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Healthpeak Properties, Inc. (PEAK) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Healthpeak Properties, Inc.

CIK: 765880 Ticker: PEAK
Exhibit 99.1
    



Healthpeak Reports Fourth Quarter and Year Ended 2020 Results
DENVER, February 9, 2021 - Healthpeak Properties, Inc. (NYSE: PEAK) today announced results for the fourth quarter and full year ended December 31, 2020.
FOURTH QUARTER 2020 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS
Net income of $0.27 per share, NAREIT FFO of $0.32 per share, FFO as Adjusted of $0.41 per share and blended Total Same-Store Portfolio Cash NOI growth of 4.2%.
Significant progress on the sale of $4 billion of senior housing assets:
Closed on 12 transactions generating gross proceeds of $2.5 billion
70 SHOP assets containing 7,637 units generating gross proceeds of $1.32 billion at a blended 3.1% annualized trailing 3-month cap rate
45 NNN assets containing 4,388 units generating gross proceeds of $1.04 billion at a blended 7.7% annualized trailing 3-month lease yield and a blended 5.6% annualized trailing 3-month EBITDAR yield
2 loan repayments generating gross proceeds of $117 million at a blended 7.3% annualized trailing 3-month interest yield
Short-term seller financing provided on closed transactions of $620 million, of which approximately $250 million is currently anticipated to be repaid in 1Q 2021
Executed purchase and sale agreements and / or offer letters on an additional $1.5 billion of senior housing assets
Acquisitions:
In December 2020, acquired a 5.4 acre land parcel situated on the Medical City Dallas campus in Dallas, TX, for $34 million. The site currently includes a 124-bed behavioral hospital leased to HCA Healthcare (“HCA”). The addition of this site results in Healthpeak owning the entire Medical City Dallas campus, and will allow for the future development and expansion of critical medical services with HCA.
In February 2021, acquired a 48,360 square foot medical office building located on HCA's TriStar Centennial Medical Center campus in Nashville, TN for $13.4 million, representing a stabilized cash capitalization rate of 6%. The addition of this property results in Healthpeak owning all non-HCA owned medical office buildings on the campus, representing approximately 830,000 square feet.
Previously announced acquisitions:
In December 2020, closed on the previously announced $664 million life science acquisition of Cambridge Discovery Park, a 607,000 square foot life science property located in the West Cambridge submarket of Boston, Massachusetts. The stabilized cash and GAAP capitalization rates are 5% and 6.5%, respectively.
In October 2020, executed a definitive agreement to acquire approximately 12 acres of land in South San Francisco, CA, for $128 million in an off-market transaction. The land is adjacent to two sites currently held by Healthpeak as land for future development: Forbes Research Center 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 437,000 square feet, for $169 million, which represents year-one cash and GAAP capitalization rates of 5.5% and 5.6%, respectively
Development:
In December 2020, executed two leases totaling 175,000 square feet at Phases II and III at The Shore in South San Francisco, CA which are expected to deliver in 4Q 2021 and 1Q 2022, respectively. Both leases were signed with existing Healthpeak tenants expanding within our portfolio. The entire 630,000 square feet of Phases I, II and III combined are now 94% pre-leased.
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The following information was filed by Healthpeak Properties, Inc. (PEAK) on Tuesday, February 9, 2021 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 Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
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
Accounts Payable, Accrued Liabilities, And Other Liabilities
Accounts Payable, Accrued Liabilities, And Other Liabilities (Details)
Accounts Payable, Accrued Liabilities, And Other Liabilities (Tables)
Business
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Credit Enhancement Guarantee (Details)
Commitments And Contingencies - Downreit Llcs (Details)
Commitments And Contingencies - Legal Proceedings (Details)
Commitments And Contingencies - Schedule Of Contractual Obligation (Details)
Compensation Plans
Compensation Plans (Tables)
Compensation Plans - Restricted Stock Awards Narrative (Details)
Compensation Plans - Schedule Of Restricted Stock And Rsus Activity (Details)
Compensation Plans - Stock Based Compensation (Details)
Compensation Plans - Stock Options (Details)
Concentration Of Credit Risk
Concentration Of Credit Risk (Tables)
Concentration Of Credit Risk - Schedule Of Geographical Concentration Of Credit Risk (Details)
Debt
Debt (Tables)
Debt - Bank Line Of Credit And Term Loans (Details)
Debt - Commercial Paper Program (Details)
Debt - Mortgage Debt (Details)
Debt - Schedule Of Debt Maturities (Details)
Debt - Senior Unsecured Notes (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Financial Instruments (Details)
Derivative Financial Instruments - Narrative (Details)
Dispositions Of Real Estate And Discontinued Operations
Dispositions Of Real Estate And Discontinued Operations (Tables)
Dispositions Of Real Estate And Discontinued Operations - 2020 Dispositions Of Real Estate (Details)
