Healthpeak Properties Reports Second Quarter 2026 Results and Increases Full Year 2026 Earnings Guidance
Key Terms
ffo as adjusted financial
adjusted ebitdare financial
noncontrolling equity interest financial
SECOND QUARTER 2026 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS
-
Net income of
$0.08 $0.46 -
Second quarter Outpatient Medical and Lab new and renewal lease executions totaled 1.6 million square feet:
-
Outpatient Medical new lease executions totaled 327,000 square feet and renewal lease executions totaled 916,000 square feet
- Subsequent to the second quarter, we have entered into approximately 204,000 square feet of Outpatient Medical leases and have another approximately 882,000 under signed letters of intent ("LOIs")
-
Lab new lease executions totaled 222,000 square feet and renewal lease executions totaled 159,000 square feet
- Subsequent to the second quarter, we have entered into approximately 20,000 square feet of Lab leases and have another approximately 480,000 square feet under signed LOIs
-
Outpatient Medical new lease executions totaled 327,000 square feet and renewal lease executions totaled 916,000 square feet
-
Total occupancy increased sequentially by +20 basis points ("bps") in Outpatient Medical to
90.7% and by +80 bps in Lab to78.5% -
Janus Living (NYSE: JAN) reported year-over-year revenue and Adjusted EBITDAre growth of
45% and34% , respectively -
Entered into a new
$20 million Atlanta market -
Generated
$1.4 billion $1.75 billion -
As previously disclosed, in July 2026, closed on the recapitalization and sale of a
49% joint venture interest in an 86-asset, 5.6 million square foot outpatient medical portfolio to affiliates ofBrookfield at a gross valuation of$2.1 billion $1.025 billion
-
As previously disclosed, in July 2026, closed on the recapitalization and sale of a
- Net Debt to Adjusted EBITDAre was 4.7x for the quarter ended June 30, 2026
-
Authorized new
$500 million - Published 15th annual Corporate Impact Report highlighting Healthpeak's continued focus on building a resilient portfolio, advancing sustainability goals, fostering a workplace culture guided by our WE CARE core values, and promoting sound corporate governance and transparency
To learn more and view the Corporate Impact Report, please visit www.healthpeak.com/corporate-impact
SECOND QUARTER RESULTS
|
Three Months Ended June 30, |
||||
|
|
2026 |
|
|
2025 |
Diluted Net income (loss) per common share |
$ |
0.08 |
|
$ |
0.05 |
Diluted FFO as Adjusted per common share |
|
0.46 |
|
|
0.46 |
Year-Over-Year Same-Store ("SS") Adjusted NOI Growth |
||||
|
Three Month |
|||
|
SS Growth % |
% of SS |
||
Outpatient Medical |
2.5 |
% |
56.4 |
% |
Lab |
(3.2 |
%) |
34.0 |
% |
Senior Housing |
19.2 |
% |
9.6 |
% |
Total |
1.8 |
% |
100.0 |
% |
JANUS LIVING SECOND QUARTER FINANCIAL AND OPERATING HIGHLIGHTS
-
Revenue of
$216 million 45% compared to the prior year quarter -
Adjusted EBITDAre of
$79 million 34% compared to the prior year quarter -
Total Adjusted Net Operating Income of
$58 million 37% compared to the prior year quarter-
Same-store Adjusted NOI increased
19.2% and margin expanded 250 basis points
-
Same-store Adjusted NOI increased
-
During the second quarter, acquired two senior housing communities for approximately
$105 million -
Subsequent to quarter end, and through August 3, 2026, completed approximately
$1.0 billion -
As of August 3, 2026, and subsequent to closing the acquisitions referenced above, Janus Living had approximately
$558 million -
Under purchase agreement for approximately
$59 million
Janus Living, Inc. is a pure-play senior housing real estate investment trust that owns high-quality communities across
NORTHSIDE OUTPATIENT MEDICAL DEVELOPMENT
In June 2026, Healthpeak entered into a development agreement for a new
The development is
The development represents Healthpeak’s fifth ground-up project totaling 565,000 square feet supporting Northside Hospital’s continued outpatient expansion in the
OUTPATIENT MEDICAL JOINT VENTURE RECAPITALIZATION
As previously disclosed, in July 2026, Healthpeak entered into a joint venture with affiliates of Brookfield Asset Management (“Brookfield”) through the contribution of an 86-property outpatient medical portfolio valued at approximately
Under the terms of the joint venture,
Healthpeak received proceeds of approximately
The joint venture advances Healthpeak’s capital allocation strategy by generating proceeds to strengthen its balance sheet, fund investment opportunities, and support long-term growth. The transaction establishes a structure by which the parties can expand their relationship over time and also underscores the differentiated platform Healthpeak has built, including deep health system relationships and ongoing investments across the enterprise in technology, systems, and innovation that enhance long-term portfolio performance.
