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 March 31, 2023 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) 309 N. Water Street, Suite 500 Milwaukee, Wisconsin 5 ...

Financial Data and Key Metrics Changes - In Q1 2023, the company generated normalized funds from operations of $60.3 million or $0.24 per share, with normalized funds available for distribution increasing by 3% year-over-year to $59.7 million [39] - Same-store net operating income (NOI) across the entire medical office building (MOB) portfolio increased by 1.0%, marking the 20th consecutive quarter of positive same-store growth [16][21] - Renewal spreads for the full MOB portfolio were negative 0.7%, impacted by a unique situation at a single location [40] Business Line Data and Key Metrics Changes - The company reported a 10.1% leasing spread for the quarter, indicating strong performance in lease renewals despite the negative impact from one asset [65] - The landmark portfolio, which joined the same-store pool, grew cash NOI by 4.1% year-over-year, exceeding underwriting expectations [45] Market Data and Key Metrics Changes - The company noted that revenue from outpatient medical services grew by 8% in 2022, while inpatient revenues experienced no growth, highlighting a shift in market demand [33] - The company has a growing pipeline of $300 million in discussions for new outpatient medical investments, indicating a robust market opportunity [11] Company Strategy and Development Direction - The company focuses on financing outpatient medical facilities, which are increasingly in demand due to demographic trends and healthcare providers' need to reduce costs [30] - The company is committed to maintaining high credit quality, with 67% of tenants being investment-grade quality [44] - The company plans to capitalize on its strong balance sheet and market conditions to pursue acquisition opportunities in the second half of the year [34][91] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of the portfolio, despite short-term challenges, and anticipates improvements in occupancy and rent growth in the latter half of the year [50][134] - The company is focused on managing operating expenses, which have increased due to inflationary pressures, while leveraging economies of scale to keep costs low [163] Other Important Information - The company celebrated its 10th anniversary of its initial public offering, reflecting on its growth and commitment to healthcare access [13] - The company issued $66 million of equity to strengthen its balance sheet, positioning itself well for future opportunities [42] Q&A Session Summary Question: What is the expected timeline for occupancy to return to historical levels? - Management indicated confidence in improvements in the back half of the year, with 58,000 square feet of leases signed and under construction expected to contribute positively [50] Question: Can you elaborate on the investment pipeline and current market conditions? - Management noted that the acquisition pipeline is modest, with private buyers active in the low sixes range, while the company aims for higher cap rates without compromising quality [51][106] Question: What are the expectations for same-store NOI growth moving forward? - Management expects same-store NOI growth to rebound to historical ranges of 2% to 3% as leases come online and market conditions improve [134] Question: How is the company managing operating expenses amid rising costs? - Management highlighted that operating expenses are being managed effectively, with a focus on keeping them below inflation rates through strategic investments and economies of scale [163]

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, 2022 ☐ 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) (State or Other Jurisdiction of Incorporation or Organization ...

Company Participants John Thomas - Chief Executive Officer Mark Theine - Executive Vice President, Asset Management Michael Carroll - RBC Steven Valiquette - Barclays Operator It is now my pleasure to introduce your host, Brad Page. Thank you, Mr. Page. You may begin. During this call, John Thomas will provide a summary of the company's activities and performance for the fourth quarter of 2022 and year-to-date performance in 2023, as well as our strategic focus for the remainder of 2023. Jeff Theiler will r ...

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, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |------------------------------------------------------------------|------------------------------------------| | | | | | | | | | | | | | Maryland | 46-2519850 | | (State of Organiza ...

