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.
Editor's note: An earlier version had the incorrect quarter in the headline and first sentence.
This was corrected on 01/09/2023 at 4:24 PM. Incorrect quarter was in the headline and first sentence.