Healthpeak Properties, Inc. · NYSE:DOC
Healthpeak Properties — Q1 2025 Earnings Presentation
31 slides from Healthpeak Properties's earnings presentation, Apr 25, 2025
Slide 1: Earnings Release and Supplemental Report
Calko Medical Building Brooklyn, NY Earnings Release and Supplemental Report ___________________________________________________________________ First Quarter 2025
Slide 2: Table of Contents
TABLE OF Contents Earnings Release 3 Consolidated Financial Statements 8 Guidance 12 Portfolio Summary 13 Merger-Combined Same-Store 14 Capitalization and Debt Ratios 15 Indebtedness 16 Investment Summary 17 Developments and Redevelopments 18 Capital Expenditures 19 Portfolio Diversification 20 Tena
Slide 3: Healthpeak Properties Reports First Quarter 2025 Results
Healthpeak Properties Reports First Quarter 2025 Results DENVER, April 24, 2025 - Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, today announced results for the first quarter ended March 31, 2025. FIRST QUARTER
Slide 4: First Quarter Comparison
FIRST QUARTER COMPARISON Three Months Ended Three Months Ended March 31, 2025 March 31, 2024 (in thousands, except per share amounts) Amount Per Share Amount Per Share Net income, diluted $ 42,364 $ 0.06 $ 6,477 $ 0.01 Nareit FFO, diluted 323,279 0.45 162,206 0.27 FFO as Adjusted, diluted 329,713 0.
Slide 5: Dividend and Cambridge Point Partnership
DIVIDEND On April 4, 2025, Healthpeak's Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of April, May, and June of 2025 representing cash dividends of $0.305 per share for the second quarter, and an annualized dividend amount of $1.22 per share. The di
Slide 6: Balance Sheet and 2025 Guidance
BALANCE SHEET In February 2025, Healthpeak completed a public offering of $500 million of 5.375% fixed-rate senior unsecured notes due 2035. The notes priced at an approximate 102 basis point spread over the benchmark 10-year U.S. Treasury, representing the tightest 10-year spread in Healthpeak’s hi
Slide 7: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Statements contained in this release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements i
Slide 8: Consolidated Balance Sheets
Healthpeak Properties, Inc. Consolidated Balance Sheets In thousands, except share and per share data March 31, 2025 December 31, 2024 Assets Real estate: Buildings and improvements $ 16,176,176 $ 16,115,283 Development costs and construction in progress 962,714 880,393 Land and improvements 2,941,0
Slide 9: Consolidated Statements of Operations
Healthpeak Properties, Inc. Consolidated Statements of Operations In thousands, except per share data Three Months Ended March 31, 2025 2024 Revenues: Rental and related revenues $ 538,141 $ 462,033 Resident fees and services 148,927 138,776 Interest income and other 15,821 5,751 Total revenues 702,
Slide 10: Funds From Operations
Healthpeak Properties, Inc. Funds From Operations In thousands, except per share data Three Months Ended March 31, 2025 2024 Net income (loss) applicable to common shares $ 42,364 $ 6,477 Real estate related depreciation and amortization 268,546 219,219 Healthpeak’s share of real estate related depr
Slide 11: Adjusted Funds From Operations
Healthpeak Properties, Inc. Adjusted Funds From Operations In thousands, except per share data Three Months Ended March 31, 2025 2024 FFO as Adjusted applicable to common shares $ 325,096 $ 275,270 Stock-based compensation amortization expense 4,627 3,366 Amortization of deferred financing costs and
Slide 12: 2025 Guidance Information
(1) 2025 Guidance Information Bolded items represent updates from previous Guidance ranges and assumptions Projected full year 2025, dollars in millions, except per share amounts FY 2025 Guidance FY 2025 Guidance April 24, 2025 February 3, 2025 2025 Guidance Ranges and Supplemental Information Dilut
Slide 13: Portfolio Summary
Portfolio Summary As of and for the quarter ended March 31, 2025, dollars and square feet in thousands Portfolio Cash Portfolio Cash Property Occupancy Portfolio Real Estate Operating Interest Portfolio (1) Count Capacity %(2)(3) Investment Revenues Expenses Income Income Operating Portfolio Outpati
Slide 14: Merger-Combined Same-Store
(1) Merger-Combined Same-Store As of and for the quarter ended March 31, 2025, dollars and square feet in thousands MERGER-COMBINED SAME-STORE Three-Month Same-Store Year-Over- Sequential 1Q24 2Q24 3Q24 4Q24 1Q25 Year Growth Growth Total Merger-Combined Same-Store Same-Store Cash Real Estate Revenue
Slide 15: Capitalization and Debt Ratios
Capitalization and Debt Ratios Dollars and shares in thousands, except price per share data TOTAL CAPITALIZATION DEBT RATIOS March 31, 2025 Three Months Ended March 31, 2025 Shares Price Total Value Net Debt to Adjusted EBITDAre 5.2x Common stock (NYSE: DOC) 698,612 $ 20.22 $ 14,125,935 Floating Rat
Slide 16: Indebtedness
