Company profile

Ticker
PEAK
Exchange
CEO
Thomas M. Herzog
Employees
Incorporated in
Location
Fiscal year end
Former names
HCP, Inc., Health Care Property Investors Inc
SEC CIK
IRS number
330091377

PEAK stock data

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FINRA relative short interest over last month (20 trading days) ?

Calendar

6 May 20
5 Jun 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 585.15M 531.69M 537.97M 491.57M
Net income 282.54M 47.36M -42.31M -9.98M
Diluted EPS 0.54 0.09 -0.09 -0.03
Net profit margin 48.29% 8.91% -7.86% -2.03%
Operating income* 304.41M 95.96M 9.11M 41.48M
Net change in cash 639.31M 19.24M -5.53M 10.4M
Cash on hand 783.54M 144.23M 124.99M 130.52M
Cost of revenue 376.01M 248.38M 248.07M 213.99M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 2B 1.85B 1.85B 2.13B
Net income 60.06M 1.07B 422.63M 639.93M
Diluted EPS 0.09 2.24 0.88 1.34
Net profit margin 3.01% 58.13% 22.87% 30.05%
Operating income* 253.89M 1.31B 720.55M 830.87M
Net change in cash 33.44M 55.48M -39.42M -251.77M
Cash on hand 144.23M 110.79M 55.31M 94.73M
Cost of revenue 879.37M 705.04M 666.25M 738.4M

Financial data from company earnings reports. *Asterisk values are approximate.

Date Owner Security Transaction Code $Price #Shares $Value #Remaining
15 May 20 Scott Peter A Common Stock Payment of exercise Dispose F 22.23 8,604 191.27K 115,467
30 Apr 20 Griffin R Kent Jr Common Stock Grant Aquire A 0 6,121 0 42,044
30 Apr 20 Garvey Christine Common Stock Grant Aquire A 0 6,121 0 6,121
30 Apr 20 Cartwright Brian G. Common Stock Grant Aquire A 0 6,121 0 35,339
30 Apr 20 Henry David Common Stock Grant Aquire A 0 6,121 0 66,735
10 Mar 20 Garvey Christine Common Stock Gift Dispose G 0 27 0 27,623
6 Mar 20 Garvey Christine Common Stock Gift Dispose G 0 285 0 22,302
93.0% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 550 588 -6.5%
Opened positions 81 579 -86.0%
Closed positions 119 0 +Infinity%
Increased positions 199 3 +6533.3%
Reduced positions 202 4 +4950.0%
13F shares
Current Prev Q Change
Total value 11.94B 17.39B -31.3%
Total shares 500.56M 503.3M -0.5%
Total puts 231.7K 327.1K -29.2%
Total calls 286.5K 548.3K -47.7%
Total put/call ratio 0.8 0.6 +35.6%
Largest owners
Shares Value Change
Vanguard 84.16M $2.01B +0.8%
BLK BlackRock 58.52M $1.4B -0.3%
STT State Street 35.06M $836.08M +0.3%
CNS Cohen & Steers 18.94M $451.83M +87.9%
IVZ Invesco 15.17M $361.71M -18.4%
JPM JPMorgan Chase & Co. 13.47M $321.35M +20.3%
Geode Capital Management 10M $238.16M +1.7%
PGGM Investments 10M $238.49M +7.5%
NTRS Northern Trust 9.8M $233.67M +5.2%
PFG Principal Financial 9.26M $220.91M +0.9%
Largest transactions
Shares Bought/sold Change
CNS Cohen & Steers 18.94M +8.86M +87.9%
Norges Bank 0 -5.12M EXIT
IVZ Invesco 15.17M -3.41M -18.4%
Barrow Hanley Mewhinney & Strauss 6.21M -3.06M -33.0%
DSECF Daiwa Securities 5.29M +2.5M +89.4%
PUK Prudential 2.37M +2.37M NEW
JPM JPMorgan Chase & Co. 13.47M +2.27M +20.3%
Security Capital Research & Management 1.67M -1.71M -50.5%
Long Pond Capital 0 -1.67M EXIT
DB Deutsche Bank 5.48M -1.56M -22.1%

