Healthpeak Properties, Inc. (PEAK) Q3 2021 Earnings Conference Call November 3, 2021 11:00 AM ET Company Participants Tom Herzog – Chief Executive Officer Andrew Johns – Vice President Corporate Finance and Investor Relations Scott Brinker – President and CIO Peter Scott – CFO Tom Klaritch – COO Troy McHenry – Chief Legal Officer and General Counsel Scott Bohn – Company Participant Mike Dorris – Company Participant Conference Call Participants Richard Anderson – Morgan Stanley Juan Sanabria – BMO Capital Ma ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36007 PHYSICIANS REALTY TRUST (Exact Name of Registrant as Specified in its Charter) Maryland 46-2519850 (State of Organization) (IRS Emplo ...

Healthpeak Properties, Inc. (PEAK) Q2 2021 Earnings Conference Call August 4, 2021 11:00 AM ET Company Participants Andrew Johns - Vice President, Corporate Finance & Investor Relations Tom Herzog - Chief Executive Officer Scott Brinker - President and Chief Information Officer Peter Scott - Chief Financial Officer Tom Klaritch - Chief Operating Officer Mike Dorris - Senior Vice President-Co-Head of Life Science Scott Bohn - Senior Vice President-Co-Head of Life Science Conference Call Participants Nick Yul ...

