Healthpeak Reports Fourth Quarter and Year Ended 2021 Results
Healthpeak Properties reported Q4 2021 net income of $0.05 per share and Nareit FFO of $0.41 per share. The company achieved blended Total Same-Store Portfolio Cash NOI growth of 2.7%, with life sciences experiencing a growth of 5.4%. In full-year 2021, net income reached $0.93 per share, though Nareit FFO declined from $1.30 to $1.12 per share. The company engaged in $1.5 billion in acquisitions and commenced four life science projects worth $812 million. A quarterly dividend of $0.30 per share was announced, payable on February 22, 2022. 2022 guidance reflects diluted earnings per share of $0.58 - $0.64.
- Blended Total Same-Store Portfolio Cash NOI growth of 2.7% in Q4 2021.
- Life sciences portfolio experienced 5.4% Same-Store NOI growth.
- Completed $1.5 billion acquisitions in 2021, enhancing growth potential.
- Announced a quarterly dividend of $0.30 per share, demonstrating shareholder returns.
- 2022 guidance projects diluted FFO per share of $1.70 - $1.76.
- Q4 2021 net income of $0.05 per share decreased from $0.27 in Q4 2020.
- Nareit FFO per share declined from $1.30 in 2020 to $1.12 in 2021.
- CCRC portfolio reported a significant decline in Same-Store NOI, dropping by 9.6% in Q4.
DENVER, Feb. 8, 2022 /PRNewswire/ -- Healthpeak Properties, Inc. (NYSE: PEAK) today announced results for the fourth quarter and full year ended December 31, 2021.
FOURTH QUARTER 2021 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS
– Net income of
- Life Science and MOB Same-Store Portfolio Cash (Adjusted) NOI growth of
5.4% and3.6% , respectively - Total pro forma Same-Store Portfolio Cash (Adjusted) NOI growth of
4.0% excluding government grants received under the CARES Act at our CCRC properties
– Life science development leasing:
- Pre-leased all 148,000 square feet at Nexus on Grand in South San Francisco
- Active life science developments
76% pre-leased as of the end of the fourth quarter
– Additional life science development pipeline opportunities:
- Acquired a combined ten acre parcel in the Sorrento Mesa submarket of San Diego
- Acquired a joint venture interest in a nine acre land parcel located in the Needham submarket of Boston
– Balance sheet:
- In November, issued
$500 million of2.125% senior unsecured notes in a green bond offering - Pro forma net debt to adjusted EBITDAre of 5.3x as of December 31, 2021, including
$316 million of net proceeds from the future expected settlement of shares sold under equity forward contracts through the Company's ATM program during the third quarter of 2021
– Promoted Scott Bohn to Executive Vice President – Co-Head of Life Science
– The Board of Directors declared a quarterly common stock cash dividend of
– Recent ESG recognitions include being named to the CDP Leadership band for the ninth consecutive year; included in the S&P Global Sustainability Yearbook for the seventh consecutive year and Bloomberg Gender-Equality Index for the third consecutive year; and named a Top-Rated Industry Performer and Top-Rated Regional Performer by Sustainalytics for the first time
FULL YEAR 2021 HIGHLIGHTS
– Net income of
- Life Science and MOB Same-Store Portfolio Cash (Adjusted) NOI growth of
7.2% and3.1% , respectively - Total pro forma Same-Store Portfolio Cash (Adjusted) NOI growth of
4.9% excluding government grants received under the CARES Act at our CCRC properties
– Closed
$658 million of life science acquisitions$834 million of medical office acquisitions
– Development:
- Commenced four life science development projects totaling approximately 839,000 square feet, representing
$812 million of estimated total spend - Signed 729,000 square feet of life science and MOB development leasing during 2021
– Closed
$3 billion of senior housing sales and loan repayments, bringing total senior housing dispositions to approximately$4 billion since July 2020$300 million of other non-core sales
– Balance sheet:
- Issued
$950 million of senior unsecured notes across multiple green bond offerings at a weighted average coupon of1.76% - Using proceeds from senior housing sales, repaid