Financial report summary

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Risks
  • We assume operational risks with respect to our SHOP properties managed in RIDEA structures that could have a material adverse effect on our business, results of operations and financial condition.
  • Decreases in our tenants’, operators’ or borrowers’ revenues, or increases in their expenses, could affect their ability to meet their financial and other contractual obligations to us, and could result in amendments to these obligations that have a material adverse effect on our results of operations and financial condition.
  • Imposition of laws or regulations prohibiting eviction of our tenants, even on a temporary basis, could have a material adverse effect on our revenues if our tenants fail to make their contractual rent payments to us.
  • Increased competition, operating costs and market changes have resulted and may further result in lower net revenues for some of our tenants, operators and borrowers and may affect their ability to meet their financial and other contractual obligations to us.
  • The financial deterioration, insolvency or bankruptcy of one or more of our major tenants, operators or borrowers could have a material adverse effect on our business, results of operations and financial condition.
  • We depend on investments in the healthcare property sector, making our profitability more vulnerable to a downturn or slowdown in that specific sector than if we were investing in multiple industries.
  • Tenants and operators that fail to comply with federal, state, local and international laws and regulations, including resident health and safety requirements, as well as licensure, certification and inspection requirements, may cease to operate or be unable to meet their financial and other contractual obligations to us.
  • We may have difficulty identifying and securing replacement tenants or operators, and we may be required to incur substantial renovation or tenant improvement costs to make our properties suitable for them.
  • We face additional risks associated with property development and redevelopment that can render a project less profitable or not profitable at all and, under certain circumstances, prevent completion of development or redevelopment activities once undertaken.
  • Changes within the life science industry may adversely impact our revenues and results of operations.
  • Our tenants in the life science industry face high levels of regulation, funding requirements, expense and uncertainty.
  • The hospitals on whose campuses our MOBs are located and their affiliated healthcare systems could fail to remain competitive or financially viable, which could adversely impact their ability to attract physicians and physician groups to our MOBs and our other properties that serve the healthcare industry.
  • We may be unable to maintain or expand our relationships with our existing and future hospital and health system clients.
  • Economic and other conditions that negatively affect geographic areas from which a greater percentage of our revenue is recognized could have a material adverse effect on our business, results of operations and financial condition.
  • Uninsured or underinsured losses could result in a significant loss of capital invested in a property, lower than expected future revenues, and unanticipated expense.
  • Our use of joint ventures may limit our flexibility with jointly owned investments.
  • We have now, and may have in the future, contingent rent provisions and/or rent escalators based on the Consumer Price Index, which could hinder our profitability and growth.
  • Competition may make it difficult to identify and purchase, or develop, suitable healthcare properties to grow our investment portfolio, to finance acquisitions on favorable terms, or to retain or attract tenants and operators.
  • We expect to pursue fewer acquisitions and dispositions, as well as enter into fewer joint ventures, in at least the near term, which may delay or slow our growth.
  • From time to time, we may acquire other companies, and if we are unable to successfully integrate these operations, our business, results of operations and financial condition may be materially adversely affected.
  • Our tenants, operators and borrowers face litigation and may experience rising liability and insurance costs.
  • Required regulatory approvals can delay or prohibit transfers of our healthcare properties.
  • Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make expenditures that adversely affect our cash flows.
  • The requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid, may adversely affect our tenants’, operators’ and borrowers’ ability to meet their financial and other contractual obligations to us.
  • Legislation to address federal government operations and administration decisions affecting the Centers for Medicare and Medicaid Services could have a material adverse effect on our tenants’, operators’ and borrowers’ liquidity, financial condition or results of operations.
  • We may be unable to successfully foreclose on the collateral securing our real estate-related loans, and even if we are successful in our foreclosure efforts, we may be unable to successfully operate, occupy or reposition the underlying real estate, which may adversely affect our ability to recover our investments.
  • An increase in our borrowing costs could materially adversely impact our ability to refinance existing debt, sell properties and conduct acquisition, investment and development activities, and could cause our stock price to decline.
  • Cash available for distribution to stockholders may be insufficient to make dividend distributions at expected levels and are made at the discretion of our Board of Directors.
  • We rely on external sources of capital to fund future capital needs, and if access to such capital is unavailable on acceptable terms or at all, it could have a material adverse effect on our ability to meet commitments as they become due or make future investments necessary to grow our business.
