We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Healthpeak's (DOC) Q1 FFO Beat Estimates, Same-Store NOI Up
Read MoreHide Full Article
Healthpeak Properties, Inc. (DOC - Free Report) reported first-quarter 2024 funds from operations (FFO) as adjusted per share of 45 cents, beating the Zacks Consensus Estimate by a penny. The reported figure rose 7.1% from the prior-year quarter.
Results reflect better-than-anticipated revenues. Moreover, growth in total merger-combined same-store cash (adjusted) net operating income (NOI) was witnessed across the portfolio. The company also revised its 2024 outlook.
The healthcare real estate investment trust (REIT) generated revenues of $606.6 million, outpacing the Zacks Consensus Estimate of $555.5 million. Moreover, the figure climbed 15.4% year over year.
Behind the Headlines
In the first quarter, Healthpeak reported 4.5% year-over-year growth in the total merger-combined same-store cash (adjusted) NOI.
It witnessed 2.6% and 2.7% year-over-year growth in the total merger-combined same-store cash (adjusted) NOI for its outpatient medical and lab segments, respectively. The CCRC segment reported growth of 26.6%.
During the reported quarter, Healthpeak executed lab new and renewal leases totaling 155,000 square feet. For the outpatient medical portfolio, new and renewal leases aggregated 1.4 million square feet.
Balance Sheet
Healthpeak exited the first quarter with cash and cash equivalents of $101.8 million, down from $117.6 million as of Dec 31, 2023. Its net debt to adjusted EBITDAre was 5.2X as of Mar 31, 2024.
Dividend Update
Concurrent with its first-quarter earnings release, Healthpeak’s board of directors announced a quarterly cash dividend of 30 cents per common share. The dividend will be paid out on May 17 to shareholders on record as of May 6, 2024.
2024 Outlook
Healthpeak revised its guidance for FFO as adjusted per share to the range of $1.76-$1.80 from $1.73-$1.79 estimated earlier. The Zacks Consensus Estimate for the same is presently pegged at $1.77, which is within expectations.
The total merger-combined same-store cash (adjusted) NOI growth is revised and estimated to be in the range of 2.50-4.00% from 2.25-3.75%.
Alexandria Real Estate Equities, Inc. (ARE - Free Report) reported first-quarter 2024 adjusted funds from operations (AFFO) per share of $2.35, which beat the Zacks Consensus Estimate of $2.31. The reported figure also climbed 7.3% from the year-ago quarter.
Results reflected a rise in revenues, aided by decent leasing activity and rental rate growth. Alexandria also narrowed its 2024 outlook.
Crown Castle (CCI - Free Report) reported first-quarter 2024 AFFO per share of $1.72, outpacing the Zacks Consensus Estimate by a penny. Results reflected better-than-anticipated revenues, with the company reporting net revenues of $1.64 billion, beating the Zacks Consensus Estimate of $1.63 billion. However, on a year-over-year basis, AFFO per share declined 9.9% while revenues fell 7.4%.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Healthpeak's (DOC) Q1 FFO Beat Estimates, Same-Store NOI Up
Healthpeak Properties, Inc. (DOC - Free Report) reported first-quarter 2024 funds from operations (FFO) as adjusted per share of 45 cents, beating the Zacks Consensus Estimate by a penny. The reported figure rose 7.1% from the prior-year quarter.
Results reflect better-than-anticipated revenues. Moreover, growth in total merger-combined same-store cash (adjusted) net operating income (NOI) was witnessed across the portfolio. The company also revised its 2024 outlook.
The healthcare real estate investment trust (REIT) generated revenues of $606.6 million, outpacing the Zacks Consensus Estimate of $555.5 million. Moreover, the figure climbed 15.4% year over year.
Behind the Headlines
In the first quarter, Healthpeak reported 4.5% year-over-year growth in the total merger-combined same-store cash (adjusted) NOI.
It witnessed 2.6% and 2.7% year-over-year growth in the total merger-combined same-store cash (adjusted) NOI for its outpatient medical and lab segments, respectively. The CCRC segment reported growth of 26.6%.
During the reported quarter, Healthpeak executed lab new and renewal leases totaling 155,000 square feet. For the outpatient medical portfolio, new and renewal leases aggregated 1.4 million square feet.
Balance Sheet
Healthpeak exited the first quarter with cash and cash equivalents of $101.8 million, down from $117.6 million as of Dec 31, 2023. Its net debt to adjusted EBITDAre was 5.2X as of Mar 31, 2024.
Dividend Update
Concurrent with its first-quarter earnings release, Healthpeak’s board of directors announced a quarterly cash dividend of 30 cents per common share. The dividend will be paid out on May 17 to shareholders on record as of May 6, 2024.
2024 Outlook
Healthpeak revised its guidance for FFO as adjusted per share to the range of $1.76-$1.80 from $1.73-$1.79 estimated earlier. The Zacks Consensus Estimate for the same is presently pegged at $1.77, which is within expectations.
The total merger-combined same-store cash (adjusted) NOI growth is revised and estimated to be in the range of 2.50-4.00% from 2.25-3.75%.
Healthpeak currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Healthpeak Properties, Inc. Price, Consensus and EPS Surprise
Healthpeak Properties, Inc. price-consensus-eps-surprise-chart | Healthpeak Properties, Inc. Quote
Performance of Other REITs
Alexandria Real Estate Equities, Inc. (ARE - Free Report) reported first-quarter 2024 adjusted funds from operations (AFFO) per share of $2.35, which beat the Zacks Consensus Estimate of $2.31. The reported figure also climbed 7.3% from the year-ago quarter.
Results reflected a rise in revenues, aided by decent leasing activity and rental rate growth. Alexandria also narrowed its 2024 outlook.
Crown Castle (CCI - Free Report) reported first-quarter 2024 AFFO per share of $1.72, outpacing the Zacks Consensus Estimate by a penny. Results reflected better-than-anticipated revenues, with the company reporting net revenues of $1.64 billion, beating the Zacks Consensus Estimate of $1.63 billion.
However, on a year-over-year basis, AFFO per share declined 9.9% while revenues fell 7.4%.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.