SELLER FINANCING LOAN REPAYMENT AND OTHER DISPOSITIONS
In June 2026, Healthpeak received approximately
During the second quarter of 2026, Healthpeak closed on
BALANCE SHEET
In June 2026, Healthpeak repaid
Subsequent to the end of the second quarter, Healthpeak used proceeds from the
As of August 3, 2026, Healthpeak had
SHARE REPURCHASE ACTIVITY AND NEW SHARE REPURCHASE AUTHORIZATION
As previously disclosed, in April 2026, Healthpeak repurchased 5.9 million common shares at a weighted average share price of
In July 2026, Healthpeak's Board of Directors authorized a new
DIVIDEND
On July 9, 2026, Healthpeak's Board of Directors declared a monthly common stock cash dividend of
Record Date |
Payment Date |
Amount |
July 20, 2026 |
July 31, 2026 |
|
August 17, 2026 |
August 28, 2026 |
|
September 14, 2026 |
September 25, 2026 |
|
GUIDANCE
Healthpeak's 2026 guidance ranges are updated as follows:
Full Year 2026 |
|
As of 5/5/26 |
|
As of 8/4/26 |
|
Mid-Point Change |
||||
Diluted earnings per common share |
|
|
- |
|
|
|
- |
|
|
|
Diluted FFO as Adjusted per share |
|
|
- |
|
|
|
- |
|
|
|
Total Same-Store Cash (Adjusted) NOI |
|
(1)% |
- |
|
|
|
- |
|
|
75 bps increase |
These estimates are based on our current view of existing market conditions, transaction timing, and other assumptions for the year ending December 31, 2026. For additional guidance ranges, details, and assumptions, please see page 10 in our corresponding Supplemental Report and the Discussion and Reconciliation of Non-GAAP Financial Measures, both of which are available in the Investor Relations section of our website at http://ir.healthpeak.com.
CONFERENCE CALL INFORMATION
Healthpeak has scheduled a conference call and webcast for Wednesday, August 5, 2026, at 10:00 a.m. Eastern Time.
- Healthpeak’s website: https://ir.healthpeak.com/news-events
- Webcast: https://events.q4inc.com/attendee/933204731. Joining via webcast is recommended for those who will not be asking questions.
- Telephone: The participant dial-in number is (833) 461-5787. The international dial-in is (585) 542-9983. The conference ID number is 933 204 731.
A webcast replay will be available on Healthpeak’s website for 30 days.
ABOUT HEALTHPEAK
Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery.
NON-GAAP FINANCIAL MEASURES
Nareit FFO, FFO as Adjusted, Total Same-Store Cash (Adjusted) NOI, Adjusted EBITDAre, and Net Debt to Adjusted EBITDAre are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of real estate investment trusts. See "June 30, 2026 Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP, available in the Investor Relations section of our website at http://ir.healthpeak.com/quarterly-results. See also the "Funds From Operations" section of this release for additional information. Additionally, as used herein with respect to Janus Living, Adjusted EBITDAre, Total Adjusted Net Operating Income, and Same-Store Adjusted NOI are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of Janus Living. See "June 30, 2026 Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP, available in the Investor Relations section of the Janus Living website at https://ir.janusreit.com/financials/quarterly-results.
