Healthpeak Properties, Inc. (PEAK) 10K Annual Reports & 10Q SEC Filings

DENVER, February 7, 2023 - Healthpeak Properties, Inc. (NYSE: PEAK) today announced results for the fourth quarter and full year ended December 31, 2022.

FOURTH QUARTER 2022 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS

–Net income of $0.01 per share, Nareit FFO of $0.35 per share, FFO as Adjusted of $0.44 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 6.6%

▪Life Science and MOB Same-Store Portfolio Cash (Adjusted) NOI growth of 5.7% and 5.4%, respectively

–Fourth quarter life science new and renewal lease executions totaled 175,000 square feet, with +64% cash releasing spreads on renewals

–Life science development and redevelopment update:

▪Placed-in-service 142,000 square feet of fully leased Class A development space at 101 CambridgePark Drive in Cambridge

▪Completed a $44 million redevelopment of the fully leased 1150 Veterans building on the Oyster Point campus in South San Francisco

▪Executed leases totaling 100,000 square feet on previously disclosed LOIs and signed LOIs for an additional 29,000 square feet at the Pointe Grand redevelopment campus in South San Francisco

▪The $900 million life science active development pipeline is 78% pre-leased

–In December 2022 and January 2023, acquired a total of 2.2 acres of strategic land in the Alewife submarket of Cambridge for $27 million

–Balance Sheet:

▪In October 2022, drew down the entirety of the previously disclosed $500 million delayed draw senior unsecured term loans at a 3.5% fixed rate via swaps

▪In December 2022, settled all 9.1 million shares previously outstanding under ATM forward contracts at a weighted average net price of $34 per share, generating net proceeds of $308 million

▪In January 2023, issued $400 million of 5.25% fixed rate 10-year senior unsecured notes

▪Net debt to adjusted EBITDAre was 5.3x as of December 31, 2022

–Healthpeak intends to implement a holding company reorganization to an Umbrella Partnership Real Estate Investment Trust (UPREIT) during the first quarter of 2023

–Promoted Ankit Patadia to Executive Vice President and Treasurer – Corporate Finance

–The Board of Directors declared a quarterly common stock cash dividend of $0.30 per share to be paid on February 23, 2023, to stockholders of record as of the close of business on February 9, 2023

–Recent ESG recognitions include being named to the CDP Leadership band for the tenth consecutive year; included in the S&P Global Sustainability Yearbook for the eighth consecutive year, and Bloomberg Gender-Equality Index and Newsweek's America’s Most Responsible Companies for the fourth consecutive year; and named a Wall Street Journal Best-Managed Company for the first time

FULL YEAR 2022 HIGHLIGHTS

–Net income of $0.92 per share, Nareit FFO of $1.66 per share, FFO as Adjusted of $1.74 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 5.0%

▪Life Science Same-Store Portfolio Cash (Adjusted) NOI growth of 5.1%; 60 basis points above the mid-point of the initial 2022 guidance range of 4.00% - 5.00%

▪MOB Same-Store Portfolio Cash (Adjusted) NOI growth of 4.0%; 175 basis points above the the mid-point of the initial 2022 guidance range of 1.75% - 2.75%

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The following information was filed by Healthpeak Properties, Inc. (PEAK) on Tuesday, February 7, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Healthpeak Properties, Inc.'s 10-K Annual Report:

Financial - Income Highlight
FFO as Adjusted increased primarily as a result of the aforementioned events impacting Nareit FFO, except for the following, which are excluded from FFO as Adjusted: goodwill impairment charges related to the disposition of our senior housing portfolios, included in income from discontinued operations; the gain on sale of a hospital under a DFL; the expenses for tenant relocation and other costs associated with the demolition of an MOB; the charges incurred in connection with the downsizing of our corporate headquarters in Denver, Colorado; loan loss reserves; loss on debt extinguishment; severance-related charges; and casualty-related charges.

M & A - Other Highlight
The increase in cash used in investing activities was partially offset by: (i) a reduction in investments related to the acquisitions of real estate assets, (ii) proceeds received from the sale of a 30% interest in seven previously consolidated life science assets in South San Francisco, California, and (iii) proceeds received from the sale of a hospital under a DFL.
Financial - Income Highlight
The increase in other income, net during the year ended December 31, 2022 was partially offset by: (i) expenses incurred in 2022 for tenant relocation and other costs associated with the demolition of an MOB and (ii) casualty losses from a hurricane in the third quarter of 2022.
Financial - Shares Highlight
NOI and Adjusted NOI are calculated as NOI and Adjusted NOI from consolidated properties, plus our share of NOI and Adjusted NOI from unconsolidated joint ventures (calculated by applying our actual ownership percentage for the period), less noncontrolling interests' share of NOI and Adjusted NOI from consolidated joint ventures (calculated by applying our actual ownership percentage for the period).
Revenue - Product Highlight
Our net cash used in investing activities increased $1.4 billion for the year ended December 31, 2022 compared to the year ended December 31, 2021 primarily as a result of the following: (i) fewer sales of real estate assets, (ii) increased development and redevelopment of real estate assets, and (iii) fewer repayments on loans receivable.
Financial - Expense
Transaction costs Transaction costs increased...Read more
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These commitments exclude allowances for...Read more
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Development and Redevelopment Activities During...Read more
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The presentation of pro rata...Read more
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Since real estate values instead...Read more
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Also, AFFO is computed after...Read more
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Further, our definitions of NOI...Read more
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A period of high inflation...Read more
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We believe that net income...Read more
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Financial - Expense
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Other - Other
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Interest expense Interest expense increased...Read more
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Recent Accounting Pronouncements See Note...Read more
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Financial - Income
Other Income and Expense Items...Read more
Other - Other
Our development and redevelopment commitments...Read more
Financial - Shares
At December 31, 2022, the...Read more
Financial - Shares
Equity income (loss) from unconsolidated...Read more
Financial - Expense
The increase in interest expense...Read more
Financial - Shares
Noncontrolling interests' share in discontinued...Read more
Financial - Income
We evaluate performance based upon...Read more
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Refer to Note 5 to...Read more
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During the year ended December...Read more
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The decrease in cash used...Read more
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Under the "shelf" process, we...Read more
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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Healthpeak Properties, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.11 9: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: PEAK
CIK: 765880
Form Type: 10-K Annual Report
Accession Number: 0001628280-23-002794
Submitted to the SEC: Wed Feb 08 2023 4:51:56 PM EST
Accepted by the SEC: Wed Feb 08 2023
Period: Saturday, December 31, 2022
Industry: Real Estate Investment Trusts

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Healthpeak Properties, Inc. (PEAK) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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