DENVER – Healthpeak Properties, Inc. (NYSE: NYSE:), a real estate investment trust specializing in healthcare facilities, has raised its full-year 2024 financial guidance. This revision reflects the company’s continued strong performance across its lab, outpatient medical, and continuing care retirement community (CCRC) portfolios.
The company has adjusted its diluted funds from operations (FFO) as adjusted per share, increasing the forecast slightly from a range of $1.79-$1.81 to $1.80-$1.82. Similarly, the diluted adjusted funds from operations (AFFO) per share estimate have been nudged up from $1.56-$1.58 to $1.57-$1.59.
Additionally, Healthpeak reported an uptick in its total merger-combined same-store cash net operating income (NOI) growth projections, which have been revised from 3.5%-4.5% to a new range of 4.0%-5.0%.
To provide further details on these updated figures, Healthpeak has released an updated investor presentation, which includes the necessary reconciliations under the appendix titled “Reconciliation of Certain Non-GAAP Financial Measures.” Interested parties can access this presentation through the company’s investor relations website.
Healthpeak Properties, Inc., a member of the S&P 500 index, is known for its ownership, operation, and development of high-quality real estate in the healthcare sector, including discovery and delivery services.
The information reported here is based on a press release statement. The company’s updated guidance suggests a positive outlook on its financial performance and growth within the healthcare real estate sector.
In other recent news, Healthpeak Properties reported a strong third-quarter performance in 2024, raising its FFO and AFFO guidance by $0.01 each to an FFO of $1.79 to $1.81 and AFFO of $1.56 to $1.58. The company also highlighted robust leasing activity, with over 700,000 square feet of leases signed since July 1, and the positive impact of a merger completed on March 1, which is expected to result in $50 million in year-one synergies.
Healthpeak’s financial health remains strong, with a net debt-to-EBITDA ratio of 5.1 times and $3 billion in liquidity. The company’s life sciences segment showed solid growth, contributing to increased demand for its properties. Occupancy rates for the lab segment reached 95.9%, with strong leasing and retention rates also recorded in outpatient medical.
Despite high construction costs and capital constraints, the company has $900 million in development primarily in outpatient medical. Healthpeak anticipates low 90% stabilized occupancy in the next 12-18 months. The rent mark-to-market for lab space is projected to be between 5% and 10%.
In the light of these recent developments, the company is planning an investor presentation in early November to discuss competitive positioning and growth drivers. The company’s focus on leasing success, merger synergies, and strategic development planning positions it well for future growth.
InvestingPro Insights
Healthpeak Properties’ (NYSE: DOC) upward revision of its 2024 financial guidance aligns with several key metrics and insights from InvestingPro. The company’s strong performance across its portfolio is reflected in its impressive revenue growth, with InvestingPro data showing a 25.92% quarterly revenue growth in Q3 2024. This robust growth supports the company’s optimistic outlook for the coming year.
An InvestingPro Tip highlights that Healthpeak Properties is a “Prominent player in the Health Care REITs industry,” which is evident from its market position and the positive guidance update. Additionally, the company’s status as a dividend payer is underscored by another InvestingPro Tip, which notes that Healthpeak “Has maintained dividend payments for 40 consecutive years.” This long-standing commitment to shareholder returns is further supported by the current dividend yield of 5.75%, as reported by InvestingPro.
The company’s financial health appears solid, with InvestingPro data showing an EBITDA of $1.4 billion for the last twelve months as of Q3 2024, and an EBITDA growth of 24.28% over the same period. These figures align with Healthpeak’s increased guidance for same-store cash NOI growth.
Investors considering Healthpeak Properties may be interested to know that InvestingPro offers 10 additional tips for this stock, providing a more comprehensive analysis of its investment potential. These insights can be valuable for those looking to make informed decisions in the healthcare REIT sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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