PEAK - Earnings call transcript Q4 2020 | Healthpeak Properties, Inc.

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Operator

Good day and welcome to the Healthpeak Properties, Incorporated Fourth Quarter Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] 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. sir. ahead go Please

Andrew Johns

welcome results fourth call conference statements. certain and year will and XXXX forward-looking financial call. to you, quarter Healthpeak's full contain Thank Today's conference

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

Thomas Herzog

are McHenry, and and and Klaritch, our Also Officer; General Counsel. are me everyone. Legal morning Brinker, our Tom our available for Pete Operating Scott and here Chief Chief and Troy of President Andrew, With call Chief portion Officer you, Chief Thank our and good Officer; Officer. Development Investment today Scott, our Financial and Q&A the

of the we will a the on while case continue companies penetration identified best the Healthpeak, the with shortly, States in but consideration rather in crisis busy team and Like insidiously its protect effort me let of I human At beings to the team the health we Despite More every United mates, than of Around identified market. a seems the end first place first first year will many the time day, that on challenges pandemic then duration enormous temporarily that our at where we ago, started. at confirmed priorities; for and the we then The were was five exit uncertain to the executive without spread it can yet. country. consideration how the intense imminent XXXX tenants Board stronger of digress. a residents on see COVID-XX time, believe With light COVID expense. and for gaining most to our more determining finally navigate overriding across the to the and executing through certainly traction vaccination and tunnel.

our to solid ensure and balance Second, side rock on to remained other credit of guard the we ratings the liquidity sheet, crisis.

Life rates caused disruptions arise compress our advantage asset take opportunities opportunities, openly and had desired classes there anchored the Initially could cap never the any the And to purpose a societal resolved. that from market saw the that result with fifth, vital Fourth, thought by frequently remain real in of trends and and may transpire possible fact it we and communicate would COVID in aim post best and time. but we agencies did facts our rating of rise. that And pandemic as buying with our we after classes investors, MOBs estate rather we all pandemic. to of was might we in Third, we of built analysts distressed Science. world at than key determined considered

opportunities without undue at to decided test egged a our lighten it And values That housing up priority a pollution. Execution our for these asset might if determine created five of our be relative through positively we turned feasible by to incremental that portfolios. or impacted on our to business out was identifying even priorities the path crisis, the these guiding year fog. be critical to Fortunately growth in rental half the market to ago. senior

and six $X.X during of sales So we under of quarter billion is billion that $X.X on provided after closed XXXX, QX yesterday work call. months binding triple-net nonbinding year-to-date billion contracts. hard the remaining we of this SHOP top on and and senior rental aggregate in this housing on our In with earnings fourth the plan, the of dollars we sales $X right announced estimates

with life on portfolios exit company. our high-quality of be now centered continue growing will soon are soon of work we relatively to We our do. science team portfolio full to and to high-yielding operating along smaller housing entirely and we MOB some represent to left rental right our primarily and full will a able a which And senior Accordingly, additionally, of together CCRCs. on-campus our biotech XX% hold focus

growth all Importantly, fundamental to provide barrier to trajectory demographic on we high that irreplaceable, entry impossible to businesses our represent of strong replicate and strategy, believe three based these tailwinds. are a portfolios

ability cost additional densification life And which scarce bank aggregate too. such land to conversions will built use opportunities that I our need any same the they science without billion completed, life three keep as a and inevitably do but business, to In our available purpose is sure $X hotbed is am provide around land purpose science. the and do for even competition office land, will in busy typically are purchase from us prohibited. built plus the Additionally lab conversions heavy markets not decade if we

which billion operating densification to have our plus represents of million bank low life through San we plus of feet this science San in addition X science In another properties, million heart the of of locations square rise A some and available land of X square XX Diego. pipeline consists Francisco of strongest the development in and life majority embedded, properties spend. accretive our

were assets of pioneering a developed states. ago XX Some predecessor flower plus years by these

will our systems. business, and affiliated unlock currently conditions represents this we In and market and allow an feet value for much health future requires and and enormous typically FARs. own over XX our current from invitations land-use growth regulations in we time. [ph] MOB million higher operate portfolio square hospitals Our gimlet and This on-campus

time a plus of tested opportunities. have with number and flows. and campuses attractive have is typical given allow the development do course asset CCRCs barriers infrastructure of land. concept the this of each high to the will to entry continued have like future strong yield of cash have And quality of parcels stabilization development produced acquisition Such on And high given XX that to we bank communities we quite land I to we heavy average in an Fortunately of XXX infill a X operate. think required we growth, XX-year by XX-acre number and which class located relationships period the units

billion. campuses also aggregating XX to than more opportunities densification Our $X.X provide future

time consideration vital will this, not-for-profit constrained exit serves important choose note continue to within time and certain of may from growing continuum. that meet healthcare to business to owners our the we will we to all be properties criteria. Additionally, capital and senior the sometimes it natural With be need if to a that an buyers is housing rental believe important

in our investment strong cannot While will synthetically more through that pure portfolio investment REIT and play we unique opportunity for mix focused be alternatives. concluded one and create replicated a that Healthpeak,

growth embedded platform, Given and irreplaceable opportunities. portfolio, our

share yesterday have $X.XX annualized. announced to or dividend per that our share QX we Moving dividend, $X.XX our we adjusted on per in to

the will dividend densification was into of But the our of reinvestment quarters ratio ratio payout held in currently our activities. adjusting our future going million A provide quarterly high in operations. basis wait a COVID will life in XX%, dividend MOB came be sales sales, triple-net around approximate on assets cash at $X.XX share Stabilized to XXX%. and XXX% reinvestment portfolio will proceeds X% represents year the in and follow flow in visibility year completion XXXX an We we inflection full earnings for and XXXX positive represent XXs a point $X.XX target annualized and for science we SHOP on Our CCRC around cash our our for core of estimate XXs, price low ultimate payout of into off accretive mix per a incremental stabilized $XXX development per in and share payout and and yield forward. reaching the dividend will sufficient ratio related but our which result QX stabilized to our prior flows.

