Core Viewpoint - Healthpeak Properties, Inc. (DOC) is considered a high-quality healthcare REIT with a diverse portfolio, but it is unlikely to see significant near-term growth in adjusted funds from operations (AFFO) [3][4][10]. Group 1: Company Overview - Healthpeak Properties has a diverse asset mix, including life science properties, outpatient medical care facilities, and continuing care retirement communities [3]. - The company has a strong focus on outpatient medical platforms, with 95% of work being on-campus or affiliated with top health systems [15]. - Healthpeak's tenant credit is strong, with over 60% of tenants being investment-grade rated [15][18]. Group 2: Financial Performance - In the latest results, Healthpeak reported an FFO of $1.78 per share against a dividend of $1.20 per share, resulting in an FFO payout ratio of below 68% [10]. - The company maintains a conservative dividend yield of over 6% and is expected to have flat results for the current year, with only 3-4% growth projected beyond that [12][10]. - Healthpeak has one of the lowest interest rates across REITs, with less than 4% and a weighted debt maturity of almost 5 years [14]. Group 3: Investment Thesis - The company is viewed as undervalued, with a target price of $27 per share, indicating a potential upside of over 25% based on conservative AFFO multiples [21][24]. - Healthpeak is expected to generate stable returns, even with limited growth, making it an attractive investment opportunity [29]. - The company is currently trading at a valuation that is considered "cheap," providing a solid buying opportunity for investors [20][24].

Core Viewpoint - Healthpeak (NYSE:DOC) is considered an attractive investment opportunity due to its undervaluation and potential for growth, despite limited near-term AFFO growth prospects [3][10][32] Group 1: Company Overview - Healthpeak has a diverse portfolio that includes life science properties, outpatient medical care facilities, and continuing care retirement communities, making it a compelling healthcare REIT [2][7] - The company has shifted its focus significantly towards biopharma and lab spaces, which now constitute over 45% of its asset mix [7][18] - Healthpeak's financial health is strong, with a low interest rate environment and a conservative liquidity position of over $3 billion [13][32] Group 2: Financial Performance - The latest financial results showed an FFO of $1.78 per share against a dividend of $1.20 per share, resulting in an FFO payout ratio of below 68% [9][12] - The company is expected to maintain a flat growth rate for the current year, with a projected growth of 3-4% in the following years [11][32] - Healthpeak's AFFO payout ratio is around 75%, which is slightly above the sector median, indicating a conservative approach to dividends [14][13] Group 3: Investment Thesis - The investment thesis is based on acquiring undervalued companies, and Healthpeak is currently viewed as a solid "BUY" with a price target of $27 per share, representing a potential upside of at least 15% [22][32] - The company is expected to deliver a stable yield of 6-7%, which is considered attractive given the current market conditions [12][32] - Healthpeak's operational strength and diversified asset base are seen as key factors that will help it navigate the challenging REIT environment [32][26] Group 4: Market Position - Healthpeak is positioned as a nationally-scaled player with local competitive advantages, primarily focused on outpatient medical services and biopharma [8][16] - The company has developed strong relationships with top health systems, which enhances its operational stability and growth potential [16][18] - Compared to peers, Healthpeak is viewed as less volatile and more stable, making it an appealing option for investors seeking safety and yield [25][26]

Healthpeak Properties, Inc. (DOC) reported first-quarter 2024 funds from operations (FFO) as adjusted per share of 45 cents, beating the Zacks Consensus Estimate by a penny. The reported figure rose 7.1% from the prior-year quarter.Results reflect better-than-anticipated revenues. Moreover, growth in total merger-combined same-store cash (adjusted) net operating income (NOI) was witnessed across the portfolio. The company also revised its 2024 outlook.The healthcare real estate investment trust (REIT) gener ...