$2 billion of senior unsecured notes with maturities ranging from 2023 to 2025 with a weighted average coupon rate of3.95%
– Earned numerous ESG recognitions in 2021. We were short-listed for Best Proxy Statement by IR Magazine and Corporate Secretary for the second consecutive year; were named a constituent in the FTSE4Good Index, as well as received a Green Star rating from the Global Real Estate Sustainability Benchmark (GRESB), for the tenth consecutive year; were named to CDP's Leadership band, as well as listed in S&P Global's North America Dow Jones Sustainability Index, for the ninth consecutive year; were listed in S&P Global's Sustainability Yearbook for the seventh consecutive year; were named to the Bloomberg Gender-Equality Index, 3BL Media's 100 Best Corporate Citizens list, and Newsweek's America's Most Responsible Companies list for the third consecutive year; maintained a rating of "Prime" by ISS ESG Corporate Rating; and were named a Top-Rated Industry Performer and Top-Rated Regional Performer by Sustainalytics for the first time
FOURTH QUARTER COMPARISON | ||||||||
Three Months Ended December 31, 2021 | Three Months Ended December 31, 2020 | |||||||
(in thousands, except per share amounts) | Amount | Per Share | Amount | Per Share | ||||
Net income, diluted | $ 28,493 | $ 0.05 | $ 146,129 | $ 0.27 | ||||
Nareit FFO, diluted | 222,101 | 0.41 | 176,477 | 0.32 | ||||
FFO as Adjusted, diluted | 222,730 | 0.41 | 220,525 | 0.41 | ||||
AFFO, diluted | 175,941 | 190,991 | ||||||
FULL YEAR COMPARISON | ||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||
(in thousands, except per share amounts) | Amount | Per Share | Amount | Per Share | ||||
Net income, diluted | $ 502,271 | $ 0.93 | $ 411,147 | $ 0.77 | ||||
Nareit FFO, diluted | 610,888 | 1.12 | 700,029 | 1.30 | ||||
FFO as Adjusted, diluted | 879,222 | 1.61 | 880,678 | 1.64 | ||||
AFFO, diluted | 734,034 | 779,367 | ||||||
Nareit FFO, FFO as Adjusted, AFFO, Same-Store Cash (Adjusted) NOI, Net Debt to Adjusted EBITDA are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of real estate investment trusts (see the "Funds From Operations" and "Adjusted Funds From Operations" sections of this release for additional information). See "December 31, 2021 Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP in the Investor Relations section of our website at http://ir.healthpeak.com/quarterly-results.
SAME-STORE ("SS") OPERATING SUMMARY
The table below outlines the year-over-year three-month and full year SS Cash (Adjusted) NOI growth on an actual and pro forma basis. The Pro Forma table reflects the results excluding government grants under the CARES Act for our CCRC portfolio.
Actual | ||||||
Year-Over-Year Total SS Portfolio Cash (Adjusted) NOI Growth | ||||||
Three Month | Full Year | |||||
SS Growth % | % of SS | SS Growth % | % of SS | |||
Life science | ||||||
Medical office | ||||||
CCRC(1) | ( | ( | ||||
Total Portfolio | ||||||
Pro Forma (excluding CARES) | ||||||
Year-Over-Year Total SS Portfolio Cash (Adjusted) NOI Growth | ||||||
Three Month | Full Year | |||||
SS Growth % | % of SS | SS Growth % | % of SS | |||
Life science | ||||||
Medical office | ||||||
CCRC(1) | ( | ( | ||||
Total Portfolio | ||||||
(1) | CCRC SS consists of 15 properties for the three month comparison and two properties for the full year comparison. | |||
ACQUISITIONS
VISTA SORRENTO ASSEMBLAGE, SORRENTO MESA
As previously announced, in October 2021, Healthpeak closed on an office building on a five acre parcel in an off-market acquisition in the Sorrento Mesa submarket of San Diego for
In January 2022, Healthpeak closed on an adjacent office building located on a five acre parcel in an off-market acquisition for
Following near-term expirations of the in-place leases across the ten acre site, Healthpeak intends to commence construction of a new Class A life science development. The Vista Sorrento assemblage is located in close proximity to two existing Healthpeak life science campuses.