Financial Data and Key Metrics Changes - For Q3 2022, the company reported FFO as adjusted of $0.43 per share and total portfolio same-store growth of 5.1% [21] - The midpoint of FFO as adjusted guidance was increased by $0.02 to $1.73, with a tightened range of $1.72 to $1.74 [30] - The company declared a dividend of $0.30 per share for the third quarter [26] Business Line Data and Key Metrics Changes - Life Sciences reported same-store growth of 5.4% with an occupancy rate of 99% [21] - Medical Office achieved same-store growth of 4.9% and total occupancy of 90% [23] - Continuing Care Retirement Communities (CCRC) saw same-store growth of 4.1%, driven by a 110 basis point increase in occupancy [25] Market Data and Key Metrics Changes - The company noted strong demand in the Life Science sector, with over $200 billion spent annually on drug research [10] - In South San Francisco, rental rates increased in the mid-single digits year-to-date, with approximately 2 million square feet of active demand [37] - The overall economic backdrop has normalized demand levels, but the Life Science portfolio remains well-positioned for growth [43] Company Strategy and Development Direction - The company will continue to focus on life science and medical office sectors, which are high-margin businesses aligned with modern economic needs [9] - The strategy includes a flexible funding plan, prioritizing public equity at accretive prices while considering third-party capital when appropriate [17] - The company aims to leverage its competitive advantage in capital markets to pursue opportunistic acquisitions when conditions improve [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate tough market conditions and emphasized the importance of maintaining a strong balance sheet [14] - The company anticipates a temporary impact on occupancy and sales at CCRC properties due to Hurricane Ian but has factored this into revised guidance [27] - Management highlighted the importance of operational expertise in niche real estate sectors to drive value [13] Other Important Information - The company has a net debt to EBITDA ratio of 5.3x, below the target range, and $2.4 billion in liquidity [28] - The company is advancing entitlements across all three life science markets, with expectations to commence the next wave of development in the second half of 2023 [16] - The company has seen a reduction in construction cost escalations, now expected to be in the 6% to 8% range over the next 12 months [42] Q&A Session Summary Question: Demand pipeline and supply balance in Life Science - Management noted that while demand has normalized, it remains strong compared to historical levels, and supply projects are being put on hold due to rising interest rates [45][47] Question: Market rent growth outlook - Management indicated that market rents are still growing in the low to mid-single digits, with minimal vacancy rates across the board [50] Question: Cap rates and development returns - Management stated that cap rates for life science properties have increased by at least 100 basis points in the last six months, with a current development pipeline yielding approximately 7.5% [55][56] Question: CCRC position and potential exit - Management confirmed that while they are satisfied with the CCRC business, they remain open to opportunistic exits if beneficial for shareholders [59][61] Question: Entitlement priorities for future developments - Management outlined ongoing entitlement efforts in all three core markets, with specific projects in Boston and the Bay Area progressing well [62][64] Question: Intersection of Life Science and Medical Office - Management acknowledged the potential for synergies between life science and medical office businesses, particularly in R&D collaborations with health systems [65][67] Question: Changes in tenant requirements - Management observed that tenants are seeking larger tenant improvements and are willing to pay higher rents while reducing their upfront capital expenditures [83]

