Healthpeak Properties Q3 Nareit FFO Rises; Announces Merger With Physicians Realty Trust

(RTTNews) - Healthpeak Properties, Inc. (PEAK) reported third quarter net income to common shares of $64.05 million compared to $353.37 million, prior year. Earnings per share was $0.12 compared to $0.65. Nareit FFO was $252.57 million or $0.46 per share compared to $227.43 million or $0.42 per share, last year. FFO, as adjusted, per share was $0.45 compared to $0.43. AFFO per share increased to $0.40 from $0.36.

On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.08, for the quarter. Analysts' estimates typically exclude special items.

Total revenues increased to $556.24 million from $520.41 million, last year. Analysts on average had estimated $541.92 million in revenue.

The company updated the guidance ranges for full year 2023: earnings per common share to a range of $0.53 - $0.55 from prior range of $0.49 - $0.53; Nareit FFO per share to a range of $1.76 - $1.78 from a range of $1.72 - $1.76. FFO as adjusted per share to a range of $1.76 - $1.78 from prior guidance range of $1.73 - $1.77.

On October 29, 2023, Healthpeak's Board declared a quarterly common stock cash dividend of $0.30 per share to be paid on November 20, 2023, to stockholders of record as of the close of business on November 7, 2023.

Separately, Healthpeak Properties, Inc. (PEAK) and Physicians Realty Trust (DOC) have entered into a definitive agreement to combine in an all-stock merger of equals valued at approximately $21 billion. Each Physicians Realty Trust common share will be converted into 0.674 of a newly issued Healthpeak common share. The transaction is expected to be accretive to run-rate AFFO per share and FFO per share for both Healthpeak and Physicians Realty Trust shareholders. The combined company will be led by Scott Brinker as President and CEO, Peter Scott as CFO, and John Thomas as Vice Chair of the Board. Pro forma for the merger, Healthpeak and Physicians Realty Trust shareholders will own approximately 77% and 23% of the combined company, respectively.

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