NEEDHAM LAND PARCEL JOINT VENTURE
In December 2021, Healthpeak acquired a
PREVIOUSLY DISCLOSED FOURTH QUARTER 2021 ACQUISITIONS
CAMBRIDGE (ALEWIFE) UPDATE
In December 2021 and January 2022, Healthpeak closed on the previously announced acquisitions of 110 & 125 Fawcett and 67 Smith Place in the Alewife submarket of Cambridge for a total of
LAKEVIEW MOB
As previously announced, in October, Healthpeak acquired Lakeview Medical Pavilion, a 55,000 square foot on-campus MOB for
SWEDISH MEDICAL MOB
As previously announced, in October, Healthpeak acquired 700 Broadway, a 39,000 square foot on-campus MOB located in the downtown Seattle healthcare cluster known as "First Hill" for
DEVELOPMENT UPDATES
NEXUS ON GRAND LEASING UPDATE
Graphite Bio, Inc. and another leading biotech company have signed leases for a combined 148,000 square feet at Nexus on Grand in South San Francisco, bringing the
VANTAGE DEVELOPMENT START
As previously announced, in October, Healthpeak commenced the first phase of Vantage, a
The purpose-built lab campus will feature state-of-the-art design, an amenity center, flexible and efficient floor plates, and building systems that will accommodate a broad range of life science uses. Expected initial occupancy is in the second half of 2023.
Healthpeak expects to pursue additional entitlements for the remaining acreage on the Vantage land site, enabling the development of a multi-phase campus totaling one million square feet based on existing zoning, with the potential for significantly more subject to entitlements.
CENTENNIAL MOB COMPLETION
During the fourth quarter, Healthpeak completed the 172,000 square foot,
BALANCE SHEET
In November, Healthpeak completed its second green bond issuance, a public offering of
Pro forma net debt to adjusted EBITDAre of 5.3x as of December 31, 2021, including
EXECUTIVE LEADERSHIP PROMOTION
Scott Bohn has been promoted to Executive Vice President – Co-Head of Life Science. Mr. Bohn has been with Healthpeak for 10 years. He will continue to report to Scott Brinker and lead Healthpeak's life science business in the San Francisco Bay Area and Boston.
DIVIDEND
On January 27, 2022, Healthpeak announced that its Board declared a quarterly common stock cash dividend of
2022 GUIDANCE
For full year 2022, we have established the following guidance ranges:
- Diluted earnings per common share of
$0.58 –$0.64 - Diluted Nareit FFO per share of
$1.70 –$1.76 - Diluted FFO as Adjusted per share of
$1.68 –$1.74 - Total Portfolio Same-Store Cash (Adjusted) NOI growth of
3.25% –4.75%
Components of Total Portfolio Same-Store Cash (Adjusted) NOI guidance:
- Life Science:
4.00% to5.00% ;49% of the full year 2022 same-store pool - Medical Office:
1.75% to2.75% ;39% of the full year 2022 same-store pool - CCRC:
8.00% to12.00% ;12% of the full year 2022 same-store pool
These estimates do not reflect the potential impact from unannounced future transactions other than capital recycling activities. These estimates are based on our view of existing market conditions, transaction timing and other assumptions for the year ending December 31, 2022. For additional details and assumptions underlying this guidance, please see page 41 in our corresponding Supplemental Report and the Discussion and Reconciliation of Non-GAAP Financial Measures, both of which are available in the Investor Relations section of our website at http://ir.healthpeak.com
COMPANY INFORMATION
Healthpeak has scheduled a conference call and webcast for Wednesday, February 9, 2022, at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time) to present its performance and operating results for the fourth quarter and year ended December 31, 2021. The conference call is accessible by dialing (888) 317-6003 (U.S.) or (412) 317-6061 (international). The conference ID number is 7403667. You may also access the conference call via webcast in the Investor Relations section of our website at http://ir.healthpeak.com. An archive of the webcast will be available on Healthpeak's website through February 9, 2023, and a telephonic replay can be accessed through February 23, 2022, by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (international) and entering conference ID number 9680940. Our Supplemental Report for the current period is also available, with this earnings release, in the Investor Relations section of our website.
ABOUT HEALTHPEAK
Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns and develops high-quality real estate in the three private-pay healthcare asset classes of Life Science, Medical Office and CCRCs. At Healthpeak, we pair our deep understanding of the healthcare real estate market with a strong vision for long-term growth. For more information regarding Healthpeak, visit www.healthpeak.com.