Barbat our before that on your be work, turning February from inform with been Finally, call Coast. a Healthpeak Maryland the East contributions the of strategic have well, responsibilities that, late in Scott. extended me will and our to team, attitude hard in to Rodgers by to over and family expanded to you FP&A his would be I mixed in missed dedication will would Investor continued to Barbat, you which turn Scott, addition most leadership her over particular. Relations Relations entire like of role the his have immense is know With include closer and it your to Department [indiscernible] leaving Investor team. in Andrew leadership John, who me contributions let to great

Scott Brinker

P&L and roles expanded responsibility. development the update and Science Tom. healthy. with They on and Life and Life reported with to take cash Science respectively, strategy broader now in up operating results fourth same-store a leadership Same of will NOI acquisition leasing, share life Bohn so San have Thank They result and including business Francisco XX% fair Dorris we San named past decade been outstanding our X.X% have me. for with Mike followed are strong that to plus. mark-to-market close than science growth responsibilities pleased each by on collections you, we're I'm Sector the segment demand. begin for I'll transactions. by announce rent Scott and strong capturing more to on ground report fundamentals were and and in continue at the our quarter, of of been driven Co-Heads Diego the renewals

XXX,XXX exceeding full growth our cash leases feet quarter, mark-to-market. in XXX fourth X.X% outlook and was We by including the points by end same NOI a above. as driven the of Our factors high basis square renewals XX% at cash pre-COVID executed year of the

million on year, was pipeline. of pre-COVID full expectations. development executed our Leasing early and renewals strong the X.X which square was our feet XXX% For we particularly

to our continue heavy excel growing biotech We existing tenant with base. by

far markets. leases strong three Letters So we feet demand the pipeline in is core and of XXXX all There of XXX,XXX with square square in Intent. under our feet XXX,XXX significant of signed an additional is

X.X% the of partially of in parking and mark-to-market addition same-store quarter income. Turning above slightly to on growth collections and full We reductions points. people which leases feet, reported commenced In year rent Fourth COVID results by operating driven and projects the our X.X% course discussed, portfolio year on small XX prior down NOI and in Also ended quarter. and by by expectations. fourth same-store cash the X.X% the to Office, was was offset renewals, from quarter by in points the exceeded occupancy, moving rent This our year small portfolio. reduced full escalators hospital pre-COVID million decline completed related quarter approximately fourth the Medical XX respectively. X we the contractual the with XXXX, for recently basis XX%. redevelopment pool, of Performance cash the we XX.X% driven basis development square

we solid pipeline is commence addition, square In square signed of letters and under that in feet will leases leasing intent. feet XXX,XXX with XXXX XXX,XXX of nearly our

throughout and Turning the to December outlook prior quarter. XXX% quarter they improve points second December. XXX wave of increased new intensity virus. below to outperform the declined September momentum comparison of in decline with out the to the the contracts occupancy CCRC's bit the basis points was in entrants housing. point third with occupancy a being by rental January in Notably, nearly the in from The to senior XX carried quarter Occupancy the CCRCs, flat month. performance continue over basis low did driven up the occupancy fourth through to

in We're move XX the all CCRCs and been direction. for in-person ins but their fees pleased that report visit vaccine also to have and heading the entrants are year, New tours, to are prior open scheduled the or received below of first clearly dose our family. still positive a of

XXX driven towards for end held January, sale, December third saw the SHOP to basis to was of an XXX of additional range. SHOP September occupancy the low down in our portfolio, the wave occupancy outlook all has points the by Moving of virus. basis from which points

base are with Turning feet now relationship tenants. XXX,XXX quarter tenant Growing occupancy lacked to new biotech and remained X of economics strong. at our fourth the the with their the Shore our The leases were underwriting with respectively. expanding a in pipeline, XQ heavy 'XX and at tenants. Bay Area Science the in totaling our signed Phases the on to versus the we as XQ leases Shore in existing ownership X is pre-leased square 'XX expected above growth existing two accommodate our development skill XX% advantage the Live grants competitive

and XX% leases example, signed to a of grow. square at we with signed an looking the the of million As space existing health feet the Shore X.X was cove [indiscernible]

active fourth development science Diego. our quarter at leased these at Shore Hill development leased square and stabilization were The project we the XX% including delivered end. in the San In to Both During NAV the will square the building developments feet final and total continue Phase X significant upon the and development the building delivery In of campus year in program in is XX,XXX XXX% building accretion. Upon quarter. generate on the projects to Ridgeview and HCA life delivery. final campus preleased Medical Oak execute at pipeline XX% Office, we fourth XXX,XXX was of delivery and upon delivery. billion of located HCA hospital $X on Florida proprietary the earnings

acquired In our is also land market in to Moving HCA. we campus finding square to Park Cambridge leased Cambridge transactions, announced an Route X% houses closed to number future and West Station, segments acquisition XXX,XXX previously strategic on we million, enhances X.X ways with the acquisitions market parcel highly opportunity. the yield Alewife dynamic cash off growing off development. a into the share yield. December, and Dallas campus, in one X.X% facility The submarket a Discovery acre our $XXX convenient Also Bikeway. City which a recycle The December behavioral and through densification on market land Minutemen campus million. GAAP $XX.X the core provided stabilized foot Medical X, that capital to both, is The and the we're currently

this developed years early the few acquired In growth an the parcel accommodate approximately triple-net we we XXXX. million XQ SHOP February, our next the announced to previously Housing, on in gross expect world-class wide on an desperate to the MOB HCA's rate, and variance progress billion Over on is tower be closed sale campus inpatient into outpatient now $XX of off-market in delivers Center, We've leading feet one than that assets. generating asset development Nashville. a This the we've quality. and successful the hospital The MOBs price already campus Medical Senior is portfolio. MOB approximately HCA's of of portfolio In XXX,XXX trophies $X a campus, of yield more large $X.X Centennial XX We square cash in made plus tremendous and of on new per of X%. highly was own billion. separate and There by transactions stabilized proceeds on unit cap highly campus. given the

rate on on an we aggregate a the is escalating $XXX triple-net the includes revenue early portfolio, in and excluding X-property purchase cap We've three to in portfolio low $XX years currently larger and entire our next include properties, The Seller in first material NOI, and $X.X XX-property XX-property asset the under remaining with not SHOP three and approximately million funding encourage XX-property agreements is value on roughly the billion of These month our expected Importantly, overall a on aggregate, completed to rate terms Seller or remaining mortgage in pre-COVID SHOP to [ph] sales cap with Atria previous and EBITDA revenue. representing XX% CapEx of Seller $XXX any and under line trailing provided range XX-property financing few rate triple-net is portfolio we remaining in of gross pricing in do a approximately Kazak larger year proceeds. the to disclosures. signed blended X%. one triple-net Senior Brookdale portfolio, [ph] weeks. on In The quarter of intent are contract, all the letters in to property obligation. by excluding X% rent portfolio, have additional amounts of with and blended sales only annualized at include The we a is a be sovereign [ph] sales of level Aegis The need are loan SHOP we look The from the Kazak million assets contract financing. which a financing legacy financing. Atria Upon HRA If exposure approximately Capital Senior is small loans, ranging million venture, range primarily our rates joint the portfolio, fourth Sunrise Housing to portfolio NOI date operated cap X% in of and term Seller including repayment. a remaining portfolio, both X%, repaid sales amount Living. the that completion really sales, the XX-property rental handful a wealth the short

proceeds, strategic executing continue With pipeline to the significant sale we're shape acquisitions development. new asset and in on great a of

