Healthpeak Properties Q1 2025 Earnings Report

Healthpeak Properties EPS Results

• Actual EPS: $0.46
• Consensus EPS: $0.46
• Beat/Miss: Met Expectations
• One Year Ago EPS: $0.45

Healthpeak Properties Revenue Results

• Actual Revenue: $702.89 million
• Expected Revenue: $690.76 million
• Beat/Miss: Beat by +$12.13 million
• YoY Revenue Growth: +15.90%

Healthpeak Properties Announcement Details

• Quarter: Q1 2025
• Date: 4/24/2025
• Time: After Market Closes
• Conference Call Date: Friday, April 25, 2025
• Conference Call Time: 10:00AM ET

Healthpeak Properties (NYSE:DOC) is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate for healthcare discovery and delivery.

Healthpeak Properties Q1 2025 Earnings Call Transcript

Key Takeaways

• Strategic Leadership: Calvin Moses’ promotion to CFO highlights Healthpeak’s reliance on internal talent and emphasizes a more strategic, operational approach to financial management.
• Outpatient Medical Momentum: Q1 delivered 5% same-store NOI growth driven by strong tenant retention, a positive 4.1% rent mark-to-market, and successful internalization of property management across an additional 4.5 million sqft.
• Senior Housing Upside: With 86% occupancy and 16% same-store NOI growth, the senior housing portfolio is driving rate gains and still has meaningful runway for further occupancy and cash-flow growth.
• Lab Segment Headwinds and Tailwinds: Short-term lab performance is pressured by policy uncertainty and biotech funding slowdowns, but long-term prospects are supported by onshoring incentives, proposed exclusivity extensions in the Inflation Reduction Act, FDA efficiency initiatives, and de minimis new supply.
• Disciplined Capital Allocation: Healthpeak maintained its FFO guidance ($1.81–$1.87) and 3%–4% same-store growth outlook while executing a $1.4 billion asset sale, $300 million stock buyback at an ~8% cap rate, reducing leverage to low-5x, and launching a $500 million investment program that includes optional buybacks.

Presentation

[Operator]

Good morning, and welcome to the Healthpeak Properties, Inc. First Quarter Conference Call. All participants will be in a listen only mode. Please note this event is being recorded. I would now like to turn the conference over to Andrew Johns, Senior Vice President, Investor Relations.

[Operator]

Please go ahead.

[Andrew Johns, Senior Vice President, Investor Relations at Healthpeak Properties]

Welcome to HealthSpeak's first quarter twenty twenty five financial results conference call. Today's conference call contains certain forward looking statements. Although we believe expectations reflected in any forward looking statements are based on reasonable assumptions, our forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our expectations. A discussion of risks and risk factors included in our press release and detailed in our filings with the SEC. We do not undertake a duty to update any forward looking statements.

[Andrew Johns, Senior Vice President, Investor Relations at Healthpeak Properties]

Certain non GAAP financial measures will be discussed on this call.

[Andrew Johns, Senior Vice President, Investor Relations at Healthpeak Properties]

In an exhibit to

[Andrew Johns, Senior Vice President, Investor Relations at Healthpeak Properties]

the eight ks refers to the SEC yesterday, we have reconciled all non GAAP financial measures to the most directly comparable GAAP measures in accordance with rest of the year. The exhibit is also available on our website at healthpeak.com. I'll now turn the call over to our President, Chief Executive Officer, Scott Bergman.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Okay. Thanks, Andrew, and welcome to Healthpeak's first quarter earnings call. Very excited to introduce Calvin Moses as our new CFO. He'll be an outstanding partner for me and the senior team. When I took this role in October of twenty two, I talked about getting Healthpeak closer to our real estate, immersing ourselves in the underlying business of our tenants to drive better capital allocation decisions.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

The merger with physicians accelerated our transformation, and Calvin's promotion moves us further in that direction. His well rounded experience includes health care, operations, portfolio management, transactions, and development. Kelvin has been with Healthpeak for seven years and excelled at every role we've given him. As I reflected on what the role of the CFO should be at Healthpeak, we have the luxury of outstanding in place leadership in accounting, finance, capital markets, and investor relations. This allows Calvin to be more of a strategic and operational CFO, and we expect a seamless transition.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Our existing strategy around leverage in the balance sheet will not change. Today, our executive team is 45 years old on average with an average tenure of ten years at Healthpeak. Every one of us was internally promoted to our current position. This points to a strong culture, deep bench, and thoughtful succession planning. Thank you to our entire team for another quarter of excellence and execution, one of the WeCare core values that define our culture.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Execution is important in any environment, but particularly in this backdrop. This team has worked diligently to meet or exceed expectations, including earnings, leasing, and merger synergies. Calvin will cover guidance in more detail, but I want to comment that maintaining guidance against this market backdrop is a testament to our diversified high quality portfolio. Strong results in outpatient medical and senior housing are offsetting weakness in our lab business caused by actions and comments from Washington that impacted biotech capital reason. And I'll come back to this topic.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

We produced another strong quarter in outpatient medical, our largest business segment. Across the outpatient sector, demand is outpacing new supply, a trend we expect will remain in our favor due to the high cost of new construction. Our decision to internalize property management has been an overwhelming success strategically and financially. We completed an additional 4,500,000 square feet since January additional markets in the pipeline. Outpatient medical is one of the very few sectors in all of real estate with positive NOI growth every year for the past two decades.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

We expect that portfolio to outperform other sectors if the economy slows down, and we foresee de minimis impact from tariffs. Our senior housing portfolio had another strong quarter of occupancy and rental rate growth, driving positive 16% same store growth. With occupancy at 86%, we still have plenty of upside to capture, and I'm very happy with the strategic and tactical decisions we've made to grow NOI in these properties. Moving to our lab business, which represents approximately 35% of our income. There's been a barrage of headlines, so consider these thoughts to be an alternative perspective.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

