Healthpeak Properties(US:PEAK)2026-02-02 21:18Financial Performance - Healthpeak Properties reported a net income of $0.16 per share and a Nareit FFO of $0.47 per share for Q4 2025, reflecting a year-over-year increase in FFO of 6.8%[14]. - Healthpeak's full-year 2025 Nareit FFO was $1.81 per share, up from $1.61 per share in 2024, marking a 12.4% increase[15]. - Total revenues for Q4 2025 reached $719,402,000, a 3.0% increase from $697,988,000 in Q4 2024[38]. - Net income attributable to Healthpeak Properties, Inc. for Q4 2025 was $113,968,000, compared to $4,547,000 in Q4 2024[38]. - Funds From Operations (FFO) applicable to common shares for Q4 2025 was $328,564,000, up from $306,856,000 in Q4 2024[39]. - Diluted Nareit FFO per common share for Q4 2025 was $0.47, compared to $0.44 in Q4 2024[39]. - For the full year 2026, Healthpeak has provided guidance for diluted earnings per common share between $0.34 and $0.38, and diluted Nareit FFO per share between $1.70 and $1.74[35]. Asset Management and Acquisitions - The company executed new and renewal lease agreements totaling 2.1 million square feet in Q4 2025, with outpatient medical leases showing a cash releasing spread of +4.4% on renewals[10]. - Healthpeak completed $511 million in asset sales and loan repayments in 2025, including $325 million in outpatient medical sales in Q4[10]. - The company acquired a 1.4 million square foot campus in South San Francisco for $600 million, representing a low-6% going-in yield[24]. - Healthpeak completed $464 million in real estate acquisitions year-to-date, including a $14 million acquisition of a senior housing portfolio[44]. - The company plans to allocate $1,000 million for acquisitions and share repurchases in FY 2026[43]. - In December 2025, the company acquired a lab building and a 50% interest in six other lab buildings for a total purchase price of $600 million[58]. Financial Position and Debt - The company reported a net debt to adjusted EBITDA ratio of 5.2x for Q4 2025, indicating a stable financial position[10]. - Total liabilities as of December 31, 2025, were reported at $12.03 billion, with total stockholders' equity at $7.50 billion[37]. - The leverage ratio is at 39%, significantly below the maximum requirement of 60%, indicating strong financial health[48]. - The company has a bank line of credit and commercial paper totaling $1.08 billion as part of its liabilities[37]. - Total liquidity as of December 31, 2025, is $2,388.607 million, after accounting for commercial paper borrowings[50]. - The company has a tangible net worth of $13.4 billion, exceeding the minimum requirement of $7.7 billion[48]. - The company holds cash and cash equivalents of $467.457 million as of December 31, 2025[50]. Operational Performance - Healthpeak's total Merger-Combined Same-Store Cash (Adjusted) NOI growth for Q4 2025 was +3.9%, with outpatient medical properties contributing 4.1% growth[17]. - Healthpeak's life plan segment achieved a year-over-year NOI growth of +16.7% in Q4 2025, contributing to a full-year growth of +12.6%[17]. - The occupancy rate for the outpatient medical portfolio is 90.6%, while the lab portfolio occupancy is 77.1%[45]. - The total life plan portfolio generated resident fees of $128,651,000, with adjusted occupancy at 87.4%[77]. - The total net operating income (NOI) for the life plan portfolio was $41,865,000, indicating a positive cash flow despite operational expenses[77]. Strategic Initiatives - The company is focusing on strategic initiatives, including the IPO of Janus Living, Inc., to enhance its senior housing portfolio valuation and capitalize on market demand[9]. - Healthpeak plans to complete the IPO of Janus Living in the first half of 2026, subject to market conditions and regulatory approvals[31]. - Healthpeak's investor presentation regarding the Janus Living IPO is available on its Investor Relations website[31]. Market and Tenant Information - The company has 689 properties in its operating portfolio, with a total capacity of 25,363,183 square feet[45]. - The largest tenant, HCA Healthcare, occupies 5,213 thousand square feet with a lease term of 6.7 years[67]. - The total square footage for the top 20 tenants is 15,889 thousand square feet, which constitutes 34.6% of the Annualized Base Rent (ABR)[67]. - The average lease term for the top 20 tenants is 6.7 years[67]. - The tenant diversification includes 40.0% from Mid Cap Health System Biopharma[66]. Development and Redevelopment Projects - The company has active development projects with a total estimated cost to complete of $280,575 thousand and a projected stabilized cash yield of approximately 7%[61]. - The Gateway at Directors Science Park development has an estimated completion occupancy of 93% and is expected to be completed in Q1 2026[59]. - The company has several redevelopment projects with a total estimated cost of $214,603 thousand and a total capacity of 472,000 square feet[60].