As we're an essentially San Office. land opportunities South and Medical San wishing at looking out of and we bank Diego, in so closely and opportunities, Francisco space example, are our in densification

news We these shortly. expect now, more to on activities over share Pete. And to

Peter Scott

Thanks, recent and update $X.XX financial a with guidance. Scott. quarter same-store of the up sheet Starting FFO X.X%. and I'll fourth results, today per share, as our an in financial start finish our with on adjusted blended review of results, we activity, our growth XXXX reported balance with provide

of reported the of For and FFO as growth $X.XX year, per X.X%. share, we adjusted full same-store blended

no headwind same-store added three of San portfolio campus. Office portfolio, the by A of signs Diego earnings continues San We've an CCRC of is Boston, be few that irreplaceable a XX% the markets differentiated for There numbers consistent shows are the vaccine, located our term. encouraged would virtuous growth on and are portfolio, in midst a Francisco, improving fueled Life cycle reporting XX% Our to hotbed by successful Science Medical in in outperform catalyst continue the rollout and a abating. reliable but in and should like COVID to experienced to producing I we the of and results. in mention. be which affiliated, near results items

First, as during the classified and SHOP fourth quarter, sold remaining were sale. or held for all triple-net assets

in statement. are of On to operating GAAP, to our ties we discontinued pages operations, supplemental, reconciliation segments the provided detailed have back characterized these a for results a as our discontinued accordance and income XX XX As result, that with including operations.

Second, we joint into pro million to NOI which other $XX we have $XX moved million of approximately the annual expect Sovereign to Wealth SHOP rata segments. venture, non-reportable the XXXX

moved our Office we Third, small portfolio segment. the Medical hospital into

a reminder, NOI. $XX term As our of hospital near once exercised, only options million purchase we are annual total have

are changes quarter. aforementioned XX, our have would these effective a same-store the have of changes. table In All showing our for on results fourth included before pro-forma page supplemental been the we what

the year, For growth our X%. full pro-forma same-store positive blended was

a the repayment balance outlined and Seller the $XXX we to sales. MOB Turning term Midwest When some million near XXXX to repayment a approximate In late would Accordingly, that on XXXX. billion announced the $XXX in near repayment proceeds $X with times. the approximately is to provides intention maturing approximately EBITDA to forma amount repay This net included bonds it $XXX expected SHOP, a term balance the our $X through including; to of anticipated of including dead of plan financing in February, after we San our to high us a we cash cash, announced we the are the debt closed $XXX these financing we work horizon, us on do of benefits, billion dilutive. not exit of segments, January $XXX and expect to we with to sheet. of and $XXX identified to our immediately. of $X.XX We the tender clear the to match is of incorporating an acquisition. unidentified In expect offering activity, Pro utilized discussed first, shortly. be what repurchase of another We to of million billion plan we to million repurchase intended be for term late significant Park, repayment And proceeds temporarily during our Seller remaining expected Discovery funds. January, put sit triple-net will portfolio, South of proceeds million our The expedite significantly bonds. proceeds. intent repurchase million total able the extent With month. acquisitions debt of on $XXX balance. drop short and the acquisitions, now first plan will million senior we additional housing it since to all level, Cambridge the At we expected land allows debt in use quarter, likely would to approximately debt X.X Francisco the of

enhances by Second, our approximately strong and improving bond until X.X the XXXX. maturities average eliminating tenor materially debt weighted profile repayment to our years, already credit

the accretive provides X.X it enhancing portfolio approximately into our new Third, the XXXX necessary proceeds bringing time with long team leverage reinvest to times investments our Turning to guidance. our debt, term to funded with acquisitions

mix stands of position a provide for to in XXXX. a portfolio earnings our As where today, we guidance result are

into did to Before spend year. moment our get want this I level guidance approach I to a details, the setting

for been. NOI as term which it the ever has robust of First, XX% our outlook Science portfolio remains and Medical as equals Life Office, near

up increased seeing lease continued mark-to-market our are positive and projects. leasing We and of demand, redevelopment development

challenged, of of positive XX% CCRCs the portfolio trends, starting hold our but remains rollout COVID NOI, our the other with to take with The primarily vaccine.

is point why acquisitions Housing timing we are range. proceeds into variables guiding are and Second, the difficult there reinvestment wider include JV. sale a of to inflection Senior are extremely of and important sales, which predict to our several of CCRC's, earnings SHOP that variables These our

leverage with forward have less in than have Third, to we the past. operate important be we may going decision

is may this consistently pre-COVID. relative operated debt we The X.X what is six models. to times net reduced EBITDA target compared near moderately of to impact at the to now in Our be times earnings your

the pool per ranging from The from to X.X% is to blended XXXX components NOI, pool $X.XX Science, ranging as X%. the NOI our just $X.XX blended minus large minus to of assets. as of is XXXX, is CCRC Sunrise consists negative FFO which as only decline which per Furthermore, to that from which In for two the is X%, share, is ranging XX% X% with adjusted X.X% backdrop, full same-store are Medical our the will from roll ranging grants. LCS CCRC, pool in enter guidance of down growth significant the same-store quarterly of same-store So the of A share pool CARES X.X%. X% XX-property quarter, portfolio XX% our in year our enter Act full from XX% to XXXX. of second Office, year Life XX%. starting and pool primarily ranging from follows. pool

the the Let if resulting a the of refer assumes outcomes. Sovereign of timing end me potential like CCRC guidance guidance range our and along. in or to acquisitions. approximately earnings, provide page more of earnings, more impact portfolio, prolonged color of accretive Please follow would million X of XX The to JV, COVID, earnings a of share you to of from from low from same-store of on our accelerated and a Senior include supplemental inflection two pennies beyond major of assumed from the an during the have billion $XX redeployment an full million of to or in portfolio. variances pennies inflection The a Housing an and already the guidance and resulting share million approximately quarter CCRCs of accretive our third second acquisitions. CCRCs SHOP from in recovery, LCS earnings $XX point into point The during end high what or approximately end X quarter, no pennies X proceeds Wealth COVID announced. $XX guidance high a additional $X.X in end acquisitions low we share

are into is the our target. best funded of of and our our information today. that the cash could and our end In there closing, takes the unidentified $X high the course that, the debt, open to year back is conclusions us XXXX against to or the reduce we second too of on half as line dictate in invest range, please with questions. increase drawing to billion caution X% as as would assumption guidance any range Our the year. cause net yield from the puts tighten, debt midpoint many for circumstances operator, a EBITDA estimates many acquisitions With of at I over entirely on taking during

Operator

Thank you. go Please question [Operator Nick ahead. from instructions] will first come Yulico And the with Scotiabank.