No doubt it's a bumpy road right now, but we do see some themes emerging that could be positive for our lab business over time. Most important is our government's focus on China, which has been making a big push to challenge America's leadership position in the biopharma sector. Our view is that policymakers in a bipartisan way have correctly identified US based biopharma as being paramount to our national security and economic prosperity. We see very little chance that an America First agenda leaves behind the biopharma sector. For too long, innovation from The US has subsidized medicines around the world, and other countries have captured too much control of the supply chain.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Washington's willingness to address these risks and inequities has the potential to be very positive for life science real estate demand here in The US. This includes the push to onshore biomanufacturing and would logically include R and D as well. There appears to be support in Washington to address the profitability and complexity of PBMs and to eliminate the so called pill penalty in the Inflation Reduction Act, which would extend market exclusivity for small molecule drugs by four years. Both changes would improve biopharma return on investment and therefore demand for less space. A functional FDA is critical to The US maintaining its leadership position in the sector.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Today, it takes at least ten years and $1,000,000,000 to bring a drug to market in The US. It's in our national interest to look for ways to make that process more efficient. The recent job cuts at the FDA captured headlines but did not impact the scientists or the reviewers. It is early, but the feedback to date from our tenants suggest normal response times from the FDA with only isolated delays. Final drug approvals have continued at the FDA since the inauguration.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

New applications have been approved as well, including last week for one of our tenants to start phase one trials for gene edited liver transplant. There's also discussion at the FDA of using technology to replace expensive by varying work and a new conditional approval which could shorten the timeline for costly phase three trials. The point is, there's some early evidence that the FDA is looking to encourage innovation and create faster timelines. Last point I'll make on this topic is that consumers also vote in elections, and consumer demand for innovative diagnostics and therapeutics is not going away. In fact, demand is projected to accelerate to 8% per year through 2030.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

We expect voters to push their elected representatives to support medical innovation. Specific to our portfolio, we continue to focus on capturing market share with our high quality portfolio. We've signed 450,000 square feet of leases year to date, and our pipeline is the largest it's been since last summer. It would not surprise us to see some tenants delay final leasing decisions given the environment, but we see this as demand getting pushed back, not eliminated. Finally, we've even more confidence today that new supply in the sector will essentially go to zero for many years to come.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

This is obviously a great foundation for recovery in our lab business. I want to comment on recent capital allocation by this team, which puts our balance sheet and liquidity in an enviable position. First, we were early to shut down capital allocation to life science. We have not started a new development since 2021. Second, we executed the merger with Physicians Realty Trust, which increased our allocation to the stable and attractive outpatient medical business to just over 50% while generating earnings accretion, improving our balance sheet, and creating the best platform in the outpatient sector.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Finally, we sold $1,400,000,000 of stabilized assets at a very attractive 6.3% cap rate and used the proceeds to fully fund our development pipeline, buy back almost $300,000,000 of stock at an implied 8% cap rate, and bring leverage down to the low fives. We also reduced floating rate debt from 20% to almost zero. That brings us to today. Our life science loan pipeline is active, and we continue to see opportunity to position Healthpeak for the inevitable recovery. We still believe the best time to invest is when others are not.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

But as market uncertainty has increased, we stepped back to reassess the appropriate risk adjusted returns, which may be different than three to six months ago when certain transactions were negotiated. We chose to maintain our $500,000,000 investment guidance this year, but we've now included stock buybacks in that line item to reflect our optionality. In any event, we intend to maintain leverage within our target range in the mid fives. I'm happy to turn the call to Calvin.

[Kelvin Moses, CFO at Healthpeak Properties]

Thank you, Scott, for the warm introduction. I'm grateful to have the opportunity to grow within Healthpeak's leadership. In this role, I'm excited to continue to help shape our business strategy and influence the outcomes that drive our operating results. The complement of my real estate and transactions mindset alongside of this outstanding team will allow us to continue to focus on disciplined capital allocation decisions that will deliver long term value to our shareholders. Before we get started with the first quarter results, I wanted to share a brief update on our master plan development project in West Cambridge.

[Kelvin Moses, CFO at Healthpeak Properties]

I've spent the last five years working closely in the Boston market to help build our lab portfolio, including our land assemblage and entitlement efforts for our Cambridge Point master plan. On behalf of the team, I'm pleased to announce that we've selected Hines to join as the development partner to advance the residential component of the project. Hines brings a depth of expertise in place making, multifamily construction, and mixed use development, will allow us to commence this project once we are fully entitled late next year. We are extremely pleased with this outcome, and the partnership with Heinz advances our vision to establish a mixed use destination of scale and validate this generational opportunity that will be delivered over the next decade plus. Now turning to the first quarter financial and operating results.

[Kelvin Moses, CFO at Healthpeak Properties]

We reported FFO as adjusted of 46¢ per share, AFFO of 43¢ per share, and total portfolio same store growth of 7%. Moving to segment performance. In outpatient medical, we reported first quarter same store growth of 5% driven by strong tenant retention, a positive rent mark to market of 4.1% and the benefit from our continued internalization efforts. During the quarter, we executed nearly 1,000,000 square feet of leases including 265,000 square feet of new leasing, which is followed up by a strong and active pipeline as we head into the second quarter. Fundamentals for the outpatient business have never been stronger, and our team is working hard to translate this favorable backdrop into higher occupancy, stronger rent mark to market, and ultimately cash flow growth.

[Kelvin Moses, CFO at Healthpeak Properties]

Turning to lab. We reported same store growth of 7.7%, which includes the positive impact from the expiration of free rent on '2 large leases in South San Francisco and a full quarter benefit of internalization. For the balance of the year, we expect quarterly same store growth to decelerate as the benefits of internalization and free rent normalize. Despite the challenging market backdrop, we continue to see strong demand for space within our portfolio. And year to date through April, we've signed 443,000 square feet of leases and have entered into LOIs on an additional 400,000 square feet.

