Healthpeak Properties(US:PEAK)2025-10-24 20:16Property Portfolio - As of September 30, 2025, Healthpeak Properties, Inc. owned interests in 703 properties, including 530 outpatient medical properties, 139 lab properties, and 15 continuing care retirement community properties [225]. - The total property portfolio consisted of 703 properties as of September 30, 2025, compared to 700 properties in 2024 [264]. Financial Performance - Net income applicable to common shares for Q3 2025 was $(117,256) thousand, a decrease of $(202,931) thousand compared to Q3 2024 [257]. - Nareit FFO for Q3 2025 was $318,155 thousand, an increase of $6,908 thousand from Q3 2024 [257]. - AFFO for Q3 2025 decreased to $291,974 thousand, down $4,005 thousand from Q3 2024 [257]. - For the nine months ended September 30, 2025, net income applicable to common shares was $(43,335) thousand, a decrease of $(281,320) thousand compared to the same period in 2024 [261]. - Nareit FFO for the nine months ended September 30, 2025 increased to $940,418 thousand, up $154,542 thousand from the same period in 2024 [261]. - AFFO for the nine months ended September 30, 2025 was $903,977 thousand, an increase of $70,696 thousand compared to the same period in 2024 [261]. Revenue and NOI - The Adjusted NOI for the outpatient medical segment was $200.4 million, for the lab segment was $138.1 million, and for the CCRC segment was $36.5 million for the three months ended September 30, 2025 [226]. - Adjusted NOI for Q3 2025 was $195,406,000, reflecting a 2.0% increase from $191,583,000 in Q3 2024 [266]. - Total Portfolio Adjusted NOI for the nine months ended September 30, 2025, was $587,183,000, up 3.6% from $566,770,000 in the same period of 2024 [272]. - Adjusted NOI for the nine months ended September 30, 2025, decreased by $16,955 compared to the same period in 2024 [285]. Development and Investment Activities - During the nine months ended September 30, 2025, total project costs for outpatient medical and lab development projects amounted to $32 million and $63 million respectively [236]. - 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 [235]. - The company made a preferred equity investment of up to $50 million in a joint venture for a lab campus in San Diego, funding $45 million as of September 30, 2025 [240]. Debt and Financing - The company issued $500 million of 5.38% senior unsecured notes due 2035 in February 2025 [240]. - Total debt increased by $416 million to $9.1 billion as of September 30, 2025, due to new senior unsecured notes issued and an increase in commercial paper [314]. - Approximately 95% of consolidated debt was fixed rate as of September 30, 2025, with a weighted average effective interest rate of 4.20% [329]. Shareholder Returns and Equity - The quarterly common stock cash dividend was increased from $0.300 to $0.305 per share, resulting in an annualized dividend of $1.220 per share [320]. - During the nine months ended September 30, 2025, the company repurchased 5.09 million shares at a weighted average price of $18.50 per share, totaling $94 million [240]. - The company established a new at-the-market equity offering program in February 2023, allowing for the sale of shares with an aggregate gross sales price of up to $1.5 billion [334]. Operational Efficiency - Healthpeak maintains a strong investment-grade balance sheet with ample liquidity and long-term fixed-rate debt financing to mitigate interest rate volatility [234]. - The company emphasizes a people-first culture to attract and retain top talent, enhancing its operational efficiency [234]. Impairments and Other Charges - The company recognized other-than-temporary impairment charges on certain unconsolidated real estate joint ventures during the three months ended September 30, 2025 [3]. - The company incurred $6 million in costs related to certain investments no longer pursued during the nine months ended September 30, 2025 [4].