Healthpeak Properties Reports Third Quarter 2023 Results and Declares Quarterly Cash Dividend on Common Stock
Healthpeak Properties, Inc. (NYSE: PEAK) announced its financial results for Q3 2023. The company reported net income of $0.12 per share, Nareit FFO of $0.46 per share, FFO as Adjusted of $0.45 per share, AFFO of $0.40 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 6.0%. Third quarter new and renewal lease executions totaled 2.3 million square feet. The company also received the GRESB Green Star designation for the twelfth consecutive year.
Positive
Net income of $0.12 per share
Nareit FFO of $0.46 per share
FFO as Adjusted of $0.45 per share
AFFO of $0.40 per share
Blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 6.0%
Received the GRESB Green Star designation for the twelfth consecutive year
10/30/2023 - 07:00 AM
DENVER --(BUSINESS WIRE)--
Healthpeak Properties, Inc. (NYSE: PEAK), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, today announced results for the third quarter ended September 30, 2023.
THIRD QUARTER 2023 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS
–
Net income of $0.12 per share, Nareit FFO of $0.46 per share, FFO as Adjusted of $0.45 per share, AFFO of $0.40 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 6.0%
–
Third quarter new and renewal lease executions totaled 2.3 million square feet:
•
Outpatient Medical new and renewal lease executions totaled 2.1 million square feet, an all-time quarterly high, including a 1.3 million square foot renewal at Medical City Dallas
•
Lab new and renewal lease executions totaled 211,000 square feet, including leases at three trophy campuses:
•
101,000 square feet at 331 Oyster Point in South San Francisco, California
•
61,000 square feet at 75 Hayden in Lexington, Massachusetts
•
23,000 square foot development lease at Vantage in South San Francisco, California , bringing the project to 52% pre-leased
–
In September 2023, the Cambridge City Council unanimously approved a comprehensive rezoning to allow for greater density and developable heights in the West Cambridge neighborhood of Alewife, where Healthpeak owns a total of 39 acres
–
Net debt to Adjusted EBITDAre was 5.2x as of September 30, 2023
–
Updated full year 2023 diluted earnings guidance to a range of $0.53 – $0.55 per share; increased the midpoint of 2023 FFO as Adjusted guidance by $0.02 per share and increased Total Portfolio Same-Store Cash (Adjusted) NOI growth guidance by 75 basis points at the midpoint
–
On October 29, 2023, Healthpeak's Board of Directors declared a quarterly common stock cash dividend of $0.30 per share to be paid on November 20, 2023, to stockholders of record as of the close of business on November 7, 2023
–
Received the GRESB Green Star designation for the twelfth consecutive year and recognized for leading corporate governance and ESG disclosures by Governance Intelligence and IR Magazine
THIRD QUARTER COMPARISON
Three Months Ended
September 30, 2023
Three Months Ended
September 30, 2022
(in thousands, except per share amounts)
Amount
Per Share
Amount
Per Share
Net income, diluted
$
64,048
$
0.12
$
355,721
$
0.65
Nareit FFO, diluted
252,566
0.46
227,426
0.42
FFO as Adjusted, diluted
251,647
0.45
235,504
0.43
AFFO, diluted
219,645
0.40
194,963
0.36
YEAR TO DATE COMPARISON
Nine Months Ended
September 30, 2023
Nine Months Ended
September 30, 2022
(in thousands, except per share amounts)
Amount
Per Share
Amount
Per Share
Net income, diluted
$
233,497
$
0.43
$
496,341
$
0.91
Nareit FFO, diluted
730,764
1.32
711,713
1.30
FFO as Adjusted, diluted
735,067
1.33
711,515
1.30
AFFO, diluted
652,839
1.18
595,883
1.09
Nareit FFO, FFO as Adjusted, AFFO, Same-Store Cash (Adjusted) NOI, 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 the "Funds From Operations" and "Adjusted Funds From Operations" sections of this release for additional information). See "September 30, 2023 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 in the Investor Relations section of our website at http://ir.healthpeak.com/quarterly-results .
SAME-STORE ("SS") OPERATING SUMMARY
The table below outlines the year-over-year three-month and year-to-date SS Cash (Adjusted) NOI growth.
