Healthcare Realty Trust Inc Q4 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Omotayo Tejamude Okusanya - CrTdit Suisse AG, Research Division - Analyst : My question is more around, again, the backdrop of the story in the MOB space, again, is -- we're in the middle of the aging baby boomers, which should drive demand for MOBs. But then taking a look at 2022 guidance, again, there really isn't any real growth in your same-store occupancy, '22 versus '21. There really isn't any real growth in development outlook for '22 versus '21. So I'm just curious against that backdrop, why we don't see some acceleration in either of those 2 trends.

Question: Omotayo Tejamude Okusanya - CrTdit Suisse AG, Research Division - Analyst : Got you. I guess maybe providing that data on a trailing 3-month basis going forward would also be helpful just for us to see that progression. But again, I think another follow-up question I do have is again the same-store cash NOI guidance of 2.25% to 3.25%, what would result in the lower end of that guidance range? Will you be closer to 2% versus higher -- versus closer to 3%?

Question: Omotayo Tejamude Okusanya - CrTdit Suisse AG, Research Division - Analyst : Okay. That's helpful. And then last one for me. The WALT lease renewals versus new leases is dramatically different. Renewals is about 4 years, new leases about 6.5 years. I'm just curious why there's such a big difference between the 2?