Nicholas Yulico

Thanks.

So you story and what could acquisitions, market getting more done? I talk bit now, seeing in a you're about little a terms I acquisitions just on more back half you well, maybe of as question right year think guess the of guess first in the it's the of why

Scott Brinker

Hey Tom one. to take that may Nick, something speaking here, Scott add. I'll have

as two market last number about acquisition in dollars campuses, that in Life the land the to all some South position solidify Over Medical We leader quarter City market then in really market. well to closed we the our Francisco West of and Cambridge Nashville and our down market were big really one to and then Office both we share Centennial of strategic in acquisitions took Science sub indefinitely. most us as $X Dallas course San important successful in as billion of added off really which Medical Office with Medical

life what's astounding So of acquiring, amount of make to proceeds pretty what down course, by in mean, being have something these his sales wait team has particularly separate selective that really what's we process. from paying on relying internally, and we're find CCRCs, and remarks, a and housing all though may sure done in two senior and Virtually I that on advisors. closed transactions. It's even number. got pretty we're flexibility been science, about focused a office prepared The with mentioned attractive. focus, third we that's we without more significant we've party debt, asset the or as find attractive do medical are the XX we almost between opportunities but Tom coming one seeing sales of on it's executing an and

development, we the wait is attractive So, including activating that say is Tom is significant, pretty the to acquisitions. the it opportunities them dispositions, but hard some prefer and we're I But closed will running looking pipeline and until anything strategic. add there been actually usually on has bank is before we detail. that do land at, expect you'd team in closely some be those to about talk are that? will but we There

Thomas Herzog

add One the lined $X.X that back-to-back at contracts, some Nick, the sale acquisitions as transactions, with billion do thing non-binding would that. we that have binding through look also out have I we could we and be is,

little until forward. closer But on So announcements that you make we'll may see we us we go as wait close announcements. those get bit final be we a to something until

Nicholas Yulico

thanks. up in cost year, that Okay, on than this you the looks the the to to project. spend And follow what's more in like just left complete terms development on actually of it that's guidance have

starting you and in are lab for or then your be new projects, redevelopment? pipeline to development going even or So

Thomas Herzog

and absolutely yes. Yes, I'll then can Nick, one Brinker start is that with answer add. the

near some We potential. Francisco San Diego do term in have and that San some opportunities see we

your So from those so come comments. fairly us on correct that you'll some I in with, we'll think probably observation term hear point opportunities something in on near forward the

Nicholas Yulico

Okay, all right. Thanks, guys.

Thomas Herzog

Nick. Thanks,

Operator

will ahead. go come Juan BMO with from The Sanabria next question Please Capital Markets.

Juan Sanabria

time, good the Yes, thanks guys for morning. and

of you some the between pipeline, I the seems cap acquisition could MOBs, give which yourselves, focus? understandable, for get split and if that, And flavor to Just believe us like commented which just don't but to want of Tom, rate on seems ahead on you the is a you curious Science be the makeup compression. Life guys

sense quality across if where cap us just a are two you those rates asset of classes of could for? the today for products looking you're So give

Thomas Herzog

don’t Yes, go you and Scott start on one? why that

Scott Brinker

one probably fours some any X% X.X% going Office to portfolio reasonably product. products, been the But sizable have at markets to than more in Medical are that on off, range for been time range. bit able be quality more for to it one that the that mid trades the quality a to markets some stayed but course, find better rates a Life there X% that. are some core pretty cap X.X% for of acquisitions Science, actually, Yes, in is in we've sized depends portfolio good in

individual an that a maybe assets. big there's But certainly portfolios, trade are Of of than course, a better those lot that interest sector. bit in

a months, gone rates players they've big come portfolios. up the probably XX So haven't which with the over benefits obviously cap certainly past bit little down incumbent

the ones don't a to in proactive we're say then between medical announced acquisition the portfolios that segments campus. Dallas are trying get or one terms And market acquisitions, existing terms In or until particular Antonio, that know done. looking we an buildings remaining of and the I two some off mix two a at, more it there that asset mix in San there's last actually than the capture them really with is of the we're we own. and don't that of pipeline, but where like one that we want on of maybe city, combination extremely well, And campus we sub business to

Juan Sanabria

Okay, guys just and I then opportunity. just my you attractive is which to with the up, regards densification highlight, bank to tried follow land and growth think an

what of you over or the and work next could returns you that guys could much Just what for capital to years? of a help put of of terms to sense do in couple us guideposts around put thinking kind benchmark just you're how

Thomas Herzog

as You fair of of this know because even a long longer. large And decade embedded is it, at look or talked opportunities. about billion plus pursuit number a question, Juan, we've maybe $X we very

for to to we're the coming. analysis, some and off Board, the at have then over we that activity, of perhaps but some going our We'll a more bring bank to definitely of of until be announcements hold so soon, next years, in information you're with it both just some the I And upcoming couple what see conferences and opportunities, couple opportunities. think make that coming land of complete we we in going densification execution do forward bit

Juan Sanabria

enough. Thanks, Fair guys.

Thomas Herzog

Juan. you, Thank

Operator

will question Citi. from Nick next The Please come Joseph with ahead. go

Nick Joseph

Hopefully, Thanks. that our get weeks. conference we in a for few

seller it's near or $XXX short borrowers? term million, the cash repayment the on if on to give details Just the so after if expected accrued, term repayment, then $XXX the of comments and guess you rate, more credit I timing million us just for the on of financing the

Peter Scott

rate on X%. around average Nick interest Yes, is the

escalate some was a standing LTVs the to equity the to lower. first encourage secure mortgage to one reasonable bit higher, in And loan, behind time a Some getting we to to amount in we're obviously, rate to are which we three-year the the XX% bit range, repayment. loans. a be tends over The of be are a term XX% to have The range. did tend thought

$X.X plus to $X.X about put on $XXX do amount be the back any million really left weeks, bit, billion minus but out contract, under we we date to not And financing, think nothing about million $XXX remaining. assets that to So paid leaving gets few there's of billion of seller are next of sales, or a up us million in sales of significant. $XXX million material with XXX that in there'll

so of day, [indiscernible] of a end we're net might get thought have in to. challenging provide is the that because less what And lot sooner we at are more did later providing actually, seller came we finance out. amount So commitment really than a we of the it portfolios than a just that to some so, closing we the financing could the to

Nick Joseph

then just really properties That's guarantees any the the from by helpful. or borrowers? And is there are it secured

Peter Scott

recourse Just typical carve the out guarantees.