FORWARD-LOOKING STATEMENTS
Statements contained in this release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "target," "forecast," "plan," "potential," "estimate," "could," "would," "should" and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things: (i) statements regarding timing, outcomes and other details relating to pending or contemplated acquisitions, dispositions, developments, redevelopments, joint venture transactions, leasing activity and commitments, financing activities, or other transactions discussed in this release; (ii) the payment of a monthly cash dividend; and (iii) the information presented under the heading "Guidance." Pending acquisitions, dispositions, joint venture transactions, leasing activity, and financing activity, including those subject to binding agreements, remain subject to closing conditions and may not be completed within the anticipated timeframes or at all. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. As more fully set forth under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission ("SEC"), these risks and uncertainties include, but are not limited to: changes to regulatory, funding, staffing, trade, and other policies and actions by the U.S. political administration; macroeconomic trends that may increase borrowing, construction, labor and other operating costs; changes within the life science industry, and significant regulation, funding requirements, and uncertainty faced by our lab tenants; factors adversely affecting our tenants’, operators’, or borrowers’ ability to meet their financial and other contractual obligations to us; the insolvency or bankruptcy of one or more of our major tenants, operators, or borrowers; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in that specific sector than if we invested across multiple sectors; the illiquidity of real estate investments; our ability to identify and secure new or replacement tenants and operators; our property development, redevelopment, and tenant improvement risks, which can render a project less profitable or unprofitable and delay or prevent its undertaking or completion; the ability of the hospitals on whose campuses our outpatient medical buildings are located and their affiliated healthcare systems to remain competitive or financially viable; operational risks associated with our senior housing properties managed by third parties, including our properties operated through structures permitted by the Housing and Economic Recovery Act of 2008, which includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”); the failure of our tenants, operators, and borrowers to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements; required regulatory approvals to transfer our senior housing properties; compliance with the Americans with Disabilities Act and fire, safety, and other regulations; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; economic conditions, natural disasters, weather, and other conditions that negatively affect geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in a significant loss of capital invested in a property, lower than expected future revenues, and unanticipated expenses; our use of joint ventures may limit our returns on and our flexibility with jointly owned investments; our use of rent escalators or contingent rent provisions in our leases; competition for suitable healthcare properties to grow our investment portfolio; our ability to exercise rights on collateral securing our real estate-related loans; any requirement that we recognize reserves, allowances, credit losses, or impairment charges; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate and/or operate acquisitions or internalize property management; the potential impact of unfavorable resolution of litigation or disputes and resulting rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; environmental, social and governance and sustainability commitments and changing requirements, as well as stakeholder expectations; epidemics, pandemics, or other infectious diseases, and health and safety measures intended to reduce their spread; our past participation in the Coronavirus Aid, Relief, and Economic Security Act Provider Relief Fund and other Covid-related stimulus and relief programs; laws or regulations prohibiting eviction of our tenants; human capital risks, including the loss or limited availability of our key personnel; our reliance on information technology and any material failure, inadequacy, interruption, or security failure of that technology; the use of, or inability to use, artificial intelligence by us, our tenants, our vendors, and our investors; volatility, disruption, or uncertainty in the financial markets; increased interest rates and borrowing costs, which could impact our ability to refinance existing debt, sell properties, and conduct investment activities; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; the availability of external capital on acceptable terms or at all; an increase in our level of indebtedness; covenants in our debt instruments, which may limit our operational flexibility, and breaches of these covenants; volatility in the market price and trading volume of our common stock; adverse changes in our credit ratings; the initial public offering of Janus Living, and may not achieve the intended benefits; our economic exposure to shifts in the price of Janus Living common stock and our ability to control the assets and activities of Janus Living; potential conflicts of interest in our relationship with Janus Living; our ability to maintain our qualification as a real estate investment trust (“REIT”); our taxable REIT subsidiaries being subject to corporate level tax; tax imposed on any net income from “prohibited transactions”; changes to U.S. federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings and profits distributions; tax protection agreements that may limit our ability to dispose of certain properties and may require us to maintain certain debt levels; ownership limits in our charter that restrict ownership in our stock, and provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; conflicts of interest between the interests of our stockholders and the interests of holders of Healthpeak OP, LLC (“Healthpeak OP”) common units; provisions in the operating agreement of Healthpeak OP and other agreements that may delay or prevent unsolicited acquisitions and other transactions; our status as a holding company of Healthpeak OP; and other risks and uncertainties described from time to time in our SEC filings.
