Healthpeak Properties (DOC) 3 Aug 222022 Q2 Earnings call transcript

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

Second Quarter Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. to President conference of like Johns, to now Vice Senior Investor would turn over the Andrew I Relations. Please go ahead.

Welcome Results Conference contain Quarter XXXX conference Second will statements. certain to call forward-looking Call. Healthpeak’s Today’s Financial

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

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

quarter. First, a the few highlights from

rates, target. was in we than offset same-store as adjusted on this came operating but results and and had FFO stronger QX in Our our came by higher interest right expected, growth

success and science to rate our businesses. in continue life We leasing both have MOB and growth

but facing our office. have explain midpoint, that guidance, by as same-store CCRC few still XX business basis expense entry And has by reaffirmed We the we FFO bumped points which shortly. seeing parts medical Pete is some will adjusted pressures. our at fee sales, a is record Our moving guidance driven

development our pipeline. Regarding

into Torrey Pines and San final development In in placed Francisco, at developments science The Vantage have Phase in the we Shore pre-leased. service at building XX% South recent executed We a brought our leased. $X XXX% lease, a are of of X Francisco. billion South pipeline portion Boardwalk our San to Both in life

will front, we $XXX sheet balance to debt million in commitments maturities down rate floating of the a long-term with our On which term XX%. for bring secured XXXX and loan our XXXX, target

announced new campus venture. Grand formation San fund our of we life on properties with Francisco. leading South a in a joint planned science the Yesterday, for Pointe JV Turning our wealth to seven redevelopment sovereign

same expected accelerate science the attempt of X to of These these also life to benefits San This is to X JVs offer and partner, and first us development South of key strategic half Francisco redevelopment of number a agreements to subject projects. allow the We agreement signed close of and XXXX. in with similar for Phases and utilize development closing structure various conditions JV the a Vantage. is Healthpeak

proceeds. less price. cap our our end, investment take the rate future program be our price ongoing our As with applied versus Board Accordingly, to development for the share value proceeds program to a million share we that conditions our does repurchase solely embedded our our accretive recent To expansion embedded advantage will approved we the program, $XXX pipeline, price. reflect for yesterday, We core portfolios. share alongside announced in the our us announced to from depending higher own between recently funded the believe program cap strongest with in inherent dispositions on rates share potential dislocation market stock allow and JV high-quality of in the of market repurchase current current intend and our buyback This stock. not private implied is that

XXXX word of ESG role the goals. play that, accomplishments. outlining a our annual on our on a and G. Finally, continued the the in our turn ESG it to achievements ambitious strategy Last our ESG published continues we me variety and a Scott. focus with highlighting let report, month, pivotal S business E, XXth With to

very everyone, occupancy above Thank operating with or thanks, XX%, segment you, and XX%. at There’s and downtime. joining. positive mark-to-market portfolio strong growth from science, quarter results tenant year will variability expectations. around XX%. renewals bounce the estimate In across no was We Cash at Same-store and the in number solid entire to leases so by were mark-to-market signed TIs finished X.X%. Each Tom, with positive year. line delivered the was for zero on life is those that

diversification credit rent has Our top roll throughout. exceptional the and at strong

new South share. early feet development that with existing rent. four other with an square-foot we’ve company we the No quarter. J&J, the of feet tenants Leasing AstraZeneca, X%. feet quarter. was than XXX,XXX done versus leasing advantage for a the Amgen, total XXX,XXX budget. in where a for Phase tenants, billion third date is Our a year-to-date relationship, the new we with number lease. Francisco, in To and activity be Lots We signed year tenant credit Vantage pre-leased. of leases X, already birth rent market our a XX% are of to strong. XX% account bringing continues XXX,XXX market tenant re-leased signed second competitive leasing exceeded XX% at another accounts XX-year entrants. XXX,XXX top a In vacate The is quarter, tenant in signed place Bristol-Myers than biotech, $XXX project a for our last of with lease world-class and who San full to positive Boston, existing of science more that we more a life enjoy XX% The cap. We mentioned X mark-to-market already

June, subtenant a Point a the foot command credit for expirations. the with campus XXXX. the with for we lease go market the who we’re lease expires balance with We now advance signed December been XX assets creation of crystallize It’s pricing. not existing feet an value making the assets expires months, to new a expiring when our in long-term we for July, to signed that we continue XXXX. for strong Oyster has to progress. square Rigel core sale the backfill as retenant tenant lease campus We’ve to in signed so Point in In Raleigh-Durham, credit XXX,XXX of in direct plan January Oyster XXX,XXX now we the over Amgen lease the re-leased, And of lease XX% and next the will a a should held feet. tenant. with XXX,XXX a XX-year placed In the in new two great new us, lease Duke

Turning development. to

cost generally time To through return The budget. and cost to supply on equaled remains on we pipeline on date, successfully managed environment. blended and active Our X.X%. the volatile chain

essentially our cost with contracts pre-leasing. have in on strong GMP and We return locked

new year about we For past the of or questions two, supply. received the many risk

the today, ago. of debt starts range interest X% development declined, just by few high in That’s higher quarters gone in long that Construction making rates was driven As for risk new unattractive X% range with significantly the rates. levered costs a and today, has developers.

today. attracting paramount, market a tighter and lending dependent fund not and that It’s tenants. for our both Sponsorship clearly to pipeline. market are we’re Fortunately, location now financing on

