Healthpeak's Q4 FFO Beats Estimates, Same-Store NOI Rises

Core Viewpoint - Healthpeak Properties, Inc. reported a fourth-quarter 2024 FFO per share of 46 cents, slightly exceeding expectations, with year-over-year performance remaining stable [1][3]. Financial Performance - The company generated revenues of $698 million, surpassing the Zacks Consensus Estimate of $694 million, marking a 26.1% increase year over year [3]. - Full-year revenues reached $2.70 billion, reflecting a 23.8% growth from the previous year [3]. - The adjusted FFO for 2024 was $1.81 per share, consistent with the Zacks Consensus Estimate, and showed a 1.7% improvement year over year [3]. Operational Highlights - Healthpeak experienced a 5.4% year-over-year growth in total merger-combined same-store cash (adjusted) NOI during the fourth quarter [4]. - The outpatient medical and lab segments reported year-over-year NOI growth of 3.1% and 4.9%, respectively, while the CCRC segment saw a significant increase of 22.3% [4]. - The company executed new and renewal leases totaling 652,000 square feet for lab space and 879,000 square feet for the outpatient medical portfolio [5]. Cost and Expenses - Interest expenses rose by 33.6% year over year to $70.5 million, impacting overall financial results [5]. Balance Sheet - As of December 31, 2024, Healthpeak had cash and cash equivalents of $119.8 million, down from $180.4 million at the end of the previous quarter [6]. - The net debt to adjusted EBITDAre ratio stood at 5.2X [6]. Dividend Information - The board declared a quarterly cash dividend of 30.5 cents per common share, representing a 1.7% increase from the prior quarter, payable on February 26, 2025 [7]. 2025 Guidance - The company anticipates FFO as adjusted per share to range between $1.81 and $1.87, aligning with the Zacks Consensus Estimate of $1.86 [8]. - Expected growth for total merger-combined same-store cash (adjusted) NOI is projected to be between 3.0% and 4.0% [8].