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HTIA Healthcare Trust

Participants
Michael Weil Chief Executive Officer and President
Jason Doyle Chief Financial Officer, Treasurer and Secretary
Call transcript
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Operator

Welcome to the Second Quarter 2021 Healthcare Trust Inc. or HTI Webcast. All participants will be in listen-only mode. Please note this event is being recorded. Also note that certain statements and assumptions in this webcast presentation, which are not historical facts will be forward-looking and are being made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. are cause certain to the from forward-looking statements factors, and differ looking the could which Company's statements. forward subject assumptions to risk materially These actual results the to XXXX, of XX, on the detailed could that March other that SEC you date ended all filed of cause XXXXand risk filings all the year factors refer filings, We these discussion including Sec FormXX-K XX for for December more our differences. after a

of of financial we HTI. considered GAAP. call, quarterly Presentation During of in quarter a will most these to provided available and not as HYI’s financial part measures reconciliation on accordance XXXX report has ended HTI measures both discuss on directly be HTI at GAAP measures second These today's the website Investor June as comparable in for for a non-GAAP should substitute the measure results with XX-Q part or isolation Company of for Form www.healthcaretrustinc.com. for The of XXXX, the XX quarter the the prepared

directly later will Also, questions to may Please Executive webcast to of a typing turn Chief call box Mike. the our and in a right will webcast note Relations the screen Company's Weil, presentation that I'd the ahead, the today's today Officer. like please now lower copy to be Investor group You them of the at replay the of website. available of on questions go member over presentation. by answer the during after submit the and follow-up Michael

Michael Weil

us joining today. and Louisa Thanks, for all you thank

and COVID small in stabilized happened The over has HTI. a quarter-over-quarter, occupancy which second even quarter shop We for to portfolio increase productive not year. in due in a recorded was our

quarter. of grew net last decreased and XX.X% substantially XXXX net quarter over our also same from leverage portfolio XX.X% operating to our We the MOB in income

to our right. the well These Finally, sale property initiatives, in event we is during development as liquidity of and continued a accretive determines property Board dispositions, HTI acquisitions our the significant and focus operations Florida for quarter. leasing, closed position continue on time when the on as a level

we in will options lines high-quality time part U.S. happen, the point come clear trend aging will remain need years the are will the population office to vital for medical that the senior a can't While that U.S. and many predict exact this healthcare system. of buildings housing that

on the strong office two senior these that For we the net HTI’s end these income At continue with leased XX% believe and reasons, Triple-Net $X.X of facilities. from portfolio balance coming demographic the segments. tailwinds. buildings quarter, healthcare of to operating have HTI’s properties operating medical We represented focus these billion two housing segments

we health residents second on the to portfolio. our continued dispositions quarter, shop During care of focus acquisitions the and and and the on in

combined closed pipeline rate. have $XXX weighted acquisitions X.X% We and forward average cap of a over a million with

we expect as In and and letters of addition rent to Rent cash due Triple-Net we XXXX. original also that Triple-Net executed rent of XX.X% these nearly Once increase annualized of the for to the our $XXX,XXX second agreements our a four to MOB of will quarter straight-line new to over the tenants. feet, occupancy collection meet add dollars over and of intent. expectations, all for from XXX% remainder commence, and MOB collected lease continued one pipeline approximately square we have XX,XXX forward leasing our non-binding comprised of pipeline, portfolio acquisitions

for and last full XXX% contributors have fundamentals of due and the been Our collection diligent in each approximately of acquisitions tenant strong well quarters, MOB Triple-Net for year nearly both as underlying major XXX% our of as rent the underwriting the original XXXX. to four process segments cash our

continue to trend XXXX. through remainder this expect We the of

cash quarters, to amounts insurance government payments previous therefore, on for or lesser programs rental a portfolio directly to and reimbursement by private extent As through the for the are segment. payments subject cash detail as haven't a differences, payer primarily we timing such Shop our provided in the from paid These and Medicare. rental by residents Shop is reminder Medicaid collection

over average COVID-XX, sales operating to properties, housing million of June generation was last XXth we markets. options XX.X% believe quarter of strategy. and XX.X% the properties, post rebound, but as enhance properties XX online we've $X.X weighted a capital totaling partners to direct the approximately competitive, as quarter post-acute consisting year-to-date their time, anticipation same parcels enhancements XXXX, At provided build XX hospitals. The pandemic. Office of to XXX in owned our consider will level COVID rebound upon our the XXX The occupied lead As two HTI quality effects enhanced Buildings, skilled accelerate and into training and XX Shop families with digital In result Medical lease up from made states Building we've of square and Shop facilities of be last activities Triple-Net and seniors housing new consisted states, At occupied years. to feet physical X.X% in was seniors portfolio attractive, existing recovery, and and occupancy assets. term a X.X as visible, rentable from deployed begin occupancy of lead of up operating this that land quarter. X.X We million improve website our nursing in that XX Office portfolio expenditures remaining a our end, abate. we portfolio Medical of To Shop is expand