FORWARD-LOOKING STATEMENTS
Statements contained in this release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "target," "forecast," "plan," "potential," "estimate," "could," "would," "should" and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things: (i) statements regarding timing, outcomes and other details relating to current, pending or contemplated acquisitions, dispositions, transitions, developments, redevelopments, densifications, joint venture transactions, leasing activity and commitments, capital recycling plans, financing activities, or other transactions discussed in this release; (ii) the payment of a quarterly cash dividend; and (iii) the information presented under the heading "2022 Guidance." Pending acquisitions, dispositions, and leasing activity, including those subject to binding agreements, remain subject to closing conditions and may not be completed within the anticipated timeframes or at all. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to: the Covid pandemic and health and safety measures intended to reduce its spread, the availability, effectiveness and public usage and acceptance of vaccines, and how quickly and to what extent normal economic and operating conditions can resume within the markets in which we operate; the ability of our existing and future tenants, operators and borrowers to conduct their respective businesses in a manner sufficient to maintain or increase their revenues and manage their expenses in order to generate sufficient income to make rent and loan payments to us and our ability to recover investments made, if applicable, in their operations; increased competition, operating costs and market changes affecting our tenants, operators and borrowers; the financial condition of our tenants, operators and borrowers, including potential bankruptcies and downturns in their businesses, and their legal and regulatory proceedings; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in a specific sector than if we invested in multiple industries and exposes us to the risks inherent in illiquid investments; our ability to identify and secure replacement tenants and operators and the potential renovation costs and regulatory approvals associated therewith; our property development, redevelopment and tenant improvement activity risks, including project abandonments, project delays and lower profits than expected; changes within the life science industry; high levels of regulation, funding requirements, expense and uncertainty faced by our life science tenants; the ability of the hospitals on whose campuses our MOBs are located and their affiliated healthcare systems to remain competitive or financially viable; our ability to maintain or expand our hospital and health system client relationships; operational risks associated with third party management contracts, including the additional regulation and liabilities of our RIDEA lease structures; economic and other conditions that negatively affect geographic areas from which we recognize a greater percentage of our revenue; uninsured or underinsured losses, which could result in significant losses and/or performance declines by us or our tenants and operators; our investments in joint ventures and unconsolidated entities, including our lack of sole decision making authority and our reliance on our partners' financial condition and continued cooperation; our use of fixed rent escalators, contingent rent provisions and/or rent escalators based on the Consumer Price Index; competition for suitable healthcare properties to grow our investment portfolio; our ability to foreclose on collateral securing our real estate-related loans; our ability to make material acquisitions and successfully integrate them; the potential impact on us and our tenants, operators and borrowers from litigation matters, including rising liability and insurance costs; an increase in our borrowing costs, including due to higher interest rates; the availability of external capital on acceptable terms or at all, including due to rising interest rates, changes in our credit ratings and the value of our common stock, volatility or uncertainty in the capital markets, and other factors; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; our ability to manage our indebtedness level and covenants in and changes to the terms of such indebtedness; changes in global, national and local economic and other conditions; laws or regulations prohibiting eviction of our tenants; the failure of our tenants, operators and borrowers to comply with federal, state and local laws and regulations, including resident health and safety requirements, as well as licensure, certification and inspection requirements; required regulatory approvals to transfer our senior housing properties; compliance with the Americans with Disabilities Act and fire, safety and other regulations; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; legislation to address federal government operations and administration decisions affecting the Centers for Medicare and Medicaid Services; our participation in the CARES Act Provider Relief Fund and other Covid-related stimulus and relief programs; provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; environmental compliance costs and liabilities associated with our real estate investments; our ability to maintain our qualification as a real estate investment trust ("REIT"); changes to U.S. federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings and profits distributions; ownership limits in our charter that restrict ownership in our stock; the loss or limited availability of our key personnel; our reliance on information technology systems and the potential impact of system failures, disruptions or breaches; and other risks and uncertainties described from time to time in our Securities and Exchange Commission filings. Except as required by law, we do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, which speak only as of the date on which they are made.