XXXX. feet. venture investment On level, the away capital going in billion scientific That in the need number innovation of and combined completed a be X.X the still new low raising demand. and last cycle. low company from the formation. public San VC above historical feet. all-time new is but X.X demand economic demand of this still at are single the Diego, the historic active standards. XX of by new square year-to-date X.X of are we year-to-date healthy estimate feet for down capital IPO actually period very regardless have firms single million with side, rents comparable is next is private. used numbers demand digits active In their for healthy our rents Boston but is San reported Francisco, million not are up year-to-date fundraising up days, market $XX highs, South Market and Biotech in at of mid-single digits tenants low A forward, looking up below is And year’s will is have occurring year. rents capital million pace and past both fundraising These current are digits, to round In

with look we outlook the overall of at and slowdown remains the when compelling. landscape ongoing secular future the supply, new So, demand

square on or reasons: one, our two, average, was XX% higher the X% million contrast, two XX%, profitability the under of Leasing of leases the experience of by peer term. X.X%, higher growth key on than three activity Moving our NOI had XX% country’s profit driven relationships margins top have retention of cash benefits consistently great metric we XX% relative points the fundamental portfolio than another budget. X.X to a flow been decades. the commissions a X,XXX the driven is lease office. medical buildings more less which, of on feet campus, and and million on our over lower and at City above with and more and by of another of Same-store our new inventory locations, given which no Medical That’s on group, quarter. national ahead campus, has near hospitals, the renewals average TIs adjacent; is Dallas. performance. signed grew is On-campus and span We rates, leases basis year-to-date leasing, X.X host recoveries, that three, Same-store parking downtime. operating plus letters pointed have Retention materially than on-campus average; by than intent. is our that’s We

expectations is in and to meeting length CCRCs. are will XX-year a average and cash receipts business very up year-over-year over the cash receipts The GAAP XX% on the a of amount Entry earnings Moving in recognized cash by amortize we quarter. The on fee basis exceeded performing a million stay. strongly $XX basis.

no have up We and power, pricing was year-over-year, there’s continue to RevPAR discounting. X%

targets from XX% New on update remains the we We about That straight core and changes XX $XX our is three market. markets number a strategy, costs ago. had million, An potential. is still point our five now from the net the we big a fits anchored rates high to down zero, occurring, and proceeds estimate borrowing asset of that Price core continue. return year basis the March. in local with months increased though, based points expect have the that from impacted, but mark-to-market especially hires, on institutions, for supply exited noncore varies quarter exactly less transaction cap in contract a discovery with the those by in MOBs in positive assets XXXX labor and late hospital. in a same into by medical negotiated acquisition in and deal amount, recycling office relationship on-campus We’ve leading

XXXX. renovate San at implies to which real return return $XXX the estate density, X is X with partner upon in funding structured promote. adjacent foot it be half with partner. We’ve old the Class ownership, time to The soon similar the upon price which use high and to cycles. our Their point we first price will buildings which The majority Xs a through decade, grow joint joint venture cost and We’ll create intend venture the dependent two three campus. final reached to the what on assets to for earnings turn agreement upside finalized in with cover fully accomplish buildings was per balance XX own. average, to The receive entitlements structure a XXX,XXX for redevelopment. $X,XXX over per development augments or close. JV collaborate earn inevitable reduce seven feet numerous partnership years. will Grand the vacant. land South and are an of requirements Pointe Francisco, Healthpeak the additional all-in the foot to a an opportunities retenant on vacant grow our purchase horizon redeveloping can on of structure campus. beyond footprint I’ll to over due A we retain our the next We drag Vantage, the existing guidance. are allowing to and the science and should Pete to development value us same The XXXX, our purchase venture The sheet Turning next buildings preferred and offset allows sophistication our scale, through of in that fees, mid- years JV did to that life This invest be our to ability to helps stabilization Phases cost enhance at and so the square us it roughly a we allows the to see on also

with Scott. results. Starting Thanks, financial our

second FFO X.X%. share growth reported the For per total of as we $X.XX of quarter, adjusted same-store portfolio and

our continue results mentioned, fundamentals life Scott to science As medical reflect and our platforms. industry same-store strong and office leading

had sales. Last we entry results. fee strong of CCRC Additionally, financial under another quarter item

quarter, dividend $X.XX second declared a share. our Board the For of per

the X.X%. on with XXXX. balance month sheet. at from loan maturing for We We entered quarter. The and later like our quarter term X.X our balance. will million debt-to-EBITDA maturing in Term rate banks through to In be fund all $XXX loans unsecured which XXXX to a special to term loans reduce million and net term into the loans in commitments this will commercial the two these give Turning ended billion July, to the of close of with split proceeds million that swap fixing times paper participate are We be a $XXX the fourth $X loans, thanks used the into a chose would to in tranches in maturity expected offering. we liquidity. and $XXX agreement term a to secured

our guidance. now Turning XXXX to

above same-store see of of X.X% year-to-date is can our the well is X.X% line life as from And same-store in of initial segment is guidance our First, initial of performance midpoint is year-to-date medical you range. sciences, office, trending year-to-date growth CCRC, trending guidance in strong. our growth results, our In our above range. same-store In with X.X% growth expectations.

sequential a in labor occupancy and assumes in XXXX guidance half recovery continued improving from growth Our the second of costs.

CambridgePark machine as deliveries, come our and a earnings and recent the Second, see should nice development in Drive, including to these The XXX we continues deliver. Shore, on near-term line. ramp-up Boardwalk projects With

to rate receivable guidance. $X expect initial incremental and we notes versus million $X Third, of have $XXX our of million earnings floating million

$X.XX However, we previously XX% increased has interest vacate headwind XX from have expense seen re-leased Hayden, positive from approximately Scott as mark-to-market. additional been a an which, at headwinds mentioned, $X.XX fully of the early tenant and at disclosed

of of our these performance and strong the though, Fortunately, both headwinds. portfolio platform offsets

as we our with of that to as $X.XX FFO reaffirming share. adjusted So a backdrop, guidance are per $X.XX

points our basis X% midpoint, page same-store points office for at are guidance by medical details range increasing basis midpoint. We we Please to are our to range increasing by the same-store our blended XX guidance X.XX% the to on and supplemental refer guidance. at our XX XX of additional

before a Finally, housekeeping Q&A. to few items turning

First, to with we our of second have in our half supplemental, for on LIBOR assumptions XXXX. the assist added modeling page the guidance

the let’s NAREIT. in that, November tour to save invitation line property recently to for sent out we reach San for for management follow, With a additional XXth, prior and open date out in Andrew meantime, reception details. presentation, please the Second, Francisco on a operator, A Johns South but formal will the Q&A.