Nick Joseph

you. thank Great,

Thomas Herzog

Thanks Nick.

Operator

will from The Sadler me, Rich KeyBanc Anderson, open. SMBC. is will ahead. next The Jordan Mr. line go question next go question Markets. with Pardon come come Anderson Capital Please your ahead. Please from with

Jordan Sadler

Thanks, guys.

assets sort keying pricing? in a Just the timing if the sales, bit of on little the you would, remaining maybe more color on and

Scott Brinker

now most have billion the Of it Jordan, remaining been that. with big that's of the take majority it’s SHOP sold Scott. $X.X HRA the I'll Brookdale in vast our Hey, of Aegis. triple-nets

the buyer it's half offer under than and more and asset of are couple because binding it's of contract, of with And triple-nets. either it's the bunch there's balance small of is diverse makeup few that million pool remains separate the PSA in a then just smaller $XXX that an the letter. but pretty transactions, or transactions. plus bigger, the a are XX than Last, a So non-binding is every astounding. portfolio, really we More handful

pretty naturally One that's diverse. characteristics. we pool that diversified a there But is is of Counterparty are two it's So pretty it's so that that know well. the a common buyer pool

the IRR So well playing other particularly then very turnaround get groups to that's this gives predominant a motivated sector buyers category of us equity buyers the a the five private into capitalized buyers. and is repeat good lot for confidence opportunity, the fit seem and good which obviously to been year who seven and it's that have

far second it We're somewhat quarter. the everything great for are and a good always But, end we're pretty of environment of in down If all even I think uncertain, progress. So, went close well, path. we the transactions housing. by could the still, environment choppy making senior

buyer anything good quality and could the to but about exists. made feel happen, of So pool certainly date the that the progress

Jordan Sadler

there's degradation you of pretty about you cash shop flow about meaningful obviously, been, the when on Right, think sequentially. sort side. When the, think pricing, and

So are quoted what just the on fall we the call, last line? holding sort looking versus at to was cap or rates, continuing of

Thomas Herzog

announced portfolio Yes, the likely sales, call, earnings when has last the pricing on we really with consistent the the that. pricing remained

change. around it's triple-net rate cap the cap on in really and X% a run rate, for on X% blended rate about rent SHOP So per NOI there's no

three you to ago. vaccines multiple third you a the news had seemed months we that But is in And had that months, in some last highly had blended pretty over the three higher pricing about portfolios line what then to-date with effective. brutal wave. So, with the right have rate cap a And, than be really SHOP, what good remains. talked much pretty much they closed

guess have offset in didn't I of transaction pricing. that material sort each market the changes two no really, any we in other So certainly the

Jordan Sadler

it's helpful. Okay,

total Just expectation or seller that's the guidance? is the what seller rates income financing, into guys did were, from on baked what you maybe what financing the the interest say

Thomas Herzog

some higher, a XX a rates six that cash, is - then And X%, that’s usually escalate basis are bit year every rate The or blended about some lower. XX XX interest one bit in points. months, put are to by it in

Peter Scott

And then it’s Jordan Pete here.

that items do seller in guidance have from and include interest does within other our income, the The so income section financing the guidance. page, interest been the we that has

Jordan Sadler

XX all all so Okay, the That's [ph]. to million. is from XXX that million XXX%

Peter Scott

Correct, yeah.

Jordan Sadler

seller be… high. was little a was I $XXX it's Because Like, million, up may I tie bit it financing I rate didn't But thought that unsure. back. in XX million

Peter Scott

seller Jordon Yes, financing not other amount. are full others this about financing that other loans that in in place. seller financings up couple couple there's It's makes not million of that and a legacy there. $XXX part that There's a are entirely

full up So interest it's income. makes the combination of those two the that

Jordan Sadler

guys. Thanks,

Thomas Herzog

Thanks Jordon.

Operator

Rich SMBC. The will next question ahead, sir. from come with Anderson Please go

Richard Anderson

tech little rating this putting sell a I a that glitch, about on phone think. sorry Hey,

if but long see think the like, any you the crossover Life you've to when maybe I other of work of forward kind portfolio, look behave Science might counter about that like behave interaction given how Science was marry which going degree deviation some there's science, sort back an of standard and primarily standpoint, this medical a in from I earnings. would Have Office, sort between wondering, they Life as Medical probably from and as a like behave has asset of you to office new the algorithmic, how being approach? class, Medical term an words, Yes, I done So, in to type do together, life they a of how of you organization two, and to higher perspective? the Offices can volatility growth see think that like of

Thomas Herzog

part we X% this, X% affiliated of algorithmic literally say have done But calculation. year. last The growth for campus decade type have products MOBs that on produced produced the haven't Rich, type a plus same-store I would to every any

So a stable product. very it's very,

produces strong, to the very that have they're reside has the Somewhat based properties, invitation and hotbed portfolios. explosive that demand markets. whereas Life producing to immune able health know been so all supply Science these new biology consistent subject those very because years grow any recent that institutions reasons result, whole in with then And more but we some of drugs in hospitals in be specialists those been to more from variety not to a it requires land in that and cycles, the become has for new order

lot demand So us it supply. new to nice going be of does runway there's a a to without continued like feel of strong

high course, of MOBs. of front. fact that which going Then, classes. only But our two businesses. concept entry, produces returns a yield, be those XX-year barrier like fee of then the irreplaceable match environment creates that type strong produces very to feel that So XX% asset portfolio our more that, CCRCs, on is diversification the volatile product, [ph] is a We eight between is new high to a up about in interest that there's for course, to some very other the period produces product. of IL business than to two And against we different different, very different, development

grown not distorted last, the the as be useful that up a we historic all So eight business the as I'm math, of longer over running seems far three some would years, together. the that has past that rapidly probably the because to biotech sure so come way result. But would in even algorithmic like XX it end that

Richard Anderson

soon. seeing monetizing finding a starting least, that portfolio and XX%, in of given Okay, of fair the error into these is or people, CCRC markets? at a just at any a in signs just when that And housing think the quick or up, follow look the a lot next enough. little taken years, too early rounding crawl is all you're the has about, bit of to not, of it at facilities, any the And then entirety. off XX% really way in their just not market, at obviously direction, if you you it's Have few

Thomas Herzog

December that [ph] fourth interest a senior we IL is and excuse a housing low product younger demand, had increased strong then and you've group. me quarter, pent up strong some obviously, a prices January, have But into got an dramatically, rates, with based this going

shot But vaccine same our each has like seem The choppy from some does add or of point. results to in we're or time, remaining scheduled different positive some completed Scott, the it COVID. mentioned would optimistic been we momentum as this At communities. So first at the Scott that coming. at have had you have anything we least either that?

