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Mar 31, 2021
Healthpeak Q1 2021 Earnings Report
Reported first quarter results, featuring net income of $0.27 per share, NAREIT FFO of $0.07 per share, FFO as Adjusted of $0.40 per share and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 4.3%.
Key Takeaways
Healthpeak Properties, Inc. announced its first quarter 2021 results, highlighting a net income of $0.27 per share, NAREIT FFO of $0.07 per share, and FFO as Adjusted of $0.40 per share. The company also reported a blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 4.3%.
Closed on an additional $1 billion of senior housing sales including 31 SHOP assets at a blended 2.6% annualized trailing 3-month cap rate.
Acquired a 14-property medical office portfolio with 833,000 square feet for $371 million.
Completed 75 Hayden, a 100% leased, 214,000 square foot life science development in Lexington, Massachusetts.
Repaid $1.45 billion senior unsecured notes due in 2023 and 2024 and announced the tender of up to $550 million of additional senior unsecured notes due in 2025.
Forward Guidance
Healthpeak is updating the 2021 guidance ranges.
Positive Outlook
- Diluted NAREIT FFO per share from $1.05 – $1.15 to $1.09 – $1.17
- Diluted FFO as Adjusted per share from $1.50 – $1.60 to $1.53 – $1.61
- Blended Total Portfolio Same-Store Cash (Adjusted) NOI growth from 1.50% – 3.00% to 1.75% – 3.25%
Challenges Ahead
- Diluted earnings per common share from $1.02 – $1.12 to $0.98 – $1.06
Historical Earnings Impact
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Avg. Return Before/After Earnings
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