[Kelvin Moses, CFO at Healthpeak Properties]

And finally CCRCs. We reported same store growth of 15.9% driven by rate growth of approximately 6% and a hundred basis point increase in occupancy. Shifting to the balance sheet. In February, we issued 500,000,000 of unsecured notes at a rate of five and three eight. That is a hundred and two basis points spread over the ten year, and this was also the tightest ten year spread in the history of HealthFeed.

[Kelvin Moses, CFO at Healthpeak Properties]

We end the first quarter at 5.2 times net debt to EBITDA and 2,800,000,000.0 of available liquidity, which further positions our balance sheet for long term success. Ending with guidance. We are maintaining our FFO as adjusted guidance in the range of $1.81 per share to $1.87 per share. We are also maintaining our blended portfolio same store growth in the range of 3% to 4%, which reflects the strong performance during this first quarter. The strength of this diversified portfolio reinforces our ability to maintain guidance and allows us to direct our business strategy towards initiatives that will provide the greatest long term value to the company.

[Kelvin Moses, CFO at Healthpeak Properties]

With that, operator, please open the line for Q and A.

[Operator]

Will now begin the question and answer session. The first question comes from Farrell Granite with Bank of America. Farrell, please go ahead.

[Farrell Granath, Equity Research Associate at Bank of America Merrill Lynch]

Thank you. Good morning and congratulations Kelvin on the new position. My question is about you've made comments about weakness in life science and appreciate all the comments that you made on the policy front. So I'm curious kind of in a broader sense, what would change you to a more positive, expectation in performance perhaps in the back half of twenty twenty five, if there's any news or updates to be expected.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Yeah. So I'll let you hear from me this morning. I'll start with that. Scott Bowen probably has some comments as well. But I think important that we do have a diversified portfolio just to start with.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

65% is in industries with really strong fundamentals and across the entire portfolio for life science in particular, very high quality assets in platform where I think we've been outperforming the market at large, and I think that will continue. Obviously, there's a lot of instability and uncertainty in certain sectors right now, if not most sectors. Biopharma is one of them. Whether it's tariffs or capital raising or regulatory uncertainty, we think that does start to calm down over the balance of the year. Obviously, certain things they've already backed away from from pressure from congress or just the American public, and I do think that will benefit, the sector and add some stability.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

But the first ninety days of or a hundred and twenty days of this quarter were were not ideal from a capital raising standpoint. That's not new information, in terms of what's happened with IPOs or venture capital or secondary funding. So we still see a lot of upside. Certainly, the the patent cliffs that the big pharma needs to fill, that is not going away. And and biotech is the likely spot for them to look.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

There's a deal announced yesterday just as an example. So there are things that we can point to that that we see as as potential inflection points, but the first hundred twenty days was was not ideal from a cap raising standpoint.

[Farrell Granath, Equity Research Associate at Bank of America Merrill Lynch]

Thank you. And also, I guess, Ben, on you made comments about potential pushouts of releasing in the lifeline. Something if you could potentially quantify that with your current pipeline if that is what you're seeing or things getting pushed out, by single quarters or, longer term, decision making.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

I mean, we signed 250,000 feet plus of leases in the first quarter, continued momentum into April, really strong LOI pipeline. And as I mentioned, there's there's a pipeline beyond that, doers, prospects, proposals that is the largest it's been since last summer. So we we actually feel pretty good about the leasing that we're doing. And we do have four or 500 basis points of leases that have been signed that are just not yet occupied in paying rent. But but, obviously, those leases will commence in the coming quarters.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

So there's clearly some positives. So we feel good about that. Bowen, you should comment.

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

Hey, Farrell. It's Scott Bowen. I mean, the the thing I would add too is that the the tenants that are in, you know, our LOI pipeline or active demand pipeline, those are tenants that are typically have raised capital or already have, you know, well capitalized balance sheets and, you know, aren't the groups who need to raise capital in the next six months. So groups who are executing on their business plan, they can play through kind of some of this noise here.

[Farrell Granath, Equity Research Associate at Bank of America Merrill Lynch]

Okay. Thank you. Appreciate it.

[Operator]

Your next question comes from the line of John Filikowski with Wells Fargo. John, please go ahead.

[John Kilichowski, Vice President - Equity Research Analyst at Wells Fargo]

Good morning. Thank you. I guess first question would be on the guide, the $500,000,000 of investments. Were the share repurchases driven by the relative attractiveness of the stock? Or is that more due to the difficulty of underwriting lab here?

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

It's more the attractiveness of the stock. We have the luxury of a strong balance sheet that gives us optionality and flexibility. We bought back stock year to date almost a hundred million dollars at roughly 10% FFO yield for a really high quality portfolio. So that was the driver.

[John Kilichowski, Vice President - Equity Research Analyst at Wells Fargo]

Okay. And I guess on you know, in terms of underwriting lab in an environment like this, how has it changed for you in terms of what you need to see maybe pre and post Liberation Day?

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Yep. It it it's

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

more just timelines for leasing. I don't know that rental rates are changing in any material way. It's just if we underwrote a two year lease up six months ago, that might be a longer lease up today. There's just uncertainty. It may end up being less.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

I think the headlines today changed daily, if not hourly. But from where we sit today, we would be smart to underwrite a longer lease up than we would have six months ago.

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

Yeah. I would also add that it's it's less about kind of liberation day and the tariffs than it is about the just the uncertainty and instability with the NIH funding and, the FDA more so than tariffs. The biotechs are looking at.

[John Kilichowski, Vice President - Equity Research Analyst at Wells Fargo]

Got it. Thank you.

