Last10K.com

Healthpeak Properties, Inc. (PEAK) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Healthpeak Properties, Inc.

CIK: 765880 Ticker: PEAK
Exhibit 99.1

 


Healthpeak PropertiesTM Reports First Quarter 2020 Results
IRVINE, CA, May 5, 2020 -- Healthpeak Properties, Inc. (NYSE: PEAK) today announced results for the first quarter ended March 31, 2020. For the quarter, we generated net income of $0.54 per share, NAREIT FFO of $0.34 per share, FFO as Adjusted of $0.45 per share and blended Total Same-Store Portfolio Cash NOI growth of 2.0%.
FIRST QUARTER 2020 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS
The COVID-19 pandemic continues to evolve rapidly. In order to provide some visibility of the impact of COVID-19 on Healthpeak, we have included some of our key operating metrics through April 2020 in this release and a framework to assess the potential financial impacts of the pandemic on pages 42 and 43 in the First Quarter 2020 Supplemental Report.
Balance sheet and liquidity:
In March 2020, settled remaining outstanding equity forward contracts for proceeds of approximately $1.06 billion, bringing total liquidity as of April 30 to $3.0 billion with full availability on Healthpeak’s $2.5 billion revolving credit facility and approximately $500 million of cash and cash equivalents.
Reduced Net Debt to Adjusted EBITDAre to 4.8x as of March 31, 2020.
Received rating affirmations from Fitch (BBB+, stable outlook) and Moody’s (Baa1, revised outlook to negative).
Transactions:
In January 2020, closed on the previously announced transactions with Brookdale Senior Living (“Brookdale”) related to the acquisition of Brookdale's 51% interest in 13 CCRCs for $641 million (which includes payment of a $100 million management termination fee) and the sale of the 18-property triple-net portfolio for $405 million.
In April 2020, closed on the previously announced $320 million life science acquisition of The Post, a 426,000 square foot life science property located within the Route 128 submarket of Boston, Massachusetts. The stabilized cash and GAAP capitalization rates are 5.1% and 6.5%, respectively.
In April 2020, the tenant exercised its purchase option to acquire the three Frost Street medical office buildings in San Diego, CA for proceeds of approximately $106 million, representing a cash capitalization rate of 6.0%. Healthpeak received a non-refundable deposit of approximately $5 million and will also receive an early lease termination fee of $1.1 million. The transaction is expected to close in the second quarter of 2020.
In February 2020, the tenant closed its purchase option on the North Fulton hospital generating proceeds of approximately $82 million, representing a cash capitalization rate of 10%.
Development additions and completions:
Added an on-campus Class A medical office building to Healthpeak's development program with HCA Healthcare. The 116,500 square foot five-story building will be located on the Woman's Hospital of Texas campus in Houston, TX. The $35 million development will expand the Woman's Hospital of Texas campus and will complement Healthpeak's existing One Fannin medical office building located adjacent to the development site. The project is 36% pre-leased by HCA with another 27% well into negotiations with third party tenants.
Delivered Phase IV of The Cove, representing 164,000 square feet that is 100% leased. The delivery of Phase IV completes the construction of this one million square foot Class A life science campus in South San Francisco.
Delivered the first building at Phase I of The Shore at Sierra Point in South San Francisco, representing 130,000 square feet that is 100% leased.
Delivered a 28,000 square foot life science amenity building in San Diego that is 100% leased and is part of the larger three-property, 252,000 square foot Sorrento Summit life science campus.



Page 1

The following information was filed by Healthpeak Properties, Inc. (PEAK) on Tuesday, May 5, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Healthpeak Properties, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Healthpeak Properties, Inc..

Continue

Assess how Healthpeak Properties, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Healthpeak Properties, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
M & A
Other
Filter Subcategory:
All
Cash Flow
Shares
Product
Earnings
Income
Expense
Geography
Other
Inside Healthpeak Properties, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Operations
Business
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Tables)
Debt - Bank Line Of Credit And Term Loans (Details)
Debt - Commercial Paper Program (Details)
Debt - Debt Maturities (Details)
Debt - Mortgage Debt (Details)
Debt - Senior Unsecured Notes (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Narrative (Details)
Derivative Financial Instruments - Schedule Of Derivative Instruments (Details)
Earnings Per Common Share
Earnings Per Common Share (Tables)
Earnings Per Common Share - Narrative (Details)
Earnings Per Common Share - Schedule Of Computation Of Basic And Diluted Earnings Per Share (Details)
Equity
Equity (Tables)
Equity - Additional Information (Details)
Equity - Aoci (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Intangibles
Intangibles (Tables)
Intangibles - Additional Information (Details)
Intangibles - Intangibles Lease Assets (Details)
Intangibles - Intangibles Lease Liabilities (Details)
Investments In And Advances To Unconsolidated Joint Ventures
Investments In And Advances To Unconsolidated Joint Ventures (Details)
Investments In And Advances To Unconsolidated Joint Ventures (Tables)
Leases
Leases (Tables)
Leases - Direct Financing Lease Sale (Details)
Leases - Direct Financing Leases (Details)
Leases - Lease Income (Details)
Loans Receivable
Loans Receivable (Tables)
Loans Receivable - Narrative (Details)
Loans Receivable - Schedule Of Loans Receivable (Details)
Loans Receivable - Schedule Of Loans Receivable By Origination Year (Details)
Loans Receivable - Schedule Of Reserve For Loan Losses (Details)
Master Transactions And Cooperation Agreement With Brookdale
Master Transactions And Cooperation Agreement With Brookdale (Details)
Real Estate Transactions
Real Estate Transactions - Development Activities (Details)
Real Estate Transactions - Dispositions Of Real Estate (Details)
Real Estate Transactions - Held For Sale (Details)
Real Estate Transactions - Impairments Of Real Estate (Details)
Real Estate Transactions - Real Estate Investments (Details)
Segment Disclosures
Segment Disclosures (Tables)
Segment Disclosures - Revenues By Segment (Details)
Segment Disclosures - Summary Information For The Reportable Segments (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Tables)
Supplemental Cash Flow Information - Schedule Of Cash, Cash Equivalents And Restricted Cash (Details)
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details)
Variable Interest Entities
Variable Interest Entities (Tables)
Variable Interest Entities - Consolidated Assets And Liabilities Of Vies (Details)
Variable Interest Entities - Narrative (Details)
Variable Interest Entities - Schedule Of Variable Interest Entities (Details)

Material Contracts, Statements, Certifications & more

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

Ticker: PEAK
CIK: 765880
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-20-006690
Submitted to the SEC: Wed May 06 2020 4:20:23 PM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Real Estate Investment Trusts

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/peak/0001628280-20-006690.htm