today from Evercore ahead. Steve Sakwa question first The ISI. Please Instructions] with go [Operator comes

wanted more guess, you’re best the it’s pharma? you seeing a maybe to I less tenant comments, Could which little relative it softness, maybe and Scott, Thanks. and the type, and or by where strength large whether demand will, markets, I if where focus science just some had demand. and the biotech, you characterize on morning. there’s life on you elaborate of Good that Thank. bit

demand strong, to Happy Steve. take Yes. mean, historical standards. one, remains that I by certainly

the lease nothing If And also highest demand, today. presence, we’re looking have markets we it the new Boston the has where the supply. today you we that to still has highest virtually at look three have big gross

is XXX%. development Our pipeline

years. with operating is XXX% no Our maturities for nearly three portfolio

shape of when that pretty a good we tenant backfilled in vacated had we early, couple we’re weeks. that within So,

little very don’t So, demand remains bit just historical strong coming despite by in standards, Boston, down lease to near the a anything in it term. we still have and

story. it’s not at So, Boston a we’re of in similar terms San concerned Diego, In portfolio. about our all

XXX%. is pipeline Our

Our don’t maturing operating end XXXX. of the portfolio have is And nearly we much through XXX%.

the in in do Francisco, demand San about feel years, San in South down we maturities little Diego, of XX the footprint we good So, backfilling next to cash where primarily replaced, But of And still has pretty over need our bit. And that even to then, really couple for a in some our point to have a come we’ve time, with reached though lasted talked be big months, with getting the years generated but past over a Pointe various particular. buildings Healthpeak buildings in and we’re both old. those and about locations, Point Pointe first both we in South investors A+ mark-to-market that build-out we lot those and those progress. great couple success of meetings Oyster of Grand, systems, the Francisco are been are lot And both XX substantial campuses a But, that over be Those those San generation a date campuses. has pretty eventually, tend to making astounding. campuses long years. flow just Grand, TIs

we well. South to We lease XX to open another months feel about Vantage for XX% a just that at or really bring Francisco almost new and preleased, So, it good San as so. big signed doesn’t

large has progress So, our by been great Year-to-date, dominated very credit activity tenants. there.

are to to XX,XXX we traditional XX,XXX Series users, We the more A the from to foot have see interest more extent availability. starting

that? to So, Bohn, anything you’d add

suburbs, of Boston, No, San as a would I some Boston as Cambridge. the we the done in XXX,XXX kind second six been square another that then, Francisco feet. XX, the days South alone in deals Scott. well There as South was XX I we’ve three over great there’s think million downtown mean, deals that over deal over Peninsula in done summary, kind been X deals significant mentioned, And was XXX,XXX on square three in I the size. Francisco, I totaled three add, there’s in of was that and great thing square mean feet. only executed past feet San the quarter, of Boston

So, great as company leasing lot new formation, done. are of good of deals certainly the there there’s Scott And well. lot mentioned, a getting a as smaller

Okay. And just as quick a follow-up.

front, kind cost the you financing or Scott, maybe projects have by fallen just been of or people been that on seeing pencil? conversion On potential these about. yields don’t the signs any of most the are cost has some of supply because I developments of either know increases Boston new wayside, worried issues market make

mean, a get and time mean because built years Boston, virtually where half just got look I conversion. there’s period was anything in Diego deliveries San for supply-demand I if almost Yes. tight. new that it the of next you at sure, of particular, two over the would in leased But so is

those pretty isn’t the but quite struggle if situated, of will to We’ve compete some as them well are tight. that And of lot to market seen actually date. a

of lot in right look you the pre-leased, least coming. But XX XX% pre-leased. a is that If purpose-built new the about deliveries, Boston, supply at new are whereas you’re supply for there’s XX% the conversions about

with much is it debt both higher noticeable today, And financed return. a of in everything trying So, if so, sources mentioned I you lot new pretty conversions, projects you’re to much, get in likely to in already. seeing proceed are particular, that about if a difference and rates construction lending those. heard we’ve think performance less at be would the rates change and equity And the

dramatically that expect I to Steve. forward, going would pretty So, fall

ahead. Stanley. The from go Adam Please next with Instructions] Morgan [Operator Kramer question comes

following up little a bit. maybe Just

health. wanted about I was I Steve’s is just question in rather. ask But or covered now question think a tenant first little just this to bit

right, or looking it’s kind funding of a and maybe close been the public your of public and of kind or some market of tenant of for these peers companies. for of kind whether think companies in health at private biotech the stock lot kind focus valuations or has mid-cap some I cap space, on your small of

tail about maybe tenants, a market maybe kind cap right, biggest kind for the largest of your bit kind little a or right? of demand there space talk be their of and little kind bit kind talk of may So, just kind the kind of smaller tenants. not their health, of of about, of tenants, broadly? need those cap of tenants, but Some your mid-cap Maybe

speaking that with really Yes. quarter. to I’m happy since our grown Scott’s last one. watch hasn’t all Yes, here. at the start list

remain XX-plus collections Our at percent.

last in of companies So our really billion If about first have $X.X money. in change of positive. anything, quarter, Year-to-date, number actually fundraising quarter. our we no from been raised the portfolio. it’s had A

$X.X second alone, quarter $XXX the billion. The of July within offering. portfolio, we some had was at about including in million almost public fundraising same the And

So, trials our are have Certainly, data that seen financing, that on we’ve isn’t able good shut. readouts that in still portfolio. market happen their to companies own raise clinical and

highly as about development the for we build-outs quickly feel and reusable pretty operating have really we’ve the good go our the in awfully that and We tenant actually it’s about us credit do of a you’ve talk out, well locations build-ins And one, we a So, occupancy generally about past if space, and backfilled pre-leased as our talked we heard the quality tenant. had with portfolio. both pipeline. fact XX% portfolio, [ph] the that the which

changing. not reality core in well drug all successful, about we on process. scientific the feel and the with high-risk really of the market, discovery located isn’t that’s but which just actually the terms focused we’re being space so are is of the generic innovation them in a because it’s So, of pretty for need science business markets life portfolio, good why the

is than big lot billion year-to-date. record, other into money XXXX. a than number, of So, pumped the It’s larger capital pretty year sector. any $XX venture being raised of a on

lot So, of in still a the strong. remain activity and rent space, there’s collections

CCRC lot ask in the there. CCRC senior pure-play of -- at some MOB within lot with it and CCRC and it you Clearly, would portfolio, kind portfolio? -- the life Why does driving just How of is of I of of there guess, kind how demand And in are drivers peers something kind would that of wanted kind fit was the kind portfolio. it the maybe think I guys. something a kind of Maybe switching public of your and of kind to Science about the But, gears kind a of just really to Thanks, guys Look, Life That housing. to to? is the of helpful. of looking science of relative attracted the rank, kind of growing you MOB? kind kind with you right? demand

is our Herzog. CCRCs, represent so This of Yes. Yes, for they XX% about company.

far how this in, we on is portfolio at in a that point as own irreplaceable As they fit time.