Year-Over-Year Total SS Portfolio Cash (Adjusted) NOI Growth
Three Month
Year-To-Date
SS Growth %
% of SS
SS Growth %
% of SS
Lab
3.3
%
47.6
%
4.3
%
47.3
%
Outpatient Medical
3.4
%
41.1
%
3.2
%
41.5
%
CCRC
32.1
%
11.3
%
20.0
%
11.2
%
Total Portfolio
6.0
%
100.0
%
5.4
%
100.0
%
DEVELOPMENT UPDATES
VANTAGE PHASE I
In September 2023, Healthpeak signed an additional 23,000 square foot lease with a global pharmaceutical company at its Vantage Phase I development in South San Francisco, California , bringing the property to 52% pre-leased.
Strategically located on Forbes Boulevard and at the doorstep of Genentech's headquarters, the purpose-built lab campus will feature state-of-the-art design, an amenity center, flexible and efficient floor plates, and building systems accommodating a broad range of lab uses.
WEST CAMBRIDGE
In September 2023, the Cambridge City Council unanimously approved a comprehensive rezoning to allow for greater density and developable heights in the West Cambridge neighborhood of Alewife. Healthpeak’s vision for the neighborhood incorporates Alewife’s historic heritage and its innovative future by creating an active public realm driven by world-class real estate including lab, R&D and multi-family residential. Healthpeak owns a total of 39 acres in Alewife.
GRAPHITE BIO LEASE MODIFICATION
In October 2023, Healthpeak modified an approximately 85,200 square foot lease with Graphite Bio (Nasdaq: GRPH) at the Nexus on Grand campus in South San Francisco, California . Under the terms of the modification, Graphite Bio’s lease expiration date was accelerated to December 31, 2024 in exchange for total consideration of $58 million , consisting of:
i.
$37 million cash payment, which is inclusive of the prepayment of Graphite Bio's 2024 contractual rent, including operating expense reimbursements, and termination and related fees; and
ii.
$21 million credit for future rent and operating expense reimbursements from the in-place 32,000 square foot subtenant; the subtenant has approximately one year remaining on the sublease, at which point it will become a direct tenant of Healthpeak with a lease term of approximately six years
The $58 million in total consideration is equivalent to approximately 5+ years of Graphite Bio’s original contractual rental payments, including operating expense reimbursements, and provides ample time for Healthpeak to release the remaining 53,000 square feet of fully built-out, Class A space to new tenants. Healthpeak retains the right to immediately release this space with no change in the payments due from Graphite Bio or the subtenant.
ESG
Healthpeak received the GRESB Green Star designation for the twelfth consecutive year. Healthpeak was also named a finalist by Governance Intelligence and IR Magazine for Best Proxy Statement for the fourth consecutive year and Best ESG Reporting for the second consecutive year, and included in Fortune 's list of Best Workplaces in Real Estate for the second consecutive year.
To learn more about Healthpeak's commitment to responsible business and view our 2022 ESG Report, please visit www.healthpeak.com/ESG .
DIVIDEND
On October 29, 2023, Healthpeak's Board declared a quarterly common stock cash dividend of $0.30 per share to be paid on November 20, 2023, to stockholders of record as of the close of business on November 7, 2023.
2023 GUIDANCE
We are updating the following guidance ranges for full year 2023:
Diluted earnings per common share from $0.49 – $0.53 to $0.53 – $0.55
Diluted Nareit FFO per share from $1.72 – $1.76 to $1.76 – $1.78
Diluted FFO as Adjusted per share from $1.73 – $1.77 to $1.76 – $1.78
Total Portfolio Same-Store Cash (Adjusted) NOI growth from 3.25% – 4.75% to 4.25% – 5.25%
These estimates do not reflect the potential impact from unannounced future transactions. These estimates are based on our view of existing market conditions, transaction timing, and other assumptions for the year ending December 31, 2023. For additional details and assumptions underlying this guidance, please see page 38 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 .
UPDATED CONFERENCE CALL INFORMATION
Healthpeak has scheduled a conference call and webcast for Monday, October 30, 2023, at 8:30 a.m. Eastern Time.
The conference call can be accessed in the following ways:
An archive of the webcast will be available on Healthpeak's website through October 30, 2024, and a telephonic replay can be accessed through November 6, 2023, by dialing (800) 770-2030 or (647) 362-9199 (international) and entering conference ID number 58822.
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 for healthcare discovery and delivery.
