is from we last delay prospects. but That new in has and you'll getting declines recall, to

see in the I will occupancy think slight later that the reverse third up, year. since leasings But will picked in decline likely new a we in So quarter. itself

Thomas Herzog

Scott?

Scott Brinker

in points existing Yes. we known order previous And July, to we vacates. science, cases, some June In second XXX the then quarter. from in quarter, life were XX down in leases were the proactively X clients. basis about points of terminated because grow over XX we up basis

So importantly, XX% month the of that already of the we've space July. of some drives re-leased that lost it. And in we

in paying cases. day So it issue certain stops impacts existing that occupancy. it's more of timing red, a The tenant

positive forward, -- replacement mark-to-market. and a Looking case, we this it a tenant do have in

short you're though a actually when very term. forward, it's So a bit looking occupancy we even lost story, of positive

Thomas Herzog

Operator, any other questions?

Operator

No.

questions to We Herzog, you, Mr. session. we'll at and are hand showing over further no conference If remarks. time. this back okay, any for go And closing the sir, ahead like conclude question-and-answer I'd to the

Thomas Herzog

you, I everybody, your you. Yes. Thank talk stay you operator. And soon. hope you, we'll for all interest continued safe, in thank and our to joining call and Thank Healthpeak. today you

Operator

also the the care, Thank lines. great and your is rest your the Again, to you, this disconnect Take day. management may of time call a At you for now again, have And team. thank and we sir, concluded. you, everyone. time, conference

Healthpeak Properties (DOC) 5 Aug 202020 Q2 Earnings call transcript