Financial Data and Key Metrics Changes - For Q4 2025, the company reported FFO as adjusted of $0.47 per share and AFFO of $0.40 per share, with total same-store cash NOI growth of 3.9% [15][16] - For the full year 2025, FFO as adjusted was $1.84 per share and AFFO was $1.69 per share, with total same-store cash NOI growth of 4% [16] - The company ended the year with a net debt to adjusted EBITDA ratio of 5.2x and $2.4 billion in liquidity [18] Business Line Data and Key Metrics Changes - Outpatient medical segment represented over 50% of portfolio income, achieving same-store growth of 3.9% and 91% total occupancy [4][16] - The lab segment ended the year with 1.5% same-store growth and total occupancy of 77%, impacted by the recent Gateway acquisition [17] - Senior housing segment reported 12.6% same-store growth, with 16.7% growth in Q4, driven by favorable supply and demand fundamentals [18] Market Data and Key Metrics Changes - The Bay Area led all life science markets in Q4 2025 in absorption and leasing activity, with significant tenant demand [8] - The outpatient sector is benefiting from a shift in care delivery to lower-cost outpatient settings, supported by policy changes from CMS [5] Company Strategy and Development Direction - The company is focused on strengthening its portfolio through strategic acquisitions, including the Gateway acquisition and the formation of a pure-play senior housing REIT, Janus Living [10][21] - The merger with Physicians Realty Trust has created a strong platform in the outpatient sector, allowing for profitable internalization of property management [4][5] - The company plans to recycle capital through $1 billion or more in asset sales and recapitalizations in 2026 [21] Management's Comments on Operating Environment and Future Outlook - Management noted an improvement in capital raising and M&A activity, indicating early signs of a recovery in the life science sector [6][20] - The company expects FFOs adjusted to range from $1.70 to $1.74 per share for 2026, with same-store NOI growth forecasted between -1% to +1% [19] - Management emphasized the importance of maintaining a strong balance sheet and disciplined capital allocation to pursue strategic investments [19] Other Important Information - The company has $360 million of additional relationship-driven acquisitions in its senior housing pipeline, expected to close in Q1 2026 [13] - The company filed a confidential S-11 with the SEC for the Janus Living IPO, with expectations to close the offering in the first half of 2026 [14] Q&A Session Summary Question: Can you discuss the Gateway acquisition and its complement to the existing portfolio? - Management expressed excitement about the Gateway acquisition, viewing it as an opportunity rather than a concern about vacancy, and highlighted the strategic fit within their existing footprint [25][26] Question: What is the expected cadence of lab occupancy throughout the year? - Management indicated that total occupancy should improve by year-end 2026, contingent on continued positive trends in capital markets [30] Question: Can you provide more details on the lab leasing activity? - Management noted that the pipeline is strong, with a shift towards new leasing, and emphasized the importance of the current market conditions [36] Question: How will the lab occupancy losses impact 2026 FFO? - Management clarified that the impact is a combination of various factors, including occupancy losses and higher refinancing costs, with expectations for gradual recovery [41][42] Question: What is the strategy regarding refinancing activity? - Management stated that they will be opportunistic in accessing the market for refinancing, focusing on maturities ahead of them [58]

Healthpeak Properties (NYSE:DOC) Q4 2025 Earnings call February 03, 2026 10:00 AM ET Speaker10Good morning, and welcome to the Healthpeak Properties, Inc.'s fourth quarter 2025 conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your touchtone phone. To withdraw you ...

Core Insights - Healthpeak Properties, Inc. (DOC) has a market capitalization of $12.2 billion and focuses on high-quality healthcare real estate across the U.S. with a diversified portfolio of 703 assets as of September 30, 2025 [1] Performance Overview - Over the past 52 weeks, DOC shares have declined by 21.6%, underperforming the S&P 500 Index, which increased by 17.7% during the same period [2] - Year-to-date, DOC shares are down nearly 13%, while the S&P 500 has risen by 15.7% [2] - Compared to the Real Estate Select Sector SPDR Fund (XLRE), which decreased by 6.9% over the past 52 weeks, DOC's underperformance is more pronounced [3] Financial Results - Following the Q3 2025 results released on October 23, DOC shares rose by 1.2% as the company reported an AFFO of $0.46 per share and revenue of $705.9 million, both exceeding expectations [4] - The company experienced a 0.9% year-over-year growth in total merger-combined same-store cash NOI, with outpatient medical and CCRC segments growing by 2.0% and 9.4%, respectively [4] - Healthpeak reaffirmed its 2025 FFO guidance of $1.81 to $1.87 per share [4] Analyst Ratings and Price Targets - For the fiscal year ending December 2025, analysts project a 1.1% year-over-year increase in AFFO per share to $1.83 [5] - Healthpeak has a positive earnings surprise history, having met or exceeded consensus estimates in the last four quarters [5] - Among 20 analysts covering the stock, the consensus rating is a "Moderate Buy," with nine "Strong Buy" ratings, three "Moderate Buys," and eight "Holds" [5] - RBC Capital's Michael Carroll reaffirmed a "Buy" rating on Healthpeak with a price target of $21, while the mean price target of $20.72 indicates a 16.9% premium to current price levels [6] - The highest price target of $29 suggests a potential upside of 63.6% [6]

Core Viewpoint - Real estate investment trusts (REITs) can provide significant dividend yields, with AGNC Investment and Healthpeak Properties being highlighted for their monthly dividends, but their sustainability and growth potential differ significantly [1]. Group 1: AGNC Investment - AGNC Investment is a mortgage REIT that invests in Agency MBS, which are protected against credit risk by government agencies, and it employs leverage to enhance returns, resulting in a high monthly dividend yield of 15.7% [3]. - The CEO noted that the outlook for agency MBS investments remains favorable, with potential returns in the low-20% range, which exceeds the company's total cost of capital of approximately 18% [4]. - However, AGNC has previously cut its dividend when returns fell below costs, indicating that it may not be the best option for investors seeking a highly sustainable income stream [5]. Group 2: Healthpeak Properties - Healthpeak Properties is a healthcare REIT with a diversified portfolio that includes outpatient medical, lab, and senior housing properties, providing stable cash flow with contractual annual rental increases [7]. - The REIT's adjusted funds from operations (FFO) have grown by 19% over the past three years, and it expects to generate between $1.81 and $1.87 per share of FFO this year, comfortably covering its $1.22-per-share dividend [9]. - Healthpeak has a strong balance sheet with $500 million to $1 billion available for new investments, and it recently raised its dividend payout by 2%, indicating a capacity for future dividend increases [10][12].