Part I Financial Information [Item 1 Financial Statements (Unaudited)](index=3&type=section&id=Item%201%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Physicians Realty Trust for the quarterly period ended March 31, 2021, including balance sheets, income statements, and cash flows, with detailed notes [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2021, total assets were **$4.37 billion**, a slight decrease from **$4.41 billion** at year-end 2020, while total liabilities decreased to **$1.63 billion** and total equity increased to **$2.74 billion** Consolidated Balance Sheets (in thousands) | | March 31, 2021 (unaudited) | December 31, 2020 | | :--- | :--- | :--- | | **Total assets** | **$ 4,370,895** | **$ 4,413,950** | | Net real estate investments | $ 4,236,638 | $ 4,262,678 | | Cash and cash equivalents | $ 3,949 | $ 2,515 | | **Total liabilities** | **$ 1,628,931** | **$ 1,670,659** | | Credit facility | $ 402,827 | $ 412,322 | | Notes payable | $ 968,868 | $ 968,653 | | **Total equity** | **$ 2,735,231** | **$ 2,715,002** | [Consolidated Statements of Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income) For the three months ended March 31, 2021, total revenues increased to **$113.3 million**, and net income attributable to common shareholders rose to **$17.2 million**, or **$0.08 per diluted share** Consolidated Statements of Income (in thousands, except per share data) | | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | **Total revenues** | **$ 113,339** | **$ 107,428** | | Rental revenues | $ 80,395 | $ 77,870 | | Total expenses | $ 95,090 | $ 92,313 | | **Net income** | **$ 17,805** | **$ 14,960** | | Net income attributable to common shareholders | $ 17,181 | $ 14,097 | | **Diluted EPS** | **$ 0.08** | **$ 0.07** | | Dividends declared per common share | $ 0.23 | $ 0.23 | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to **$41.3 million** in Q1 2021, while net cash used in investing activities decreased and net cash used in financing activities increased Consolidated Statements of Cash Flows (in thousands) | | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $ 41,301 | $ 34,858 | | Net cash used in investing activities | $ (15,247) | $ (22,076) | | Net cash used in financing activities | $ (24,620) | $ (12,525) | | **Net increase in cash and cash equivalents** | **$ 1,434** | **$ 257** | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed information on the company's organization, accounting policies, investment activities, debt structure, and other financial disclosures - The company is a self-managed REIT focused on acquiring, developing, owning, and managing healthcare properties leased to physicians, hospitals, and healthcare delivery systems[36](index=36&type=chunk) - In Q1 2021, the company acquired two medical condominium units for **$0.7 million**, funded a **$4.8 million** mezzanine loan, closed a **$10.5 million** construction loan, and sold one medical office facility for **$0.5 million**[57](index=57&type=chunk)[60](index=60&type=chunk) - As of March 31, 2021, total consolidated debt was approximately **$1.4 billion** with a weighted average interest rate of **3.49%**, and the company was in compliance with all debt covenants[80](index=80&type=chunk)[78](index=78&type=chunk) - The top five tenant relationships account for **20.4%** of total Annualized Base Rent (ABR), with CommonSpirit Health affiliates being the largest at **16.6%** of total ABR[118](index=118&type=chunk)[119](index=119&type=chunk) - Subsequent to quarter-end, the company acquired a medical condominium for **$0.9 million** and a medical office facility in Florida for **$35.3 million**[122](index=122&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results of operations, covering portfolio, strategy, Q1 2021 performance, COVID-19 impact, cash flows, liquidity, and non-GAAP measures [Overview and COVID-19 Update](index=27&type=section&id=Overview%20and%20COVID-19%20Update) As of March 31, 2021, the company's portfolio comprised 262 healthcare properties valued at approximately **$4.9 billion** with a **96%** lease rate, and **99.7%** of Q1 billings were collected despite COVID-19 - The portfolio consists of **262** healthcare properties in **31** states, with **14.0 million** net leasable square feet, which were **96%** leased as of March 31, 2021[126](index=126&type=chunk) - As of April 30, 2021, no facilities were closed due to the COVID-19 pandemic, and the company had collected **99.7%** of first-quarter billings[134](index=134&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Total revenues increased **5.5%** to **$113.3 million** in Q1 2021, driven by higher rental revenues and expense recoveries, while net income rose **19.0%** to **$17.8 million** due to lower interest expense Results of Operations Comparison (in thousands) | | 2021 | 2020 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | **$ 113,339** | **$ 107,428** | **$ 5,911** | **5.5 %** | | Rental revenues | $ 80,395 | $ 77,870 | $ 2,525 | 3.2 % | | Expense recoveries | $ 27,560 | $ 24,876 | $ 2,684 | 10.8 % | | **Total expenses** | **$ 95,090** | **$ 92,313** | **$ 2,777** | **3.0 %** | | Interest expense | $ 13,715 | $ 15,626 | $ (1,911) | (12.2)% | | Operating expenses | $ 33,934 | $ 30,963 | $ 2,971 | 9.6 % | | **Net income** | **$ 17,805** | **$ 14,960** | **$ 2,845** | **19.0 %** | - The decrease in interest expense was primarily due to a lower weighted average effective interest rate on the credit facility, which was **1.1%** in Q1 2021 compared to **2.8%** in Q1 2020[148](index=148&type=chunk)[151](index=151&type=chunk) [Non-GAAP Financial Measures](index=31&type=section&id=Non-GAAP%20Financial%20Measures) Normalized FFO for Q1 2021 was **$57.7 million**, or **$0.27 per share**, and MOB Same-Store Cash NOI grew to **$66.9 million**, demonstrating operational performance beyond GAAP metrics FFO and Normalized FFO Reconciliation (in thousands, except per share data) | | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net income | $ 17,805 | $ 14,960 | | Adjustments (Depreciation, etc.) | $ 39,863 | $ 38,338 | | **FFO applicable to common shares** | **$ 57,668** | **$ 52,781** | | **Normalized FFO applicable to common shares** | **$ 57,668** | **$ 52,690** | | FFO per common share | $ 0.27 | $ 0.26 | | Normalized FFO per common share | $ 0.27 | $ 0.26 | MOB Same-Store Cash NOI (in thousands) | | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Cash NOI | $ 80,697 | $ 75,972 | | Adjustments | $ (13,762) | $ (10,628) | | **MOB Same-Store Cash NOI** | **$ 66,935** | **$ 65,344** | [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2021, the company had **$3.9 million** in cash and **$694.0 million** available on its credit facility, with **$52.4 million** raised from ATM program share sales - As of March 31, 2021, liquidity included **$3.9 million** in cash and **$694.0 million** available on the unsecured revolving credit facility[182](index=182&type=chunk) - The company has an **$850 million** unsecured revolving credit facility and a **$250 million** term loan, with total borrowing capacity of **$1.1 billion**, expandable to **$1.6 billion**[191](index=191&type=chunk) - In Q1 2021, the Trust sold **2,887,296** common shares under its ATM Program at a weighted average price of **$18.32 per share**, generating net proceeds of approximately **$52.4 million**[196](index=196&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate risk, with **88.7%** of its **$1.4 billion** debt fixed-rate, and a **100 basis point** LIBOR change would impact annual interest expense by approximately **$1.6 million** - Total consolidated debt was approximately **$1.4 billion** with a weighted average interest rate of **3.49%**[211](index=211&type=chunk) - Including the effect of interest rate swaps, **88.7%** of total consolidated debt is fixed-rate, mitigating interest rate risk[206](index=206&type=chunk) - A **100 basis point** change in LIBOR would change annual interest expense on the **$162.0 million** of exposed variable-rate debt by approximately **$1.6 million**[208](index=208&type=chunk)[211](index=211&type=chunk) [Item 4. Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2021, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that as of March 31, 2021, the Trust's disclosure controls and procedures are effective at a reasonable assurance level[212](index=212&type=chunk) - No changes in the Trust's internal control over financial reporting occurred during the quarter ended March 31, 2021, that have materially affected, or are reasonably likely to materially affect, the controls[213](index=213&type=chunk) Part II Other Information [Item 1. Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings expected to have a material effect on its business, financial condition, or results of operations - The company is not currently involved in any legal proceedings that are expected to have a material impact[215](index=215&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred from the risk factors previously disclosed in the company's 2020 Annual Report on Form 10-K/A - No material changes have occurred from the risk factors disclosed in the 2020 Annual Report[216](index=216&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the purchases of equity securities by the company during Q1 2021, primarily for employee withholding tax obligations and unit redemptions Issuer Purchases of Equity Securities (Q1 2021) | Period | Total Number of Shares (or Units) Purchased | Average Price Paid per Share (or Unit) | | :--- | :--- | :--- | | Jan 2021 | 131,110 | $ 17.96 | | Feb 2021 | 162,173 | $ 17.80 | | Mar 2021 | 64,809 | $ 17.14 | | **Total** | **358,092** | **$ 17.74** | - Purchases included the redemption of **116,110** Series A Preferred Units and repurchases of common shares to satisfy employee tax obligations for stock-based compensation[220](index=220&type=chunk) [Item 6. Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data files - Exhibits filed include CEO and CFO certifications under Sarbanes-Oxley Sections 302 and 906, and various Inline XBRL documents[222](index=222&type=chunk)

