The following is a summary of the Healthpeak Properties, Inc. (DOC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Healthpeak Properties increased its 2024 earnings guidance by $0.02 at the midpoint, due to strong same-store results, outperformance on merger synergies, and accretive stock buybacks.

• Q1 2024 reports show an FFO-as-adjusted of $0.45 per share, AFFO of $0.41 per share and total portfolio same-store growth of 4.5%.

• The company repurchased $100 million of its stock at an average price slightly above $17 per share, representing an implied cap rate of 8%.

• The company has sold $363 million of fully stabilized assets and made loan repayments of $69 million.

Business Progress:

• The merger with Physicians Realty has proven to be a valuable move, exceeding integration expectations.

• Healthpeak Properties has internalized 10 markets covering 17 million sqft of property with plans to internalize an additional 4 million sqft by year-end.

• The company aims to internalize over 70% of their total footprint and has identified $80 million of NOI upside potential from additional merger synergies and leasing of active life science development readout pipeline.

• There is an accelerated patient volume and absorption in the outpatient business, and new development remains low with an expected continuity.

• In their Life Science business, leasing pipeline has increased by 80% from last quarter, suggesting favourable leasing environment due to reduction in new construction starts.

• With the new origin of a five year $750 million term loan and an outstanding authorization of roughly $350 million, they foresee more strides in financial security.

More details: Healthpeak Properties IR

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