Healthpeak Properties, Inc. (PEAK) 10-K Annual Report Wed Feb 09 2022

DENVER, February 8, 2022 - 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 $0.05 per share, Nareit FFO of $0.41 per share, FFO as Adjusted of $0.41 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 2.7%

▪Life Science and MOB Same-Store Portfolio Cash (Adjusted) NOI growth of 5.4% and 3.6%, 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 of 2.125% 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 $0.30 per share to be paid on February 22, 2022, to stockholders of record as of the close of business on February 11, 2022

–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 $0.93 per share, Nareit FFO of $1.12 per share, FFO as Adjusted of $1.61 per share, and blended Total Same-Store Portfolio Cash (Adjusted) NOI growth of 4.4%

▪Life Science and MOB Same-Store Portfolio Cash (Adjusted) NOI growth of 7.2% and 3.1%, 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 $1.5 billion of acquisitions including:

▪$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 $3.3 billion of dispositions including:

▪$3 billion of senior housing sales and loan repayments, bringing total senior housing dispositions to approximately $4 billion since July 2020

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The following information was filed by Healthpeak Properties, Inc. (PEAK) on Tuesday, February 8, 2022 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
Income tax benefit (expense) Income tax benefit decreased for the year ended December 31, 2021 primarily as a result of the tax benefits recognized in the first quarter of 2020 related to the following: (i) the purchase of Brookdale's interest in 13 of the 15 communities in the CCRC JV, including the management termination fee expense paid to Brookdale in connection with transitioning management of 13 CCRCs to LCS and (ii) the extension of the net operating loss carryback period provided by the CARES Act.
Revenue - Product Highlight
Impairments and loan loss reserves (recoveries), net decreased for the year ended December 31, 2021 primarily as a result of: (i) fewer assets impaired under the held for sale impairment model and (ii) a decrease in loan loss reserves under the current expected credit losses model, partially offset by: (i) increased impairment charges related to assets that we intend to demolish for future development projects and (ii) impairment charges on loans sold.
Financial - Shares Highlight
The increase in equity income from unconsolidated joint ventures for the year ended December 31, 2021 was partially offset by our share of a gain on sale of one asset in an unconsolidated joint venture during the first quarter of 2020.
Other - Other Highlight
These commitments exclude allowances for tenant improvements related to developments and redevelopments in progress for which we have executed an agreement with a general contractor to complete the tenant improvements, which are recognized as development and redevelopment commitments and are discussed further above.
Financial - Shares
Noncontrolling interests' share in continuing...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 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: 0001628280-22-002117
Submitted to the SEC: Wed Feb 09 2022 4:47:28 PM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Friday, December 31, 2021
Industry: Real Estate Investment Trusts

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Healthpeak Properties, Inc. (PEAK) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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