Healthpeak Properties, Inc. · NYSE:DOC
Healthpeak Properties — Q3 2024 Earnings Presentation
31 slides from Healthpeak Properties's earnings presentation, Oct 25, 2024
Slide 1: Earnings Release and Supplemental Report
The Hangar on Vantage Campus South San Francisco, CA Earnings Release and Supplemental Report ___________________________________________________________________ Third 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 Third Quarter 2024 Results and Declares Quarterly Dividend
Healthpeak Properties Reports Third Quarter 2024 Results and Declares Quarterly Cash Dividend on Common Stock DENVER, October 24, 2024 - Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, today announced results for
Slide 4: Third Quarter Comparison
THIRD QUARTER COMPARISON Three Months Ended Three Months Ended September 30, 2024 September 30, 2023 (in thousands, except per share amounts) Amount Per Share Amount Per Share Net income, diluted $ 85,722 $ 0.12 $ 64,048 $ 0.12 Nareit FFO, diluted 315,824 0.44 252,566 0.46 FFO as Adjusted, diluted 3
Slide 5: Merger Integration and Life Science Leasing Update
PHYSICIANS REALTY TRUST MERGER INTEGRATION In September, Healthpeak internalized outpatient medical property management in Denver and Utah. To date, the company has completed internalization of property management in 14 markets and now internally property manages 24 million square feet. Healthpeak n
Slide 6: Life Science Market Leadership Updates
LIFE SCIENCE MARKET LEADERSHIP UPDATES Healthpeak today announced the following leadership updates, effective January 1, 2025: • Natalia De Michele will be promoted to Senior Vice President – Bay Area Market Lead, where she will lead all aspects of Healthpeak’s lab leasing, development, and asset ma
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 September 30, 2024 December 31, 2023 Assets Real estate: Buildings and improvements $ 16,059,802 $ 13,329,464 Development costs and construction in progress 830,310 643,217 Land and improvements 2,9
Slide 9: Consolidated Statements of Operations
Healthpeak Properties, Inc. Consolidated Statements of Operations In thousands, except per share data Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: Rental and related revenues $ 543,251 $ 417,075 $ 1,552,065 $ 1,219,473 Resident fees and services 142,
Slide 10: Funds From Operations
Healthpeak Properties, Inc. Funds From Operations In thousands, except per share data Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net income (loss) applicable to common shares $ 85,675 $ 64,048 $ 237,985 $ 233,497 Real estate related depreciation and amortiza
Slide 11: Adjusted Funds From Operations
Healthpeak Properties, Inc. Adjusted Funds From Operations In thousands, except per share data Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 FFO as Adjusted applicable to common shares $ 316,205 $ 249,306 $ 907,128 $ 728,045 Stock-based compensation amortizatio
Slide 12: 2024 Guidance Information
(1) 2024 Guidance Information Bolded items represent updates from previous Guidance ranges and assumptions Projected full year 2024, dollars in millions, except per share amounts FY 2024 Guidance FY 2024 Guidance October 24, 2024 July 25, 2024 2024 Guidance Ranges and Supplemental Information Dilute
Slide 13: Portfolio Summary
Portfolio Summary As of and for the quarter ended September 30, 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 Expenses Income Income Operating Portfolio Outpat
Slide 14: Merger-Combined Same-Store
(1) Merger-Combined Same-Store As of September 30, 2024, dollars and square feet in thousands MERGER-COMBINED SAME-STORE Three-Month Same-Store Year-Over- Sequential 3Q23 4Q23 1Q24 2Q24 3Q24 Year Growth Growth Total Merger-Combined Same-Store Same-Store Cash Real Estate Revenues $ 593,604 $ 589,352
Slide 15: Capitalization and Debt Ratios
Capitalization and Debt Ratios Dollars and shares in thousands, except price per share data TOTAL CAPITALIZATION DEBT RATIOS September 30, 2024 Three Months Ended September 30, 2024 Shares Price Total Value Net Debt to Adjusted EBITDAre 5.1x Common stock (NYSE: DOC) 699,405 $ 22.87 $ 15,995,392 Floa
Slide 16: Indebtedness
Indebtedness As of September 30, 2024, 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
Slide 17: Investment Summary
Investment Summary As of and for the nine months ended September 30, 2024, dollars and square feet in thousands INVESTMENT SUMMARY Three Months Ended Nine Months Ended September 30, 2024 September 30, 2024 Development fundings 62,997 171,164 Redevelopment fundings 30,475 82,206 Total $ 93,472 $ 253,
Slide 18: Developments and Redevelopments
Developments and Redevelopments As of September 30, 2024, 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 C
Slide 19: Capital Expenditures
(1) Capital Expenditures For the three and nine months ended September 30, 2024, dollars in thousands Outpatient THIRD QUARTER Medical Lab CCRC Other Total Portfolio at share Recurring Capital Expenditures $ 2,447 $ 910 $ 5,195 $ 595 $ 9,147 Tenant improvements 6,676 417 — — 7,093 Lease commissions
Slide 20: Portfolio Diversification
(1) Portfolio Diversification As of and for the quarter ended September 30, 2024, square feet in thousands TOP 20 MARKETS Leased Square Market Feet % of ABR (2) San Francisco, CA 5,300 24% Boston, MA 2,691 10% Dallas, TX 4,239 9% San Diego, CA 1,658 6% Houston, TX 3,180 4% Nashville, TN 1,613 3% Lou
Slide 21: Tenant Diversification
(1) Tenant Diversification As of and for the quarter ended September 30, 2024 square feet in thousands (2) Tenant Diversification TOP 20 TENANTS Weighted Average Physician Group Practices Remaining Large Cap Leased Lease 15.3% Square Term in Biopharma Tenant / Parent Classification(2) Feet Years % o
Slide 22: Leasing Metrics
Leasing Metrics As of September 30, 2024, square feet in thousands, presented at 100% 3Q24 LEASING ACTIVITY CONTRACTUAL LEASE ESCALATORS Outpatient Medical Lab Total Leased Square Feet Renewals, amendments and extensions Outpatient Leased Square Feet 2,819 156 2,976 Medical Lab Total % of Total Annu
Slide 23: Lease Expirations
Lease Expirations As of September 30, 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) 1,198 $ 40,395 48 $ 2,
Slide 24: CCRC
CCRC As of and for the quarter ended September 30, 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 Coll
Slide 25: Other
Other As of and for the quarter ended September 30, 2024, dollars in thousands, except REVPOR SOVEREIGN WEALTH FUND SENIOR HOUSING JV AT SHARE Year-Over-Year 3Q23 4Q23 1Q24 2Q24 3Q24 Growth Property count 19 19 19 19 19 — Units 3,354 3,354 3,354 3,354 3,354 Occupancy % 79.3 78.6 78.1 78.9 80.8 150 b
Slide 26: Components of Net Asset Value
Components of Net Asset Value As of and for the quarter ended September 30, 2024, dollars and shares in millions PORTFOLIO CASH (ADJUSTED) NOI AT SHARE Quarter Ending Significant September 30, 2024 Adjustments(1) Annualized Outpatient Medical $ 198 $ (2) $ 784 Lab 148 — 592 CCRC 33 — 133 SWF SH JV 6
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 833 Chestnut Philadelphia, PA BOMA TOBY Philadelphia Winner 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
Slide 31: healthpeak.com
DOC healthpeak.com Healthpeak’ | 2
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