[Operator]

Your next question comes from the line of Austin Wursmith with KeyBanc Capital Markets. Austin, please go ahead.

[Austin Wurschmidt, Senior Equity Research Analyst at KeyBanc Capital Markets]

Great. Thanks. Good morning, everybody.

[Austin Wurschmidt, Senior Equity Research Analyst at KeyBanc Capital Markets]

Scott Brinker, just going back

[Austin Wurschmidt, Senior Equity Research Analyst at KeyBanc Capital Markets]

to your comments about weakness in the lab business, I guess, can you just provide an update about the health of the tenant base and more specifically the watch list and whether there's any signs of credit concerns emerging at this point?

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Yeah. We we had a significant improvement in rent collections and bad debt in 2024 relative to '23 on top of really strong leasing volumes. But at any point in time, a number of our tenants are in the market actively raising capital, and that it's just been a lot more difficult for the last three to four months. So there's a number that are still in process of trying to raise money, unclear if they'll make it or not. A lot depends on whether some of this regulatory uncertainty and market chaos stabilizes.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

In which case, I think a good number of them will end up raising money. And if not, obviously, a number of them will not. So we still feel like the the guidance range that we've reaffirmed, by the way, so there's no change in in guidance or same store, captures the potential upside and downside scenarios from where we sit today.

[Austin Wurschmidt, Senior Equity Research Analyst at KeyBanc Capital Markets]

That's helpful. And then just maybe pivoting to your comment about risk adjusted returns and potentially move here versus three to six months ago. I mean, how many of the parties that you're speaking with are in need of a solution in the near term and could be price takers where you think maybe you can still get a deal done, particularly on sort of the loan investments that you've spoken to?

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Yeah. I think it's too early to speculate on that, Austin. We'll we'll have more clarity in the coming weeks and months, but I I hesitate to to, to try to get precise feedback on a question like that. I appreciate the the question itself, but, we're just too early in that process.

[Austin Wurschmidt, Senior Equity Research Analyst at KeyBanc Capital Markets]

Understood. Thanks for the time.

[Operator]

Your next question comes from the line of Ronald Camden with Morgan Stanley. Ronald, please go ahead.

[Ronald Camden, Analyst at Morgan Stanley]

Hey, just going back to sort of the guidance and just a little bit more details because presumably a lot of the deceleration is coming from the lapsed side, right, because the MOBs and DCRC seems pretty stable as you mentioned. Just is it all sort of free rent deceleration? Just what's the color on sort of the decel on the lab side would be more helpful? Thanks.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Well, yes, Ron, even in the outpatient and senior housing sector, our first quarter results were significantly ahead of the initial year guidance for those segments. So there there could be some deceleration in all three segments. But I I I think you're right. The the the bigger drop is more likely to be in Life Science. We did have free rent that was supporting our first quarter result, the benefit of internalization with which, you know, will will no longer have that year over year benefit in life science.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

So so that will have an impact as well. And then just the uncertainty that I mentioned earlier around the funding environment.

[Ronald Camden, Analyst at Morgan Stanley]

Great. And just my follow-up would be, are any you think about sort of your three markets, know, you know, San San Boston, San Francisco. Is there, you know, one that's better positioned, worse positioned from all these sort of funding environments and cut so forth? Just trying to figure out what the ranking looks like in your minds. Thanks.

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

Yeah. Hey, Ron. It's Scott Bone. I think Boston overall relative to market size continues to be, the the slowest. You know, we're fortunate to have several growth tenants there driving the demand within our portfolio, and and very little role.

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

We're vacant space there. So we're in good shape in Boston, all things equal. But I would say from a demand perspective, it's probably the slowest. San Diego has been pretty consistent over the past twelve to eighteen months. And in San Francisco, you know, we we clearly see the most demand there.

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

And and part of that is due to our our portfolio and our scale. You know, we do a lot of deals that that don't hit the active broker sheets. So that's the order I would rank them to say.

[Operator]

Thanks so much. Your next question comes from the line of Seth Berge with Citi. Seth, please go ahead.

[Seth Bergey, Senior Research Associate at Citi]

Hi, thanks. Can you give some more color on the 2Q leasing activity to date? Is that from the development pipeline? And kind of what do the rents like look like for that space?

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

Yeah. For two for the the two q numbers, I mean, I I don't think we're gonna get into the the quantum of the LOIs. Most of the LOIs are in the operating portfolio, but the pipeline, as Scott mentioned, is is something we've spent since last summer, and and there are certainly deals in that in that pipeline, that do fall into that dev and read out bucket. But I don't know if we're ready to get into the details of those deals just yet because it it don't matter when their execution versus pipeline.

[Seth Bergey, Senior Research Associate at Citi]

Okay. Great. And then just for the follow-up, for the $500,000,000 of investments activity, how are you kind of thinking about capital allocation in terms of development or external growth versus buybacks today?

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

They will be flexible. It depends what happens with the stock price, depends what happens with some of these opportunities we've been pursuing and what the potential new terms would look like. So, hard to speculate. We've got we've got optionality. Thanks.

[Seth Bergey, Senior Research Associate at Citi]

Your

[Operator]

next question comes from the line of Rich Anderson with Wedbush. Rich, please go ahead.

[Rich Anderson, Managing Director at Wedbush Securities]

Thanks. Good morning. Kelvin, congrats on the move up. Looking forward to working with you. Scott, you mentioned a lot about sort of the slowdown in leasing in Life Science, understood given all the chaos, which is the right word to use.

[Rich Anderson, Managing Director at Wedbush Securities]

Specific though to sort of the marquee leasing that we've talked about in the past, Portside, Vantage, Directors Place, sixty million of NOI there potential. You've made some good progress getting through a lot of that. Maybe half of it is sort of locked up for future revenue recognition. But do you think that now if getting to $60,000,000 was a three year event to actually realize that cash, do you think it's significantly pushed back now based on what's happening? Or do you think you're still on track with those three specific opportunities?