You to just cash literally get healthier no tenants. the new The It younger, creates stay are these to the we’ve produces tailwinds. cost X- very land, strong great times and supply entry boomer coming that has land, up baby of then, And with seniors of against infill the stickiness acres XXX we that our Lots some replacement plus they XX of their in would of those have, flows. -- length be sit X it. got XX-year high-quality things a fee basis.

it so It’s another because replicate. to impossible requires company So, for into scale and hard platform. much come to it a

cap MOBs very, feel there have of rates not our the strong. traded life But we’re we office synergies synergies but historically, produces, much of assets good business? business So, back science the And $XX really The synergies in about the relative have together. very fit to have million receiving got million business. some the rest to dramatically. are better and of as as much, the comment yield the been yields at to relative greater whatnot, about to it and your we’ve that that that far do upside There’s $XX

believe that of of are the Now, it’s to rates CCRCs cap and the benefits product. entirely because decline possible, we starting in

it’s the portfolio, our although looks what of part now, So, small of nice But we’ll in a loan. that see future. like as a

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

rates interest of just basis? home stick net in I with market to just how a interest guidance the entrance wanted is with little I’ll embedding second. kind maybe slowing a fees on understand for about And what cash fees thinking higher you’re the you’re a that for and CCRCs bit? down --

our Yes. be points, both of Hey was in price best that sales expectations ever of sales, terms far well. the well and suggests one. as ahead we’ve Happy it’s June going Dan. Yes, everything of to number as take one in that July the to of as seen so months

So, we feel good product. about that

of concentrated in think we a just or in including general, in housing which XX that lot are markets there’s Florida. dominated have, the markets, shortage I a CCRC

for being hopefully now. infill even in So, being just going interest that rates of construction pretty come housing, and probably there’s bodes do cost a Certainly, from. lot well CCRCs, bit a And not but little sticky, with whole lot housing built like prices right if in especially where Florida no residents a not higher. these either whole stay buildings locations, our are at up,

was the about ongoing So, pretty cash we feel that our million. in million think quarter, when you good got range about was $XX demand. gen our almost We’ve amortization the also fact $XX a pretty big and cushion

the focused remains obviously, on if huge strong. on terms outlook the not cushion. So, But and which the in remains of impact solely pretty we’re there’s focused, collections, a earnings, cash strong

super, affluent super resident mention, we’re a targeting I’d is here. point that not Another Dan,

below Our a a basis on $XXX,XXX. bit is fee net average little entry

on in targeting, homes past years. price and those the over still pretty that are that we’re for gains So, sitting range. the their point are of $XXX,XXX, massive residents $XXX,XXX, for most couple There’s even selling broad on all housing, housing part, residents $XXX,XXX demand at the

outlook we feel the So still like strong. really is demand

in tenants elevated, it seems of you do year-over-year initiatives has have can bit. the one specific on Expenses net, little you that have Okay. the your come triple down expense growth are have a about? like you been Do MOBs. many specific quick then, question -- And any any MOB but talk space and knowing

this Klaritch. Dan, Tom is Hi

in year, We technology have and we green our utility number focus buildings our investing green or lower have initiatives, expense. budget of a really our in will we initiatives. that on Every

if So, like films systems, things us that. help look management energy even you at LED retrofits, windows do will on

in every have we markets, cases, some regional our concentrations, we good target and all and fairly of year. And focus then, So, we contracts. in that national on

example, a and and an certain that’s elevator maintenance cleaning the have regional For we contracts repair of like items. and national, lot contract

target So, frankly, department, increases been great that’s where we quite our risk have management typically insurance and our initiatives. have we And expense a the than industry averages. less

benefited we that. So, from

number So areas that. focus a on we of there’s that in

question next Connor Please go ahead. Berenberg. with comes from The Siversky

on buyback. question the quick one Just

You through and And MOBs to But, sale the rate how or class? allocating say, core funding of would start tick it asset and then, in potential we’re to that up terms that you see talked environment buyback, about noncore? be rising rates capital would assets, potentially previously. that a relate to, -- of in in the if

The Tom Yes, up. core sales right. intention less proceeds. Connor, funded or JV It’s Yes, asset our solely lever from be to you it’s buybacks would not stated Herzog. it

that’s today, to In June had start didn’t the or price and noted we transactions. clearly But, we in it sit program just for we’re share below was decline, was no when what figure harder the why fact, here earlier as we out NAV trading NAV.

the in We a risk-adjusted our implied that’s rate on market. the basis higher than stock private rates cap have inside an cap of applied

So, there’s some probably benefit there.

would with But from up. we have will if market not adjusted course, we here places doing allocation As that development our side allocating shares, proceeds, capital -- that accretive impact, the accretive of we we’ll from NAV of and as by it’s as only dictate repurchasing sit question, conditions too. ongoing side be be far that, your part on levering an the basis, today of as pipeline, the from FFO capital an in two

shift up yields getting and returns on to MOBs, our of it. if As that great end applies relative capital, assets, really to cost those it MOBs the could we

we we In back fact, achieving quickly. mode trading a relatively a started acquisition would was go just that growth premium, if into at price share and strong general, in

So some new is, mention then, in I’d debt persists this debt science. proceeds or if And last the in future as to a be we to on to place allocated inside bonds that got of rates cap of enough life long and were thing persist well. toward to relative portfolio, expensive the place less putting rates could where on applies our this the don’t but to MOBs I depending for it’s maybe matter, how expect going long

we’ve tools we all different outcome. got optimize those utilize would that our So, to

missed the to see to was just that Got to number watch I science, need I list have back same-store growth towards you it science And up the the guidance guidance do since may for improved But above trending of NAREIT. the it, life year? mean, earlier. and apologies understood. life maybe what year-to-date, if this end quickly mentioned