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 current, pending or contemplated acquisitions, dispositions, transitions, developments, redevelopments, densifications, joint venture transactions, leasing activity and commitments, capital recycling plans, financing activities, or other transactions discussed in this release; (ii) the payment of a quarterly cash dividend; and (iii) the information presented under the heading "2023 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. These risks and uncertainties include, but are not limited to: macroeconomic trends, including inflation, interest rates, labor costs, and unemployment; the ability of our existing and future tenants, operators, and borrowers to conduct their respective businesses in a manner that generates sufficient income to make rent and loan payments to us; the financial condition of our tenants, operators, and borrowers, including potential bankruptcies and downturns in their businesses, and their legal and regulatory proceedings; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in a 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 activity risks, including project abandonments, project delays, and lower profits than expected; changes within the industries in which we operate; significant regulation, funding requirements, and uncertainty faced by our lab tenants; 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; our ability to develop, maintain, or expand hospital and health system client relationships; operational risks associated with third party management contracts, including the additional regulation and liabilities of our properties operated through RIDEA structures; 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 significant losses and/or performance declines by us or our tenants and operators; our investments in joint ventures and unconsolidated entities, including our lack of sole decision making authority and our reliance on our partners’ financial condition and continued cooperation; our use of fixed rent escalators, contingent rent provisions, and/or rent escalators based on the Consumer Price Index; competition for suitable healthcare properties to grow our investment portfolio; our ability to foreclose or exercise rights on collateral securing our real estate-related loans; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate or operate acquisitions; the potential impact on us and our tenants, operators, and borrowers from litigation matters, including rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; epidemics, pandemics, or other infectious diseases, including Covid, and health and safety measures intended to reduce their spread; the loss or limited availability of our key personnel; our reliance on information technology systems and the potential impact of system failures, disruptions, or breaches; increased borrowing costs, including due to rising interest rates; 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, including due to rising interest rates, changes in our credit ratings and the value of our common stock, volatility or uncertainty in the capital markets, and other factors; our ability to manage our indebtedness level and covenants in and changes to the terms of such indebtedness; bank failures or other events affecting financial institutions; 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; laws or regulations prohibiting eviction of our tenants; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; legislation to address federal government operations and administrative decisions affecting the Centers for Medicare and Medicaid Services; our participation in the CARES Act Provider Relief Fund and other Covid-related stimulus and relief programs; our ability to maintain our qualification as a REIT; 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; ownership limits in our charter that restrict ownership in our stock; provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; and other risks and uncertainties described from time to time in our Securities and Exchange Commission filings. Except as required by law, we do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, which speak only as of the date on which they are made.
Healthpeak Properties, Inc.
Consolidated Balance Sheets
In thousands, except share and per share data
September 30,
2023
December 31,
2022
Assets
Real estate:
Buildings and improvements
$
13,097,282
$
12,784,078
Development costs and construction in progress
863,341
760,355
Land and improvements
2,657,602
2,667,188
Accumulated depreciation and amortization
(3,498,077
)
(3,188,138
)
Net real estate
13,120,148
13,023,483
Loans receivable, net of reserves of $8,023 and $8,280
225,881
374,832
Investments in and advances to unconsolidated joint ventures
745,381
706,677
Accounts receivable, net of allowance of $2,077 and $2,399
59,085
53,436
Cash and cash equivalents
63,478
72,032
Restricted cash
50,449
54,802
Intangible assets, net
339,191
418,061
Assets held for sale, net
8,277
49,866
Right-of-use asset, net
233,480
237,318
Other assets, net
757,164
780,722
Total assets
$
15,602,534
$
15,771,229
Liabilities and Equity
Bank line of credit and commercial paper
$
424,000
$
995,606
Term loans
496,603
495,957
Senior unsecured notes
5,401,461
4,659,451
Mortgage debt
342,349
346,599
Intangible liabilities, net
133,668
156,193
Liabilities related to assets held for sale, net
39
4,070
Lease liability
204,762
208,515
Accounts payable, accrued liabilities, and other liabilities
687,650
772,485
Deferred revenue
879,174
844,076
Total liabilities
8,569,706
8,482,952
Commitments and contingencies
Redeemable noncontrolling interests
49,016
105,679
Common stock, $1.00 par value: 750,000,000 shares authorized; 547,072,311 and 546,641,973 shares issued and outstanding
547,072
546,642
Additional paid-in capital
10,401,994
10,349,614
Cumulative dividends in excess of earnings
(4,528,508
)
(4,269,689
)
Accumulated other comprehensive income (loss)
36,747
28,134
Total stockholders’ equity
6,457,305
6,654,701
Joint venture partners
313,402
327,721
Non-managing member unitholders
213,105
200,176
Total noncontrolling interests
526,507
527,897
Total equity
6,983,812
7,182,598
Total liabilities and equity
$
15,602,534
$
15,771,229
Healthpeak Properties, Inc.