Scott Brinker

reasons. Yes, added where Florida, our I seem to number actually are attractive maybe two demographics about particularly of a for in of located CCRCs would the just be thirds

at and tours, discount price volume to cetera. pretty So big leads good. that did portfolio that CCRC attracted a And in to the quarter was be et us We the place. things to look so the entrance pretty fee values. as picking a strong fourth Seems one mentioned, is things of the up, home local first Tom have and of our the

that not So, in that but trying consumer local too, average those a to attract not this like markets. feels that's, a very really good, certainly luxury it's it's nice, product. the we're point They're stretching price

Richard Anderson

color the guys. Thanks great. for Okay,

Thomas Herzog

Rich. Thanks

Operator

The next go question will with from come ahead. Steven Please Valiquette Barclays.

Steven Valiquette

Thanks. the Hello, everyone. questions. Thanks taking for

and set near Sciences. for a the the XXXX First obviously fourth Life the Life in same-store XXXX NOI quarter growth as fourth growth guidance, X% the in just between cash numbers. worth Sciences different it versus metric X.X. included Or of a one here that strong missed some out? is guidance, the exiting I just just quarter, you're X% near number other 'XX, there the in incorporating to last delta Is a the this were there year? that assets drivers Thanks. are in to store due pool have year two comment same on calling may those

Thomas Herzog

X.X%. full routines was year a in guidance resolve ended more with just a X% it Yes, challenges that the of, I our the X% guess we to beginning challenging strong changing XXXX, to such but XXXX of much. pool up at creates the the isn't one base grow of off then for at

We see, year as number. hopefully that redeveloping. are we we the guidance in among again we in We'll projects significant the X% maturities. Our of of mark-to-market some to few have is helped, really this XXXX, many don't have And those range. year, have that X% very did renewals a some just that do which number this conservatism there's in

So we upside mark-to-market as in of have won't XXXX. probably a much

had collections. also rent We incredible

to no could virtually successful our team we're a XXXX, XXXX. as as for some bad But, do of it of course, year. bad source So have the guidance and collections taken we congrats to this we be had upside debt. And debt

Steven Valiquette

included above above million there everything stem does Just any $X here. administration? then the things for real And in great. additional been relief relief CARES include the million And one be divide the year packages Act this could curious, the could in $X the that there progress just that dollars from quick Thanks. that's grants that's something is one applied as under additional X Okay, here, XXXX chance for? guidance, million

Peter Scott

Yes. Hey, applied we've That's Steve, it's Pete. for. everything

fact, $X the we've And received hopefully, weeks. portion million around actually a In of in balance next receive we'll already. of couple the that

for, not some guidance. what anything there's applied our upside there perhaps is be but we've if at that So to beyond could that, above big and

Steven Valiquette

Perfect.

great, right, All thanks. Okay.

Thomas Herzog

Thanks Steve.

Operator

with The Baird. question from Please Sweitzer will ahead. go next come Amanda

Amanda Sweitzer

year X% growth I'm assuming impactful Good into occupancy your you'd in kind then a bit. are X% edition range? How to It's thanks. of is growth, that guidance Office, dig Great, Medical everyone. increase you stabilize hospitals morning, expect? low And same-store of your wanted full any guidance? to the a

Thomas Klaritch

item with still campuses, at COVID overhang our normal the lot growth are the still there's of Tom this a X%, to a With doing? is on ranges limitations biggest Klaritch, that's than you degradation, that primarily Yes, we're seeing. down. how a us, driving X% of The that's little visitations so we lower that's the to due usually parking really of quote lot the that,

that's the portfolio, end year. it's actually that had continue escalators also, We pretty be a driving occupancy in mark-to-markets will X.X% to that's, And the start the parking little good so really, a and good that. of that's see causing year positive up but the to we about revenue the toward

Amanda Sweitzer

do you that And you like the to could increase is at that of have shunt where one interesting Sciences, entry this high any opportunities development York New that's partners I to recently? your service more has investment other Okay, know, there helpful. then to look and of markets as are Life scale barrier expanded least

Thomas Herzog

we approach we in come we where biotechs they new lease and resides, as Amanda, difficult barrier larger effectively. to and other tenant out. really Diego that all are very that spent time a with our San form Francisco, clusters concept it's and entry rely a of opportunities high a is things lot central Because thinking that for to that and within in of used a would in There can we've sister that never the a that's San talent on our the in rip out grow landlord, of within there. it portfolios, rule compete about, one one something property believe participants cluster we campus. Boston, But investment strongly up operate lease to

huge focused And to in. competitive that because the keep But benefit, been huge an that advantage. three within So three other we're this have for stay the more that competitive with eye we'll happy have inclined markets we markets we've the we're we now, markets. on

Amanda Sweitzer

sense. Makes the for Thank you time.

Thomas Herzog

Amanda. Thanks,

Operator

next come go Please will Carroll from Markets. with ahead. RBC The Capital Michael question

Michael Carroll

life we're talked your Thanks, seeing you Life that within demand? years Science the few is lot to this in uptake of next reasonable in have? years Tom the a you the the space the do strength just it mean, the I densification accelerate to activity expect and to amount and development over about compared the, can quarter opportunities science past due few

Thomas Herzog

Michael, very executive a It's we a team talked question. good a as something have an as lot and that Board. about

properties If its and our demand for five, we've capture that, development development where you redevelopment pipeline year XX added at smaller expanded our these back the look in take or and San opportunities years best Diego, accretive it to rise some provides of in were ago, plus the four much low we highly densification product lot seven advantage it possibilities some was to and of and on bank markets and Francisco San with us. much, land with a of six, built opportunities old definitely

leasing. to it expand pre things any that. think also we've effect you want the take So we all taking you opportunity account, us over we could the years. those place in always of next see making is grow believer will but in portfolio we'll could a our sure we have look funding that much whatever drag into where add into certainly for several add how I And I enough take that big and see lot and time. very I'm a that got at to us account rollover point clear

