Healthpeak Properties, Inc. · NYSE:DOC
Healthpeak Properties — Q1 2024 Earnings Presentation
31 slides from Healthpeak Properties's earnings presentation, Apr 26, 2024
Slide 1: Earnings Release and Supplemental Report
Peachtree Dunwoody Medical Center Atlanta, GA Earnings Release and Supplemental Report ___________________________________________________________________ First Quarter 2024
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 Reports First Quarter 2024 Results and Declares Quarterly Dividend
Healthpeak Properties Reports First Quarter 2024 Results and Declares Quarterly Cash Dividend on Common Stock DENVER, April 25, 2024 - Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, today announced results for t
Slide 4: First Quarter Comparison
FIRST QUARTER COMPARISON Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 (in thousands, except per share amounts) Amount Per Share Amount Per Share Net income, diluted $ 6,477 $ 0.01 $ 117,698 $ 0.22 Nareit FFO, diluted 162,206 0.27 230,443 0.42 FFO as Adjusted, diluted 277,480 0
Slide 5: Physicians Realty Trust Merger Integration and Redevelopment Update
PHYSICIANS REALTY TRUST MERGER INTEGRATION As previously disclosed, on March 1, 2024, Healthpeak closed the merger with Physicians Realty Trust. To date, the company has completed internalization of property management in 10 markets covering 17 million square feet. Healthpeak now forecasts year one
Slide 6: 2024 Guidance
2024 GUIDANCE We are updating the following guidance ranges for full year 2024: • Diluted earnings per common share from $0.07 – $0.13 to $0.16 – $0.20 • Diluted Nareit FFO per share from $1.54 – $1.60 to $1.56 – $1.60 • Diluted FFO as Adjusted per share from $1.73 – $1.79 to $1.76 – $1.80 • Diluted
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, 2024 December 31, 2023 Assets Real estate: Buildings and improvements $ 16,571,761 $ 13,329,464 Development costs and construction in progress 735,176 643,217 Land and improvements 3,079,2
Slide 9: Consolidated Statements of Operations
Healthpeak Properties, Inc. Consolidated Statements of Operations In thousands, except per share data Three Months Ended March 31, 2024 2023 Revenues: Rental and related revenues $ 462,033 $ 392,431 Resident fees and services 138,776 127,084 Interest income and other 5,751 6,163 Total revenues 606,5
Slide 10: Funds From Operations
Healthpeak Properties, Inc. Funds From Operations In thousands, except per share data Three Months Ended March 31, 2024 2023 Net income (loss) applicable to common shares $ 6,477 $ 117,698 Real estate related depreciation and amortization 219,219 179,225 Healthpeak’s share of real estate related dep
Slide 11: Adjusted Funds From Operations
Healthpeak Properties, Inc. Adjusted Funds From Operations In thousands Three Months Ended March 31, 2024 2023 FFO as Adjusted applicable to common shares $ 275,270 $ 229,541 Stock-based compensation amortization expense 3,366 3,287 Amortization of deferred financing costs and debt discounts (premiu
Slide 12: 2024 Guidance Information
(1) 2024 Guidance Information Bolded items represent updates from previous Outlook ranges and assumptions Projected full year 2024, dollars in millions, except per share amounts FY 2024 Guidance FY 2024 Outlook April 25, 2024 February 8, 2024 2024 Guidance Ranges and Supplemental Information Diluted
Slide 13: Portfolio Summary
Portfolio Summary As of and for the quarter ended March 31, 2024, dollars and square feet in thousands Portfolio Cash Portfolio Cash Property Occupancy Portfolio Real Estate Operating Interest Portfolio (1) Count Capacity %(2) Investment Revenues(3) Expenses(3) Income(3) Income(3) Operating Portfoli
Slide 14: Merger-Combined Same-Store
(1) Merger-Combined Same-Store Dollars and square feet in thousands MERGER-COMBINED SAME-STORE Three Months Ended March 31, Year-Over- Sequential 2024 2023 Year Growth Growth Total Merger-Combined Same-Store Same-Store Cash Real Estate Revenues $ 617,405 $ 597,455 3.3% 1.2% Same-Store Cash Operating
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, 2024 Three Months Ended March 31, 2024 Shares Price Total Value Net Debt to Adjusted EBITDAre 5.2x Common stock (NYSE: DOC) 703,733 $ 18.75 $ 13,194,994 Floating Rat
