Q4 2024 Healthpeak Properties Inc Earnings Call Transcript
Key Points
- Healthpeak Properties Inc (DOC) reported strong financial performance with FFO as adjusted of $0.46 per share and AFFO of $0.40 per share for the fourth quarter.
- The company achieved a total portfolio same-store growth of 5.4% for the full year 2024, exceeding the midpoint of their original FFO guidance.
- Healthpeak Properties Inc (DOC) announced an increase in their dividend, supported by earnings growth, and will begin paying dividends on a monthly basis.
- The merger with Physician Realty has been successful, contributing to earnings growth and providing significant merger synergies.
- The company has a robust pipeline of development projects, particularly in the outpatient medical and life science sectors, with over $300 million in highly preleased projects.
- Interest expense is expected to increase by approximately $15 million in 2025 due to refinancing maturing bonds and funding investments.
- The company faces a timing lag between when tenants sign leases and when earnings commence, impacting immediate earnings growth.
- Healthpeak Properties Inc (DOC) has a significant amount of redevelopment projects, which could be a drag on earnings in the short term.
- The company is experiencing challenges in the lab leasing market, with occupancy expected to remain flat in the same-store pool.
- There is uncertainty in the market regarding potential mergers and acquisitions, which could impact demand and tenant dynamics.
Good morning, and welcome to the Healthpeak Properties, Inc. fourth quarter conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Andrew Johns, Senior Vice President, Investor Relations. Please go ahead.
Welcome to Healthpeak's fourth quarter 2024 financial results conference call. Today's conference call contains certain forward-looking statements. Although we believe expectations reflected in any forward-looking statements are based on reasonable assumptions, our forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our expectations.
A discussion of risks and risk factors that's included in our press release and detailed in our filings with the SEC. We do not undertake a duty to update any forward-looking statements. Certain non-GAAP financial measures will be discussed on this call. In an exhibit of the 8-K we furnished to
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