- Healthpeak Properties, Inc. (DOC, Financial) reported a net income of $0.06 per share for Q1 2025.
- The company executed 1.2 million square feet in new and renewal leases during the quarter.
- Healthpeak has approximately $2.8 billion in available liquidity as of April 24, 2025.
Healthpeak Properties, Inc. (DOC), a prominent player in the healthcare real estate sector, announced its financial results for the first quarter of 2025. The company reported a net income of $42.364 million, or $0.06 per diluted share, reflecting a significant increase from the $6.477 million, or $0.01 per share, reported in the same period last year.
The company's Funds From Operations (FFO) per diluted share increased to $0.45, up from $0.27 a year earlier. The Adjusted FFO was $0.46 per share, while the Adjusted Funds From Operations (AFFO) stood at $0.43 per share.
Healthpeak achieved a 7.0% growth in Total Same-Store Portfolio Cash (Adjusted) NOI, driven by strong performance in its outpatient medical and lab lease renewals. The firm retained 86% of its outpatient medical tenants with a cash releasing spread of +4%, while lab lease renewals retained 88% with a +5% cash releasing spread.
Significant investment activities took place, including the origination of a $41 million secured outpatient medical development loan in Frisco, Texas, contributing to first-quarter investment commitments of $166 million. Furthermore, Healthpeak repurchased 5.1 million shares at an average price of $18.50, totaling $94 million.
In strategic developments, Healthpeak entered a long-term partnership with Hines for the multifamily component of the Cambridge Point development in Cambridge, Massachusetts. This collaboration highlights Healthpeak’s commitment to expanding its mixed-use developments.
The balance sheet remains robust with approximately $2.8 billion in available liquidity through unrestricted cash and revolving credit facilities. Additionally, the company issued $500 million in 5.375% fixed-rate senior unsecured notes, maintaining a Net Debt to Adjusted EBITDAre ratio of 5.2x.
Healthpeak reaffirmed its full-year 2025 guidance with expected diluted earnings per share between $0.30 and $0.36 and a Total Merger-Combined Same-Store Cash (Adjusted) NOI growth ranging from 3.0% to 4.0%.
