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Healthpeak Properties Reports First Quarter 2024 Results and Declares Quarterly Cash Dividend on Common Stock
FIRST QUARTER 2024 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS
- Net income of $0.01 per share, Nareit FFO of $0.27 per share, FFO as Adjusted of $0.45 per share, AFFO of $0.41 per share, and Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of 4.5%
- First quarter new and renewal lease executions totaled 1.6 million square feet:
Outpatient Medical new and renewal lease executions totaled 1.4 million square feet Lab new and renewal lease executions totaled 155,000 square feet Signed letters of intent on an additional 455,000 square feet of lab leases
- Increased full year 2024 diluted earnings guidance to a range of $0.16 - $0.20 per share; increased the midpoint of 2024 FFO as Adjusted and AFFO guidance by +$0.02 per share, respectively and increased Total Merger-Combined Same-Store Cash (Adjusted) NOI growth guidance by 25 basis points at the midpoint
Year one merger-related synergy forecast increased by $5 million to $45 million Repurchased $100 million of common stock at an average price of $17.11 per share
- Year-to-date, completed property management internalization in 10 markets covering 17 million square feet
- Year-to-date dispositions and seller financing repayments total $363 million and $69 million, respectively
- As previously announced, entered into a new $750 million term loan and related swaps to fix the interest rate at 4.5% for the full five-year term of the loan
- Net Debt to Adjusted EBITDAre was 5.2x for the quarter ended March 31, 2024
- Recent sustainability and corporate impact achievements include:
Earned the 2024 ENERGY STAR(R) Partner of the Year Award for Sustained Excellence from the U.S. Environmental Protection Agency and the U.S. Department of Energy, marking Healthpeak's fourth time being named Partner of the Year and first time being recognized for Sustained Excellence Named a 2024 Green Lease Leader (Gold) by the Institute for Market Transformation for the first time Reaffirmed our commitment to advance intentional equity, diversity, and inclusion efforts by renewing our CEO Action for Diversity & Inclusion(TM) pledge
To learn more about Healthpeak's commitment to responsible business, please visit www.healthpeak.com/ESG.
FIRST QUARTER COMPARISON
Three Months Ended Three Months Ended
March 31, 2024 March 31, 2023
----------------------------------------------------------------------- -----------------------------------------------------------------------
(in thousands, except per share amounts) Amount Per Share Amount Per Share
--------------------------- ------------------------ --------------------------- ------------------------
Net income, diluted $ 6,477 $ 0.01 $ 117,698 $ 0.22
Nareit FFO, diluted 162,206 0.27 230,443 0.42
FFO as Adjusted, diluted 277,480 0.45 231,881 0.42
Nareit FFO, FFO as Adjusted, AFFO, Total Merger-Combined 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 "March 31, 2024 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.
MERGER-COMBINED SAME-STORE ("SS") OPERATING SUMMARY
Year-Over-Year Total Merger-Combined SS Cash (Adjusted) NOI Growth
------------------------------------------------------------------
Three Month
--------------------------------------------
SS Growth % % of SS
---------------------- ----------------------
Outpatient Medical 2.6% 56.3%
Lab 2.7% 34.4%
CCRC 26.6% 9.3%
PHYSICIANS REALTY TRUST MERGER INTEGRATION
As previously disclosed, on March 1, 2024, Healthpeak closed the merger with Physicians Realty Trust.
To date, the company has completed internalization of property management in 10 markets covering 17 million square feet. Healthpeak now forecasts year one merger-related synergies of $45 million, an increase of $5 million compared to the prior estimate.
REDEVELOPMENT UPDATE
PORTSIDE AT OYSTER POINT
During the first quarter, Healthpeak placed approximately 325,000 square feet across three buildings at its Portside at Oyster Point ("Portside") campus in South San Francisco into redevelopment.
Elements of the redevelopment include the addition of a fitness center, boardroom, and outdoor meeting and gathering spaces complemented by updated landscaping throughout the campus. Additionally, the redevelopment will improve connectivity between Healthpeak's Cove and Portside campuses, creating an approximately 2 million square foot amenity-rich contiguous campus at the entrance to South San Francisco's life science market.
The enhanced amenity offering, improved connectivity, and significantly lower tenant operating costs relative to new construction, provide Healthpeak a competitive leasing advantage. To date, Healthpeak has re-leased approximately 175,000 square feet across the 465,000 square foot in active redevelopment on the Portside campus with initial occupancy expected to commence in mid-2024.
