NYSE$DOC

Healthpeak Properties Inc · Q1 2020 earnings

Q1 2020 earnings · · Investor relations

Briefing

Healthpeak's financial performance was detailed for Q1 2020, highlighting net income, NAREIT FFO, FFO as Adjusted, and same-store portfolio cash NOI growth.

Healthpeak Properties reported a net income of $0.54 per share, NAREIT FFO of $0.34 per share, and FFO as Adjusted of $0.45 per share for the first quarter of 2020. The blended Total Same-Store Portfolio Cash NOI growth was 2.0%.

  • Settled remaining outstanding equity forward contracts for proceeds of approximately $1.06 billion in March 2020.
  • Total liquidity as of April 30 reached $3.0 billion with full availability on Healthpeak’s $2.5 billion revolving credit facility.
  • Closed on transactions with Brookdale Senior Living in January 2020, including the acquisition of Brookdale's 51% interest in 13 CCRCs for $641 million and the sale of the 18-property triple-net portfolio for $405 million.
  • Delivered Phase IV of The Cove, representing 164,000 square feet that is 100% leased.

Headline financials

Total Revenue

$585M

Previous: $436M+34.2%
EPS (adj)

$0.26

Previous: $0.25+4.0%
Total Merger-Combined Same-Store Cash (Adjusted) NOI growth

2.0%

No prior period
Outpatient Medical SS Cash NOI growth

2.0%

No prior period
Lab SS Cash NOI growth

3.1%

No prior period
Life Plan SS Cash NOI growth

-0.1%

No prior period
Net Debt to Adjusted EBITDAre

4.8

No prior period
Capital Expenditures

-$626M

Previous: -$158M-296.9%
Free Cash Flow

-$347M

Previous: -$96.2M-260.5%
Net Income

$279M

Previous: $61.5M+354.0%
Operating Income

-$175M

Previous: $98.3M-277.8%
Gross Profit

$209M

Previous: $267M-21.7%
Cash & Equivalents

$784M

Previous: $120M+552.3%
Total Assets

$16.1B

Previous: $12.9B+24.6%
Stock-Based Comp

$4.83M

Previous: $4.11M+17.5%

Revenue & EPS history

Healthpeak · Revenue · Quarterly

$585M

Q1 2020+34.2%vs Q1 2019
Beat estimate in 14 of 16 quarters(88%)
ActualEstimate

Revenue by segment

Healthpeak · $582M total across 3 segments · Q1 2020

  • Rental and related revenues
    $315M
  • Resident fees and services
    $264M
  • Interest income and other
    $3.69M

Forward guidance

Healthpeak withdrew previously provided guidance due to uncertainty related to the COVID-19 pandemic.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q1 2020

Historical avgQ1 2020

-0.9%

Avg return

Earnings day

-0.7%

Avg return

5 days after

+0.1%

Avg return

30 days after

40%

29 / 72 earnings

Positive

+5.8%

Q3 2020

Best reaction

-8.1%

Q4 2019

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-1.1%+17.3%+19.9%
Q4 2025+0.0%-0.4%+2.9%
Q3 2025+1.2%-5.2%-3.8%
Q2 2025+1.6%+1.1%+6.1%
Q1 2025-5.2%-5.2%-10.5%
Q4 2024-1.6%-2.6%-1.2%
Q3 2024-3.6%-2.6%-6.5%
Q2 2024-0.1%-1.4%+1.3%
Q1 2024+0.9%-0.1%+2.5%
Q4 2023-0.8%-4.4%+3.7%
Q3 2023-5.3%+4.8%+4.4%
Q2 2023-2.2%-2.3%-8.9%
Q1 2023+5.8%+2.0%-6.3%
Q4 2022-2.1%-5.0%-18.3%
Q3 2022-0.3%+1.2%+10.2%
Q2 2022-2.2%-3.8%-4.6%
Q1 2022+0.2%-4.9%-9.1%
Q4 2021-2.8%-2.3%+7.8%
Q3 2021-1.8%-3.8%-5.8%
Q2 2021+0.8%-0.8%-0.1%
Q1 2021-3.1%-1.8%-0.8%
Q4 2020-7.1%-4.9%+2.4%
Q3 2020+5.8%+4.1%+9.4%
Q2 2020+1.1%+6.4%+5.7%
Q1 2020-4.4%-3.5%+10.5%
Q4 2019-8.1%-7.9%-29.8%
Q3 2019-2.2%-6.6%-4.0%
Q2 2019+4.4%+2.9%+8.5%
Q1 2019+2.6%+1.7%+6.5%
Q4 2018-0.5%-1.0%+1.2%
Q3 2018+0.3%+2.1%+4.0%
Q2 2018+1.8%+1.8%+4.0%
Q1 2018+1.1%+1.5%+3.4%
Q4 2017+0.8%+2.3%+6.8%
Q3 2017-0.4%+0.1%-1.1%
Q2 2017-0.6%-1.4%+0.4%
Q1 2017-4.4%-3.6%+2.0%
Q4 2016+1.9%+0.2%-4.7%
Q3 2016-5.9%-0.7%-4.6%
Q2 2016-1.2%-1.3%+0.3%
Q1 2016-2.3%
Q4 2015+2.8%
Q3 2015-7.7%
Q2 2015-0.3%
Q1 2015+1.6%
Q4 2014-0.7%
Q3 2014+1.3%
Q2 2014+2.5%
Q1 2014+1.0%
Q4 2013+2.0%
Q3 2013-0.8%
Q2 2013-2.7%
Q1 2013+0.5%
Q4 2012+0.7%
Q3 2012+0.7%
Q2 2012-0.4%
Q1 2012+0.8%
Q4 2010-3.8%
Q4 2011-3.8%
Q3 2011-3.7%
Q2 2011-0.5%
Q1 2011-0.2%
Q3 2010-0.9%
Q2 2010-0.9%
Q1 2009-4.1%
Q1 2010-0.5%
Q4 2007+3.2%
Q3 2008-5.2%
Q3 2009-5.2%
Q2 2008+0.6%
Q2 2009+0.6%
Q4 2008+0.6%

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