Brinker Either or…

I we’re around at guidance can to X.X% year-to-date. is of X%, to X.X% as our mentioned, Pete. It’s X% take that. I Connor, relative

sense another I makes before assess changes to of quarter that we guidance. any think performance

our improvement said, we’re highly tenants, occupied see level. XX% Scott and the capital-raising from As from at we perspective do up a some

time, all at we’re Hopefully, in point of quarter, changes. going can NAREIT. and we we to this at pleased So, spoke that where we’re what next do since trending improvements the we’re last to and was some reassess it we reassess but thought make But with that, with around any premature

comes Valiquette from Barclays. with next question The Steven

new actually each the just accelerated into rough MOB NOI, back just SS midyear, much just curious what’s percent annual the I guess, on growth I approximation, it a remind on effect have more portfolio, effect goes that versus little us acceleration? the for of us? go growth what bit for rent actually fact escalators year? fourth that on into Jan Is frame looking Thanks. guess, by in has that better same-store driven to the just leases quarter the overall driving year a higher just escalators releases portfolio, this And to for more row. how about rent X hear just third, at circling office I’m the medical I’m

we’ve positive really this last seen This quarter quarter drivers Tom of Really, and also. Steve. major our most Klaritch. Sure,

impact trailing also mark-to-markets Our but on average inflationary our year-to-date. X.X% X.X%. actually are by driven much the And That leases, on in-place the averaging a XX-month range. CPI X-plus pretty escalators percentage was they’re basis, in

really feet there. were where ahead we’re of square about is XX,XXX square last foot So on occupied an trending basis, good Occupancy year, we ahead.

income. positive. our was up that So also was ad as then as And parking rent City Medical well Dallas

a recovered. year the were running we of of be expenses year, driver it range. is XX.X%. Last that we’re to This that’s kind in to of expected thing where upper we this ahead was mid year, get XX% other at the The percentage we

there. seen we’ve So improvement

some and this year, better from tenants that’s year, the X.X% X.X% we’re expenses, on that. gross in primarily we’re And on So, the seeing our where returns a they from we last moved leasing net by shift driven our leases to were structure. at

on positive. square leases that City a Jan XXX,XXX all Medical increase typically, they feet, leases, increases, and CPI all other X take, roll is fixed XX% to on which good the then, our of of Dallas was percentage about roll And that the increases, give roll. So, annual and it’s close in January, our or

say, I’d XX% it’s So, the mark. around

with from next Street. The question Pawlowski John Green comes

the the have questions dispositions Could few me you of size a transaction the Just teed now? quantify up market. right from on pool you

going comment in not the a assets in sale. put for Durham two Yes. We specific John, I’m number. held on did to

So, are San looking joint to definitely We a of second in about having South that venture sell. those assets this Francisco. talked phase we’re

the in XXXX. would of that first So, likely close half

because that’s then, and far number evaluating, that I But, specific the of yet would dependent state So, call. that are on in in we things it’s density. just other entitlements of comment stages that’s along enough nothing some process. kind won’t this And there but we’re on, a upon

Okay.

Durham give cap you at? the to transact a expect you rate us could of sale, sense rough On

with sellers yet. engaged We haven’t

hold So, I’ll tenant lease in on market. rates, a that’s cap growing long-term to probably commenting credit a but from a high off

expect So, that we asset. would a to sought-after be

in in in the shift one values, rates team seeing core markets? you given for land seen higher curious spike costs I’m the interest your values me. referenced is what So, your general? just in Okay. in Final team land Scott, any construction has

Yes.

of not San be value venture have being level But the and that a was at feel joint to attractive for details better South didn’t in densification we actively X just able we we’re of land in obviously, bank land market about Phase would land found when the size given priced on talk that not footprint. in Francisco. moved looking to our price forward We’ll this the have adequate. if the we discovery We’re with like

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

of I’m announced kind maybe I’m just just much curious maybe joint valuable venturing and existing in versus a highly as your the a leverage CCRCs, math maybe the this thinking part of with one without doing are talk background which venture, on impact venture, science bit to piece that and and to smaller the the joint life we kind for joint the the now? changes rationale of about mind opportunities can strategic why portfolio. of the on could the as assets new how guys just and target hoping more as strategic the you

This stuff Herzog Tom Yes. there. of is again. lots Juan, in

if pieces you can Let me that see I the catch mentioned. all

it’s investor densification we that XX- gets pacing XX out that’s endeavor, development awful Let’s got the with last Even to completing to when a science, from -- the bank an and standpoint, of XX-year that would start we’ve $XX-plus a where to to XX, set been the time. look is opportunity which for the land rationale JV at so be you’ve back couple life that, the billion -- long years we’ve got describing for up doing probably opportunity in hard in it an years.

that add approximate -- opportunity not thing at existing we we which identify we not will our clusters, were times are other many. So, that parcels and once have like is we’ve I got that to other it’s would the

So, we still have future growth.

doing up. by anything giving we’re it’s really not like So, JVs,

that make benefit with uses of out. a the and supply and in partner. looked we’re amount I’ve the JV at on. know, life balance past, particular at it increases that that carefully to We’re in you take demand have et of And we development we’ve have at in reduction strong the in market, pre-leasing to of dividend you against the any growth, earnings amount and accelerate is we increase just as we our these able look science. always to of general, the we some look in very We place, willing look figured looked then, drag, drug the a size cetera. of risk of share program internally sure we And funding growth, as a calls and at number And the in timing the of and sources amount and especially upside mentioned in that’s the constraints, at

Oyster allows this We’ve Point. the at one specifically, us to us we So, we that Pointe in concluded advantages real a Grand strong that there good of We’ve of got the cost Vantage. be San point. faster and brand. on with the Francisco got got is in would front that South that move some has that size focused opportunity partner on to We’ve taking capital of

that we favorable, a take demand-supply that us, have, of that’s market one lot them. so, all the do And in to and advantage very And time. wanted locations characteristics for to are for at the we

get So us venture share earn some the joint fees. by upside. partner, risk, share taking a it to share on funding, the allows We the to

waterfalls, they’re which have in going we’re We our off the the the edge for take an opportunity partner. details of into confidentiality on to that with waterfall, and promote, due can But get the drag. to preferreds our not specifics the

to we than together us So, were do on reasons variety joint could of take good own. on a for there more a do venture our to partner

JV the was why life the and behind rationale that So, science.