DISPOSITIONS AND LOAN REPAYMENTS
Callan Ridge Joint Venture: As previously announced, in January 2024, Healthpeak sold a 65% interest in the fully leased Callan Ridge lab campus in the Torrey Pines submarket of San Diego. The formation of the joint venture valued Callan Ridge at $236 million, or $1,275 per square foot, and represents a stabilized cash capitalization rate of 5.3% based on the initial annual rental rate of approximately $67 per square foot. At closing, net proceeds to Healthpeak were $128 million. Additionally, the formation of the joint venture reduces Healthpeak's future tenant improvement funding by approximately $20 million. Outpatient Medical Dispositions: In March 2024, Healthpeak sold two outpatient medical buildings for $29 million. Poway R&D Portfolio: In April 2024, Healthpeak sold a portfolio of seven buildings in the Poway submarket of San Diego for $180 million. The portfolio comprises R&D, industrial, and office spaces across 702,000 square feet and is fully-leased to an affiliate of General Atomics. The trailing cash capitalization rate on the disposition was 6.0%. Loan Repayments: During the first quarter, we received $69 million of seller financing loan repayments.
SHARE REPURCHASE ACTIVITY
In March 2024, Healthpeak repurchased 5.8 million shares at a weighted average share price of $17.11 for approximately $100 million under its $500 million share repurchase program. As of March 31, 2024, $344 million remained available for share repurchases under the program.
CAPITAL MARKETS
As previously announced, Healthpeak entered into a new $750 million 5-year unsecured term loan on March 1, 2024. Healthpeak entered into swap agreements to fix the interest rate of the new term loan at approximately 4.5% for the full 5-year term of the loan.
As of April 25, 2024, Healthpeak had $3.1 billion in available liquidity through a combination of unrestricted cash and full capacity of its $3 billion revolving credit facility.
BOARD OF DIRECTORS
On April 25, 2024, Christine N. Garvey and David B. Henry retired from Healthpeak's Board pursuant to the director term limit policy. Healthpeak's Board of Directors reduced the size of the Board to 11 members.
DIVIDEND
On April 24, 2024, Healthpeak's Board declared a quarterly common stock cash dividend of $0.30 per share to be paid on May 17, 2024, to stockholders of record as of the close of business on May 6, 2024.
2024 GUIDANCE
We are updating the following guidance ranges for full year 2024:
Diluted earnings per common share from $0.07 - $0.13 to $0.16 - $0.20 Diluted Nareit FFO per share from $1.54 - $1.60 to $1.56 - $1.60 Diluted FFO as Adjusted per share from $1.73 - $1.79 to $1.76 - $1.80 Diluted AFFO per share from $1.50 - $1.56 to $1.53 - $1.57 Total Merger-Combined Same-Store Cash (Adjusted) NOI growth from 2.25% - 3.75% to 2.50% - 4.00%
These estimates are based on our view of existing market conditions, transaction timing, and other assumptions for the year ending December 31, 2024. For additional details and assumptions, please see page 12 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 Friday, April 26, 2024, at 7:00 a.m. Mountain Time.
The conference call can be accessed in the following ways:
Healthpeak's website: https://ir.healthpeak.com/news-events Webcast: https://events.q4inc.com/attendee/344417431. Joining via webcast is recommended for those who will not be asking questions. Telephone: The participant dial-in number is (800) 715-9871.
An archive of the webcast will be available on Healthpeak's website through April 25, 2025, and a telephonic replay can be accessed through May 3, 2024, by dialing (800) 770-2030 and entering conference ID number 95156.
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, joint venture transactions, leasing activity and commitments, financing activities, or other transactions discussed in this release, including statements regarding our anticipated synergies from our merger with Physicians Realty Trust; (ii) the payment of a quarterly cash dividend; and (iii) the information presented under the heading "2024 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, construction and labor costs, and unemployment; risks associated with our merger with Physicians Realty Trust (the "Merger"), including, but not limited to, our ability to integrate the operations of the Company and Physicians Realty Trust successfully and realize the anticipated synergies and other benefits of the Merger or do so within the anticipated time frame; changes within the industries in which we operate; 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, including project abandonments, project delays, and lower profits than expected; 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 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"); 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 use of joint ventures that may limit our returns on and our flexibility with jointly owned investments; 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; 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 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; our ability to satisfy environmental, social and governance and sustainability commitments and requirements, as well as stakeholder expectations; epidemics, pandemics, or other infectious diseases, including the coronavirus disease (Covid), and health and safety measures intended to reduce their spread; human capital risks, including the loss or limited availability of our key personnel; our reliance on information technology systems and any material failure, inadequacy, interruption, or security failure of that technology; volatility, disruption, or uncertainty in the financial markets; 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, bank failures or other events affecting financial institutions and other factors; our ability to manage our indebtedness level and covenants in and changes to the terms of such indebtedness; 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 Coronavirus, Aid, Relief and Economic Security Act Provider Relief Fund and other Covid-related stimulus and relief programs; 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; 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; 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 Securities and Exchange Commission 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
