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.
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.
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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.
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.
Buy 5 Stocks BEFORE Election Day
Biden or Trump? Zacks is releasing a FREE Special Report, Profit from the 2024 Presidential Election (no matter who wins).
Since 1950, presidential election years have been strong for the market. This report names 5 timely stocks to ride the wave of electoral excitement.
They include a medical manufacturer that gained +11,000% in the last 15 years… a rental company absolutely crushing its sector… an energy powerhouse planning to grow its already large dividend by 25%... an aerospace and defense standout that just landed a potentially $80 billion contract… and a giant chipmaker building huge plants in the U.S.
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