Financial Data and Key Metrics Changes - The company reported FFO as adjusted of $0.45 per share and AFFO of $0.41 per share for Q1 2024, with total portfolio same-store growth of 4.5% [21] - The earnings guidance for 2024 was increased by $0.02 at the midpoint, now ranging from $1.76 to $1.80 for FFO as adjusted and $1.53 to $1.57 for AFFO [23] - Merger synergies are forecasted to be $45 million in 2024, exceeding initial expectations [23] Business Line Data and Key Metrics Changes - Outpatient medical reported same-store growth of 2.6%, driven by a 3.4% rent mark-to-market and an 84% retention rate [21] - Continuing Care Retirement Communities (CCRCs) reported same-store growth of 27%, attributed to increased occupancy and rate growth, with occupancy ending the quarter at 85.2% [22] - Lab segment reported same-store growth of 2.7%, driven by contractual rent escalators and positive rent mark-to-market [38] Market Data and Key Metrics Changes - The tenant monitoring list has decreased to 50% of its size from a year ago, indicating improved tenant stability [8] - The leasing pipeline for life sciences is up 80% from the previous quarter, reflecting increased demand driven by improved IPO and venture capital funding [34] Company Strategy and Development Direction - The company is focusing on internalizing property management, having internalized 10 markets covering 17 million square feet, with plans to internalize an additional 4 million square feet by year-end [17] - Capital allocation priorities include new outpatient medical development and opportunistic acquisitions in distressed life science projects [20][36] - The company aims to capture outpatient growth through strategic partnerships with health systems, emphasizing the importance of low new supply due to construction costs [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the outpatient business fundamentals, citing increasing patient volumes and low new development [18] - The company noted that the capital raising environment has improved, which is expected to positively impact leasing discussions [48] - Management highlighted the importance of maintaining a strong balance sheet and the potential for significant NOI upside from merger synergies and leasing activities [33] Other Important Information - The company sold $363 million of fully stabilized assets at a 5.8% cap rate and plans to continue asset sales in various stages of negotiation [19] - The company has a robust liquidity position with $3.1 billion available and no floating rate debt [39] Q&A Session Summary Question: Can you provide color on the outpatient medical sequential occupancy decline during the quarter? - Management indicated that the decline is typical from Q4 to Q1 due to seasonal factors and not specific to any legacy portfolios [7] Question: What is the current status of the tenant monitoring list? - The monitoring list has decreased to 50% of its size from a year ago, indicating improved tenant stability [8] Question: How is the leasing pipeline for life sciences performing? - The leasing pipeline is up 80% from the previous quarter, with a significant portion coming from existing tenants [34] Question: What are the company's capital allocation priorities? - The company is prioritizing new outpatient medical development and opportunistic acquisitions in distressed life science projects [20][36] Question: How does management view the current economic environment's impact on leasing? - Management remains optimistic about the capital raising environment and its positive impact on leasing discussions [48]

Healthpeak Properties, Inc. (DOC) is slated to report first-quarter 2024 results on Apr 25 after market close. The quarterly results are expected to reflect year-over-year growth in revenues and funds from operations (FFO) per share.In the last reported quarter, this healthcare real estate investment trust (REIT) posted an FFO as adjusted per share of 46 cents, beating the Zacks Consensus Estimate by 2.22%. Results reflected better-than-anticipated revenues. Moreover, growth in same-store portfolio cash (ad ...

Healthpeak (DOC) is well-poised to benefit from its diversified and top-quality healthcare real estate assets in the high barrier-to-entry markets of the United States. Solid demand for lab assets is likely to drive its lab portfolio’s growth. Its continuing care retirement community (CCRC) portfolio is poised to gain from the rise in senior citizens’ healthcare expenditure. However, competition from industry players and a high interest rate environment add to its woes.What’s Aiding It?The increasing life e ...

DENVER--(BUSINESS WIRE)--Healthpeak Properties, Inc. (NYSE: PEAK) (“Healthpeak”) today announced that, in connection with its and Healthpeak OP, LLC’s (“Healthpeak OP”) previously announced consent solicitation and offers to guarantee for Physicians Realty L.P. (a consolidated subsidiary of Physicians Realty Trust (NYSE: DOC) (“Physicians Realty Trust” or “DOC”)) senior notes related to Healthpeak’s agreement to merge with Physicians Realty Trust (the “Merger”), it has received the required consents from th ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36007 PHYSICIANS REALTY TRUST (Exact Name of Registrant as Specified in Its Charter) Maryland 46-2519850 (State or Other Jurisdiction of Incorpora ...

Physicians Realty Trust (DOC) reported $135.47 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 2.2%. EPS of $0.26 for the same period compares to $0.05 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $137.99 million, representing a surprise of -1.82%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.26.While investors closely watch year-over-year changes in headline numbers -- revenue and earnin ...

Physicians Realty Trust (DOC) came out with quarterly funds from operations (FFO) of $0.26 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.26 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this health care real estate investment trust would post FFO of $0.25 per share when it actually produced FFO of $0.25, delivering no surprise.Over the last four quarters, the company has not been able to surpass consensus FFO e ...