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Healthpeak Properties (PEAK)

Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns and develops high-quality real estate in the three private-pay healthcare asset classes of Life Science, Medical Office and CCRCs. Healthpeak pairs its deep understanding of the healthcare real estate market with a strong vision for long-term growth.

Company profile

Ticker
PEAK
Exchange
CEO
Thomas Herzog
Employees
Incorporated
Location
Fiscal year end
Former names
HCP, INC., HEALTH CARE PROPERTY INVESTORS INC
SEC CIK
Subsidiaries
424 Summit Property, LLC • Abingdon AL Investors, LLC • AHP of Nevada, Inc. • AHP of Washington, Inc. • Annapolis Assisted Living, LLC • ARC Richmond Place Real Estate Holdings, LLC • Aurora HCP, LLC • Bayside Acquisition, LLC • Bayside Area Development, LLC • Brandywine GP, LLC ...
IRS number
330091377

PEAK stock data

Calendar

3 Aug 22
13 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 127.83M 127.83M 127.83M 127.83M 127.83M 127.83M
Cash burn (monthly) 4.45M 8.18M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 6.48M 11.92M n/a n/a n/a n/a
Cash remaining 121.35M 115.91M n/a n/a n/a n/a
Runway (months of cash) 27.3 14.2 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 May 22 Scott Peter A Common Stock Payment of exercise Dispose F No No 30.08 8,118 244.19K 173,647
4 May 22 Garvey Christine Common Stock Gift Dispose G Yes No 0 152 0 27,091
28 Apr 22 Griffin R Kent Jr Common Stock Grant Acquire A No No 0 5,258 0 52,026
28 Apr 22 Garvey Christine Common Stock Grant Acquire A No No 0 5,258 0 5,258
28 Apr 22 Cartwright Brian G. Common Stock Grant Acquire A No No 0 5,258 0 45,321
23 Feb 22 Garvey Christine Common Stock Gift Dispose G Yes No 0 190 0 27,243
95.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 610 594 +2.7%
Opened positions 83 93 -10.8%
Closed positions 67 52 +28.8%
Increased positions 212 205 +3.4%
Reduced positions 218 199 +9.5%
13F shares Current Prev Q Change
Total value 17.63B 18.65B -5.5%
Total shares 513M 516.93M -0.8%
Total puts 852.7K 113.1K +653.9%
Total calls 971.1K 296K +228.1%
Total put/call ratio 0.9 0.4 +129.8%
Largest owners Shares Value Change
Vanguard 87.54M $3.01B +1.7%
CNS Cohen & Steers 61.47M $2.11B -11.9%
BLK Blackrock 55.71M $1.91B -2.5%
STT State Street 38.71M $1.33B +8.8%
BX Blackstone 11.73M $402.77M +23.4%
PGGM Investments 11.68M $421.68M 0.0%
Geode Capital Management 11.67M $399.67M +4.2%
IVZ Invesco 11.51M $395.21M +96.4%
DSECF Daiwa Securities 9.47M $325.26M -16.1%
NTRS Northern Trust 9.33M $320.19M +2.8%
Largest transactions Shares Bought/sold Change
Norges Bank 0 -12.88M EXIT
CNS Cohen & Steers 61.47M -8.32M -11.9%
IVZ Invesco 11.51M +5.65M +96.4%
Centersquare Investment Management 935.35K -4.53M -82.9%
DB Deutsche Bank AG - Registered Shares 5.38M +4.26M +381.9%
STT State Street 38.71M +3.14M +8.8%
Eaton Vance Management 3.62M +2.51M +226.9%
BX Blackstone 11.73M +2.23M +23.4%
DSECF Daiwa Securities 9.47M -1.82M -16.1%
Vanguard 87.54M +1.48M +1.7%

Financial report summary

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Risks
  • The section below discusses the most significant risk factors that may materially adversely affect our business, results of operations and financial condition.
  • The Covid pandemic and health and safety measures intended to reduce its spread have adversely affected, and may continue to adversely affect, 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.
  • Increased competition, operating costs and market changes may affect the ability of some of our tenants, operators and borrowers to meet their financial and other contractual obligations to us.
  • 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 real estate investments, particularly 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 and exposing us to the risks inherent in illiquid investments.
  • 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.
  • Property development, redevelopment and tenant improvement risks can render a project less profitable or unprofitable and, under certain circumstances, delay or prevent its undertaking or completion.
  • Changes within the life science industry may adversely impact our revenues and results of operations.
  • 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 existing and future hospital and health system client relationships.
  • We assume operational risks with respect to our senior housing properties managed in RIDEA structures that could have a material adverse effect on our business, results of operations and financial condition.
  • 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 returns on and our flexibility with jointly owned investments.
  • Rent escalators or contingent rent provisions in our leases 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 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.
  • From time to time we have made, and we may seek to make, one or more material acquisitions, which may involve the expenditure of significant funds.
  • If we are unable to successfully integrate our acquisitions, our business, results of operations and financial condition may be materially adversely affected.
  • Unfavorable litigation resolution or disputes could have a material adverse effect on our financial condition and that of our tenants, operators and borrowers, and we and our tenants, operators and borrowers may experience rising liability and insurance costs.
  • 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.
  • If access to external 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.
  • 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.
  • 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.
  • Tenants, operators and borrowers 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.
  • Required regulatory approvals can delay or prohibit transfers of our senior housing 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.
  • Our participation in the CARES Act Provider Relief Fund and other Covid-related stimulus and relief programs could subject us to disruptive government and financial audits and investigations, regulatory enforcement actions, civil litigation, and other claims, penalties, and liabilities.
  • 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.
  • 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.
  • Our charter contains ownership limits with respect to our common stock and other classes of capital stock.
  • 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.
  • We rely on information technology in our operations, and any material failure, inadequacy, interruption or security failure of that technology could harm 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.
Management Discussion
  • We evaluate our business and allocate resources among our reportable business segments: (i) life science, (ii) medical office, and (iii) CCRC. Under the life science and medical office segments, we invest through the acquisition, development, and management of life science facilities, MOBs, and hospitals, which generally requires a greater level of property management. Our CCRCs are operated through RIDEA structures. We have other non-reportable segments that are comprised primarily of: (i) an interest in our unconsolidated SWF SH JV and (ii) debt investments. We evaluate performance based upon property adjusted net operating income (“Adjusted NOI” or “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 fiscal year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (“SEC”), as updated by Note 2 to the Consolidated Financial Statements herein.

Content analysis

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Positive
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Legalese
Litigous
Readability
H.S. sophomore Avg
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Removed: adjust, collectibility, disruption, incorporated, navigate