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Rich, think it just depends. I mean, if the next nine months look like the last three months, it might take a little bit longer. But we've seen that the market can shift pretty quickly based on one press release or comment. So it it it's hard to predict what what the future holds. We do see, as I said in the prepared remarks, a lot of themes emerging that could be very helpful, But stability would be the most important thing in the near term for us to answer your question on specific lease up timelines.

[Rich Anderson, Managing Director at Wedbush Securities]

Okay. Fair enough. And then follow-up is you talked about kind of reassessing required returns on your life science loan program. Memory serves you were getting an eight ish type number on that. The buyback was an eight implied.

[Rich Anderson, Managing Director at Wedbush Securities]

So what's the appropriate premium to doing buybacks? Is it 100 basis points in your mind? Or is it more or less I mean, is that sort of a TBD number that you're sort of addressing as as you monitor the market? Thanks.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Yeah. I mean, the

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

the 8% you mentioned was a really low loan to value first mortgage in Torrey Pines, kind of premier sub market. Most of the life science investments that that we had been pursuing were more distressed situations that the returns were substantially higher than 8%. I mean, way into the double digits. So it it's a different investment profile than buying back our own stock.

[Rich Anderson, Managing Director at Wedbush Securities]

Okay. And so that that double digit isn't enough for you at this point. Is it is is that a fair statement?

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Yeah. That's that's why we stepped back. We're we're reassessing that pipeline. It's not going away, but we have stepped back to reassess.

[Rich Anderson, Managing Director at Wedbush Securities]

Fair enough. Okay. Thanks, everyone.

[Operator]

Your next question comes from the line of Vikram Malhotra with Mizuho. Vikram, please go ahead.

[Vikram Malhotra, Managing Director at Mizuho Financial Group, Inc.]

Good morning. Thanks for taking the questions. Maybe just first one on Life Sciences specifically. Can you kind of talk about the components of same store, occupancy, how you see that trending for the balance of the year? And you know, if there's if there's some pressure, then how much of that is known versus sort of, you know, just a placeholder for the uncertainty that you referenced?

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Yeah. Mean, Vikram, we don't guide to occupancy. Never have, and we're certainly not gonna start to an environment like this. It's possible that occupancy comes down a bit. I mentioned the offsets.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

We signed a ton of leases that will become rent paying spaces in the next couple of quarters. We continue to sign leases here in the first quarter into April. Got a bunch of LOIs. The offset is we obviously have 600,000 of maturities this year, and we give really good clarity in the supplemental about what's happening with each of those, whether they're going into redevelopment, under LOI, being negotiated, or likely going vacant. So there there's pretty good clarity there.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

And the uncertainty element is is what happens with regulatory policy and and and bad debt. And that's just too hard to speculate on in an environment like this. But most important is diversified portfolio. Our earnings guidance hasn't changed. Our same store guidance hasn't changed, and and those are the numbers that we're focused on, the aggregate company wide metrics.

[Vikram Malhotra, Managing Director at Mizuho Financial Group, Inc.]

Okay. But just to clarify, so well, the overall same store has not changed and the guide hasn't changed. I'm assuming you you know, the MOB side is doing better like you referenced, so that that's probably gone up and the same store NOI for life sciences has gone down or decel. Is that fair?

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

From where we sit today, that's most likely. But, again, there's there's quite a bit of uncertainty to be too precise in life science in particular. But the outpatient business is doing very well. Great portfolio platform, good fundamentals, so we do feel good about that sector.

[Vikram Malhotra, Managing Director at Mizuho Financial Group, Inc.]

Okay. And then just the last thing just to clarify. So the watch list sort of you referenced, I'm assuming that the review you've done over the last, you know, thirty, sixty days given this uncertainty. Can you kind of frame it for us a little bit? Like compared to sort of two years ago when we were coming out of all this uncertainty during COVID, too many companies had formed.

[Vikram Malhotra, Managing Director at Mizuho Financial Group, Inc.]

Like how does the watch list compare today to that uncertainty maybe two, three years ago?

[Kelvin Moses, CFO at Healthpeak Properties]

Hey, Vic. This is Kelvin. We have a very robust tenant credit monitoring platform. And I'd say that where we sit today, the the comp the composition of our watch list hasn't changed materially. So I don't think there's anything that we can speculate on right now.

[Kelvin Moses, CFO at Healthpeak Properties]

We still kinda need to wait and see, but the composition hasn't changed materially.

[Vikram Malhotra, Managing Director at Mizuho Financial Group, Inc.]

Thank you.

[Operator]

Your next question comes from the line of Michael Carroll with RBC Capital Markets. Michael, please go ahead.

[Michael Carroll, Managing Director & Head of US Real Estate Research at RBC Capital Markets]

Yes, thanks. I just wanted to quickly follow-up on the Life Science side. I know, Scott, you kind of mentioned in the call that there's a lot of tenants or maybe a few tenants that are trying to raise capital. And if they can't, then that could be a problem, I guess. First, how many are we talking about here?

[Michael Carroll, Managing Director & Head of US Real Estate Research at RBC Capital Markets]

And what happens if they can't raise capital? Is it just kind of a general mixture of some could be bought out and others might default on their lease? I mean, what's the type of scenarios we should think about related to your earlier comments?

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Yeah. There's subtenants in some of the spaces. So each one is unique, but I won't speculate on the number. I'll just continue to say it. The the the guidance range we reaffirmed captures the potential outcomes, of what we foresee based on the very detailed credit monitoring that we do, and Calvin referenced it.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

It's qualitative. It's quantitative. I'm kind of looking at it from every angle, and obviously spending a lot of time with the with the companies that that we think do need to raise capital to continue.

