Skip to Content

Healthpeak Properties Inc PEAK

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
Is it the right time to buy or sell?
Find out with Morningstar Premium
Is it the right time to buy or sell?
Find out with Morningstar Premium

1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Healthpeak Reports Solid Growth From Life Science and Medical Office Segments in Q3

Kevin Brown, CFA Equity Analyst

Analyst Note

| Kevin Brown, CFA |

Healthpeak reported third-quarter earnings that were slightly ahead of our expectations, leading us to reaffirm our $36 per share fair value estimate for the no-moat firm. Same-store net operating income growth was once again highest for the life science segment, which was up 6.8% year over year and outperformed our expectation of 5.0% growth. Same-store NOI for the medical office segment was up 2.9% in the third quarter, better than our estimate of 2.1%. The continuing care retirement community (CCRC) segment, though, saw another decline in the third quarter, down 9.0% when government grants received from the CARES Act are included in 2020 results and down 1.7% when those grants are excluded. Still, the CCRC portfolio represented only 10.7% of Healthpeak's total NOI in the third quarter. As such, total company same-store NOI grew 4.1% when the grants are excluded and 3.2% when the grants are included--both of which were slightly ahead of our 2.8% growth estimate. Even so, Healthpeak's adjusted reported FFO in the third quarter was in line with our $0.40 per share estimate, leaving us with relatively few material changes to our model from the quarter.

Read Full Analysis

Company Profile

Business Description

Healthpeak owns a diversified healthcare portfolio of approximately 460 in-place properties spread across senior housing, medical office, life science, hospital, and skilled nursing/post-acute care.

Contact
5050 South Syracuse Street, Suite 800
Denver, CO, 80237
T +1 720 428-5050
Sector Real Estate
Industry REIT - Healthcare Facilities
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 217

Related