Physicians Realty Trust(US:DOC) Businesswire·2026-02-02 21:15Core Insights - Healthpeak Properties, Inc. announced strategic initiatives and financial results for Q4 2025, including the formation of Janus Living, Inc., a REIT focused on senior housing, aimed at unlocking value in its senior housing portfolio [4][27] - The company is executing a capital recycling plan with $1 billion in asset sales and recapitalizations planned for 2026, targeting higher growth opportunities in outpatient medical real estate and life science campuses [4][21] - Healthpeak's earnings guidance for 2026 reflects a cautious outlook on life science real estate fundamentals, indicating a potential inflection point in the market [4][31] Financial Performance - For Q4 2025, Healthpeak reported a net income of $0.16 per share, Nareit FFO of $0.47 per share, and AFFO of $0.40 per share, with a Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of +3.9% [4][8] - The company declared a monthly cash dividend of $0.10167 per share for the first quarter of 2026, totaling $0.305 per share, with an annualized dividend amount of $1.22 per share [13][14] - In 2025, Healthpeak achieved a record in non-refundable entry fee cash collections of $153 million, marking its fourth consecutive year of record collections [9] Leasing Activity - In Q4 2025, Healthpeak executed new and renewal leases totaling 2.1 million square feet, with outpatient medical new lease executions at 288,000 square feet and renewal lease executions at 1.5 million square feet, achieving +4.4% cash releasing spreads on renewals [4][9] - The company also reported lab new lease executions of 261,000 square feet and renewal lease executions of 72,000 square feet, with renewals averaging an 84-month term [4] Acquisitions and Dispositions - Healthpeak acquired a 1.4 million square foot campus in South San Francisco for $600 million and bought out its joint venture partner's 46.5% interest in a senior housing portfolio for $314 million [4][16] - The company has a $360 million acquisition pipeline for senior housing investments, with anticipated cash NOI yields of 8% to 9% upon stabilization [14][18] - In January 2026, Healthpeak executed an LOI for the recapitalization and sale of an 80% joint venture interest in a six-property outpatient medical portfolio valued at $212 million, expected to generate approximately $170 million in proceeds [21] Balance Sheet and Debt Management - As of December 31, 2025, Healthpeak's net debt to adjusted EBITDAre was 5.2x, indicating a manageable level of leverage [5] - The company repaid $103 million of senior housing secured mortgage debt in January 2026, leaving its senior housing portfolio unencumbered [26] Leadership and Innovation - Healthpeak appointed Omkar Joshi as Head of Enterprise Innovation to lead technology and automation initiatives aimed at improving operational performance [4][25] - The company continues to enhance its platform with key leadership additions across various sectors, including finance and investor relations [30]