[Michael Carroll, Managing Director & Head of US Real Estate Research at RBC Capital Markets]

Okay. And then I guess congrats Calvin and maybe can you talk a little bit about the Heinz agreement that was announced? I know that their plan is to build apartments on this site, but how should we think about the benefits and the cash flow that could come from DOC related to this? I mean, it related to, like selling the land in the beginning and then you get some upside? Or will this not really kind of hit your P and L until these buildings are completed?

[Michael Carroll, Managing Director & Head of US Real Estate Research at RBC Capital Markets]

I guess, how should we think about the amount and the and the timeline of that?

[Kelvin Moses, CFO at Healthpeak Properties]

Yeah. So I'm looking at it as a phase takedown. The agreement we have with Heinz is a four valuation on the land. And as they get ready to take down sites over time, including the first one that would take place within six to twelve months of entitlement late next year, we would be able to recapture those proceeds. So it'll be over time.

[Kelvin Moses, CFO at Healthpeak Properties]

Okay. Great. Thank you.

[Operator]

Your next question comes from the line of Juan Sanabria with BMO Capital Markets. Juan, please go ahead.

[Robin Haneland, Senior Equity Research Associate at BMO Capital Markets]

Hey, this is Robin Hanlon on for Juan. Just curious if you can provide a bit more detail on the watch list profiles. Are these tenants in any particular sectors? And is there a you know, is there any size you can share on the aggregate watch list pool as far as the total portfolio?

[Kelvin Moses, CFO at Healthpeak Properties]

Hey, Juan. This is Kelvin. I don't think we have granular detail to share again. I think the watch list composition is consistent with what it's looked like in the past. But we continue to monitor actively and, you know, as we get further along in the year, we'll we'll have more color.

[Robin Haneland, Senior Equity Research Associate at BMO Capital Markets]

Got it. You've you talked a lot about the stepping back investments, but but I imagine banks are also sidelined at this point. Just just curious if you can elaborate what what do

[Robin Haneland, Senior Equity Research Associate at BMO Capital Markets]

you wanna see to fill the

[Robin Haneland, Senior Equity Research Associate at BMO Capital Markets]

void in lending? And, and then on the purchase agreements tied to your loans, how how willing are sellers to to provide that as part of the, the deals?

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Well, we have purchase options on everything we've done today, and we'd have options on everything that we would do in the future. I mean, that that's just fundamental to the strategy here would be a pathway to ownership on buildings that we want to own. What would need to change, probably better security, potentially higher rate come to mind as things that that are on our mind as we reassess the life science pipeline.

[Robin Haneland, Senior Equity Research Associate at BMO Capital Markets]

Thank you.

[Operator]

Your next question comes from the line of Wes Golladay with Baird. Wes, please go ahead.

[Wesley Golladay, Senior Research Analyst at Robert W. Baird & Co]

Good morning, everyone. Do you expect to see any distressed opportunities from the Tier one locations for lab if this goes on for another year?

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Well, the answer is yes. I mean, that that's that's been the pipeline. Those are the things we're pursuing. So we do see significant opportunity coming out of this. I mean, we've outperformed the sector the last couple of years, and and kept all the allocation decisions made in the past two to three years at position as well to take advantage of the stress.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

So we still see that opportunity. It's just a matter of when is the right time to invest and what are the right terms, and that's what we're reassessing. But but the answer to your question is yes. Absolutely.

[Wesley Golladay, Senior Research Analyst at Robert W. Baird & Co]

Okay. And then when you look at your outpatient medical developments, do you have a higher hurdle for that, And do you expect any impact from the tariffs on the development costs in material way?

[Wesley Golladay, Senior Research Analyst at Robert W. Baird & Co]

You want comment on tariffs?

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

Yes. Sure. Sure, Wes. I can start with the tariffs. I mean, I think you know, what we're seeing in the tariffs if the tariffs are in place today, continue, we'd probably see, you estimate a two to 6%, increase in cost.

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

But I think what's important, you know, on our active developments on the OM and Lab side, we're 100% under GMP contracts, and over 85% of our readouts are under GMP. So that that accounts for the the the building corn shell and the ongoing TIs. So, know, we see little to no risk of cost increases to our active portfolio. But going forward, you know, again, it's it's a little bit of a a murky crystal ball, but probably in the two to 6% range. But we're also working very closely with our suppliers and GCs to ensure we we, you know, drive those costs down as as much as we possibly can.

[Wesley Golladay, Senior Research Analyst at Robert W. Baird & Co]

Okay. And do you have a higher hurdle rate for future projects? At some point, you may wanna maintain the relationships you have, but then also your cost may go up. So how you manage that?

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Yeah. I mean, certainly, in a volatile environment, we have to be thoughtful and flexible on on capital deployment and what's the appropriate risk adjusted return. So that's why you saw us scale back the, the amount of the 500,000,000 of investments that's going towards acquisitions or loans and increase the buyback. So so the answer is yes. We're flexible, and and and we adjust and allocate capital to receive the best risk risk adjusted return.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Okay.

[Wesley Golladay, Senior Research Analyst at Robert W. Baird & Co]

Thank you.

[Operator]

Your next question comes from the line of John Pawlowski with Green Street. John, please go ahead.

[John Pawlowski, Managing Director at Green Street Advisors, LLC]

Thanks for the time. Calvin, can you just spend a few minutes talking through the West Cambridge development? I don't have a good sense of what the total construction cost might be over time, what percentage of it's going to come through Healthpeak's balance sheet timeline? So would love an update on kind of the bigger master plan and, the capital cost and the time to deploy the capital.

[Kelvin Moses, CFO at Healthpeak Properties]

Yeah. So I might start with, we're not yet fully entitled on the project. We're working through the entitlements now, and we expect to be entitled at the end of twenty twenty six. You know, the Heinz partnership has been our focus really to accelerate the project, catalyze the projects with residential, which is the highest in demand right now. So, you know, we don't have any construction cost exposure to the residential component.

