On July 25, 2024, Healthpeak Properties Inc (DOC, Financial) released its 8-K filing detailing the financial results for the second quarter ended June 30, 2024. Healthpeak Properties Inc (DOC) is a leading owner, operator, and developer of real estate for healthcare discovery and delivery, with a diversified portfolio of approximately 748 in-place properties.
Second Quarter 2024 Financial Performance
Healthpeak Properties Inc (DOC, Financial) reported net income of $0.21 per share, Nareit FFO of $0.44 per share, FFO as Adjusted of $0.45 per share, and AFFO of $0.39 per share. The company also achieved a Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of 4.5%.
For the full year 2024, Healthpeak increased its diluted earnings guidance to a range of $0.27 – $0.31 per share and raised the midpoint of each 2024 FFO as Adjusted and AFFO guidance by $0.01 per share. Additionally, the Total Merger-Combined Same-Store Cash (Adjusted) NOI growth guidance was increased by 25 basis points at the midpoint.
Key Financial Achievements
During the second quarter and through July 25, 2024, Healthpeak closed on $853 million of outpatient medical sales at a blended 6.8% trailing cash capitalization rate. Year-to-date, the company has completed $1.2 billion of dispositions at a blended trailing cash capitalization rate of approximately 6.5%.
Healthpeak also repurchased 4.6 million shares at a weighted average share price of $19.09 for an aggregate total of $88 million during the second quarter and through July 25, 2024. Year-to-date, the company has repurchased 10.5 million shares at a weighted average share price of $17.98 for $188 million.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Net Income, diluted | $145,904 | $51,750 |
| Nareit FFO, diluted | $318,610 | $247,754 |
| FFO as Adjusted, diluted | $320,220 | $251,540 |
| AFFO, diluted | $276,947 | $223,197 |
Balance Sheet and Cash Flow
Healthpeak's balance sheet remains robust with total assets of $20.18 billion as of June 30, 2024, compared to $15.70 billion as of December 31, 2023. The company's net real estate assets increased to $16.40 billion from $13.03 billion over the same period.
Net Debt to Adjusted EBITDAre was 5.2x for the quarter ended June 30, 2024, indicating a stable leverage position.
Operational Highlights
Healthpeak executed 1.7 million square feet of new and renewal leases during the second quarter, with outpatient medical leases totaling 905,000 square feet and lab leases totaling 797,000 square feet. The company also added two outpatient medical developments with total expected costs of $53 million and mid-7% stabilized yields.
Corporate Responsibility and Sustainability
Healthpeak published its 13th annual Corporate Impact Report, detailing its comprehensive approach to corporate responsibility and sustainability. The company reported 36% cumulative green building certification in 2023 and was named a constituent in the FTSE4Good Index for the 13th consecutive year.
Dividend Declaration
On July 24, 2024, Healthpeak's Board of Directors declared a quarterly common stock cash dividend of $0.30 per share, payable on August 16, 2024, to stockholders of record as of the close of business on August 5, 2024.
For more detailed information, please refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from Healthpeak Properties Inc for further details.
