Healthpeak Properties(US:PEAK)2025-04-25 20:15Property Portfolio - As of March 31, 2025, Healthpeak Properties, Inc. owned interests in 700 properties, including 527 outpatient medical properties, 139 lab properties, and 15 continuing care retirement community properties[206]. - Total property portfolio consisted of 700 properties as of March 31, 2025, down from 774 properties in the same period of 2024[241]. Financial Performance - Net income applicable to common shares increased to $42,364,000 in Q1 2025 from $6,477,000 in Q1 2024, a change of $35,887,000[237]. - Nareit FFO rose to $318,656,000 in Q1 2025, up from $160,588,000 in Q1 2024, reflecting an increase of $158,068,000[237]. - AFFO increased to $301,791,000 in Q1 2025 compared to $252,821,000 in Q1 2024, marking a growth of $48,970,000[237]. - For the three months ended March 31, 2025, net income applicable to common shares was $42.364 million, compared to $6.477 million for the same period in 2024[302]. - Nareit FFO applicable to common shares for the three months ended March 31, 2025, was $318.656 million, compared to $160.588 million in 2024, reflecting a year-over-year increase of 98.5%[302]. - AFFO applicable to common shares for the three months ended March 31, 2025, was $301.791 million, compared to $252.821 million in 2024, indicating a year-over-year increase of 19.3%[302]. Revenue and NOI - The Adjusted NOI for the outpatient medical segment was $200.3 million, for the lab segment was $146.2 million, and for the CCRC segment was $38.7 million for the three months ended March 31, 2025[207]. - Adjusted NOI for the Merger-Combined Same-Store segment increased by 5.0% to $196,533,000 in Q1 2025 from $187,142,000 in Q1 2024[243]. - Adjusted NOI from the total portfolio increased primarily due to annual rent escalations and improved occupancy in redeveloped properties[249]. - For the three months ended March 31, 2025, rental and related revenues increased to $183,424,000 from $175,434,000, a change of $7,990,000, representing a 4.6% increase[254]. - Rental and related revenues for the outpatient medical segment reached $310,433,000 in Q1 2025, an increase of $17,877,000 from $292,556,000 in Q1 2024[243]. Debt and Liquidity - Healthpeak maintains a strong investment-grade balance sheet with ample liquidity and long-term fixed-rate debt financing to mitigate interest rate volatility[215]. - The company repaid $348 million of 3.40% senior unsecured notes at maturity and issued $500 million of 5.38% senior unsecured notes due 2035 in February 2025[216]. - As of March 31, 2025, the company's material cash requirements related to debt increased by $161 million to $8.9 billion compared to December 31, 2024, primarily due to the issuance of $500 million in senior unsecured notes[276]. - Approximately 97% of the company's consolidated debt was fixed rate as of March 31, 2025, with a weighted average effective interest rate of 4.15%[289]. Shareholder Returns - The company declared cash dividends of $0.305 per share on February 3, 2025, and $0.10167 per share on April 4, 2025, with payment dates in February, April, May, and June 2025[218]. - The company declared an increase in the quarterly common stock cash dividend from $0.300 to $0.305 per share, resulting in an annualized dividend of $1.220 per share[281]. - During the three months ended March 31, 2025, the company repurchased 1.15 million shares at a weighted average price of $19.45 per share, totaling $22 million[299]. - From April 1, 2025, to April 25, 2025, an additional 3.94 million shares were repurchased at a weighted average price of $18.22 per share, totaling $72 million[300]. - The company has $478 million remaining available for repurchase under the 2024 Share Repurchase Program as of March 31, 2025[299]. Strategic Initiatives - The company focuses on high-quality properties in outpatient medical and lab sectors, benefiting from the universal demand for improved health[215]. - Healthpeak's strategy includes building scale and fostering deep industry relationships to provide a competitive advantage in the healthcare real estate market[215]. - The company continuously monitors macroeconomic conditions, including inflation and interest rates, which may impact its operations and those of its tenants[210]. Investments and Financing - In February 2025, Healthpeak acquired a lab land parcel in Cambridge, Massachusetts for $20 million and a portfolio of three outpatient medical buildings in New York for $17 million[213]. - A preferred equity investment of $50 million was made in a joint venture for a lab campus under development, with $21 million funded as of March 31, 2025[221]. - The company provided $41 million in financing for the development of an outpatient medical building in Dallas, with an outstanding principal balance of $4 million as of March 31, 2025[221]. - A secured loan of up to $75 million was entered into for the acquisition and redevelopment of a lab building in San Diego, with an outstanding principal balance of $28 million as of March 31, 2025[221].