CONTACT
Andrew Johns, CFA
Vice President – Corporate Finance and Investor Relations
720-428-5400
Healthpeak Properties, Inc. | ||||||
December 31, 2021 | December 31, 2020 | |||||
Assets | ||||||
Real estate: | ||||||
Buildings and improvements | $ | 12,025,271 | $ | 11,048,433 | ||
Development costs and construction in progress | 877,423 | 613,182 | ||||
Land | 2,603,964 | 1,867,278 | ||||
Accumulated depreciation and amortization | (2,839,229) | (2,409,135) | ||||
Net real estate | 12,667,429 | 11,119,758 | ||||
Net investment in direct financing leases | 44,706 | 44,706 | ||||
Loans receivable, net of reserves of | 415,811 | 195,375 | ||||
Investments in and advances to unconsolidated joint ventures | 403,634 | 402,871 | ||||
Accounts receivable, net of allowance of | 48,691 | 42,269 | ||||
Cash and cash equivalents | 158,287 | 44,226 | ||||
Restricted cash | 53,454 | 67,206 | ||||
Intangible assets, net | 519,760 | 519,917 | ||||
Assets held for sale and discontinued operations, net | 37,190 | 2,626,306 | ||||
Right-of-use asset, net | 233,942 | 192,349 | ||||
Other assets, net | 674,615 | 665,106 | ||||
Total assets | $ | 15,257,519 | $ | 15,920,089 | ||
Liabilities and Equity | ||||||
Bank line of credit and commercial paper | $ | 1,165,975 | $ | 129,590 | ||
Term loan | — | 249,182 | ||||
Senior unsecured notes | 4,651,933 | 5,697,586 | ||||
Mortgage debt | 352,081 | 221,621 | ||||
Intangible liabilities, net | 177,232 | 144,199 | ||||
Liabilities related to assets held for sale and discontinued operations, net | 15,056 | 415,737 | ||||
Lease liability | 204,547 | 179,895 | ||||
Accounts payable, accrued liabilities, and other liabilities | 755,384 | 760,617 | ||||
Deferred revenue | 789,207 | 774,316 | ||||
Total liabilities | 8,111,415 | 8,572,743 | ||||
Commitments and contingencies | ||||||
Redeemable noncontrolling interests | 87,344 | 57,396 | ||||
Common stock, | 539,097 | 538,405 | ||||
Additional paid-in capital | 10,100,294 | 10,175,235 | ||||
Cumulative dividends in excess of earnings | (4,120,774) | (3,976,232) | ||||
Accumulated other comprehensive income (loss) | (3,147) | (3,685) | ||||
Total stockholders' equity | 6,515,470 | 6,733,723 | ||||
Joint venture partners | 342,234 | 357,069 | ||||
Non-managing member unitholders | 201,056 | 199,158 | ||||
Total noncontrolling interests | 543,290 | 556,227 | ||||
Total equity | 7,058,760 | 7,289,950 | ||||
Total liabilities and equity | $ | 15,257,519 | $ | 15,920,089 | ||
Healthpeak Properties, Inc. | |||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||
Revenues: | |||||||||||||
Rental and related revenues | $ | 356,254 | $ | 309,597 | $ | 1,378,384 | $ | 1,182,108 | |||||
Resident fees and services | 118,867 | 115,757 | 471,325 | 436,494 | |||||||||
Income from direct financing leases | 2,180 | 2,151 | 8,702 | 9,720 | |||||||||
Interest income | 5,904 | 4,192 | 37,773 | 16,553 | |||||||||
Total revenues | 483,205 | 431,697 | 1,896,184 | 1,644,875 | |||||||||
Costs and expenses: | |||||||||||||
Interest expense | 36,551 | 54,088 | 157,980 | 218,336 | |||||||||
Depreciation and amortization | 178,114 | 147,175 | 684,286 | 553,949 | |||||||||
Operating | 199,247 | 184,215 | 773,279 | 782,541 | |||||||||
General and administrative | 26,043 | 25,507 | 98,303 | 93,237 | |||||||||
Transaction costs | 424 | 1,422 | 1,841 | 18,342 | |||||||||
Impairments and loan loss reserves (recoveries), net | 18,702 | 26,742 | 23,160 | 42,909 | |||||||||
Total costs and expenses | 459,081 | 439,149 | 1,738,849 | 1,709,314 | |||||||||
Other income (expense): | |||||||||||||
Gain (loss) on sales of real estate, net | 717 | 4,714 | 190,590 | 90,350 | |||||||||
Gain (loss) on debt extinguishments | — | — | (225,824) | (42,912) | |||||||||
Other income (expense), net | 662 | (128) | 6,266 | 234,684 | |||||||||
Total other income (expense), net | 1,379 | 4,586 | (28,968) | 282,122 | |||||||||