[Kelvin Moses, CFO at Healthpeak Properties]

Heinz will be responsible for all of those expenses. And down the line, as the market improves, we'll evaluate when it's appropriate, to get started and pursue the lab component. So we're really focused on Heinz right now. We're happy to have them as a partner and being able to get started on the project.

[John Pawlowski, Managing Director at Green Street Advisors, LLC]

I guess I worry a little bit little about the the dynamic that while you're waiting to start lab and practice, you're gonna be pocket committed to this deal. And so you're you're effectively committing to a big check today. So I guess maybe any any comments there, would help given where your stocks trading and the and just the the total capital cost. You know, should how how high of odds, are there that you're gonna start these lab developments in West Cambridge?

[Kelvin Moses, CFO at Healthpeak Properties]

I might point you back to investments we've made in West Cambridge specifically. Half of our 600 plus million dollars has been, is developable sites. The other half is actually leased today. So we have credit tenants occupying buildings that are are paying us rent. So I don't think we have, pressure per se to move quickly.

[Kelvin Moses, CFO at Healthpeak Properties]

But, again, Heinz is is, prepared to get started within six to twelve months on the residential component, and the economics there are actually beneficial. It's a four value on the land, and we get a share of the upside. So I think we're gonna actually be able to pull in some economics from the Heinz transaction.

[John Pawlowski, Managing Director at Green Street Advisors, LLC]

Okay. Thank you.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Yeah, John. They're they're independent. I mean, the the multifamily and the lab are independent projects, and and and we're not allocating any capital to the multifamily at that time. So I just wanna make sure you're clear on our capital commitment and and the deal structure.

[Operator]

And your next question comes from the line of Jim Kamert with Evercore. Jim, please go ahead.

[James Kammert, Managing Director at Evercore ISI]

Hi, good morning. Thank you. Maybe a qualitative probe potentially on the development and redevelopment prospects. Would you say that the number of tenants you're having discussions with and their aggregate space needs is really kinda held together? It's just, you know, we can all appreciate that the decision making has been on pause, just trying to get a better sense of, you know, what that kinda looks like as an aggregate pool that your your number of conversations and and so on.

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

Yeah. Hey, Jim. And, Jim, it's it's Scott again. I would say go back to my comment I made earlier is that the the pipeline that we have today, both in the LOI pipeline and the XMAN pipeline, these are tenants that are, you know, well capitalized. They've already raised funds.

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

They aren't looking to to, you know, raise money in the next three to six months. So they've got their business plan, and are, you know, looking to take either, you know, additional space, you know, either whether they're renewing in place or or moving. Typically, if they're moving, they're looking to take additional space.

[James Kammert, Managing Director at Evercore ISI]

Okay. And then so derivative of that question, you haven't seen to your knowledge, tenants, that you're speaking with, you know, jump ship and go somewhere else for $10 cheaper rent. It's just not a price issue. It's really a total capital and visibility of their business issue, making the decision to lease or not. Yeah.

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

Yeah. I think that's accurate. And I

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

think that's why you continue

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

to see, you know, the the incumbent landlords when an outside outside share of the deal. Right? I mean, I think these are mission critical facilities, and and they're gonna make a decision for the long term and want to know who their their landlord is gonna be for the duration of the lease. And, you know, that's one of the reasons we've outperformed the broader market.

[James Kammert, Managing Director at Evercore ISI]

Sounds good. Thank you.

[Operator]

Your next question comes from the line of Mike Mueller with JPMorgan. Mike, please go ahead.

[Michael Mueller, Analyst at JPMorgan Chase]

Yes. Hi. First, also want to pass on congrats to Kelvin. And for the two questions, first, it looks like ad rents may have helped your MOB growth this quarter, both sequentially and year over year. Was that the case?

[Michael Mueller, Analyst at JPMorgan Chase]

And if so, how much? And for the second question, what do you see as full occupancy for the CCRCs?

[Mark Theine, SVP of Outpatient Medical at Healthpeak Properties]

Yeah. Hey, Mike. This is Mark Thine.

[Mark Theine, SVP of Outpatient Medical at Healthpeak Properties]

I'll I'll take the first one on the Medical City ad rent. We we had a great start to the year there. I had a budget, as you mentioned, and I had a schedule. It's a total of about a million dollars in the quarter, which is about 50 basis 50 basis point impact on our same store for the year over year and sequential.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

And, Mike, your senior housing question, we're at roughly 86% today. There are a couple of properties that bring that average down, but there's upside. It it's probably in the three to 400 basis point range would be a rough estimate just based on trajectory. The lead volume continues to be strong, so definitely some upside to capture.

[James Kammert, Managing Director at Evercore ISI]

Got it. Thank you.

[Operator]

Your next question comes from the line of Omotayo Okusanya with Deutsche Bank. Omotayo, please go ahead.

[Omotayo Okusanya, Managing Director at Deutsche Bank]

Yes. Good morning, everyone. Kelvin, first of all, congratulations. I look forward to working with you, bro. So my first question is just around, Scott, I mean, you're kind of giving a very candid picture of life sciences, which I appreciate.

[Omotayo Okusanya, Managing Director at Deutsche Bank]

But I take a look at your leasing volumes, and it sounds like things actually accelerating in 2Q relative to 1Q. I mean, should we be and

[Omotayo Okusanya, Managing Director at Deutsche Bank]

this kind of sounds very much like last year as well, right,

[Omotayo Okusanya, Managing Director at Deutsche Bank]

where the backdrop was tough,

[Omotayo Okusanya, Managing Director at Deutsche Bank]

but your leasing actually got better over the course of the year. Is that the same idea this year? Or are you really kind of cautioning that maybe we may not have that same kind of tempo this year?