Moreover, other risks and uncertainties of which we are not currently aware may also affect our forward-looking statements, and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by us on our website or otherwise. We do not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.
Healthpeak Properties, Inc. Consolidated Balance Sheets In thousands, except share and per share data |
|||||||
|
June 30,
|
|
December 31,
|
||||
Assets |
|
|
|
||||
Real estate: |
|
|
|
||||
Buildings and improvements |
$ |
17,211,536 |
|
|
$ |
16,593,535 |
|
Development costs and construction in progress |
|
969,495 |
|
|
|
1,010,657 |
|
Land and improvements |
|
3,225,957 |
|
|
|
3,007,346 |
|
Accumulated depreciation |
|
(4,543,382 |
) |
|
|
(4,512,443 |
) |
Net real estate |
|
16,863,606 |
|
|
|
16,099,095 |
|
Loans receivable, net of reserves of |
|
261,398 |
|
|
|
606,020 |
|
Investments in unconsolidated joint ventures |
|
526,780 |
|
|
|
802,601 |
|
Accounts receivable, net of allowance of |
|
72,134 |
|
|
|
78,327 |
|
Cash and cash equivalents |
|
1,626,827 |
|
|
|
467,457 |
|
Restricted cash |
|
91,858 |
|
|
|
70,245 |
|
Intangible assets |
|
717,494 |
|
|
|
654,516 |
|
Assets held for sale |
|
37,101 |
|
|
|
80,621 |
|
Right-of-use asset |
|
395,124 |
|
|
|
412,198 |
|
Deferred tax assets |
|
122,320 |
|
|
|
111,248 |
|
Goodwill |
|
68,529 |
|
|
|
68,529 |
|
Other assets |
|
896,875 |
|
|
|
885,161 |
|
Total assets |
$ |
21,680,046 |
|
|
$ |
20,336,018 |
|
|
|
|
|
||||
Liabilities and Equity |
|
|
|
||||
Bank line of credit and commercial paper |
$ |
1,495,994 |
|
|
$ |
1,078,850 |
|
Term loans |
|
1,646,282 |
|
|
|
1,647,113 |
|
Senior unsecured notes |
|
6,785,697 |
|
|
|
6,772,722 |
|
Mortgage debt |
|
104,213 |
|
|
|
349,209 |
|
Intangible liabilities |
|
155,466 |
|
|
|
173,697 |
|
Liabilities related to assets held for sale |
|
594 |
|
|
|
11,900 |
|
Lease liability |
|
288,194 |
|
|
|
296,260 |
|
Accounts payable, accrued liabilities, and other liabilities |
|
678,687 |
|
|
|
718,509 |
|
Deferred revenue |
|
1,026,479 |
|
|
|
985,307 |
|
Total liabilities |
|
12,181,606 |
|
|
|
12,033,567 |
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
||||
|
|
|
|
||||
Redeemable noncontrolling interests |
|
27,695 |
|
|
|
159,581 |
|
|
|
|
|
||||
Common stock, |
|
689,465 |
|
|
|
695,037 |
|
Additional paid-in capital |
|
13,273,880 |
|
|
|
12,767,914 |
|
Cumulative dividends in excess of earnings |
|
(6,129,129 |
) |
|
|
(5,952,920 |
) |
Accumulated other comprehensive income (loss) |
|
10,534 |
|
|
|
(9,937 |
) |
Total stockholders’ equity |
|
7,844,750 |
|
|
|
7,500,094 |
|
|
|
|
|
||||
Public investors of Janus Living, Inc. |
|
979,186 |
|
|
|
— |
|
Joint venture partners |
|
291,294 |
|
|
|
295,455 |
|
Non-managing member unitholders |
|
355,515 |
|
|
|
347,321 |
|
Total noncontrolling interests |
|
1,625,995 |
|
|
|
642,776 |
|
|
|
|
|
||||
Total equity |
|
9,470,745 |
|
|
|