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | 25,503 | (2,866) | 128,367 | 217,683 | |||||||||
Income tax benefit (expense) | 1,857 | 2,631 | 3,261 | 9,423 | |||||||||
Equity income (loss) from unconsolidated joint ventures | 1,583 | (18,969) | 6,100 | (66,599) | |||||||||
Income (loss) from continuing operations | 28,943 | (19,204) | 137,728 | 160,507 | |||||||||
Income (loss) from discontinued operations | 3,633 | 169,449 | 388,202 | 267,746 | |||||||||
Net income (loss) | 32,576 | 150,245 | 525,930 | 428,253 | |||||||||
Noncontrolling interests' share in continuing operations | (3,815) | (3,829) | (17,851) | (14,394) | |||||||||
Noncontrolling interests' share in discontinued operations | — | (22) | (2,539) | (296) | |||||||||
Net income (loss) attributable to Healthpeak Properties, Inc. | 28,761 | 146,394 | 505,540 | 413,563 | |||||||||
Participating securities' share in earnings | (268) | (265) | (3,269) | (2,416) | |||||||||
Net income (loss) applicable to common shares | $ | 28,493 | $ | 146,129 | $ | 502,271 | $ | 411,147 | |||||
Basic earnings (loss) per common share: | |||||||||||||
Continuing operations | $ | 0.05 | $ | (0.04) | $ | 0.22 | $ | 0.27 | |||||
Discontinued operations | 0.00 | 0.31 | 0.71 | 0.50 | |||||||||
Net income (loss) applicable to common shares | $ | 0.05 | $ | 0.27 | $ | 0.93 | $ | 0.77 | |||||
Diluted earnings (loss) per common share: | |||||||||||||
Continuing operations | $ | 0.05 | $ | (0.04) | $ | 0.22 | $ | 0.27 | |||||
Discontinued operations | 0.00 | 0.31 | 0.71 | 0.50 | |||||||||
Net income (loss) applicable to common shares | $ | 0.05 | $ | 0.27 | $ | 0.93 | $ | 0.77 | |||||
Weighted average shares outstanding: | |||||||||||||
Basic | 539,081 | 538,381 | 538,930 | 530,555 | |||||||||
Diluted | 539,505 | 538,381 | 539,241 | 531,056 | |||||||||
Healthpeak Properties, Inc. | |||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||
Net income (loss) applicable to common shares | $ | 28,493 | $ | 146,129 | $ | 502,271 | $ | 411,147 | |||||
Real estate related depreciation and amortization(1) | 178,114 | 155,749 | 684,286 | 697,143 | |||||||||
Healthpeak's share of real estate related depreciation and amortization from unconsolidated joint ventures | 5,041 | 25,040 | 17,085 | 105,090 | |||||||||
Noncontrolling interests' share of real estate related depreciation and amortization | (4,869) | (4,863) | (19,367) | (19,906) | |||||||||
Other real estate-related depreciation and amortization | — | 319 | — | 2,766 | |||||||||
Loss (gain) on sales of depreciable real estate, net(1) | (6,780) | (302,613) | (605,311) | (550,494) | |||||||||
Healthpeak's share of loss (gain) on sales of depreciable real estate, net, from unconsolidated joint ventures | 197 | — | (6,737) | (9,248) | |||||||||
Noncontrolling interests' share of gain (loss) on sales of depreciable real estate, net | (73) | — | 5,555 | (3) | |||||||||
Loss (gain) upon change of control, net(2) | — | 13,249 | (1,042) | (159,973) | |||||||||
Taxes associated with real estate dispositions | — | 3,204 | 2,666 | (7,785) | |||||||||
Impairments (recoveries) of depreciable real estate, net | 19,625 | 138,634 | 25,320 | 224,630 | |||||||||
Nareit FFO applicable to common shares | 219,748 | 174,848 | 604,726 | 693,367 | |||||||||
Distributions on dilutive convertible units and other | 2,353 | 1,629 | 6,162 | 6,662 | |||||||||
Diluted Nareit FFO applicable to common shares | $ | 222,101 | $ | 176,477 | $ | 610,888 | $ | 700,029 | |||||
Diluted Nareit FFO per common share | $ | 0.41 | $ | 0.32 | $ | 1.12 | $ | 1.30 | |||||
Weighted average shares outstanding - diluted Nareit FFO | 546,829 | 544,243 | 544,742 | 536,562 | |||||||||
Impact of adjustments to Nareit FFO: | |||||||||||||
Transaction-related items(3) | $ | 406 | $ | 33,277 | $ | 7,044 | $ | 128,619 | |||||