Michael Carroll

time intensification, I at And opportunities I to would market? the at in pursue projects really same ground time? Shore be of available, San mean, willing multiple had your they mean, have break much success know and don't Francisco, on good the obviously, really you be you'd space you willing but lot I the same multiple at the a [ph], within to same projects

Thomas Herzog

Scott? ahead Go

Scott Brinker

there's over I core Michael, XX I supply markets, minus the on Yes, we the plus as forward is years, square and XX% mean, that's what X next San look as out like, competitive think depends feet I the it outlook underway. But in as Francisco, million demand. our or mean, months. it's two going in really per well week,

in So, months success. confidence we have opening going in can huge Diego that a building over amount isn’t likely sector San save smaller a a life the is pretty high the next and preleasing XX anyone lower. science of to It's the Boston has bit to little a similar smaller but Francisco dynamics. It's development just of a market San similar a pipeline. bit as similar well, terms

say. when a of they it proceed, look trying important. well, and but There's so they project to you Now supply would many is the it coming XXXX time projects how that would critically open out up unclear proceed, matches huge that's to beyond, to is hard when potential those and would with as competitive pipeline, your it's

done so as we deep the supply dynamics, pull as local feel the the next we on about development, a good dive there's anytime market trigger intense two really at well timing that So, a and location, demand on years. pretty some

like the just that, go we it look mean, could depends I it up, down, to time. just have at go what assess. on dynamics could it continue Beyond to the

Michael Carroll

you. thank Great,

Scott Brinker

Thanks, Michael.

Operator

with The One. Please Daniel next question go come Capital from will Bernstein ahead.

Daniel Bernstein

just to that's kind CCRC, variance guidance. follow in I 'XX wanted Hi, the a since on your of large up

any a some at et is the there And cetera. more in talk that's understand, you of about maybe terms going fees? to inquiries, little leading want the discounting could indicators entrance CCRCs whether bit on I So tours, if of

Scott Brinker

by as discounting or Hey, the change of in obviously. There's rep no much it's Scott. is mix because full service impacted Dan, is there Any quarter-to-quarter on. going care, continuum anything, the as

nursing pretty dramatic rest, independently the or being a the difference the rate skilled monthly changing has not So in on but versus entry a discounting we're change fee.

seen we've there. strength So continued

good off XX% of versus of so as XXX% CCRCs our the Today, a limits, XX that versus pretty obviously of In looking grown and significantly third visitation, tours that's fourth a XQ sign. up entirely we're momentum, XQ the fees still and to move have the would months entrance were feel open with existed In first forward and the in environment that the all received has for scheduled ago. terms indicators, been like base. we've up dose so and quarter, vaccine, there's or operating ins it now family quarter but doesn't good

I return will increasingly normal business the portfolio is as as to think next it over fully to months, two the three vaccinated.

a pickup. completed that the fully of see Phase coincides It with the course we So are at we is III properties. properties of starting vaccine to the and expect once reopening to continue the

Daniel Bernstein

I the the well. follow the skilled think on side. A as and large occupancy then part was of up a CCRCs on quick just loss, Okay, nursing

stabilization So any or pick recovery? has there, skilled within about can or how up you're that occupancy of been CCRCs the there kind thinking signs that recover nursing any

Scott Brinker

the Right, the only and than and of today, units our than rehab more outcome length of keep that's pretty skilled XXXX obviously pandemic. nursing It’s occupancy you in by significant than points, nursing portion in short business the term stay. to less running mind, communities basis that got units so housing, There's basis between XXX decline. down the assisted points, XX% the look CCRCs. of Even these independent driven lot was early down Skilled have through was points buildings. at rental say at The dramatically more business, decimated the COVID. a down XXXX than basis was of better total pretty senior obviously which

So it's the it XXs. in XXs as not We're the does mid hugely mid the percentage material, but run rate historical the when more is occupancy needle. move an in

April again took of and And when below it virus again February, then once off we started we're We to December, over back now picked and October, up. came virus the we fell in summer. then November. where a we again, in but And back up above in course, January And were the we again And in the stabilized around. come still as had it's back May, fell significantly again. comfortably level. So picking bounces

really be virus, sign So follow rollout down some does the that coming numbers momentum. which to pretty it vaccine the seems picking trend given significantly, of and the up hopefully are significant the is a good nationally

Daniel Bernstein

Yes, that’s I'll appreciate you. I thank it. great hop color, off,

Thomas Herzog

Thanks Dan.

Operator

Please from will question next The Mizuho. come ahead. Okusanya Omotayo with go

Omotayo Okusanya

on portfolio Yes. Good congrats the the afternoon, transformation. everyone. with Again, progress

kind decided the is why change with mind X% is too strong sciences of going around given questions housing I on strategically of on it you lot it. towards CCRCs, anything on you portfolio senior a the holding this had whether hold of becomes going again, life be going excellent pivot on last of and your MOB But a noticing talked Just earnings call, much distraction, have success around does to the the about the to forward. after to forward. guys you you've CCRC know how to call think your about

Thomas Herzog

fair an a Board. right, and you're executive science of But business MOB, is as very a And conversation so it's also represents only company. from and had as different a it XX% team it our question. another which, of that And life cash it impossible that That's we And portfolios. portfolios yield, these strong quality growth given the baby about. but again, a replace boomer of produce is flows, to very these they're the great quite positive tailwinds, note myself, and the that repeating feel I'm we extensively

it XX of you expect them. almost XX-year fully embedded what almost looks and quality these period. you'd infill CCRC supply And And acres toured a to this like, look a non-existent XXX the got see opportunity New you high within due if campuses. eight on appreciate densification with enormous than what to has development different units have feel sitting land, to we've to our is very haven't

view one another to that a it's company, but in can hard a so of nice time we of so this we slowly time, every type and it it's So place. yields of replace, we infrastructure nice that think at XX% element yield, It's very yield. one, a at that and for our we over strong have the produces are add our to diversification, be build going high,

So like we slowly. future, we've business company it grow that to of and maybe It's that, a to that additive. to that huge is part we think conclude own not in going be is but continued the a our would one

Omotayo Okusanya

other quick question. then Got you. And one

that and So assuming end development giving and kind XX% the sciences, could like billion year what at term of you X% CCRC. talk post this mixes of the this deliveries, the could the XX year, end X.X do basis, or your of a mix MOB mix By about the is? target you portfolio sales the what of acquisition, longer look the life on