a makes pure pursuit-type existing animal. a assets, on that’s can JV be going fee. a be a stabilized That’s sense. little different asset there doing As I far maybe we’re a to earn mean asset, JV, as management circumstances

lining uses do a would you we’re how from You we’re out, capital, that I sources on we’re needed quite this and if where the think with based which comfortable perspective. at

do doesn’t course, want share could are good, that we accretive, So, repurchases of be a to fuel unless, considered. lot some us that of

on where CCRCs, You JV mentioned point, the at a platform. maintain we well, table some the could that be

be it JVs in the implied JV. recycling didn’t that because retains like a we We strong really program cap assets were we to the the and I market at now or we considered. to the -- as which looked no is is our and on And impact leverage. the are where core NAV, this that We like. conclusion doing we timing on management but our and that great JV, we far assets at something intentionally our going under on start the it the be came shares right. based versus And on capital effectively less scale, assets But, could a everything and impact -- we on discount leverage, have platform has enough is knew very as to team. did to until rates

that’s where those levering so, up. we would involve proceeds, drive not And would but that us

follow-up. And quick then one just

from an I I was tenant you mentioned a left drag incremental early the in little on Boston. initial hoping for that that. expectations color think on just

out, a years. a bottom is literally got thing us it so be the The we Hayden. re-leased Yes. of us mark-to-market. very simply over downtime, have line a XX XX% There’s good fell $X.XX. XX XXXX, a for cost for it next But weeks. It’s tenant couple that had we to We within going a

and it then we’ll us upside simple. have cost that XXXX $X.XX So, in going forward,

question The next comes Vikram ahead. Malhotra from Mizuho. go with Please

to specific timing. back the to fairly the you the contribution outlook And guess, want on highlighted. were I sure guess, I impact specific sort -- outlook development to can I of to months? not At give you from you so, and you next list, life just Just sciences heels impacted? the Are I’m the improved not on I if as XX development want side as three and now has the over anticipate clear the clear. NAREIT, saying those go or, monitoring are things watch the or you impactful all list, make the

up is I’ll mean certainly today certainly, depending a public so, lot index I days which highs, more that. or XX%, XX% upon Vikram, the biotech, start monitor. the off last outlook still but XXXX markets, for to want the favorable the in in XX you with

So, pretty change positive one. a a that’s dramatic and

a funding the to well. continue in other mind of quarters with as industry seen ask science life quite happen. and the the public at that that strong. just here any number remained a into comes outlook quarter three and good But four you M&A, not market defaults, that and second one also said print which We’ve is funding, of capital for all NAREIT We I’d good to us NIH that had partnerships, that tenant the being allowed majority financing also have venture balance, keep funding, have all to in had just on the we material component

venture who capital even that there’s of will the really side for used be couple anything, investment. in of no past fundraising change of money months the for firms that equation. on So, raised round next those If new more the big

good feel about side. talked XX% we fully current that On on our So, $X all pipeline of development, being bought out. pre-leased, billion we

is we of pretty have bank. on underwriting So, also a which certainty yield, cost, high because and It’s strong. X.X% we’re land our

And date, XX% and some ‘XX. I think enter do ago. going of I’m to although that’s The to cost the market, buy XX to go to tunnel. probably of XX the construction at the into higher. to the not point rents end value had throughout and XX% as land XXXX climb, see case at up the you months as if early continue kept was contracts more is but today’s to we be market had construction costs opposed higher light to today on part sure depending the today

fair land be So, get it’d on more, today’s buy return but project, go the contract are in probably today. the construction to that had and for entrant. to at that X% value, to underwritten current was market hard pipeline, value X.X% our recreate we’re depends a and yields enter It point if the at market going new on you more the into market to range today

land to bank. be going of to we’re is Fortunately, going what doing most be through our

hopefully, are going still being So pretty yields strong. our to

point. that to Okay. And just clarify

what second you’re occupancy same-store loss NAREIT? were So, not sort anticipating the the versus of credit sciences half, in at for you life in your baking guidance in issue maybe any in or

credit right, Vik. has but have little a material occurred cushion since nothing of within We our that’s always think NAREIT. numbers, I bit

don’t So, extent time. will bit release year this of there need is point as in that remaining the of that the at But little we concludes, some to a we that it.

year. the in there’s numbers as hopefully, little a don’t it. report more we of year bit But to cushion of need the for So, the the progresses. And balance

just then Okay. last And question. helpful. That’s

think stay flag won’t rate the of if the we backfilled, impact or blocks peers, fair next curve the rates. environment the given they that us into say for -- building the ‘XX, but sort blocks you to You talked think the And rates should market year? things ‘XX. bit you just we way we as some -- any then, Can the other talked ‘XX? if it give change. given now, about tenant $X.XX maybe But then, so -- should how little And modeling obviously, impact about from and so can of obviously, into your bigger funding a about into of guidance about the you you about obviously, the us volatile is are, you curve you’d think going bigger

think a we’ve strong Vikram, great it’s one. generate three up. some the growth Hey those point through got Yes. that Pete in At this our time, pretty segments, cycle. with we I’ll should at and take stab same-store portfolios

to couple well. what have one in seeing The a Shore. some to We that’s year, So, based phases items. have you’re the latter some that pretty We we that certainly, being in we’re And the looking at of year, the as factor line on Two, improved performance ‘XX the upside projects upon coming should ‘XX headwind all A $XX especially won’t as point we from big $XX Boardwalk year, million about today. the I’d year-over-year probably as our relative nice bit this one, get growth. CCRC million. see still in got of of earn-in we but talked as throughout development platform, this of course we’ve well then,

interest rates. mentioned You

half from curve. assumptions that. a the curve. are modeled for our the forward For which LIBOR the of forward what first the of We north south half bit put X%. X% a follows was of That’s bit We year, around second the us, LIBOR little little of the actually year,

X% said, So, of a north we little were X% at south a in little the as for the half, first of half. I second

So, in. certainly that I factor would

point the we out in you look XXXX, relative our Point what are, I the then Oyster did rate our redevelopment last would to again, guys the we did As economics. you forward deck average the not And forward thing the assumptions curve year at include LIBOR for XXXX NAREIT at put but look for says could curve. what

to as of that, year-over-year I something dealing think on ‘XX with look that’s are growth plus X% growth in is there. of linear regards campus. some that and with ‘XX, leases the certainly the some you There at we downtime not

would So, want growth XXXX, is I you ask in I XXXX campus some at focus see and XXXX, stabilized, that once I point on significant importantly, that didn’t will did to about pretty know then look XXXX. where we but that or out.