Part I Financial Information [Financial Statements (Unaudited)](index=3&type=section&id=Item%201%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements, including Balance Sheets, Income, Equity, and Cash Flow statements, for the specified periods [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) The balance sheets show a slight decrease in total assets and equity as of June 30, 2022, with liabilities remaining stable Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$5,126,341** | **$5,182,709** | | Net real estate investments | $4,985,188 | $5,036,301 | | Real estate held for sale | $65,798 | $1,964 | | **Total Liabilities** | **$2,179,388** | **$2,188,595** | | Notes payable | $1,464,713 | $1,464,008 | | Credit facility | $258,509 | $267,641 | | **Total Equity** | **$2,941,177** | **$2,987,033** | [Consolidated Statements of Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income) Total revenues increased significantly for both the three and six-month periods ended June 30, 2022, though net income and diluted EPS decreased due to higher expenses Three Months Ended June 30 (in thousands, except per share data) | Metric | 2022 | 2021 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenues | $132,167 | $112,925 | 17.0% | | Total Expenses | $117,645 | $94,219 | 24.9% | | Net Income | $17,932 | $18,681 | (4.0)% | | Net Income Attributable to Common Shareholders | $16,891 | $18,113 | (6.7)% | | Diluted EPS | $0.07 | $0.08 | (12.5)% | Six Months Ended June 30 (in thousands, except per share data) | Metric | 2022 | 2021 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenues | $262,557 | $226,264 | 16.0% | | Total Expenses | $233,773 | $189,309 | 23.5% | | Net Income | $31,875 | $36,486 | (12.6)% | | Net Income Attributable to Common Shareholders | $29,983 | $35,294 | (15.0)% | | Diluted EPS | $0.13 | $0.16 | (18.8)% | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities increased for the six months ended June 30, 2022, while investing and financing activities resulted in a net decrease in cash Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Category | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $139,498 | $122,345 | | Net cash used in investing activities | ($47,211) | ($41,431) | | Net cash used in financing activities | ($101,762) | ($81,911) | | **Net decrease in cash and cash equivalents** | **($9,475)** | **($997)** | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies, REIT structure, investment and disposition activities, debt levels, and dividend declarations - The company is a **self-managed REIT** focused on acquiring, developing, owning, and managing healthcare properties leased to physicians, hospitals, and healthcare delivery systems[33](index=33&type=chunk) - During the six months ended June 30, 2022, the company completed investment activities of approximately **$55.8 million**, including property acquisitions and loan fundings[53](index=53&type=chunk) - The company sold two medical office buildings for approximately **$8.4 million** during the first six months of 2022, realizing a net gain of **$3.5 million**[57](index=57&type=chunk) - As of June 30, 2022, the company had approximately **$1.9 billion** in total consolidated indebtedness with a weighted average interest rate of **3.48%**[76](index=76&type=chunk) - A cash dividend of **$0.23 per common share** for the quarter ended June 30, 2022, was declared and paid in July 2022[40](index=40&type=chunk) - Subsequent to the quarter end, the company disposed of three facilities in Great Falls, Montana for approximately **$116.3 million**, recognizing a net gain of about **$53.9 million**[120](index=120&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial results for Q2 2022, highlighting revenue growth, FFO performance, and detailing liquidity, capital resources, and non-GAAP measure reconciliations [Company Highlights and Overview](index=26&type=section&id=Company%20Highlights%20and%20Overview) Q2 2022 highlights include significant revenue growth, strong Normalized FFO, and substantial investments, alongside a highly leased portfolio and a notable post-quarter disposition - Reported Q2 2022 total revenue of **$132.2 million**, a **17.0% increase** over the prior year period[123](index=123&type=chunk) - Generated Q2 2022 Normalized Funds From Operations (Normalized FFO) of **$0.27 per share**, up from **$0.26 in Q2 2021**[123](index=123&type=chunk) - Completed **$46.9 million** of investments and previous construction loan commitments during Q2[123](index=123&type=chunk) - As of June 30, 2022, the portfolio consisted of **276 healthcare properties** across **32 states**, with approximately **15.5 million net leasable square feet**, which was **95% leased**[126](index=126&type=chunk) - Subsequent to quarter end, disposed of three facilities in Great Falls, Montana for **$116.3 million**, recognizing a net gain of approximately **$53.9 million**[124](index=124&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Total revenues increased significantly in Q2 2022 and for the six-month period, primarily due to acquisitions, though higher expenses led to a decrease in net income Comparison of Three Months Ended June 30, 2022 vs 2021 (in thousands) | Item | 2022 | 2021 | Change | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $132,167 | $112,925 | $19,242 | 17.0% | | Rental and related revenues | $127,728 | $107,748 | $19,980 | 18.5% | | Total Expenses | $117,645 | $94,219 | $23,426 | 24.9% | | Interest expense | $17,234 | $13,541 | $3,693 | 27.3% | | Operating expenses | $42,681 | $33,456 | $9,225 | 27.6% | | Depreciation and amortization | $47,702 | $38,105 | $9,597 | 25.2% | | Net Income | $17,932 | $18,681 | ($749) | (4.0)% | - The increase in rental revenue for Q2 2022 was primarily driven by **$13.0 million** from properties acquired in 2022 and 2021, including the Landmark