providing road remaining properties years. leadership year. skilled team have last over visit on invaluable term the staff that Triple-Net been a the properties, occupied management of the with front weighted shop leased lines XXX% has our were post-acute average to lease The a X.X to hit Our nursing

as mix, features X.X quarter significant We're We Shop own assets. focus with portfolio and of had leased and MOB very which hospitals, end. lease on years also of six remaining a average which pleased weighted term XX.X% were a HTI’s

system We've acquisition we strategic the Medical management in investment to ever initiatives, as portfolio in and campuses. continued asset practices and Buildings believe locate plan that as medical the consolidate rates this to our As encourages from and professionals evolving our growing our we types near-hospital U.S. the portfolio on emphasizing year-over-year, grow portfolio rent leasing strategy. tenants occupancy our We elected well Office as revenue healthcare these continue of success segment. to and collecting due the to validate focus this within in segment steady deploy demand property

we result in is housing. belief will pent-up our Shop assets by tailwinds, for seniors in demand focus on Our supported which long-term demographic believe

to generation As we boomer high-quality, strategically members the for their to facilities baby XXs, service-focused, housing and of approach will demand continue begin believe seniors increase. located that

also payments. are for and private Shops on as Our result governments not a dependent rent are the policies primarily pay insurance providers or of

dedicated our business our by to well We've manage operators with segment. to high-quality in diligently portfolio worked our team collaborates accretive geography that's aligned an Finally, assets way. and diversified shop construct a

and square the we of complete MOBs across Only and XX have where after portfolio portfolio the relationship a U.S. is senior with Pennsylvania, University housing a XX% two where quarter. and retired more Our addition states than population. dispersed serve Center York Florida represent feet, total of Oklahoma states Pittsburgh by the Medical strong of New this large

superior our tenants portfolio deliver strategy for well asset In Shop the not DaVita, is of Center, Ascension. strong and include occupy we properties. HTI, healthcare at real the Senior practitioners HTI’s in have HTI’s important residents quality order work most Senior core a management of underlying MOB Management, portfolio, and the estate well properties. only operators them Jaybird and tenants Frontier focus as for brands University to such Pittsburgh partnerships live of run a who of the developing Medical Sentara Living, and but long-term aspects with Lifestyle and respected Cedarhurst. of the Corporation One operate Procuring is mentioned earlier, benefits and our the as who

find we unprecedented tenants become developed As the with to valuable we've the since time across seen work pandemic, to together the as over solutions of onset relationships have ever direct challenges our than have we more the country. COVID-XX

portfolio who provide strong we roster facilities. our grow to we our HTI’s high-quality trust look for a portfolio, the to best at care operators develop of tenants MOB and within residents As Shop we continue for further

is We second acquisitions in robust or cap which weighted a and at million of pipeline acquisitions acquisition $XX.X closed for MOB lease seven in have the with MOB average program, on has average of X.X% closed dollars. remaining. million weighted over a quarter, we In years one rate $XXX eight term

and Additionally, we quarter, the sale Development Property have at rate. a property forward financial local closed, on counterparties. we project strong total the comprised million cap team for our opportunities credit purchase of of weighted amounts there liquidity contract one X.X% reduce eight strong price a I'm increases of with flexibility providing facility. performance. facility of sale skilled to negotiation the proud our to after $XXX.X the August in Due average have COVID-XX, We an cash $XX.X pipeline diligently on authorities, accretive by we for of outstanding properties as of the position this to MOB seeking believe a a XX types closed cap In Jupiter caused believe acquisitions, to of in rates. operational extended development tenants, our of the acquisitions be capital and in markets Florida complete nursing period The getting we continuing of while million. by opportunistic at these dislocation continue ongoing may a

disposition or through to constantly us Jason, our As monitor always, we assets portfolio. financial opportunistic results? our are otherwise please that accretive will take you the opportunities for

Jason Doyle

$X debt a leverage with XX.X% the $X.X and Thank structure HTI’s billion gross the end Net decreased weighted provides interest approximately billion, net average rate you, asset second capital Mike. a XX.X% of of from This of to of slide of X.X%. at value snapshot quarter.

