Healthpeak Properties Raises 2024 Guidance

Rhea-AI Summary

Healthpeak Properties (NYSE: DOC) has increased its full-year 2024 guidance following strong performance across its lab, outpatient medical, and CCRC portfolios. The company revised its Diluted FFO as Adjusted per share upward to $1.80-$1.82 from $1.79-$1.81, and Diluted AFFO per share to $1.57-$1.59 from $1.56-$1.58. The Total Merger-Combined Same-Store Cash NOI growth projection was also raised to 4.0%-5.0% from 3.5%-4.5%.

Positive

• Increased FFO guidance for 2024 indicating improved financial outlook
• Higher AFFO per share guidance showing stronger operational performance
• Improved Same-Store Cash NOI growth projection suggesting better property performance
• Strong performance across all portfolio segments (lab, outpatient medical, CCRC)

Negative

• None.

Insights

Financial Analyst

The guidance increase reflects robust operational performance across Healthpeak's diversified healthcare real estate portfolio. The 0.01% uptick in FFO guidance to $1.80-$1.82 per share and AFFO to $1.57-$1.59 per share, while modest, signals management's growing confidence in the company's execution. Most notably, the Same-Store NOI growth projection increase to 4.0-5.0% indicates strong underlying property performance and improving rental rates. Healthcare real estate fundamentals remain resilient, supported by aging demographics and increasing outpatient care trends. The post-merger portfolio optimization and operational synergies appear to be materializing faster than initially anticipated, though investors should monitor integration progress and tenant health in the evolving healthcare landscape.

DENVER--(BUSINESS WIRE)-- Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, announced it increased full year 2024 guidance, driven by the continued strong performance of its high-quality lab, outpatient medical, and CCRC portfolios. Healthpeak’s updated guidance ranges include:

• Diluted FFO as Adjusted per share increased from $1.79 – $1.81 to $1.80 – $1.82
• Diluted AFFO per share increased from $1.56 – $1.58 to $1.57 – $1.59
• Total Merger-Combined Same-Store Cash (Adjusted) NOI growth increased from 3.5% – 4.5% to 4.0% – 5.0%

Healthpeak published an updated Investor Presentation to incorporate the above-mentioned guidance increases, which includes required reconciliations under the appendix entitled “Reconciliation of Certain Non-GAAP Financial Measures.”

The presentation is available on Healthpeak’s investor relations website at https://ir.healthpeak.com.

ABOUT HEALTHPEAK PROPERTIES

Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates and develops high-quality real estate focused on healthcare discovery and delivery. For more information regarding Healthpeak, visit www.healthpeak.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241118124106/en/

Andrew Johns, CFA

Senior Vice President – Investor Relations

720-428-5400

Source: Healthpeak Properties, Inc.

FAQ

What is Healthpeak Properties' (DOC) updated FFO guidance for 2024?

Healthpeak Properties raised its Diluted FFO as Adjusted per share guidance for 2024 to $1.80-$1.82 from the previous $1.79-$1.81.

What is Healthpeak Properties' (DOC) revised NOI growth projection for 2024?

Healthpeak Properties increased its Total Merger-Combined Same-Store Cash NOI growth projection to 4.0%-5.0% from the previous 3.5%-4.5%.

What drove Healthpeak Properties' (DOC) 2024 guidance increase?

The guidance increase was driven by continued strong performance across Healthpeak's high-quality lab, outpatient medical, and CCRC portfolios.