Healthpeak Properties, Inc. · NYSE:DOC
Healthpeak Properties — Q4 2024 Earnings Presentation
31 slides from Healthpeak Properties's earnings presentation, Feb 4, 2025
Slide 1: Earnings Release and Supplemental Report
8 C1TY Blvd Nashville, TN Earnings Release and Supplemental Report ___________________________________________________________________ Fourth 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 Fourth Quarter and Year Ended 2024 Results and Increases Cash Dividend
Healthpeak Properties Reports Fourth Quarter and Year Ended 2024 Results and Increases Cash Dividend DENVER, February 3, 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 four
Slide 4: Fourth Quarter and Full Year Comparison
FOURTH QUARTER COMPARISON Three Months Ended Three Months Ended December 31, 2024 December 31, 2023 (in thousands, except per share amounts) Amount Per Share Amount Per Share Net income, diluted $ 4,400 $ 0.01 $ 70,787 $ 0.13 Nareit FFO, diluted 311,396 0.44 263,810 0.48 FFO as Adjusted, diluted 329
Slide 5: Dividend
DIVIDEND On February 3, 2025, Healthpeak's Board of Directors declared a 1.7% increase in the Company's quarterly cash dividend on its common stock, from $0.30 per share to $0.305 per share. On an annualized basis, the first quarter dividend represents a distribution of $1.22 per common share. The f
Slide 6: Executive Management Promotions and Leadership Transitions
EXECUTIVE MANAGEMENT PROMOTIONS AND LEADERSHIP TRANSITIONS EXECUTIVE MANAGEMENT PROMOTIONS • Kelvin Moses was promoted to Executive Vice President – Investments and Portfolio Management, effective March 1, 2025. In this role, he will continue to support Healthpeak’s investments and transactions, as
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 December 31, 2024 December 31, 2023 Assets Real estate: Buildings and improvements $ 16,115,283 $ 13,329,464 Development costs and construction in progress 880,393 643,217 Land and improvements 2,91
Slide 9: Consolidated Statements of Operations
Healthpeak Properties, Inc. Consolidated Statements of Operations In thousands, except per share data Three Months Ended December 31, Year ended December 31, 2024 2023 2024 2023 Revenues: Rental and related revenues $ 535,131 $ 412,332 $ 2,087,196 $ 1,631,805 Resident fees and services 145,963 136,3
Slide 10: Funds From Operations
Healthpeak Properties, Inc. Funds From Operations In thousands, except per share data Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 Net income (loss) applicable to common shares $ 4,400 $ 70,787 $ 242,384 $ 304,284 Real estate related depreciation and amortization 274,4
Slide 11: Adjusted Funds From Operations
Healthpeak Properties, Inc. Adjusted Funds From Operations In thousands, except per share data Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 FFO as Adjusted applicable to common shares $ 324,741 $ 250,261 $ 1,231,868 $ 978,306 Stock-based compensation amortization expen
Slide 12: 2025 Guidance Information
(1) 2025 Guidance Information Projected full year 2025, dollars in millions, except per share amounts FY 2025 Guidance February 3, 2025 2025 Guidance Ranges and Supplemental Information Diluted earnings per common share $0.30 – $0.36 Diluted Nareit FFO per common share $1.81 – $1.87 Diluted FFO as a
Slide 13: Portfolio Summary
Portfolio Summary As of and for the quarter ended December 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 Expenses Income Income Operating Portfolio Outpati
Slide 14: Merger-Combined Same-Store
(1) Merger-Combined Same-Store As of December 31, 2024, dollars and square feet in thousands MERGER-COMBINED SAME-STORE Three-Month Same-Store Year-Over- Sequential 4Q23 1Q24 2Q24 3Q24 4Q24 Year Growth Growth Total Merger-Combined Same-Store Same-Store Cash Real Estate Revenues $ 579,020 $ 588,133 $
Slide 15: Capitalization and Debt Ratios
Capitalization and Debt Ratios Dollars and shares in thousands, except price per share data TOTAL CAPITALIZATION DEBT RATIOS December 31, 2024 Twelve Months Ended December 31, 2024 Shares Price Total Value Net Debt to Adjusted EBITDAre(1) 5.3x Common stock (NYSE: DOC) 699,485 $ 20.27 $ 14,178,561 Fl
Slide 16: Indebtedness
Indebtedness As of December 31, 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 year ended December 31, 2024, dollars and square feet in thousands INVESTMENT SUMMARY Three Months Ended Twelve Months Ended December 31, 2024 December 31, 2024 Development fundings 45,729 216,893 Redevelopment fundings 33,057 115,263 Total $ 78,786 $ 332,156 DIS
Slide 18: Developments and Redevelopments
Developments and Redevelopments As of December 31, 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)(2) MSA Property Type Count CIP Complete
Slide 19: Capital Expenditures
(1) Capital Expenditures For the three and twelve months ended December 31, 2024, dollars in thousands Outpatient FOURTH QUARTER Medical Lab CCRC Other Total Portfolio at share Recurring Capital Expenditures $ 7,984 $ 4,812 $ 9,349 $ 1,507 $ 23,652 Tenant improvements 4,887 2,949 — — 7,836 Lease com
Slide 20: Portfolio Diversification
Portfolio Diversification As of and for the quarter ended December 31, 2024, dollars in thousands TOP 20 MARKETS % of Total Portfolio Portfolio Cash Cash (Adjusted) (Adjusted) Market NOI NOI San Francisco, CA(1) 91,603 24% Boston, MA 37,458 10% Dallas, TX 27,838 7% San Diego, CA 19,001 5% Houston, T
Slide 21: Tenant Diversification
(1) Tenant Diversification As of and for the quarter ended December 31, 2024 square feet in thousands (2) Tenant Diversification TOP 20 TENANTS Weighted Average Physician Group Practices Remaining Leased Lease 15.3% Square Term in Large Cap Biopharma Tenant / Parent Classification(2) Feet Years % of
Slide 22: Leasing Metrics
Leasing Metrics As of December 31, 2024, square feet in thousands, presented at 100% 4Q24 LEASING ACTIVITY CONTRACTUAL LEASE ESCALATORS(2) Outpatient Medical Lab Total Leased Square Feet Renewals, amendments and extensions Outpatient Leased Square Feet 711 218 930 Medical Lab Total % of Total Annual
Slide 23: Lease Expirations
Lease Expirations As of December 31, 2024, 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) 3,845 $ 105,620 6
Slide 24: CCRC
CCRC As of and for the quarter ended December 31, 2024, 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 % C
Slide 25: Other
Other As of and for the quarter ended December 31, 2024, dollars in thousands, except REVPOR SOVEREIGN WEALTH FUND SENIOR HOUSING JV AT SHARE Year-Over-Year 4Q23 1Q24 2Q24 3Q24 4Q24 Growth Property count 19 19 19 19 19 — IL Units 2,442 2,442 2,442 2,442 2,442 AL Units 645 645 645 645 646 Memory Care
Slide 26: Components of Net Asset Value
Components of Net Asset Value As of and for the quarter ended December 31, 2024, dollars and shares in millions PORTFOLIO CASH (ADJUSTED) NOI AT SHARE Quarter Ending Significant December 31, 2024 Adjustments(1) Annualized Outpatient Medical $ 197 $ — $ 788 Lab 147 — 586 CCRC 36 — 144 SWF SH JV 6 — 2
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 Springwoods Village Outpatient Medical Facility Spring, TX 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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