Portfolio[141](index=141&type=chunk)[143](index=143&type=chunk) - The increase in interest expense for Q2 2022 was mainly due to the issuance of the **2031 Senior Notes** and increased borrowings on the credit facility[147](index=147&type=chunk) [Non-GAAP Financial Measures](index=33&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP measures like FFO, FAD, NOI, and EBITDAre to assess performance, showing increases in Normalized FFO, MOB Same-Store Cash NOI, and Adjusted EBITDAre for Q2 2022 FFO and Normalized FFO Reconciliation (Three Months Ended June 30, in thousands) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Net Income | $17,932 | $18,681 | | Adjustments (Depreciation, Gain on Sale, etc.) | $46,080 | $39,542 | | **FFO applicable to common shares** | **$64,012** | **$58,223** | | Normalizing adjustments | ($270) | $0 | | **Normalized FFO applicable to common shares** | **$63,742** | **$58,223** | | **Normalized FFO per common share - diluted** | **$0.27** | **$0.26** | MOB Same-Store Cash NOI (Three Months Ended June 30, in thousands) | Metric | 2022 | 2021 | Change (%) | | :--- | :--- | :--- | :--- | | MOB Same-Store Cash NOI | $69,128 | $67,826 | 1.9% | Adjusted EBITDAre (Three Months Ended June 30, in thousands) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | EBITDAre | $82,908 | $73,447 | | Adjustments | $5,426 | $4,789 | | **Adjusted EBITDAre** | **$88,334** | **$78,236** | [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is primarily supported by cash from operations, its unsecured credit facility, and equity/debt issuances, with significant availability for future capital needs - As of June 30, 2022, the company had **$0.4 million** of cash and cash equivalents and **$736.0 million** of availability on its unsecured revolving credit facility[193](index=193&type=chunk) - The company expects to rely on external capital sources, including debt and equity financing, to fund future capital needs like acquisitions and maturing obligations[193](index=193&type=chunk)[196](index=196&type=chunk) ATM Program Activity - Year to Date 2022 | Period | Common shares sold | Weighted average price | Net proceeds (thousands) | | :--- | :--- | :--- | :--- | | Q1 2022 | 259,977 | $18.93 | $4,871 | | Q2 2022 | 977,800 | $18.61 | $18,020 | | **Total YTD** | **1,237,777** | **$18.68** | **$22,891** | - As of June 30, 2022, the company has **$308.1 million** of common shares remaining available for issuance under the ATM Program[208](index=208&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to interest rate risk on its approximately **$1.9 billion** consolidated debt, with a portion being variable-rate and partially hedged by derivative instruments - As of June 30, 2022, total consolidated indebtedness was approximately **$1.9 billion** with a weighted average interest rate of **3.48%**[223](index=223&type=chunk) - After accounting for an interest rate swap, approximately **19.2% ($369.4 million)** of the company's outstanding long-term debt is exposed to fluctuations in short-term interest rates[221](index=221&type=chunk)[223](index=223&type=chunk) - A hypothetical **100 basis point change** in LIBOR and SOFR would change annual interest expense on variable rate debt by approximately **$2.7 million** and **$1.0 million**, respectively[221](index=221&type=chunk) - The company uses an interest rate swap with a notional amount of **$36.1 million** to fix the rate on a portion of its variable-rate mortgage debt[217](index=217&type=chunk)[222](index=222&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204%20Controls%20and%20Procedures) Management concluded that the Trust's disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that as of June 30, 2022, the Trust's disclosure controls and procedures are **effective** at providing reasonable assurance that required information is recorded and reported in a timely manner[224](index=224&type=chunk) - No changes occurred during the quarter ended June 30, 2022, that have materially affected, or are reasonably likely to materially affect, the Trust's internal control over financial reporting[225](index=225&type=chunk) Part II Other Information [Legal Proceedings](index=43&type=section&id=Item%201%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a material impact on its business or financial condition - The company is not currently involved in any legal proceedings expected to have a **material impact** on its business[229](index=229&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A%20Risk%20Factors) No material changes to the company's risk factors have occurred since the prior annual report - No material changes to risk factors have occurred since the **2021 Annual Report**[230](index=230&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The Operating Partnership issues OP Units to reflect common share issuances, and the company repurchased shares to satisfy employee tax obligations related to stock-based compensation - The Operating Partnership issues OP Units to the Trust to mirror common share issuances and maintain ownership ratios[231](index=231&type=chunk) - In June 2022, **9,523 common shares** were repurchased at an average price of **$17.45** to satisfy employee withholding tax obligations for stock-based compensation[232](index=232&type=chunk)[234](index=234&type=chunk) [Exhibits](index=44&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 - The report includes CEO and CFO certifications under **Sections 302 and 906** of the Sarbanes-Oxley Act[236](index=236&type=chunk) [Signatures](index=45&type=section&id=SIGNATURES) The report was duly signed and authorized by the company's Principal Executive Officer and Principal Financial Officer on August 5, 2022 - The Form 10-Q was signed on **August 5, 2022**, by the company's Principal Executive Officer and Principal Financial Officer[241](index=241&type=chunk)

