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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