Other impairments (recoveries) and other losses (gains), net(4) | (923) | 7,896 | 24,238 | (22,046) | |||||||||
Restructuring and severance related charges | 1,147 | 2,911 | 3,610 | 2,911 | |||||||||
Loss (gain) on debt extinguishments | — | — | 225,824 | 42,912 | |||||||||
Litigation costs (recoveries) | — | — | — | 232 | |||||||||
Casualty-related charges (recoveries), net | — | — | 5,203 | 469 | |||||||||
Foreign currency remeasurement losses (gains) | — | — | — | 153 | |||||||||
Valuation allowance on deferred tax assets(5) | — | — | — | 31,161 | |||||||||
Tax rate legislation impact(6) | — | — | — | (3,590) | |||||||||
Total adjustments | 630 | 44,084 | 265,919 | 180,821 | |||||||||
FFO as Adjusted applicable to common shares | 220,378 | 218,932 | 870,645 | 874,188 | |||||||||
Distributions on dilutive convertible units and other | 2,352 | 1,593 | 8,577 | 6,490 | |||||||||
Diluted FFO as Adjusted applicable to common shares | $ | 222,730 | $ | 220,525 | $ | 879,222 | $ | 880,678 | |||||
Diluted FFO as Adjusted per common share | $ | 0.41 | $ | 0.41 | $ | 1.61 | $ | 1.64 | |||||
Weighted average shares outstanding - diluted FFO as Adjusted | 546,829 | 544,243 | 546,567 | 536,562 | |||||||||
(1) | This amount can be reconciled by combining the balances from the corresponding line of the Consolidated Statements of Operations and the detailed financial information in the Discontinued Operations Reconciliation section of the Supplemental Report. | |||
(2) | For the year ended December 31, 2020, includes a | |||
(3) | For the year ended December 31, 2020, includes the termination fee and transition fee expenses related to terminating the management agreements with Brookdale for 13 CCRCs and transitioning those communities to Life Care Services LLC, partially offset by the tax benefit recognized related to those expenses. The expenses related to terminating management agreements are included in operating expenses in the Consolidated Statements of Operations. | |||
(4) | For the year ended December 31, 2021, includes a | |||
(5) | In conjunction with establishing a plan during the year ended December 31, 2020 to dispose of all of our SHOP assets and classifying such assets as discontinued operations, we concluded it was more likely than not that we would no longer realize the future value of certain deferred tax assets generated by the net operating losses of our taxable REIT subsidiary entities. Accordingly, during the year ended December 31, 2020, we recognized an associated valuation allowance and corresponding income tax expense. | |||
(6) | For the year ended December 31, 2020, represents the tax benefit from the CARES Act, which extended the net operating loss carryback period to five years. | |||
Healthpeak Properties, Inc. | ||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
FFO as Adjusted applicable to common shares | $ | 220,378 | $ | 218,932 | $ | 870,645 | $ | 874,188 | ||||
Amortization of stock-based compensation | 4,307 | 3,977 | 18,202 | 17,368 | ||||||||
Amortization of deferred financing costs | 2,539 | 2,488 | 9,216 | 10,157 | ||||||||
Straight-line rents | (7,561) | (5,230) | (31,188) | (29,316) | ||||||||
AFFO capital expenditures | (39,368) | (32,251) | (111,480) | (93,579) | ||||||||
Deferred income taxes | (1,776) | (6,447) | (8,015) | (15,647) | ||||||||
Other AFFO adjustments | (4,228) | 7,893 | (19,510) | 9,534 | ||||||||
AFFO applicable to common shares | 174,291 | 189,362 | 727,870 | 772,705 | ||||||||
Distributions on dilutive convertible units and other | 1,650 | 1,629 | 6,164 | 6,662 | ||||||||
Diluted AFFO applicable to common shares | $ | 175,941 | $ | 190,991 | $ | 734,034 | $ | 779,367 | ||||
Weighted average shares outstanding - diluted AFFO | 545,004 | 544,243 | 544,742 | 536,562 | ||||||||
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SOURCE Healthpeak Properties, Inc.
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