Healthpeak Properties (DOC) Q1 2025 earnings summary

Executive summary

• Reported Q1 2025 net income of $0.06 per share, Nareit FFO of $0.45, FFO as Adjusted of $0.46, and AFFO of $0.43 per share, with 7.0% year-over-year same-store cash NOI growth.

• Completed integration of Physicians Realty Trust, expanding outpatient medical footprint and accelerating transformation.

• Executed 1.2 million sq. ft. of new and renewal leases in Q1, with strong retention and positive cash releasing spreads in both outpatient medical and lab segments.

• Promoted Kelvin Moses to CFO, emphasizing strategic and operational focus and internal leadership succession.

• Maintains strong investment-grade balance sheet and ample liquidity.

Financial highlights

• Q1 2025 net income attributable to common shares was $42.4 million, up from $6.5 million in Q1 2024.

• Nareit FFO rose to $323.3 million ($0.45/share), FFO as Adjusted to $329.7 million ($0.46/share), and AFFO to $306.4 million ($0.43/share), all up year-over-year.

• Total revenues for Q1 2025 were $702.9 million, up from $606.6 million in Q1 2024.

• Same-store cash NOI grew 7.0% year-over-year, with outpatient medical up 5.0%, lab up 7.7%, and CCRC up 15.9%.

• Senior housing occupancy at 86%, with 16% same-store growth.

Outlook and guidance

• Reaffirmed full-year 2025 guidance: diluted EPS of $0.30–$0.36, Nareit FFO and FFO as Adjusted per share of $1.81–$1.87.

• Expects total same-store cash NOI growth of 3.0%–4.0% for 2025.

• $500 million investment guidance for the year, now including stock buybacks for flexibility.

• Management expects cash flows, available cash, and financing activities to be adequate for operating expenses, debt service, and distributions for the next 12 months and beyond.