Fri, Jul 26, 8:20 PM (43 days ago)
**Summary of Healthpeak Properties, Inc. Q2 2024 Financial Performance** For the quarter ended June 30, 2024, Healthpeak Properties, Inc. reported significant financial changes driven by the merger with Physicians Realty Trust. Key highlights include: 1. **Revenue and Adjusted NOI Growth**: Total revenues increased to $695.5 million from $545.4 million in Q2 2023. The merger contributed to a rise in Adjusted NOI, particularly in the outpatient medical and lab segments. 2. **Net Income and FFO**: Net income applicable to common shares rose to $145.8 million from $51.8 million in Q2 2023, primarily due to gains on property sales and increased NOI from newly acquired assets. Nareit FFO increased to $314.0 million from $245.4 million. 3. **Merger Impact**: The merger added 299 outpatient medical buildings, enhancing portfolio diversification and scale. The transaction resulted in significant merger-related costs and increased depreciation and interest expenses due to new debt assumed. 4. **Property Dispositions**: Healthpeak sold several properties, including lab and outpatient medical buildings, generating substantial gains. 5. **Debt and Interest Expenses**: Interest expense rose due to new debt from the merger and recent term loans, impacting overall financials. 6. **Dividends**: The company declared a quarterly cash dividend of $0.30 per share. Overall, Healthpeak’s financial performance in Q2 2024 reflects the strategic expansion and integration of new assets from the merger, driving revenue growth and operational efficiencies.