Consolidated Statements of Operations
In thousands, except per share data
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenues:
Rental and related revenues
$
417,075
$
392,301
$
1,219,473
$
1,149,530
Resident fees and services
133,808
122,142
391,076
369,062
Interest income
5,360
5,963
16,802
16,950
Income from direct financing leases
—
—
—
1,168
Total revenues
556,243
520,406
1,627,351
1,536,710
Costs and expenses:
Interest expense
50,510
44,078
147,547
123,531
Depreciation and amortization
184,559
173,190
561,357
531,412
Operating
232,734
220,208
677,659
642,499
General and administrative
23,093
24,549
73,576
73,161
Transaction costs
36
728
3,098
1,636
Impairments and loan loss reserves (recoveries), net
(550
)
3,407
(156
)
3,678
Total costs and expenses
490,382
466,160
1,463,081
1,375,917
Other income (expense):
Gain (loss) on sales of real estate, net
—
(4,149
)
86,463
10,047
Other income (expense), net
1,481
305,678
4,208
326,855
Total other income (expense), net
1,481
301,529
90,671
336,902
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures
67,342
355,775
254,941
497,695
Income tax benefit (expense)
(787
)
3,834
(2,225
)
3,775
Equity income (loss) from unconsolidated joint ventures
2,101
(325
)
6,646
2,141
Income (loss) from continuing operations
68,656
359,284
259,362
503,611
Income (loss) from discontinued operations
—
(1,298
)
—
2,011
Net income (loss)
68,656
357,986
259,362
505,622
Noncontrolling interests’ share in continuing operations
(4,442
)
(4,016
)
(24,297
)
(11,701
)
Net income (loss) attributable to Healthpeak Properties, Inc.
64,214
353,970
235,065
493,921
Participating securities’ share in earnings
(166
)
(604
)
(1,568
)
(2,523
)
Net income (loss) applicable to common shares
$
64,048
$
353,366
$
233,497
$
491,398
Basic earnings (loss) per common share:
Continuing operations
$
0.12
$
0.66
$
0.43
$
0.91
Discontinued operations
—
0.00
—
0.00
Net income (loss) applicable to common shares
$
0.12
$
0.66
$
0.43
$
0.91
Diluted earnings (loss) per common share:
Continuing operations
$
0.12
$
0.65
$
0.43
$
0.91
Discontinued operations
—
0.00
—
0.00
Net income (loss) applicable to common shares
$
0.12
$
0.65
$
0.43
$
0.91
Weighted average shares outstanding:
Basic
547,062
538,417
546,978
539,105
Diluted
547,331
546,015
547,247
544,852
Healthpeak Properties, Inc.
Funds From Operations
In thousands, except per share data
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Net income (loss) applicable to common shares
$
64,048
$
353,366
$
233,497
$
491,398
Real estate related depreciation and amortization
184,559
173,190
561,357
531,412
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures
6,190
8,704
18,076
19,049
Noncontrolling interests’ share of real estate related depreciation and amortization
(4,571
)
(4,464
)
(14,042
)
(14,487
)
Loss (gain) on sales of depreciable real estate, net
—
5,280
(86,463
)
(11,408
)
Healthpeak’s share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures
—
239
—
89
Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net
—
—
11,546
12
Loss (gain) upon change of control, net(1)
—
(311,438
)
(234
)
(311,438
)
Taxes associated with real estate dispositions
—
197
—
31
Nareit FFO applicable to common shares
250,226
225,074
723,737
704,658
Distributions on dilutive convertible units and other
2,340
2,352
7,027
7,055
Diluted Nareit FFO applicable to common shares
$
252,566
$
227,426
$
730,764
$
711,713
Diluted Nareit FFO per common share
$
0.46
$
0.42
$
1.32
$
1.30
Weighted average shares outstanding - diluted Nareit FFO
554,614
546,015
554,535
546,677
Impact of adjustments to Nareit FFO:
Transaction-related items
$
49
$
681
$
2,993
$
1,573
Other impairments (recoveries) and other losses (gains), net(2)
(602
)
2,897
557
(5,874
)
Restructuring and severance-related charges
—
—
1,368
—
Casualty-related charges (recoveries), net(3)
(367
)
4,514
(610
)
4,103
Total adjustments
(920
)
8,092
4,308
(198
)
FFO as Adjusted applicable to common shares
249,306
233,166
728,045
704,460
Distributions on dilutive convertible units and other
2,341
2,338
7,022
7,055
Diluted FFO as Adjusted applicable to common shares
$
251,647
$
235,504
$
735,067
$
711,515
Diluted FFO as Adjusted per common share
$
0.45
$
0.43
$
1.33
$
1.30
Weighted average shares outstanding - diluted FFO as Adjusted
554,614
546,015
554,535
546,677
(1)
The three and nine months ended September 30, 2022 include a gain upon change of control related to the sale of a 30% interest to a sovereign wealth fund and deconsolidation of seven previously consolidated lab buildings in South San Francisco, California . The gain upon change of control is included in other income (expense), net in the Consolidated Statements of Operations.