detail So, at you I this about would are XXXX. again, think probably start the premature way right point those to building to that the a framing but in blocks give start time, that’s little talking now, it’s more

to well. queue. eight as people to you give question to in everybody. expedite like know, and top Just the your we’ll us let more have answers We’d our get we just Maybe

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

Let go me back JV. to

the big how JV, on stick had building I by the putting to if like original of plans? plans of So, initial were think that JV you’re Was I that kind you’re correctly, the you of your back plans in the recall bigger there scaled discussions assets. or the kind kind with any first with driven

biotech Grand looked on B floor And little that would benefit thought to space and there in to for was in we and plus XX we’d an what be to product and product and We to to that at again. door for perfect was type get the they rate product have recognize that in A can important at the Herzog A looking months would a changing plus supply Tom as at of it’s knowing Josh, because Vantage Pointe Point. different biotech plus we location. that a to the next the market in some that landscape talking some Hey be quicker. based And get we point smaller plates at market XX the real minus CEOs demand market entry Oyster lower for, the were type A

we were what with partnership and that things, to to when So thought make were partner, also the caused talking best couldn’t they them We approach. that our these sovereign we us shift. agreed the at wealth were speak with of it. NAREIT we on on working in about actually to course, When as but were discussions with they fit that’s working what

So, that. that’s where on out fell we

ahead. Scotiabank. The with Please comes next question from Nick go Yulico

earlier. what markets is are are science about going occupancy just is how can the watch as think a high But of collections difficult? should and think hit you realizing watch Just historically, out mentioned the high as frame think we life forward? exactly list, potential recession, loss the we well, you about as right now capital we as we portfolio percentage a occupancy about list If

Hey Yes. than unique, cash try termination I of portfolio even close against with they’ve across any some the for sort if risk, apply the a still whether balance all deep or that it’s market that’s general or X% done dive category they’ve and company’s of cases mean, situation we a certainly balance, parameters some to in Nick, And the Scott each here. just is the manage we just asked on risk subjective that cap. employee that overlay cash to and understand layoffs, But, somewhat portfolio. lack specifics. coupled it’s the because to certainly we’re less company to doing

variety have risk. we’re X Nick. than to are a X things a So, at today months manage anything, they been looking of would little there’s proactively that better bit But if things ago, to that

tenants not risk, Nick, understate that on the but And always there’s in at the they’re biotech drug stage their taking risk depending on, to some development.

very of outsized But time, we the those some up growth expect very you some of tenants. that of type with these at within from same end So, type movement. clusters

always that’s what part we’re with. So, been of dealing

under last the or the the it’s with But over it’s in so, little Scott dynamics more said we up range. X%, a higher extended list. market Just year bit watch X% had

a we’re just eye one So, isn’t an on. keeping big this that concern, but

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

the rents? there Pointe and Grand some the taking TI Vantage on what’s at difference site? the the underwriting differs Vantage provide developments? Pointe Grand redevelopment like color between responsibility face how mean, you the mean, site the Can commitment their differ is versus your between And tenant a the I I space,

take you Bohn, Yes. do to want that?

our today. typical the $XXX $XXX been Hey the spaces TIs to have developments Grand Scott Vantage, is been start Bohn. $XXX -- between we’ve At and those in a the with difference range our the say Vantage hundreds, historically. the high out Michael, Sure. provided the on foot total to have probably Pointe I’d TIs. build And

Pointe on there maybe way the to new developments. there. contribution less tenant, all be to we’ll contribution turnkey, a significant the a say, much -- Grand, tenant So, really getting much Whereas I will not there, -- closer the there’s to but closer tenant at should be getting to

So, the reflect rent will that.

you’re at just we TI in the in tenant So, how Grand, high-Xs do mid-Xs, but in those. on much Whereas the then depending a basis on a on you’re contribution put to and capital a monthly probably much low-Xs at Pointe bigger from Vantage, standpoint.

go The next question Please Suisse. ahead. comes from Tayo Okusanya from Credit

question. quick So,

would ultimate or redevelopment you JV you that differently any of kind Just about in South fund think kind does the given of Francisco, approach San make how the strategy in…

be is but that. that’s something get on we great But certainly a That’s question. consider, to a us detail possibility. for into that would Tayo, could premature any it

So, we’ll happens. what see

next go Please The Baird. comes ahead. from Dave question with Rogers

Yes. is for Tom, this Hey maybe you.

to You I talked from XX-year does kind $X.X a that kind a to X XX. that outside pipeline down that excess $X.X is about XX that XX- to XX a XX really say, next, $X.X expect XX to joint that of that pretty goal pipeline to to of in to months XX larger mean, capital? mean, able to the the X being would getting -- like development to push redevelopment billion development. with order, to ventures frame move the billion months accelerate really or to that billion, number here in much for years I mean time we short

increase Yes. Hey Yes, be in the think could that I the see incurring, It be might had might we Dave. past. similar the spend amount we’ve itself to a pipeline our to X you are we expand to that of on could shift with little sovereign to that bigger. wealth $X.X bit XX, depending much range, partner. in And years how it billion program XX XX maybe that what

not So, that’s out forth probably estimates just of I that line. be the yet think to put but are determined, magnitude you of

Griffin Michael from comes with question Citi. next The Please go ahead.

I’m where kind for of sort muted you volumes but have been seen have of Maybe to curious, rates to gone, you on circle this of sort are a back couple activity. maybe they any year, might cap assets expanded give where months? to can have transaction of obviously, past of seemed sense -- the have trade relative

projects that have done. one, good get well start I still with Yes. can I that located Michael. and sponsorship mean, are

goes And I if remarks, example good that. to would that stabilized So, in of that I forward plan, I mentioned call is the was years mid- high-Xs XXXX, Grand a the think on Pointe in so looking. stabilize to project in underwritten yield it, everything as a three to a mean,

like a market. we feel indication Those are So, good rents that’s market just pretty is. at naturally of the where

important about in lot the at that cetera. naturally. of the mark-to-market, explanation be one credit et in cap least And tenant, the always rents a into the these cap will of thing rates. the market, But lease at is terms term, question. that’s science, an life It that’s mark-to-market rate more built requires always So,

the We’re going sign future. them to in

lot buyers as sellers’ private more around equity or have pay to what basis impacts sovereign conversations, wealth kind they would more with they of the commentary as or And from lot X and XX brokers just even of funds well well. today valuations. whether what’s do sort targets of other getting what’s return just stabilized what months not A versus as that’s that return done expectations of pension it’s the or our versus our have ago. happening or REITs, a the of with today had So,, is are commentary what willing

take X with I changed think, dramatically. X for happened to has truly what buyers have really rates. pretty the market financing clarity it will has levered still cap months certainly, to on But

go ahead. Austin The comes Please next with question from Wurschmidt KeyBanc.

