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Healthpeak (PEAK) Boosts Flexibility With $3B Credit Facility
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Healthpeak Properties, Inc. has announced the closing of a new $3-billion senior unsecured revolving credit facility. The move boosts the company’s financial flexibility, as its offers the extension of maturities and reduction in borrowing costs as well as supports its growth endeavors.
The new credit facility increases the total revolving commitments from $2.5 billion to $3 billion, and extends the mature date to Jan 20, 2026. The maturity of the facility can be prolonged by using two six-month extension options.
The interest rate on the new credit facility will be LIBOR plus 77.5 basis points (bps), marking five bps improvement from the pricing under the previous unsecured revolving credit facility. It carries a facility fee of 15 bps per annum on the entire revolving commitment.
With an enhanced financial flexibility, the company is well poised to ride on its growth curve. Its life-science real estate is likely to witness decent demand on the back of drug innovations and developments. Therefore, its expansion efforts in this asset category augur well.
The company will break ground on the development in the Sorrento Mesa submarket in the ongoing quarter. The construction of Sorrento Gateway, a Class-A development will comprise a five-story building, spanning nearly 163,000 square feet. It will be purpose-built with numerous amenities, enabling the company to capitalize on the demand from the existing and new tenants alike.
Shares of this Zacks Rank#3 (Hold) company have gained 3.1% over the past three months, outperforming the industry’s growth of 1.6%.
The Zacks Consensus Estimate for CubeSmart’s (CUBE - Free Report) 2021 FFO per share has moved marginally upward over the past month. The company currently carries a Zacks Rank of 2.
The Zacks Consensus Estimate for Extra Space Storage Inc.’s (EXR - Free Report) current-year FFO per share has moved marginally north in the past 30 days. The company carries a Zacks Rank of 2, at present.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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Healthpeak (PEAK) Boosts Flexibility With $3B Credit Facility
Healthpeak Properties, Inc. has announced the closing of a new $3-billion senior unsecured revolving credit facility. The move boosts the company’s financial flexibility, as its offers the extension of maturities and reduction in borrowing costs as well as supports its growth endeavors.
The new credit facility increases the total revolving commitments from $2.5 billion to $3 billion, and extends the mature date to Jan 20, 2026. The maturity of the facility can be prolonged by using two six-month extension options.
The interest rate on the new credit facility will be LIBOR plus 77.5 basis points (bps), marking five bps improvement from the pricing under the previous unsecured revolving credit facility. It carries a facility fee of 15 bps per annum on the entire revolving commitment.
With an enhanced financial flexibility, the company is well poised to ride on its growth curve. Its life-science real estate is likely to witness decent demand on the back of drug innovations and developments. Therefore, its expansion efforts in this asset category augur well.
The company will break ground on the development in the Sorrento Mesa submarket in the ongoing quarter. The construction of Sorrento Gateway, a Class-A development will comprise a five-story building, spanning nearly 163,000 square feet. It will be purpose-built with numerous amenities, enabling the company to capitalize on the demand from the existing and new tenants alike.
Shares of this Zacks Rank#3 (Hold) company have gained 3.1% over the past three months, outperforming the industry’s growth of 1.6%.
Image Source: Zacks Investment Research
Key Picks
The Zacks Consensus Estimate for Alexander & Baldwin Holdings, Inc.’s (ALEX - Free Report) ongoing-year FFO per share has been revised 32.4% upward over the past two months. The company carries a Zacks Rank of 2 (Buy), currently. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
The Zacks Consensus Estimate for CubeSmart’s (CUBE - Free Report) 2021 FFO per share has moved marginally upward over the past month. The company currently carries a Zacks Rank of 2.
The Zacks Consensus Estimate for Extra Space Storage Inc.’s (EXR - Free Report) current-year FFO per share has moved marginally north in the past 30 days. The company carries a Zacks Rank of 2, at present.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.