Dispositions Of Real Estate And Discontinued Operations - Assets And Liabilities For Discontinued Operations (Details)
Dispositions Of Real Estate And Discontinued Operations - Dispositions Of Real Estate (Details)
Dispositions Of Real Estate And Discontinued Operations - Held For Sale And Discontinued Operations (Details)
Dispositions Of Real Estate And Discontinued Operations - Schedule Of Results Of Discontinued Operations (Details)
Earnings Per Common Share
Earnings Per Common Share (Tables)
Earnings Per Common Share - Additional Information (Details)
Earnings Per Common Share - Computation Of Eps (Details)
Equity
Equity (Tables)
Equity - Atm Program (Details)
Equity - Dividends (Details)
Equity - Forward Equity Offering (Details)
Equity - Noncontrolling Interests Narrative (Details)
Equity - Schedule Of Accumulated Other Comprehensive Income (Loss) (Details)
Equity - Schedule Of Other Common Stock Activities (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Impairments
Impairments (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Common Stock Distribution (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Income Tax Expense (Benefit) (Details)
Income Taxes - Schedule Of Income Tax Expense (Benefit) Reconciliation (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
Intangibles
Intangibles (Tables)
Intangibles - Amortization Of Deferred Leasing Costs And Acquisition Related Intangibles (Details)
Intangibles - Estimated Aggregate Amortization Of Intangible Assets And Liabilities (Details)
Intangibles - Narrative (Details)
Intangibles - Schedule Of Intangible Lease Liabilities (Details)
Intangibles - Schedule Of Intangibles Lease Assets (Details)
Investments In And Advances To Unconsolidated Joint Ventures
Investments In And Advances To Unconsolidated Joint Ventures (Tables)
Investments In And Advances To Unconsolidated Joint Ventures - Narrative (Details)
Investments In And Advances To Unconsolidated Joint Ventures - Schedule Of Equity Method Investments (Details)
Leases
Leases (Tables)
Leases - Components Of Net Investment In Dfls (Details)
Leases - Depreciation Expense (Details)
Leases - Direct Financing Lease Sale (Details)
Leases - Future Lease Obligations (Details)
Leases - Future Minimum Rents (Details)
Leases - Future Minimum Rents, Dfls (Details)
Leases - Internal Ratings For Net Investment, Dfls (Details)
Leases - Lease Costs (Details)
Leases - Lease Income (Details)
Leases - Narrative (Details)
Leases - Rent Deferrals (Details)
Leases - Tenant Purchase Options (Details)
Loans Receivable
Loans Receivable (Tables)
Loans Receivable - 2020 Loans Receivable Transactions (Details)
Loans Receivable - Loan Losses (Details)
Loans Receivable - Loans Receivable Secured By Real Estate (Details)
Loans Receivable - Schedule Of Loans Receivable (Details)
Loans Receivable - Schedule Of Loans Receivable By Origination Year (Details)
Loans Receivable - Shop Seller Financing (Details)
Loans Receivable - Tandem Health Care Loan (Details)
Loans Receivable - U.K. Bridge Loan (Details)
Master Transactions And Cooperation Agreement With Brookdale
Master Transactions And Cooperation Agreement With Brookdale (Details)
Real Estate Transactions
Real Estate Transactions (Tables)
Real Estate Transactions - 2019 Real Estate Investments (Details)
Real Estate Transactions - 2020 Real Estate Investments (Details)
Real Estate Transactions - Construction, Tenant, And Other Capital Improvements (Details)
Schedule Ii: Valuation And Qualifying Accounts
Schedule Ii: Valuation And Qualifying Accounts (Details)
Schedule Iii: Real Estate And Accumulated Depreciation
Schedule Iii: Real Estate And Accumulated Depreciation - Amount That Tax Basis Of Net Real Estate Assets Less Than The Reported Amounts (Details)
Schedule Iii: Real Estate And Accumulated Depreciation - Details Of Real Estate And Accumulated Depreciation (Details)
Schedule Iii: Real Estate And Accumulated Depreciation - Summary Of Activity For Real Estate And Accumulated Depreciation (Details)
Schedule Iv: Mortgage Loans On Real Estate
Schedule Iv: Mortgage Loans On Real Estate (Details)
Schedule Iv: Mortgage Loans On Real Estate - Reconciliation Of Mortgage Loans (Details)
Segment Disclosures
Segment Disclosures (Tables)
Segment Disclosures - Narrative (Details)
Segment Disclosures - Revenues And Assets By Segment (Details)
Segment Disclosures - Summary Information For The Reportable Segments (Details)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Details)
Selected Quarterly Financial Data (Unaudited) (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Narrative (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Tables)
Supplemental Cash Flow Information - Summary Of Cash Equivalents And Restricted Cash (Details)
Supplemental Cash Flow Information - Summary Of Cash Flow Information Discontinued Operations (Details)
Supplemental Cash Flow Information - Summary Of Supplemental (Details)
Variable Interest Entities
Variable Interest Entities (Tables)
Variable Interest Entities - Balance Sheet Disclosures (Details)
Variable Interest Entities - Narrative (Details)
Variable Interest Entities - Schedule Of Variable Interest Entities (Details)
Ticker: PEAK
CIK: 765880
Form Type: 10-K Annual Report
Accession Number: 0001628280-21-001804
Submitted to the SEC: Wed Feb 10 2021 4:23:37 PM EST
Accepted by the SEC: Wed Feb 10 2021
Period: Thursday, December 31, 2020
Industry: Real Estate Investment Trusts

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