(2)
The nine months ended September 30, 2022 includes the following, which are included in other income (expense), net in the Consolidated Statements of Operations: (i) a $23 million gain on sale of a hospital under a direct financing lease and (ii) $14 million of expenses incurred for tenant relocation and other costs associated with the demolition of an outpatient medical building. The three and nine months ended September 30, 2023 and 2022 include reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations.
(3)
Casualty-related charges (recoveries), net are recognized in other income (expense), net and equity income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations.
Healthpeak Properties, Inc.
Adjusted Funds From Operations
In thousands
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
FFO as Adjusted applicable to common shares
$
249,306
$
233,166
$
728,045
$
704,460
Stock-based compensation amortization expense
3,434
4,614
10,966
14,635
Amortization of deferred financing costs
3,054
2,691
8,828
8,069
Straight-line rents(1)
(7,279
)
(12,965
)
(12,710
)
(36,837
)
AFFO capital expenditures
(24,031
)
(24,358
)
(66,264
)
(75,103
)
Deferred income taxes
(430
)
(2,814
)
(933
)
(3,741
)
Amortization of above (below) market lease intangibles, net
(5,626
)
(5,876
)
(20,267
)
(17,528
)
Other AFFO adjustments
(1,123
)
(1,144
)
(1,852
)
(3,017
)
AFFO applicable to common shares
217,305
193,314
645,813
590,938
Distributions on dilutive convertible units and other
2,340
1,649
7,026
4,945
Diluted AFFO applicable to common shares
$
219,645
$
194,963
$
652,839
$
595,883
Diluted AFFO per common share
$
0.40
$
0.36
$
1.18
$
1.09
Weighted average shares outstanding - diluted AFFO
554,614
544,190
554,535
544,852
(1)
The nine months ended September 30, 2023 includes an $8.7 million write-off of straight-line rent receivable associated with Sorrento Therapeutics, Inc., which commenced voluntary reorganization proceedings under Chapter 11 of the U.S. Bankruptcy Code. This write-off is reflected as a reduction of rental and related revenues in the Consolidated Statements of Operations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231030819874/en/
Andrew Johns, CFA
Senior Vice President – Investor Relations
720-428-5400
Source: Healthpeak Properties, Inc.
What is the ticker symbol for Healthpeak Properties, Inc.?
The ticker symbol for Healthpeak Properties, Inc. is PEAK.
What were the financial results for Q3 2023?
In Q3 2023, Healthpeak Properties, Inc. reported net income of $0.12 per share, Nareit FFO of $0.46 per share, FFO as Adjusted of $0.45 per share, AFFO of $0.40 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 6.0%.
What is the GRESB Green Star designation?
The GRESB Green Star designation is an environmental, social, and governance (ESG) benchmark for real estate companies. Healthpeak Properties, Inc. received this designation for the twelfth consecutive year.
What is the significance of the lease executions in Q3 2023?
In Q3 2023, Healthpeak Properties, Inc. executed new and renewal leases totaling 2.3 million square feet, including a 1.3 million square foot renewal at Medical City Dallas.
What is the updated guidance for diluted earnings in 2023?
Healthpeak Properties, Inc. updated its full year 2023 diluted earnings guidance to a range of $0.53 - $0.55 per share.
When will the quarterly common stock cash dividend be paid?
The quarterly common stock cash dividend of $0.30 per share will be paid on November 20, 2023, to stockholders of record as of November 7, 2023.