is today, I Francisco With or just the deep of those respect or with we identified to given feet I be smaller to should closer And targeting million that completion? negotiations, square the that guess, I’m today, smaller percent these you how turnkey X.X you in what demand expect tenants? South Pointe to market is the related maybe at anybody to curious tenants nature, in San Grand, leased of are more guess

well, Yes. buildings to comment as I separate it’s X Bohn dates. might It’s have Scott maturity that but here. various all Scott ask

them mature of have late until others don’t matured, Some already ‘XX.

conversations already. time, to So, we productive profile with meet we a happen the is but this that over going couple having tenants described of that are

them existing in size relationships. like no that signed, but lot demand of And of a leases there’s all category. we So, feel are

year-to-date other that of we’re with and that’s talking key is existing Pointe relationships. think are tenants relationships, the the point. I potential leasing to Grand XX% all existing at our

it just a just underscores that particular sector. huge have this really do competitive advantage So, in the incumbents

from The Citi. Griffin with comes Michael question next

just It’s Michael Bilerman. the I wonder follow-up. appreciate you if back you can taking Tom, step I strategically.

and of I have about? little that, in through the of share to on has your there’s And doing your together, your happened know share a Hello? discussed. property CCRCs. guess, about life combination property while, private relative been in involved same to relative but committed about for that also but shareholders? obviously of types. and bit market sort science you if sort right to that drive a mind at lot sector things of buyback, I what I which market, talked because repurchase a businesses value makes for you debated the the with to for I going talked program value those is valuation the sense. to initiated on walk some just other as guess, You little of you’re dissynergies the of those on but what not guess, allocations and And you shares the MOBs mind believe you’ve honed parts were get all know in know assume and of also you in the thought I of me I you’re exposure we’ve always sort of a I And the boardroom are else the the peers would

Sorry. had unmute. I to

hear you Can worries. No me now?

businesses When all are is what of can all are businesses, our the at going in, They’re sectors. forward, clearly, entry. the we We’ve to got vital important an you. look development opportunities hear value. driver up three pipeline that I cleaned high barrier

you assets think a it into really some. all to our so, But the will after good at sum we’re still, trading at right now trading be discount -- of in and leverage, discount. the nonearning what a The -- is cap about that businesses. some we neutralizes And rates, parts, upside that there lot we shares. three is I see take But feel whatnot, account of

going growth be a NAV FFO we’re as to period and we opportunities, believe continue the and very as and some outcome we’re JVs science through to time, share play way So, and both, if not income businesses the accretive great accelerate repurchases, a long, life which to smoother income development, the we together of look we will we the go unique us and advantage think been at from makes and nature And adjusted. at MOBs those capture drag, allow less discount for the the different take we with as model. get in do put that to then, have can a going we more of hope for forward it’s trading

current X.X low whole recapture think was we that piece, right lot most forward as do go as think We recent the we So, turns can a play. your it. that at the view we plan. on you -- you asked I your more had a and look under a the in management I of some we think question team and Board, that’s as our When parts,

a most, in that think that MOB think earnings side do aggressive shared and realize. side. I MOBs very model what that the us life and more don’t of more with allow something to are would to life that once the together by that we while dissynergies once think that in create a the we stability science our do the more all while, development And fit would that’s well the we fact some in place, shareholder whether science and create way comments be the businesses the people dramatic, do that I value. but up come believe There than So, not on infrastructure

Science think a that be no growth decades build, that Life So, to and that with we together. years same-store model, that’s put MOBs the literally think we strong And for provide do the to it’s in and we going that way took there’s campuses it’s that great could way replicated, that come. have to

our model. So, we good really about feel

are And And the for on have during lot have the the members, What one that talk the changed of that have pretty Tom, bit the I and adding And have some terms a this you had What side, I right you is Board. been them. there’s has I Lydia think a you Board? tenure there additional can off looking just you’re long at which today what of forward off the And Board? skill for know the years, Board that’s of go X moves right newers. in is little company time? then, is recognize been, some over as come a company about members? of help are set you and dramatically, to the looking the quarter. what you obviously,

prior the last a had a the spin to had Board and back Yes. We we If years after of We the rolled of to eight. over you’re -- referencing if we couple spin. time, a for had did members. decided in some that that Board dramatic long Board together refreshment, a we a we tenured form. very, been very we do wanted And which pretty to

that’s completed. so, And been

is construction, We’re on Board And which involves Board with background. that down her took another she right member Lydia. one now

And that well. so, her I think We great. that was wish

I will members, be our was of quick like isn’t the state on. boardroom of non-gov but be to the Board. Board going but because skills boardroom, think think size looking few something we’ll I’m give But I’ll this that on for next you we’re just I in up not adding entire optimal add sentiment some going greater coming This our and the a members. we’re conversations sit couple will having Board, specifically And looking we’re we the to what there in to that Board be discussions probably to So, weeks. over

We’re working it on now. right

And to come so, more on that.

They at time. As members that that, some for far Board and do the around new Board like been think couple a having of on period relationship a And I like as time a times. the having have of have good. the I blood, long personally I have some all on the new balance. newer. are good history, longer Board -- a been for some is that’s thoughts

So, I is feel like good. from the respect that actually quite balance

stands it positions, fact where are seven referencing that just was today I No, the and but eight only Yes. filled. have you

said I seven. why that’s So

is there Yes, one.

I appreciate the time. Thanks.

Operator, you. Yes. are questions? Thank more there any

to closing No, turn remarks. for no the concludes there the are further would questions, session. which back to Q&A any I like over Tom conference Herzog

everybody, Okay. Well, forward months. joining events upcoming We and at our look over for appreciate our you on thanks, call. industry interest seeing coming the your of many

Thanks. So, we’ll talk you to soon.

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

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