Healthpeak Q2 2020 Earnings Report

Healthpeak reported results with net income of $0.09 per share, NAREIT FFO of $0.34 per share, FFO as Adjusted of $0.40 per share and blended Total Same-Store Portfolio Cash NOI results of (2.2)%.

Key Takeaways

Healthpeak Properties, Inc. announced results for the second quarter ended June 30, 2020. The company generated net income of $0.09 per share, NAREIT FFO of $0.34 per share, FFO as Adjusted of $0.40 per share, and blended Total Same-Store Portfolio Cash NOI results of (2.2)%.

Issued $600 million of 2.875% senior unsecured notes due 2031 and used proceeds to redeem outstanding notes and repurchase notes due November 2023.

As of July 31, 2020, had $2.85 billion of liquidity including full availability on Healthpeak’s $2.5 billion revolving credit facility and approximately $350 million of cash and cash equivalents.

Closed on the sale of the three Frost Street medical office buildings in San Diego, CA, generating proceeds of approximately $106 million, representing a cash capitalization rate of 6.0%.

Signed a 17-year lease with a full-building user totaling 74,000 square feet at Boardwalk development project in San Diego, California.

Total Revenue

$109M

Previous year: $94.9M

Total SS Cash NOI growth

-2.2%

Gross Profit