March 31, December 31,
2024 2023
------------------------------------------------------ --------------------------------------------------
Assets
Real estate:
$ 16,571,761 $ 13,329,464
Buildings and improvements
735,176 643,217
Development costs and construction in progress
3,079,225 2,647,633
Land and improvements
(3,723,173 ) (3,591,951 )
Accumulated depreciation and amortization
-------------------- -------------- -------------------- -------------------- ---------- --------------------
16,662,989 13,028,363
Net real estate
Loans receivable, net of reserves of $9,334 and $2,830 267,798 218,450
Investments in and advances to unconsolidated joint ventures 930,559 782,853
Accounts receivable, net of allowance of $2,800 and $2,282 68,567 55,820
Cash and cash equivalents 101,763 117,635
Restricted cash 55,395 51,388
Intangible assets, net 1,160,446 314,156
Assets held for sale, net -- 117,986
Right-of-use asset, net 434,010 240,155
Other assets, net 860,513 772,044
-------------------- -------------- -------------------- -------------------- ---------- --------------------
$ 20,542,040 $ 15,698,850
Total assets
==================== ============== ==================== ==================== ========== ====================
Liabilities and Equity
Bank line of credit and commercial paper $ 183,000 $ 720,000
Term loans 1,645,180 496,824
Senior unsecured notes 6,545,209 5,403,378
Mortgage debt 382,406 256,097
Intangible liabilities, net 238,760 127,380
Liabilities related to assets held for sale, net -- 729
Lease liability 307,119 206,743
Accounts payable, accrued liabilities, and other liabilities 717,191 657,196
Deferred revenue 923,676 905,633
-------------------- -------------- -------------------- -------------------- ---------- --------------------
10,942,541 8,773,980
Total liabilities
-------------------- -------------- -------------------- -------------------- ---------- --------------------
Commitments and contingencies
Redeemable noncontrolling interests 54,848 48,828
Common stock, $1.00 par value: 1,500,000,000 and 750,000,000 shares authorized; 703,733,446 and 547,156,311 shares issued and outstanding 703,733 547,156
Additional paid-in capital 12,918,936 10,405,780
Cumulative dividends in excess of earnings (4,779,599 ) (4,621,861 )
Accumulated other comprehensive income (loss) 38,543 19,371
-------------------- -------------- -------------------- -------------------- ---------- --------------------
8,881,613 6,350,446
Total stockholders' equity
-------------------- -------------- -------------------- -------------------- ---------- --------------------
Joint venture partners 328,430 310,998
Non-managing member unitholders 334,608 214,598
-------------------- -------------- -------------------- -------------------- ---------- --------------------
663,038 525,596
Total noncontrolling interests
-------------------- -------------- -------------------- -------------------- ---------- --------------------
Total equity 9,544,651 6,876,042
-------------------- -------------- -------------------- -------------------- ---------- --------------------
Total liabilities and equity $ 20,542,040 $ 15,698,850
==================== ============== ==================== ==================== ========== ====================
Healthpeak Properties, Inc.
Consolidated Statements of Operations
In thousands, except per share data
Three Months Ended
March 31,
------------------------------------------------------------------------------------------------------------------
2024 2023
-------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
Revenues:
$ 462,033 $ 392,431
Rental and related revenues
138,776 127,084
Resident fees and services
5,751 6,163
Interest income and other
-------------------- ------- -------------------- -------------------- ------- --------------------
606,560 525,678
Total revenues
-------------------- ------- -------------------- -------------------- ------- --------------------
Costs and expenses:
60,907 47,963
Interest expense
219,219 179,225
Depreciation and amortization
243,729 223,088
Operating
23,299 24,547
General and administrative
107,220 2,425
Transaction and merger-related costs
11,458 (2,213 )
Impairments and loan loss reserves (recoveries), net
-------------------- ------- -------------------- -------------------- ------- --------------------
665,832 475,035
Total costs and expenses
-------------------- ------- -------------------- -------------------- ------- --------------------
Other income (expense):
Gain (loss) on sales of real estate, net 3,255 81,578
Other income (expense), net 78,516 772
-------------------- ------- -------------------- -------------------- ------- --------------------
Total other income (expense), net 81,771 82,350
-------------------- ------- -------------------- -------------------- ------- --------------------
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 22,499 132,993
(13,698 ) (302 )
Income tax benefit (expense)
2,376 1,816
Equity income (loss) from unconsolidated joint ventures
-------------------- ------- -------------------- -------------------- ------- --------------------
Net income (loss) 11,177 134,507
(4,501 ) (15,555 )
Noncontrolling interests' share in earnings
-------------------- ------- -------------------- -------------------- ------- --------------------
Net income (loss) attributable to Healthpeak Properties, Inc. 6,676 118,952
(199 ) (1,254 )
Participating securities' share in earnings
-------------------- ------- -------------------- -------------------- ------- --------------------
Net income (loss) applicable to common shares $ 6,477 $ 117,698
==================== ======= ==================== ==================== ======= ====================
Earnings (loss) per common share:
$ 0.01 $ 0.22
Basic
$ 0.01 $ 0.22
Diluted
Weighted average shares outstanding:
600,898 546,842
Basic
601,188 547,110
Diluted
Healthpeak Properties, Inc.