Slide 16: Indebtedness
Indebtedness As of March 31, 2024, dollars in thousands DEBT MATURITIES AND SCHEDULED PRINCIPAL REPAYMENTS (AMORTIZATION) Term Loan(s) Senior Unsecured Notes Mortgage Debt Enterprise Debt Bank LOC, Share of Commercial Consolidated Unconsolidated Paper(1) Amounts Rate %(2) Amounts Rate % (2) Amounts
Slide 17: Investment Summary
Investment Summary As of and for the three months ended March 31, 2024, dollars and square feet in thousands INVESTMENT SUMMARY Three Months Ended March 31, 2024 Development fundings 45,620 Redevelopment fundings 27,457 Total $ 73,077 DISPOSITIONS(1) Capacity Property Capitalization Date (Sq. Ft.) C
Slide 18: Developments and Redevelopments
Developments and Redevelopments As of March 31, 2024, dollars and square feet in thousands; includes JV project dollars at share DEVELOPMENT PROJECTS IN PROCESS Total Estimated Project % of Total Projected Property Cost to Total at Capacity Project Initial Stabilized Cash Project MSA Property Type C
Slide 19: Capital Expenditures
(1) Capital Expenditures For the three months ended March 31, 2024, dollars in thousands, except per unit/square foot Outpatient FIRST QUARTER Medical Lab CCRC Other Total Portfolio at share Recurring Capital Expenditures $ 218 $ 343 $ 2,123 $ 476 $ 3,160 Tenant improvements 7,955 1,608 — — 9,563 Le
Slide 20: Portfolio Diversification
Portfolio Diversification As of and for the three months ended March 31, 2024, dollars and square feet in thousands TOP 20 MARKETS Leased % of Square Combined Market Feet(1) ABR San Francisco, CA(2) 5,110 23% Boston, MA 2,714 10% San Diego, CA 2,438 7% Dallas, TX 4,247 7% Houston, TX 3,179 4% Nashvi
Slide 21: Tenant Diversification
Tenant Diversification As of and for the quarter ended March 31, 2024 (1) TOP 20 TENANTS Tenant Diversification Physician Group Practices 16.2% Tenant / Parent Classification(1) % of ABR HCA Healthcare Health System 8.0 CommonSpirit Health Health System 4.0 McKesson Corporation Health System 1.4 Lar
Slide 22: Leasing Metrics
Leasing Metrics As of March 31, 2024, square feet in thousands, presented at 100% 1Q24 LEASING ACTIVITY CONTRACTUAL LEASE ESCALATORS Outpatient Leased Square Feet Medical Lab Total Outpatient Renewals, amendments and extensions Medical Lab Total % of Total Leased Square Feet 1,151 25 1,175 Fixed 34,
Slide 23: Lease Expirations
Lease Expirations As of March 31, 2024, dollars and square feet in thousands LEASE EXPIRATION DATA Outpatient Medical Lab Total Leased Annualized Leased Annualized Leased Annualized Year Square Feet Base Rent(1) Square Feet Base Rent(1) Square Feet % Base Rent(1) % 2024(1) 2,804 $ 82,511 172 $ 10,61
Slide 24: CCRC
CCRC As of and for the quarter ended March 31, 2024, dollars in thousands, except REVPOR INVESTMENTS 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 Collecti
Slide 25: Other
Other As of and for the quarter ended March 31, 2024, dollars in thousands, except REVPOR SOVEREIGN WEALTH FUND SENIOR HOUSING JV AT SHARE Year-Over-Year 1Q23 2Q23 3Q23 4Q23 1Q24 Growth Property count 19 19 19 19 19 — Units 3,354 3,354 3,354 3,354 3,354 Occupancy % 78.0 78.3 79.3 78.6 78.1 10 bps (1
Slide 26: Components of Net Asset Value
Components of Net Asset Value As of and for the quarter ended March 31, 2024, dollars and shares in millions PORTFOLIO CASH (ADJUSTED) NOI AT SHARE Quarter Ending Significant March 31, 2024 Adjustments(1) Annualized Outpatient Medical $ 146 $ 61 $ 828 Lab 149 — 596 CCRC 33 — 133 SWF SH JV 5 — 20 Tot
Slide 27: Glossary
Glossary Adjusted Fixed Charge Coverage* Costs to Complete Adjusted EBITDAre divided by Fixed Charges. Adjusted Fixed Charge Coverage is a supplemental Includes lease commissions and tenant improvements incurred to date, and projected lease measure of liquidity and our ability to meet interest payme
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 Callan Ridge San Diego, CA 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 Recon
Slide 31: healthpeak.com
DOC healthpeak.com Healthpeak’ | 2
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