Healthpeak portfolio NOI accelerates in Q3; raises lower end of guidance range

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Healthpeak Properties (NYSE:PEAK) boosted the lower end of its full-year FFO guidance after Q3 earnings were in line with Wall Street expectations, its revenue beat consensus, as its same-store portfolio cash NOI accelerated in the quarter.

The life science and medical office building landlord now expects FY2022 adjusted FFO per share of $1.72-$1.74 vs. prior view of $1.68-$1.74 and consensus of $1.73.

Q3 adjusted FFO per share of $0.43, matching the average analyst estimate, slipped from $0.44 in Q2 and increased from $0.40 in Q3 2021.

Q3 total pro forma same-store portfolio cash NOI rose 5.1% Y/Y vs. +3.6% Y/Y in Q2. Life science same-store cash NOI increased 5.4% (vs. 4.3% in Q2) and medical office building same-store cash NOI climbed 4.9% (vs. 4.5% in Q2).

Q3 total revenue of $520.4M, beating the $511.0M consensus, rose from $517.9M in Q2 and from $481.5M in the year-ago quarter.

Total costs and expenses of $466.2M vs. $462.9M in the prior quarter and $438.8M in the year-ago quarter.

Conference call on Nov. 2 at 11:00 AM ET.

Earlier, Healthpeak Properties (PEAK) FFO of $0.43 in-line, revenue of $520.41M beats by $9.41M

Editor's note: An earlier version had the incorrect quarter in the headline and first sentence.

See why SA contributor Gen Alpha calls Healthpeak (PEAK) a smart income stock