8,142,870 |
|
|
|
|
|
||||
Total liabilities and equity |
$ |
21,680,046 |
|
|
$ |
20,336,018 |
|
Healthpeak Properties, Inc. Consolidated Statements of Operations In thousands, except per share data |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
Revenues: |
|
|
|
|
|
||||||||||
Rental and related revenues |
$ |
533,354 |
|
|
$ |
529,687 |
|
|
$ |
1,071,790 |
|
|
$ |
1,067,828 |
|
Resident fees and services |
|
216,456 |
|
|
|
148,855 |
|
|
|
416,801 |
|
|
|
297,782 |
|
Interest income and other |
|
21,769 |
|
|
|
15,806 |
|
|
|
35,940 |
|
|
|
31,627 |
|
Total revenues |
|
771,579 |
|
|
|
694,348 |
|
|
|
1,524,531 |
|
|
|
1,397,237 |
|
|
|
|
|
|
|
|
|
||||||||
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Operating |
|
333,123 |
|
|
|
276,181 |
|
|
|
656,984 |
|
|
|
549,324 |
|
Depreciation and amortization |
|
283,390 |
|
|
|
265,916 |
|
|
|
573,124 |
|
|
|
534,462 |
|
Interest expense |
|
92,280 |
|
|
|
75,063 |
|
|
|
179,572 |
|
|
|
147,756 |
|
General and administrative |
|
22,517 |
|
|
|
20,764 |
|
|
|
47,108 |
|
|
|
46,882 |
|
Transaction costs |
|
9,172 |
|
|
|
10,215 |
|
|
|
33,321 |
|
|
|
15,749 |
|
Impairments and loan loss reserves (recoveries), net |
|
(1,479 |
) |
|
|
3,499 |
|
|
|
(3,754 |
) |
|
|
(63 |
) |
Total costs and expenses |
|
739,003 |
|
|
|
651,638 |
|
|
|
1,486,355 |
|
|
|
1,294,110 |
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Gain (loss) on sales of real estate, net |
|
9,988 |
|
|
|
1,636 |
|
|
|
60,657 |
|
|
|
1,636 |
|
Gain (loss) on debt extinguishments |
|
— |
|
|
|
— |
|
|
|
(403 |
) |
|
|
— |
|
Other income (expense), net |
|
16,766 |
|
|
|
(4,692 |
) |
|
|
156,545 |
|
|
|
(10,818 |
) |
Total other income (expense), net |
|
26,754 |
|
|
|
(3,056 |
) |
|
|
216,799 |
|
|
|
(9,182 |
) |
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures |
|
59,330 |
|
|
|
39,654 |
|
|
|
254,975 |
|
|
|
93,945 |
|
Income tax benefit (expense) |
|
1,402 |
|
|
|
(2,382 |
) |
|
|
1,148 |
|
|
|
(4,462 |
) |
Equity income (loss) from unconsolidated joint ventures |
|
2,509 |
|
|
|
1,747 |
|
|
|
6,774 |
|
|
|
(400 |
) |
Net income (loss) |
|
63,241 |
|
|
|
39,019 |
|
|
|
262,897 |
|
|
|
89,083 |
|
Noncontrolling interests’ share in earnings |
|
(10,423 |
) |
|
|
(7,346 |
) |
|
|
(16,446 |
) |
|
|
(14,582 |
) |
Net income (loss) attributable to Healthpeak Properties, Inc. |
|
52,818 |
|
|
|
31,673 |
|
|
|
246,451 |
|
|
|
74,501 |
|
Participating securities’ share in earnings |
|
(150 |
) |
|
|
(115 |
) |
|
|
(299 |
) |
|
|
(579 |
) |
Net income (loss) applicable to common shares |
$ |
52,668 |
|
|
$ |
31,558 |
|
|
$ |
246,152 |
|
|
$ |
73,922 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.08 |
|
|
$ |
0.05 |
|
|
$ |
0.36 |
|
|
$ |
0.11 |
|
Diluted |
$ |
0.08 |
|
|
$ |
0.05 |
|
|
$ |
0.36 |
|
|
$ |
0.11 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
689,885 |
|
|
|
695,188 |
|
|
|
692,508 |
|
|
|
697,117 |
|
Diluted |