We XXXX. debt until have no maturities

the including credit payment XXXX, quarters, into specific of our prior As in KeyBank and facility. in August restrictions with the NA an banking on our credit in distributions. the of to amendment provides discussed amendment provisions facility entered facility, partners in The we

As date of HTI’s basis be the single per XXXX. per the net connection HTI’s to common which prior is of that share most each distribution on April a on share stock dividend based a X, value be and number applicable in Board distributions record net per a result announced on quarterly cash current HTI’s arrears rate shares with determined our we of by estimated $X.XX shares on estimated in valued will stock in quarter. year, asset share, based amendment, date our declared effect at recently divided paid on any issued asset The value, of

the will stock dividends. share the adjust effect of future for per estimated We NAV not

on COVID-XX uncertainty the and net this portfolio, XXX the the and disruptions remained exposure the required once and of collection pandemic. approximately step of The be continue accretive amendment, preserves important basis our and towards believe we XX.X% to the to determination resulting at the strong liquidity maintains in earnings has based flexibility by XX.X% caused though ultimately the remains temporary may cash portfolio the driving permitted will activity, policy performance also election While an change portfolio from liquidity resumption over and management, has leverage Year-over-year, portfolio pay points conditions we leverage to facility. Board. by make leasing confident in capital NOI. structure of to decrease in improvements. to financial we increased was growth in be under properties Under portfolio the made distributions be distributions, Triple-Net in MOB acquisitions, XXX%. cash certain robust satisfy we from committed that reported distribution HTI we this by quarter the and active through Rent light

leasing down reducing facility, that net outstanding HTI the continued back forward basis remarks. quarter. a estate real we to our our XXX enhance closing preferred to color turn paid Our the and and and credit we offering robust believe like well by now team the leverage points I almost Mike since pipeline our on acquisitions some market some received call completed follow-on shares on first would portfolio. was to our We program of by amounts for

Michael Weil

driving HTI’s Supporting acquisition is have on pipeline diligent portfolio a collection Jason. program has $XXX We over asset operational Triple-Net that future Triple-Net for XXXX and Thanks, MOB portfolio in and proven exposure result outperformance. focused and acquisitions We've rent segments which believe to to the asset a proactive the year. strong continues million an experienced over of in our MOB high-quality management be in particularly last portfolio. and management and growth underwriting strong closed segment our year-over-year platform increase and to assets, excellent

increase to MOB that have We Triple-Net leasing is and forward occupancies pipeline XX.X%. a expected to

with Our industry. is on management's experience we place to ongoing shareholders. our drive based both healthcare public to and strategy team event management right the We an in the to team HTI’s significant liquidity for value believe have the and execute key REITs performance eventual long-term

guidelines Ruggiero real transactions years the per side, MOB and evaluating investment over our advisors adhering XX hundreds and estate On his bring HTI’s negotiating David of of while to year, team Asset that performing are to our our managers. leased, potential experience Manager strict our are and Portfolio expected, underwriting existing Trent is ensures properties and standards. Taylor local tenants’ being met by property that as needs and

the ever-changing commitment and the experience to rent cash manage business through of Shop properties. team segment our portfolio, portfolio. our significant team the to the brought and dispositions. and last required and real quarter. contributed our potential from to of with residents care, that acquisitions operationally HTI’s John West XXXX on team's has our our already Rimbach Triple-Net managing Shop our The employees. Advisor to providing create year advising excellent to relationships housing other space has during dedicated second key to safe MOB collect regulations Our thousands a a extensive and for safely and estate made to portfolio team, meeting portfolios our tenants work to Living HTI’s a seniors Shop made experience approximately balanced this improvements HTI operating our and with are COVID-XX to team collective of in Supplementing his significant operating of personnel related John's to both ability the John XXX% leadership Shop combined and tirelessly segment in and environment In

of occasion Chair, the has and communities the in an Elman; on Pennsylvania, Our and governance current B.J. team forward former up engaged and and Board, HTI’s welcoming to majority Elizabeth is Penn. building Directors directors. focus Lee has directors, an led of Ed including very a of returning successful. HTI independent We are serving comprised of nominating committee Also our made to Tuppeny only Michelson. committee, communities rollout independent our risen future Non-Exec and Governor to vaccine for The audit Board has Board residents. Rendell; on corporate a look been of by

have traded served several or to on addition our careers, distinguished In their boards of of publicly Board currently members REITs. formerly

MOB increased $XXX quarter, acquisitions want close and million; lowered significant call, in strong performance to net are all stabilization Triple-Net and today's the Shop and MOB acquisitions MOB our and in we As portfolio I the reiterate rent the collected we continued pipeline segments. of we our NOI; completed leverage; our our of important our over dispositions; seeing last segment; our

growth occupancy for our positioned foundation abates and team is portfolio Shop an Our laying long-term segment. for as recovery the is this in COVID

on thank Thank remains future HTI event. And of for focus Our HTI. the positioning today. an your eventual us for and you liquidity continued support joining for you

Operator

has now The conference concluded.

group a a member of at today's on be questions submitted today's your www.healthcaretrustinc.com. this copy during answer you that of replay will for attending presentation webcast, please presentation. our questions. to of Also, will and available company's webcast you the note website have follow-up Thank If the Investor Relations

may disconnect. now You