Thomas Herzog

store just Yes, so that our, or our correct, as and stands, of keep mind in that for because But XX% the CCRC exactly will in the only the two portfolio of you in it there But pool XXXX. MOBs come XXXX the CCRCs. course numbers in. older are currently are existing Sunrise sit that, assets they LCS portfolio pool whole is and life say same just science XX% X% that

those looks that look and will forward? speak it Pete, to differently. mix could handy them you 'XX that going numbers you So do like for have

Peter Scott

Tom CCRCs. you specifics we Yes, weighted, as bit be up little with it'll with follow more more can a And some towards said offline.

it how investments XXXX of the come depend too, you on, look well as towards Some where at and will tracks together XXXX. and it when

that factor the see the CCRC, that you'll still life segment, on will, forthcoming. out So largest in as to our sciences said, acquisitions within MOBs I depend falls you where are have to largely be

Omotayo Okusanya

you. thank good, Sounds

Thomas Herzog

you. thank Great,

Operator

The Lukas Please Street. Green ahead. Hartwich next question will go with from come

Lukas Hartwich

the on hoping you was JV, change so, if wealth provide regard did sovereign In plans Thanks. that just decision? the on color SHOP to could that? keeping some And I

Thomas Herzog

about. thinking Lukas, our who have that we they're things and so interests also on an thinking has is that partner, Yes, important

will the it months to on to for and Lukas, we'll And you makes there? that coming stay one. work different, forward something to so see we're going both them either then we parties still what retain with or choose over do tuned but with move few that sense and

Lukas Hartwich

Yes.

Thank I you. mute. Sorry. on was

Thomas Herzog

Thanks.

Operator

Joshua The with America. next Dennerlein Bank come ahead. question Please will from go of

Joshua Dennerlein

decision? of for is leverage the target portfolio, but have higher leverage, X I less of mentioned thoughts? getting from easier or question, driving cyclicality X been I what's you curious X, maybe have so your keep that it thanks of the senior one to If rid that going assumed just to you're guys. have housing just on think before, for we kind Yes, would your said It's lower Pete, would a going involved, forward.

Peter Scott

Yes, it's a Josh. really question good

in firmly metrics BBB+, we want BAAX to rating look with we agencies. leverage, the our at that be As

around on of we're it and was call opportunities And cushion. we we as you we as our capital, take so major also the, like this about piece take a high we X densification a down, raising. of to felt on puts then our a the development appropriate As capital at had additional Xs being account, call factor consistently of leverage and it lot that allocation it into portfolio pressure lot talk

a run to want the think with as our and less pretty combined, the we you we just as well macro those forward. for portfolio, quickly to overall we add? half I sense in to with factors like going want what made for operating And all turn anything learned environment. can the felt Tom, some lesions COVID way happen company

Thomas Herzog

me mean, add and I by a what think portfolio, got be When sheet. Yes, were to a we couple deemed supported high balance we've strong fortress positioning as just to we this forward at, want we what things a quality we very Josh. be development densification pipeline we a of going let with look and

REIT plays simply into strategic it's simple. approach, as want like strategy forward that we in to our our just so the it really go we look new under what So

Joshua Dennerlein

Okay, got it. guys. Thanks, I it. appreciate

Thomas Herzog

you. Thank

Operator

question Stender Wells Please will come next The from ahead. Todd with Fargo. go

Todd Stender

some you sales maybe because evaluating just in for could the and probably factored on on timing maybe recommendations of asset regarding thoughts some Tom, Board just And the thanks. Hi, there? Surely color the Board but share dividend. well, as proceeds, of was but you're redeployment management's how

Thomas Herzog

at very had of at a and Well, And, that but at retained creative development Board along our million opportunity we us. ratio XX% strong and account felt that right. of development completely opportunities. current mix, forward, portfolio pipeline or perspective, densification as really, and the Board to stabilized wanted yield MOB or we of with substantial the we dividend made to payout science And we and in thought bank $XXX densification and it so that, life for a the looked sufficient we front takes land given you're into from yield. wanted that We and yes, target course into sense, that reinvestment the have X%, looked the went simply recommendations, earnings, management's stabilized centric be we

length that, things share. different per the we of three to all as about the quarters at period were those decision of that over discussed came we So a $X.XX

Todd Stender

have Pete. existing Right, that's helpful, and -- then it share XXXX? a CapEx maybe Do you for You budget portfolio? stunning could for

Peter Scott

on One, initial of MOBs, in doing more enhancing important revenue bit Yes, million our with actually capital enhancing items. CapEx year, redevelopment did XXX. some is expenditures actually to out $XXX the budget to little on look, XX million, this that $XXX a there green point that development $XXX CapEx $XXX and spend, gen we're our I will year, of and up we from first so to include XX some million TIs to regards revenue [ph] and supplemental if of relative page to two initiatives. last are spend you

do be a to made then did there'll year, at are some COVID a just the So down fact well cap little last that. CCRC. we And given two, that revenue it difficult as nice on acts enhancing slow return bit,

So that some but recurring those, all of XXXX. again, also up then on I out page picks And we're lined XX. in go above won't get all we do that through it's CapEx in projecting there.

Todd Stender

you, it. Pete. Got Thank see it. I

Peter Scott

Yes.

Thomas Herzog

Thanks, Todd.

Operator

The next go with Mueller from come question JP Please ahead. will Morgan. Mike

Michael Mueller

just Hi, a quick Yes. one.

other know let they on you've Are fourth XX% leases what's that us can And spreads you comparable? done underway? XXXX mentioned that what lifetime numbers I the in were far. you up quarter, think the were so

Thomas Herzog

XXX,XXX far. sample in so January today, Yes, feet across is portfolio size But a most the quarter. line is new in of square leasing, the our that's the what fourth so there with in leasing great we is mark-to-market achieved

by it XX% vary the range, does by XX% by tenant to in year. lease it's So

you going it's if at but in that entire around look range So the bit, to little it's portfolio. bounce a

continue rents grow escalator Now And time, in to more contractual range, maybe same X% in is the the market better. three range. X.X% at our the to

stronger continues, continue that have if dynamic mark-to-markets. we'll even So obviously, to

Michael Mueller

it. Got

Okay, so thank you.

Thomas Herzog

Thanks

Operator

back This turn conference question-and-answer our session. Herzog ahead. closing concludes go Please to to like Tom remarks. any I the would over for

Thomas Herzog

talk for stay everybody in all today safe Bye-bye. for hope I thanks and and we'll operator, Thanks joining you, thank call our Healthpeak to interest and Yes, you you continued your much. soon. and

Operator

today's The conference has for now presentation. attending you concluded. Thank

You may now disconnect.

Healthpeak Properties (DOC) 10 Feb 212020 Q4 Earnings call transcript