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Mar 31, 2025
Healthpeak Q1 2025 Earnings Report
Healthpeak reported steady revenue growth and solid leasing momentum in the first quarter of 2025.
Key Takeaways
Healthpeak delivered a strong Q1 2025 with increased EPS, net income, and consistent leasing performance across outpatient medical and lab spaces. The company also secured a major development partnership and maintained healthy liquidity.
Achieved net income of $42,364,000 with EPS of $0.06 and adjusted EPS of $0.46.
Executed 1.2 million sq. ft. of new and renewal leases, including 973,000 sq. ft. in outpatient medical.
Formed a strategic partnership with Hines for a major mixed-use project in Cambridge, MA.
Maintained $2.8 billion in available liquidity and issued $500 million in senior unsecured notes.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Healthpeak reaffirmed its 2025 guidance, maintaining expectations for earnings, NOI growth, and strategic development initiatives.
Positive Outlook
- Diluted Nareit FFO guidance of $1.81–$1.87 per share
- FFO as Adjusted also forecasted at $1.81–$1.87
- Expected NOI growth of 3.0%–4.0%
- Strong leasing activity and pipeline support confidence
- Liquidity of $2.8 billion supports ongoing investments
Challenges Ahead
- Exposure to macroeconomic risks affecting healthcare sector
- Continued merger-related integration costs
- High share repurchase activity reduces capital flexibility
- Potential construction and entitlement delays in Cambridge Point project
- Dependence on performance of third-party managed senior housing
Historical Earnings Impact
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Avg. Return Before/After Earnings
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