Funds From Operations
In thousands, except per share data
Three Months Ended
March 31,
--------------------------------------------------------------------------------------------------------------------------------
2024 2023
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Net income (loss) applicable to common shares $ 6,477 $ 117,698
219,219 179,225
Real estate related depreciation and amortization
8,772 5,993
Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures
(4,452 ) (4,783 )
Noncontrolling interests' share of real estate related depreciation and amortization
(3,255 ) (81,578 )
Loss (gain) on sales of depreciable real estate, net
-- 11,546
Noncontrolling interests' share of gain (loss) on sales of depreciable real estate, net
(77,781 ) --
Loss (gain) upon change of control, net(1)
11,608 --
Taxes associated with real estate dispositions(2)
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Nareit FFO applicable to common shares 160,588 228,101
1,618 2,342
Distributions on dilutive convertible units and other
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Diluted Nareit FFO applicable to common shares $ 162,206 $ 230,443
==================== ============== ==================== ==================== ============== ====================
Diluted Nareit FFO per common share $ 0.27 $ 0.42
==================== ============== ==================== ==================== ============== ====================
Weighted average shares outstanding - Diluted Nareit FFO 608,807 554,400
Impact of adjustments to Nareit FFO:
$ 102,829 $ 2,364
Transaction and merger-related items(3)
11,853 (1,272 )
Other impairments (recoveries) and other losses (gains), net(4)
-- 348
Casualty-related charges (recoveries), net(5)
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Total adjustments 114,682 1,440
==================== ============== ==================== ==================== ============== ====================
FFO as Adjusted applicable to common shares 275,270 229,541
2,210 2,340
Distributions on dilutive convertible units and other
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Diluted FFO as Adjusted applicable to common shares $ 277,480 $ 231,881
==================== ============== ==================== ==================== ============== ====================
Diluted FFO as Adjusted per common share $ 0.45 $ 0.42
==================== ============== ==================== ==================== ============== ====================
__________________________________________
(1)
The three months ended March 31, 2024 includes a gain upon change of control related to the sale of a 65% interest in two lab buildings in San Diego, California. The gain upon change of control is included in other income (expense), net in the Consolidated Statements of Operations.
(2)
The three months ended March 31, 2024 includes non-cash income tax expense related to the sale of a 65% interest in two lab buildings in San Diego, California.
(3)
The three months ended March 31, 2024 includes costs related to the Merger, which are primarily comprised of advisory, legal, accounting, tax, post-combination severance and stock compensation expense, and other costs that were incurred during the period, partially offset by $4 million of termination fee income associated with Graphite Bio, Inc., for which the lease terms were modified to accelerate expiration of the lease to December 2024. Termination fee income is included in rental and related revenues on the Consolidated Statements of Operations.
(4)
The three months ended March 31, 2024 and 2023 includes reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations.
Healthpeak Properties, Inc.
Adjusted Funds From Operations
In thousands
Three Months Ended
March 31,
------------------------------------------------------------------------------------------------------------------
2024 2023
-------------------- ------- -------------------- -------------------- ------- --------------------
FFO as Adjusted applicable to common shares $ 275,270 $ 229,541
3,366 3,287
Stock-based compensation amortization expense
4,522 2,821
Amortization of deferred financing costs and debt discounts (premiums)
(12,093 ) (747 )
Straight-line rents(1)
(17,517 ) (22,789 )
AFFO capital expenditures
724 (261 )
Deferred income taxes
(7,351 ) (5,803 )
Amortization of above (below) market lease intangibles, net
(1,485 ) 1,610
Other AFFO adjustments
-------------------- ------- -------------------- -------------------- ------- --------------------
AFFO applicable to common shares 245,436 207,659
2,321 1,640
Distributions on dilutive convertible units and other
-------------------- ------- -------------------- -------------------- ------- --------------------
Diluted AFFO applicable to common shares $ 247,757 $ 209,299
-------------------- ------- -------------------- -------------------- ------- --------------------
Diluted AFFO per common share $ 0.41 $ 0.38
==================== ======= ==================== ==================== ======= ====================
__________________________________________
View source version on businesswire.com: https://www.businesswire.com/news/home/20240425517824/en/
SOURCE: Healthpeak Properties, Inc.
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Andrew Johns, CFA Senior Vice President - Investor Relations 720-428-5400
COMTEX_451421206/1006/2024-04-25T16:15:03