|
689,885 |
|
|
|
695,194 |
|
|
|
692,843 |
|
|
|
697,146 |
|
Healthpeak Properties, Inc. Funds From Operations In thousands, except per share data |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) applicable to common shares |
|
$ |
52,668 |
|
|
$ |
31,558 |
|
|
$ |
246,152 |
|
|
$ |
73,922 |
|
Real estate related depreciation and amortization |
|
|
283,390 |
|
|
|
265,916 |
|
|
|
573,124 |
|
|
|
534,462 |
|
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures |
|
|
7,644 |
|
|
|
12,530 |
|
|
|
14,856 |
|
|
|
24,730 |
|
Noncontrolling interests’ share of real estate related depreciation and amortization |
|
|
(15,421 |
) |
|
|
(4,426 |
) |
|
|
(20,123 |
) |
|
|
(8,879 |
) |
Loss (gain) on sales of depreciable real estate, net |
|
|
(9,988 |
) |
|
|
(1,636 |
) |
|
|
(60,657 |
) |
|
|
(1,636 |
) |
Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures |
|
|
1,793 |
|
|
|
— |
|
|
|
1,793 |
|
|
|
— |
|
Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net |
|
|
973 |
|
|
|
— |
|
|
|
973 |
|
|
|
— |
|
Loss (gain) upon change of control, net(1) |
|
|
(226 |
) |
|
|
— |
|
|
|
(138,343 |
) |
|
|
— |
|
Taxes associated with real estate dispositions |
|
|
(1,863 |
) |
|
|
(335 |
) |
|
|
(1,805 |
) |
|
|
(335 |
) |
Nareit FFO applicable to common shares |
|
|
318,970 |
|
|
|
303,607 |
|
|
|
615,970 |
|
|
|
622,264 |
|
Distributions on dilutive convertible units and other |
|
|
4,384 |
|
|
|
4,560 |
|
|
|
8,930 |
|
|
|
9,183 |
|
Diluted Nareit FFO applicable to common shares |
|
$ |
323,354 |
|
|
$ |
308,167 |
|
|
$ |
624,900 |
|
|
$ |
631,447 |
|
Diluted Nareit FFO per common share |
|
$ |
0.46 |
|
|
$ |
0.43 |
|
|
$ |
0.88 |
|
|
$ |
0.89 |
|
Weighted average shares outstanding - Diluted Nareit FFO |
|
|
704,472 |
|
|
|
709,839 |
|
|
|
707,066 |
|
|
|
711,828 |
|
Impact of adjustments to Nareit FFO: |
|
|
|
|
|
|
|
|
||||||||
Transaction, merger, and restructuring-related costs(2) |
|
$ |
7,734 |
|
|
$ |
10,215 |
|
|
$ |
28,302 |
|
|
$ |
15,749 |
|
Other impairments (recoveries) and other losses (gains), net(3) |
|
|
(1,479 |
) |
|
|
3,499 |
|
|
|
(3,754 |
) |
|
|
179 |
|
Loss (gain) on debt extinguishments |
|
|
— |
|
|
|
— |
|
|
|
302 |
|
|
|
— |
|
Casualty-related charges (recoveries), net(4) |
|
|
(4,191 |
) |
|
|
3,919 |
|
|
|
(4,381 |
) |
|
|
8,145 |
|
Recognition (reversal) of valuation allowance on deferred tax assets(5) |
|
|
— |
|
|
|
— |
|
|
|
(3,058 |
) |
|
|
— |
|
Total adjustments |
|
|
2,064 |
|
|
|
17,633 |
|
|
|
17,411 |
|
|
|
24,073 |
|
FFO as Adjusted applicable to common shares |
|
|
321,034 |
|
|
|
321,240 |
|
|
|
633,381 |
|
|
|
646,337 |
|
Distributions on dilutive convertible units and other |
|
|
4,382 |
|
|
|
4,545 |
|
|
|
8,916 |
|
|
|
9,161 |
|
Diluted FFO as Adjusted applicable to common shares |
|
$ |
325,416 |
|
|
$ |
325,785 |
|
|
$ |
642,297 |
|
|
$ |
655,498 |
|
Diluted FFO as Adjusted per common share |
|
$ |
0.46 |
|
|
$ |