Financial Data and Key Metrics Changes - For Q2 2022, the company reported FFO as adjusted of $0.44 per share and total portfolio same-store growth of 3.7% [35] - The company reaffirmed its FFO as adjusted guidance of $1.68 to $1.74 per share, with an increase in medical office same-store guidance by 75 basis points to 3% at the midpoint [41] - The balance sheet showed a net debt-to-EBITDA ratio of 5.1 times and $2 billion of liquidity [36] Business Line Data and Key Metrics Changes - Life science occupancy finished the quarter at 99%, with same-store growth at 4.3% and cash mark-to-market on renewals positive at 28% [15][35] - Medical office same-store NOI grew 4.5%, with leasing activity ahead of budget, signing 1.6 million square feet of leases year-to-date [26] - CCRC entry fee cash receipts were up 30% year-over-year, with RevPAR increasing by 6% [28] Market Data and Key Metrics Changes - In South San Francisco, market rents are estimated to be up low to mid-single digits year-to-date, with 2.5 million square feet of current demand [24] - Boston has the highest gross demand but also the highest new supply, with purpose-built new supply about 90% pre-leased [50] - San Diego rents are up low single digits, with active demand at 1.3 million feet [25] Company Strategy and Development Direction - The company announced a $500 million stock repurchase program, believing the current share price does not reflect the inherent value of its portfolios [13] - A new life science joint venture was formed with a leading sovereign wealth fund for redevelopment properties, allowing the company to accelerate development [11][12] - The company is focused on maintaining a strong balance sheet while pursuing growth opportunities in life sciences and medical offices [99] Management's Comments on Operating Environment and Future Outlook - Management noted that the demand for scientific innovation remains strong despite economic cycles, with biotech capital raising still occurring at healthy levels [24] - The risk of new supply has significantly declined due to higher development costs and interest rates, making new starts unattractive for levered developers [22] - Management expressed confidence in the portfolio's performance, with collections remaining at 99% and a highly pre-leased development pipeline [56] Other Important Information - The company published its 11th annual ESG report, highlighting achievements and outlining ambitious goals [14] - The company exited three non-core MOBs for $26 million, recycling proceeds into a core acquisition [30] Q&A Session Summary Question: Focus on life science demand and market strength - Demand remains strong historically, with Boston having high demand but also high new supply, while San Diego and South San Francisco show similar trends [44][45] Question: Tenant health and funding for biotech companies - The watch list has not grown, with collections at 99% and several companies raising funds recently [55][56] Question: CCRC portfolio and its fit within the overall strategy - CCRCs represent about 10% of the company, providing high-quality cash flows with no new supply expected [60] Question: Guidance for entrance fees and impact of higher interest rates - Entry fee cash receipts were strong, and the company remains optimistic about ongoing demand despite potential housing market slowdowns [66] Question: Medical office portfolio and expense initiatives - The company is focusing on technology investments to lower utility expenses and has seen improvements in expense recovery rates [70][71] Question: Joint venture strategy and impact on leverage - The joint venture allows for shared funding and risk, with no impact on leverage as the company plans to fund buybacks through less core asset sales [99]

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 March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such s ...

Healthpeak Properties, Inc. (PEAK) Q1 2022 Earnings Conference Call May 4, 2022 11:00 AM ET Company Participants Andrew Johns - Senior Vice President, Investor Relations Tom Herzog - Chief Executive Officer Scott Brinker - President & Chief Investment Officer Pete Scott - Chief Financial Officer Tom Klaritch - Chief Operating Officer Mike Dorris - Senior Vice President, Co-Head of Life Science Conference Call Participants Michael Griffin - Citi Austin Wurschmidt - KeyBanc Michael Carroll - RBC Capital Marke ...