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

First quarter is always a little weak. That was the case last year, and we're less than 200,000 feet. We signed, I don't know, 800,000 feet in in February. So there is definitely an increase. And we have a good pipeline.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

I mean, we keep saying that. So so yes. I mean, the leasing pipeline is is strong, whether it's what's signed in April, the LOIs, and what comes behind that. As we've said a couple of times now, it's as strong as it's been since the summer. But we've also said it wouldn't surprise us if some of those lease executions get pushed back.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

That's just the reality of the market environment that we're in. There's a huge amount of uncertainty, and we are giving a candid view. We still love the sector. We have a great market position, high quality real estate. But if you're expecting, you know, massive earnings growth and turnaround, you know, in February, I mean, that's gonna be tougher.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

I mean, I don't think that should be a surprise if you look at what's happened to biopharma capital raising, in the in the in the start to the year.

[Omotayo Okusanya, Managing Director at Deutsche Bank]

Nope. Fair enough. And then also in for the new leases in the quarter, the weighted average lease term was, like, you know, fifty eight months or so. That number is usually almost double that. Anything unique there in regards to mix or just terms changing, people wanting shorter leases because of the uncertainty?

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

No. Hey, Tyler. This is Scott Bone. I think that the new leases were, on average, about five years, which is, you know, not too far off where we where we were, I think, for full year, 2024. And, you know, as we've talked about when we talk about mark to markets and and, other things in the life science portfolio, our our deals tend to be pretty chunky.

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

You know, so looking at it on a on a quarter by quarter basis, you know, isn't necessarily the the right way. You gotta look at the full year or the trailing twelve months, you know. So I don't think there's anything specific in that quarter that is a

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

tell him.

[Omotayo Okusanya, Managing Director at Deutsche Bank]

Yeah. I thought, Paul.

[Omotayo Okusanya, Managing Director at Deutsche Bank]

Okay. But one more for me, if you don't mind. The redevelopment bucket for other redevelopment, that that amount increased this quarter. Now you have 15 projects versus 12 last quarter. Can you talk a little bit about kind of what the additional projects were?

[Omotayo Okusanya, Managing Director at Deutsche Bank]

What's being moved into redev? Is it like a building you have that tenant moved out and I'm moving into redev? Just kind of trying to understand some of the movement there.

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

Yeah. We we added, three projects to that bucket this this quarter. Two lab buildings, and one zero one building. All of them was were a % preleased. Just some some pretty large CIs as well as, base building work needed on those buildings.

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

It's about a 30,000 feet and about $40,000,000 total in those. And, you know, the the bulk of those, I think, are q four starts, for the lease, so those will in for the for the next few quarters.

[Omotayo Okusanya, Managing Director at Deutsche Bank]

And the and the current tenant already moved out of those buildings?

[Scott R. Bohn, Chief Development Officer and Co-Head of Life Science at Healthpeak Properties]

Right.

[Omotayo Okusanya, Managing Director at Deutsche Bank]

Okay. Helpful.

[Omotayo Okusanya, Managing Director at Deutsche Bank]

Thank you.

[Operator]

And your next question comes from the line of Rich Anderson with Wedbush. Rich, please go ahead.

[Rich Anderson, Managing Director at Wedbush Securities]

Thanks for the quick follow-up. When you think about maintaining guidance and perhaps ramping up buybacks and ramping down your Life Science loan business, is the net forced downward, but yet you're able to maintain guidance? Or would that be something would the combination of those two observations actually help you to sustain, maintain guidance? I'm just curious how the math works in your mind. Thanks.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Yeah. I mean, it it depends obviously what price for buying back the stock and and which investments either proceed or not. Some have higher returns have some have higher returns than others. There's also the impact on leverage, and and and we did make the comment. In any event, we don't expect to take our leverage above five and a half times.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

And buybacks, obviously, are are not helpful for leverage while whereas investments could potentially be high enough yield yielding that they would be beneficial to leverage. So there there is an impact, but I'll come back to regardless of how we use the 500,000,000, and that could include just sitting on the cash and keeping leverage lower, we still feel like our guidance range captures the potential endpoints.

[Rich Anderson, Managing Director at Wedbush Securities]

Okay. Great. Thanks very much.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Yep.

[Operator]

Much. Concludes our question and answer session. I would like to turn the conference back over to Scott Brinker for any closing remarks.

[Scott Brinker, CEO, President & Director at Healthpeak Properties]

Thanks for your time today. Look forward to seeing you in May, if not June, at the various events. Thanks, everyone.

[Operator]

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

Participants

Executives

• Andrew Johns, Senior Vice President, Investor Relations
• Scott Brinker, CEO, President & Director
• Kelvin Moses, CFO
• Scott R. Bohn, Chief Development Officer and Co-Head of Life Science
• Mark Theine, SVP of Outpatient Medical

Analysts

• Farrell Granath, Equity Research Associate at Bank of America Merrill Lynch
• John Kilichowski, Vice President - Equity Research Analyst at Wells Fargo
• Austin Wurschmidt, Senior Equity Research Analyst at KeyBanc Capital Markets
• Ronald Camden, Analyst at Morgan Stanley
• Seth Bergey, Senior Research Associate at Citi
• Rich Anderson, Managing Director at Wedbush Securities
• Vikram Malhotra, Managing Director at Mizuho Financial Group, Inc.
• Michael Carroll, Managing Director & Head of US Real Estate Research at RBC Capital Markets
• Robin Haneland, Senior Equity Research Associate at BMO Capital Markets
• Wesley Golladay, Senior Research Analyst at Robert W. Baird & Co
• John Pawlowski, Managing Director at Green Street Advisors, LLC
• James Kammert, Managing Director at Evercore ISI
• Michael Mueller, Analyst at JPMorgan Chase
• Omotayo Okusanya, Managing Director at Deutsche Bank