  • Adverse changes in our credit ratings could impair our ability to obtain additional debt and equity financing on favorable terms, if at all, and negatively impact the market price of our securities, including our common stock.
  • Our level of indebtedness may increase and materially adversely affect our future operations.
  • Covenants in our debt instruments limit our operational flexibility, and breaches of these covenants could materially adversely affect our business, results of operations and financial condition.
  • Volatility, disruption or uncertainty in the financial markets may impair our ability to raise capital, obtain new financing or refinance existing obligations and fund real estate and development activities.
  • We rely on information technology in our operations, and any material failure, inadequacy, interruption or security failure of that technology could harm our business.
  • We are subject to certain provisions of Maryland law and our charter relating to business combinations which may prevent a transaction that may otherwise be in the interest of our stockholders.
  • Unfavorable resolution of litigation matters and disputes could have a material adverse effect on our financial condition.
  • The loss or limited availability of our key personnel could disrupt our operations and have a material adverse effect on our business, results of operations, financial condition, and the value of our common stock.
  • Environmental compliance costs and liabilities associated with our real estate-related investments may be substantial and may materially impair the value of those investments.
  • Loss of our tax status as a REIT would substantially reduce our available funds and would have materially adverse consequences for us and the value of our common stock.
  • Further changes to U.S. federal income tax laws could materially and adversely affect us and our stockholders.
  • We could have potential deferred and contingent tax liabilities from corporate acquisitions that could limit, delay or impede future sales of our properties.
  • There are uncertainties relating to the calculation of non-REIT tax earnings and profits (“E&P”) in certain acquisitions, which may require us to distribute E&P.
Management Discussion
  • In January 2020, Healthpeak and Brookdale Senior Living Inc. (“Brookdale”) completed certain of the transactions governed by the previously announced Master Transactions and Cooperation Agreement (the “2019 MTCA”), which includes a series of transactions related to the previously jointly owned 15-campus CCRC portfolio (the “CCRC JV”) and the portfolio of senior housing properties that were triple-net leased to Brookdale. Specifically, the following transactions were completed on January 31, 2020:
  • We evaluate our business and allocate resources among our reportable business segments: (i) senior housing triple-net, (ii) SHOP, (iii) CCRC, (iv) life science, and (v) medical office. Our senior housing facilities, including CCRCs, are managed utilizing triple-net leases and RIDEA structures. Under the life science and medical office segments, we invest through the acquisition and development of life science facilities and MOBs, which generally require a greater level of property management. We have other non-reportable segments that are comprised primarily of our debt investments and hospital properties. We evaluate performance based upon: (i) property net operating income from continuing operations (“NOI”) and (ii) Adjusted NOI (Cash NOI) in each segment. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the U.S. Securities and Exchange Commission (“SEC”), as updated by Note 2 to the Consolidated Financial Statements herein.
  • NOI and Adjusted NOI are non-U.S. generally accepted accounting principles (“GAAP”) supplemental financial measures used to evaluate the operating performance of real estate. NOI is defined as real estate revenues (inclusive of rental and related revenues, resident fees and services, and income from direct financing leases and exclusive of interest income), less property level operating expenses (which exclude transition costs); NOI excludes all other financial statement amounts included in net income (loss) as presented in Note 13 to the Consolidated Financial Statements. Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL non-cash interest, amortization of market lease intangibles, termination fees, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee income and expense. NOI and Adjusted NOI include our share of income (loss) generated by unconsolidated joint ventures and exclude noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. Adjusted NOI is oftentimes referred to as “Cash NOI.” Management believes NOI and Adjusted NOI are important supplemental measured because they provides relevant and useful information by reflecting only income and operating expense items that are incurred at the property level and presenting them on an unlevered basis. We use NOI and Adjusted NOI to make decisions about resource allocations, to assess and compare property level performance, and to evaluate our Same-Store (“SS”) performance, as described below. We believe that net income (loss) is the most directly comparable GAAP measure to NOI and Adjusted NOI. NOI and Adjusted NOI should not be viewed as alternative measures of operating performance to net income (loss) as defined by GAAP since they do not reflect various excluded items. Further, our definitions of NOI and Adjusted NOI may not be comparable to the definitions used by other REITs or real estate companies, as they may use different methodologies for calculating NOI and Adjusted NOI. For a reconciliation of NOI and Adjusted NOI to net income (loss) by segment, refer to Note 13 to the Consolidated Financial Statements.
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Legalese
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H.S. junior Avg
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