0.46 |
|
|
$ |
0.91 |
|
|
$ |
0.92 |
|
Weighted average shares outstanding - Diluted FFO as Adjusted |
|
|
704,472 |
|
|
|
709,839 |
|
|
|
707,066 |
|
|
|
711,828 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other operating data: |
|
|
|
|
|
|
|
|
||||||||
Amortization of deferred financing costs and debt discounts (premiums) |
|
$ |
8,900 |
|
|
$ |
7,875 |
|
|
$ |
17,264 |
|
|
$ |
15,727 |
|
Non-refundable entrance fee sales in excess of (less than) the related GAAP amortization |
|
|
12,866 |
|
|
|
19,042 |
|
|
|
20,621 |
|
|
|
23,739 |
|
Stock-based compensation amortization expense |
|
|
4,351 |
|
|
|
1,738 |
|
|
|
8,853 |
|
|
|
6,365 |
|
Deferred income taxes |
|
|
48 |
|
|
|
2,597 |
|
|
|
3,101 |
|
|
|
5,168 |
|
AFFO capital expenditures |
|
|
(42,105 |
) |
|
|
(25,729 |
) |
|
|
(66,061 |
) |
|
|
(48,864 |
) |
Straight-line rents |
|
|
(12,183 |
) |
|
|
(5,401 |
) |
|
|
(23,088 |
) |
|
|
(16,554 |
) |
Amortization of above (below) market lease intangibles, net |
|
|
(6,308 |
) |
|
|
(10,085 |
) |
|
|
(12,905 |
) |
|
|
(20,296 |
) |
Other items(6) |
|
|
(3,055 |
) |
|
|
(1,069 |
) |
|
|
(5,662 |
) |
|
|
381 |
|
_______________________________________
Refer to footnotes on the next page.
(1) |
The six months ended June 30, 2026 includes a gain upon change of control related to (i) the acquisition of the remaining |
|
(2) |
The three and six months ended June 30, 2026 includes costs incurred related to the Janus Living IPO and investment pursuit costs. The three and six months ended June 30, 2025 includes costs related to the merger with Physicians Realty Trust, which are primarily comprised of severance, legal, accounting, tax, information technology, and other costs of combining operations with Physicians Realty Trust that were incurred during the period. The three and six months ended June 30, 2025 also included |
|
(3) |
The three and six months ended June 30, 2026 and 2025 includes reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations. |
|
(4) |
Casualty-related charges (recoveries), net are recognized in other income (expense), net, equity income (loss) from unconsolidated joint ventures, and noncontrolling interests’ share in earnings in the Consolidated Statements of Operations. |
|
(5) |
The six months ended June 30, 2026 includes the income tax impact related to the change in tax status of certain entities in connection with the Janus Living IPO. |
|
(6) |
Primarily includes: (i) amortization of deferred revenue, (ii) noncontrolling interests’ share of senior housing entrance fees in excess of (less than) the related GAAP amortization, and (iii) our proportionate share of AFFO capital expenditures and straight-line rents from unconsolidated joint ventures. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260804900608/en/
Andrew Johns, CFA
Senior Vice President – Finance and Investor Relations
720-428-5400
Source: Healthpeak Properties, Inc.