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DENVER - Healthpeak Properties, Inc. (NYSE: NYSE:DOC), a prominent real estate investment trust specializing in healthcare facilities with a market capitalization of $14.3 billion, disclosed a slight rise in net income per share to $0.01 and a 5.4% increase in same-store portfolio cash NOI for the fourth quarter of 2024. According to InvestingPro data, the company maintains strong financial health with an overall score of 2.63 out of 4, labeled as "GOOD." The company also announced a 1.7% hike in its quarterly common stock cash dividend to $0.305 per share.
The company’s leasing activity for the fourth quarter included 1.5 million square feet of new and renewal leases, with significant gains in cash releasing spreads, especially in lab lease renewals which saw a 30% increase. The company’s robust operational performance is reflected in its impressive revenue growth of 18.8% over the last twelve months. Additionally, Healthpeak reported originating loans and other investments totaling approximately $126 million during the quarter and through January 2025.
Executive management changes were also part of the recent highlights, with Kelvin Moses promoted to Executive Vice President – Investments and Portfolio Management, and Tracy Porter to Executive Vice President and General Counsel. Jeff Miller and Tom Klaritch are set to depart the company after a transition period through the end of 2025, with Mark Theine taking over Healthpeak’s Outpatient Medical (TASE:PMCN) platform.
In terms of financial performance for the full year 2024, Healthpeak reported net income of $0.36 per share, with Nareit FFO at $1.61 per share and AFFO at $1.60 per share. The year also marked the completion of the Physicians Realty (NYSE:DOC_OLD) Trust merger, internalization of property management in 14 markets, and a record year of leasing over 8 million square feet.
Healthpeak’s sustainability efforts were recognized with several awards, including an ENERGY STAR Partner of the Year for Sustained Excellence and inclusion in the FTSE4Good Index for the thirteenth consecutive year.
Looking forward to 2025, Healthpeak has established guidance ranges that include diluted earnings per common share of $0.30 to $0.36 and diluted Nareit FFO per share of $1.81 to $1.87, among other metrics. InvestingPro analysis shows analysts maintain a bullish stance on the stock, with price targets ranging from $22 to $30.50 per share.
The company will hold a conference call and webcast on Tuesday to discuss the results in greater detail.
This article is based on a press release statement from Healthpeak Properties, Inc.
In other recent news, Healthpeak Properties has revised its full-year 2024 financial guidance upwards, reflecting robust performance across its healthcare facility portfolios. The company has marginally increased its diluted funds from operations (FFO) per share forecast from a range of $1.79-$1.81 to $1.80-$1.82. Similarly, the diluted adjusted funds from operations (AFFO) per share estimate has been raised from $1.56-$1.58 to $1.57-$1.59. In addition, Healthpeak reported an increase in its merger-combined same-store cash net operating income (NOI) growth projections, revised from 3.5%-4.5% to 4.0%-5.0%.
In other developments, Healthpeak Properties reported a strong third-quarter performance in 2024, with over 700,000 square feet of leases signed since July, and a merger completed in March, expected to result in $50 million in year-one synergies. The company’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 significant growth, contributing to increased demand for its properties.
Despite high construction costs and capital constraints, Healthpeak has $900 million in development primarily in outpatient medical, anticipating 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%. These recent developments highlight the company’s focus on leasing success, merger synergies, and strategic development planning.
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