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Healthpeak Properties, Inc. (PEAK) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Healthpeak Properties, Inc.

CIK: 765880 Ticker: PEAK
Exhibit 99.1
    


Healthpeak PropertiesTM Reports Third Quarter 2020 Results
IRVINE, Calif., November 2, 2020 -- Healthpeak Properties, Inc. (NYSE: PEAK) today announced results for the third quarter ended September 30, 2020. For the quarter, we generated a net loss of ($0.12) per share, NAREIT FFO of $0.31 per share, FFO as Adjusted of $0.40 per share and blended Total Same-Store Portfolio Cash NOI results of 2.8%.
THIRD QUARTER 2020 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS
The COVID-19 pandemic continues to evolve. In order to provide more up-to-date information about the impact of COVID-19 on Healthpeak, we have provided certain key operating metrics through October 2020 in a separate presentation posted on the investor relations section of our website at https://ir.healthpeak.com/investor-presentations.
Dispositions:
In various stages on the sales of more than $4 billion of SHOP and NNN transactions:
In July - November 2020, closed on the sales of 14 SHOP and NNN assets generating proceeds of approximately $100 million.
Approximately $1.5 billion under binding and non-binding purchase agreements across 8 separate transactions.
Approximately $2 billion under letters of intent across 6 separate transactions.
The majority of the remaining SHOP and NNN assets are actively being marketed for sale.
If the various sales are completed, we expect:
SHOP assets: a Trailing Twelve Month Pre-COVID (04/01/19 - 03/31/20) weighted average cash capitalization rate in the high 5% range and a third quarter annualized weighted average cash capitalization rate of approximately 3%.
NNN assets: a third quarter annualized weighted average lease yield in the high 7% range and EBITDAR yield in the high 5% range.
During the quarter, closed on the sales of $15 million of medical office and other assets.
Acquisitions:
In October 2020, executed a definitive agreement to acquire Cambridge Discovery Park, a 607,000 square foot life science campus in the West Cambridge submarket of Boston, MA for $664 million in an off-market transaction, which represents stabilized cash and GAAP capitalization rates of 5% and 6.5%, respectively. The site includes a future densification opportunity of approximately 100,000 square feet.
In October 2020, executed a definitive agreement to acquire approximately 12 acres of land for $128 million in an off-market transaction. The acquisition sites are located in South San Francisco, CA, adjacent to two sites currently held by Healthpeak as land for future development: Forbes Research Center ("Forbes") and Modular Labs III. Healthpeak intends to entitle the acquisition sites for a new development of at least 500,000 square feet, which could join with our adjacent sites to create a multi-phase, scalable development campus totaling 1 million square feet or more.
In October 2020, acquired a 7-property medical office portfolio, totaling 439,000 square feet, for $169 million, which represents year-one cash and GAAP capitalization rates of 5.5% and 5.6%, respectively. Six of the seven properties are on-campus and all the properties are anchored by a #1 or #2 local health system.
In July 2020, acquired a two-story, 107,000 square foot medical office building in Scottsdale, AZ for $27 million in an off-market transaction, which represents year-one cash and GAAP capitalization rates of 7.1% and 7.7%, respectively.
Development:
In September 2020, signed a 10-year 118,000 square feet lease at our Boardwalk development project in San Diego, CA. The development is now 100% pre-leased, with initial occupancy expected in late 2021.
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The following information was filed by Healthpeak Properties, Inc. (PEAK) on Monday, November 2, 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.

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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 - Intangibles Lease Assets (Details)
Intangibles - Intangibles Lease Liabilities (Details)
Intangibles - Narrative (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 And Conversion (Details)
Leases - Direct Financing Leases (Details)
Leases - Lease Costs (Details)
Leases - Lease Income (Details)
Leases - Rent Deferrals (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 - Deferred Tax Asset Valuation Allowance (Details)
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)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Government Grant Income (Details)
Summary Of Significant Accounting Policies - Narrative (Details)
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: 0001628280-20-015363
Submitted to the SEC: Tue Nov 03 2020 4:18:27 PM EST
Accepted by the SEC: Tue Nov 03 2020
Period: Wednesday, September 30, 2020
Industry: Real Estate Investment Trusts

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