Financial Data and Key Metrics Changes - The company reported FFO as adjusted of $0.40 per share and blended same-store growth of 4.3% for Q1 2021 [27] - The Board declared a dividend of $0.30 per share, representing a payout ratio of approximately 88% for the first quarter [27] - Net debt to adjusted EBITDA was 5.4 times, in line with expectations, with a significant repayment of $1.45 billion of bonds maturing in 2023 and 2024 [28] Business Line Data and Key Metrics Changes - Life Science segment reported 8.5% same-store cash NOI growth, driven by rent escalators and higher occupancy [10] - Medical Office segment saw same-store cash NOI growth of 2.1%, with over 615,000 square feet of leases commenced in Q1 [12] - Continuing Care Retirement Communities (CCRC) experienced a negative 16.5% same-store cash NOI growth due to occupancy declines from COVID, but occupancy trends are improving [15] Market Data and Key Metrics Changes - The company closed on an additional $1 billion of rental senior housing sales, with a 2.6% cap rate on annualized trailing three-month NOI [16] - The Life Science market showed strong leasing activity, with 290,000 square feet of leases signed and another 310,000 under letter of intent [11] - Demand in South San Francisco remains robust, controlling nearly 50% of the landlord-owned lab inventory [20] Company Strategy and Development Direction - The company is focusing on strategic investments in its three core business segments and advancing densification opportunities [17] - A strong pipeline for additional off-market acquisitions is in place, with proprietary acquisitions of $422 million completed [7] - The company plans to increase its acquisition guidance to $700 million, reflecting a strong acquisition pipeline [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational progress and raised FFO guidance due to stronger-than-expected trends [8] - The effective vaccine rollout and a strong housing market are expected to support continued improvement in occupancy and performance [14] - Management noted that while there are uncertainties, the overall outlook for the Life Science and Medical Office segments remains positive [60][62] Other Important Information - The company is set to publish its tenth annual ESG report, highlighting its decade-long commitment to environmental, social, and governance initiatives [8] - The company has a significant land bank and densification pipeline that will create strong opportunities in well-positioned locations over the next decade [46] Q&A Session Summary Question: Update on lab space development and stabilized yield - Management indicated an 8% yield on the Callan Ridge project and a lower yield on the Nexus project, with strong demand expected [41][42] Question: Clarification on balance sheet and cash position - Management confirmed a strong cash position with about $800 million of acquisition capacity available [48] Question: Insights on acquisition pipeline and market conditions - Management noted strong competition in life science and medical office sectors but emphasized their relationship-driven acquisition strategy [51][52] Question: Discussion on early lease renewals and tenant credit quality - Most early renewals were driven by tenants needing more space rather than concerns over rising rents, with improved tenant credit quality noted [68][61] Question: CCRC occupancy trends and guidance - Management acknowledged a conservative outlook but noted positive occupancy trends and expense moderation [86][88] Question: Life science acquisition opportunities and market expansion - Management is actively exploring new markets but remains focused on their core markets due to competitive advantages [73][72]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------|-------|-----------------|--------------|------------- ...

Healthpeak Properties, Inc. (PEAK) Q4 2020 Earnings Conference Call February 10, 2021 12:00 PM ET Company Participants Andrew Johns - Vice President, Corporate Finance and Investor Relations Thomas Herzog - Chief Executive Officer Scott Brinker - President and Chief Information Officer Peter Scott - Chief Financial Officer Thomas Klaritch - EVP and Chief Development and Operating Officer Troy McHenry - EVP, Chief Legal Officer, General Counsel and Corporate Secretary Conference Call Participants Nicholas Yu ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36007 PHYSICIANS REALTY TRUST (Exact Name of Registrant as Specified in its Charter) Maryland 46-2519850 (State of Organization) (IRS ...

Healthpeak Properties, Inc. (PEAK) Q3 2020 Earnings Conference Call November 3, 2020 12:00 PM ET Company Participants Barbat Rodgers - Senior Director, IR Tom Herzog - CEO Scott Brinker - President & CIO Pete Scott - CFO Tom Klaritch - Chief Development & Operating Officer Troy McHenry - CLO & General Counsel Conference Call Participants Nick Yulico - Scotiabank Steve Sakwa - Evercore ISI Michael Carroll - RBC Juan Sanabria - BMO Capital Markets Jordan Sadler - KeyBanc Nick Joseph - Citi Rich Anderson - SMB ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |-----------------------------------------------------|----------------------------------------------------------------------------------------------------|------------------------- ...