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DENVER - Healthpeak Properties, Inc. (NYSE:DOC) reported second-quarter earnings that fell short of analyst expectations, with net income of $0.05 per share missing estimates by $0.01. The healthcare real estate investment trust saw its shares fall 1.4% following the announcement.
Revenue for the quarter came in at $694.35 million, exceeding the consensus estimate of $689.32 million. The company reported FFO as Adjusted of $0.46 per share and Total (EPA:TTEF) Merger-Combined Same-Store Cash (Adjusted) NOI growth of 3.5% YoY. Revenue increased from the same quarter last year when the company reported $695.5 million.
Despite the earnings miss, Healthpeak maintained its full-year 2025 guidance for FFO as Adjusted per share of $1.81-$1.87 and Total Merger-Combined Same-Store Cash NOI growth of 3.0%-4.0%. However, the company lowered its diluted earnings per share guidance to $0.25-$0.31 from the previous range of $0.30-$0.36.
The company reported solid leasing momentum with outpatient medical new and renewal lease executions totaling 1 million square feet, with 85% retention and +6% cash releasing spreads on renewals. Lab new and renewal lease executions totaled 503,000 square feet, with 87% retention and +6% cash releasing spreads.
During the quarter, Healthpeak entered into two new development agreements with a combined projected cost of $148 million to support Northside Hospital’s continued outpatient expansion in the Atlanta market. The company also maintained a strong balance sheet with Net Debt to Adjusted EBITDAre at 5.2x for the quarter.
Healthpeak declared a monthly common stock cash dividend of $0.10167 per share for each month of the third quarter, representing an annualized dividend amount of $1.22 per share.
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