Indebtedness As of March 31, 2025, dollars in thousands DEBT MATURITIES AND SCHEDULED PRINCIPAL REPAYMENTS (AMORTIZATION) Term Loans Senior Unsecured Notes Mortgage Debt Enterprise Debt Bank LOC, Share of Commercial Consolidated Unconsolidated Paper(1) Amounts Rate %(2) Amounts Rate % (2) Amounts Ra
Slide 17: Investment Summary
Investment Summary As of and for the three months ended March 31, 2025, dollars and square feet in thousands INVESTMENT SUMMARY Capacity Property Three Months Ended MSA Date (Sq. Ft.) Count Property Type March 31, 2025 ACQUISITIONS(1) Middletown Medical(2) New York, NY February 68 3 Outpatient Medic
Slide 18: Developments and Redevelopments
Developments and Redevelopments As of March 31, 2025, dollars and square feet in thousands; includes JV project dollars at share DEVELOPMENT PROJECTS IN PROCESS Total Estimated Project % of Total Property Cost to Total at Capacity Project Initial Project(1) MSA Property Type Count CIP Complete Compl
Slide 19: Capital Expenditures
(1) Capital Expenditures For the three months ended March 31, 2025, dollars in thousands Outpatient FIRST QUARTER Medical Lab CCRC Other Total Portfolio at share Recurring Capital Expenditures $ 1,875 $ 604 $ 286 $ 975 $ 3,739 Tenant improvements 7,223 5,891 — — 13,114 Lease commissions 5,340 1,049
Slide 20: Portfolio Diversification
Portfolio Diversification As of and for the quarter ended March 31, 2025, dollars in thousands TOP 20 MARKETS % of Total Portfolio Portfolio Cash Cash (Adjusted) (Adjusted) Market NOI NOI San Francisco, CA(1) 90,020 23% Boston, MA 39,258 10% Dallas, TX 30,000 8% San Diego, CA 18,576 5% Houston, TX 1
Slide 21: Tenant Diversification
(1) Tenant Diversification As of and for the quarter ended March 31, 2025 square feet in thousands (2) Tenant Diversification TOP 20 TENANTS Weighted Average Remaining Physician Group Practices Leased Lease 15.4% Square Term in Large Cap Biopharma Tenant / Parent Classification(2) Feet Years % of AB
Slide 22: Leasing Metrics
Leasing Metrics As of March 31, 2025, square feet in thousands, presented at 100% 1Q25 LEASING ACTIVITY CONTRACTUAL LEASE ESCALATORS(1) Outpatient Leased Square Feet Medical Lab Total Outpatient Renewals, amendments and extensions Medical Lab Total % of Total Leased Square Feet 686 146 832 Fixed 31,
Slide 23: Lease Expirations
Lease Expirations As of March 31, 2025, dollars and square feet in thousands LEASE EXPIRATION DATA(1) Outpatient Medical Lab Total Leased Annualized Leased Annualized Leased Annualized Year Square Feet Base Rent(2) Square Feet Base Rent(2) Square Feet % Base Rent(2) % 2025(2)(3) 2,997 $ 80,127 616 $
Slide 24: CCRC
CCRC As of and for the quarter ended March 31, 2025, dollars in thousands, except REVPOR TOTAL CCRC PORTFOLIO Resident Fees and Portfolio Property Net Portfolio Services, excluding NREF Portfolio Adjusted Occupancy REVPOR NREF Cash Count Investment(1) NREFS(2) Amortization Cash Opex NOI Units % CCRC
Slide 25: Other
Other As of and for the quarter ended March 31, 2025, dollars in thousands, except REVPOR SOVEREIGN WEALTH FUND SENIOR HOUSING JV AT SHARE Year-Over-Year 1Q24 2Q24 3Q24 4Q24 1Q25 Growth Property count 19 19 19 19 19 — IL Units 2,442 2,442 2,442 2,442 2,442 AL Units 645 645 645 646 645 Memory Care Un
Slide 26: Components of Net Asset Value
Components of Net Asset Value As of and for the quarter ended March 31, 2025, dollars and shares in millions PORTFOLIO CASH (ADJUSTED) NOI AT SHARE Quarter Ending March Significant 31, 2025 Adjustments(1) Annualized Outpatient Medical $ 200 $ — $ 801 Lab 146 — 585 CCRC 39 — 155 SWF SH JV 6 — 25 Tota
Slide 27: Glossary
Glossary Adjusted Fixed Charge Coverage* Cost to Complete Fixed Charge Coverage Adjusted EBITDAre divided by Fixed Charges. Adjusted Fixed Charge Coverage is Includes lease commissions and tenant improvements incurred to date, and projected lease a supplemental measure of liquidity and our ability t
Slide 28: Glossary
Glossary Financial Leverage* Enterprise Debt divided by Enterprise Gross Assets. Financial Leverage is a supplemental measure of our Merger-Combined Same-Store Cash (Adjusted) NOI* financial position, which enables both management and investors to analyze our leverage and to Merger-Combined Same-Sto
Slide 29: Glossary
Glossary Portfolio Cash Operating Expenses* REVPOR* Portfolio Cash Operating Expenses are non-GAAP supplemental measures. Portfolio Cash Operating The 3-month average Cash Real Estate Revenues per occupied unit for the most recent period available. Expenses represent property level operating expense
Slide 30: Additional Information
Additional Information The information in this supplemental report should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other information filed with the SEC. The Reporting Definitions (and Reconciliations of Non-GAAP Fina
Slide 31: healthpeak.com
DOC healthpeak.com Healthpeak’ | 2
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