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Healthpeak Properties™ Reports Fourth Quarter and Year Ended 2019 Results

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PR Newswire

IRVINE, Calif., Feb. 11, 2020

IRVINE, Calif., Feb. 11, 2020 /PRNewswire/ -- Healthpeak Properties, Inc. (NYSE: PEAK) today announced results for the fourth quarter and full year ended December 31, 2019.

FOURTH QUARTER 2019 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS

– Net income of $0.09 per share, NAREIT FFO of $0.39 per share, FFO as Adjusted of $0.44 per share and blended Total Portfolio SPP Cash NOI growth of 3.6%

– Executed a definitive agreement to acquire The Post, a 426,000 square foot life science property located within the Route 128 submarket of Boston, Massachusetts, for $320 million

– Signed leases totaling 122,000 square feet at Healthpeak's 75 Hayden development project in Boston, Massachusetts

– Executed an agreement with Capital Senior Living ("CSU") to convert the six properties in the master lease maturing 2026 into a RIDEA structure and immediately market those properties for sale

– Previously announced Life Science transactions:

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In December 2019, closed on the $333 million acquisition of 35 CambridgePark Drive in the West Cambridge Boston submarket
Commenced construction on a $164 million life science development project, The Boardwalk, located in the Torrey Pines life science cluster in San Diego
Executed a long-term lease with Janssen BioPharma, Inc., part of the Johnson & Johnson Family of Companies, for approximately 60% of Phase II of The Shore at Sierra Point
Executed a lease amendment and extension with Amgen at Healthpeak's Britannia Oyster Point campus in South San Francisco

– Previously announced Senior Housing transactions:

Entered into an agreement with Oakmont Senior Living ("Oakmont") that provides Healthpeak the option to acquire up to 24 of Oakmont's senior housing development properties as completed and stabilized over the next four years
In January 2020, closed on the transactions with Brookdale Senior Living ("Brookdale") related to the acquisition of Brookdale's 51% interest in 13 CCRCs for $641 million (which includes payment of a $100 million management termination fee) and the sale of the 18-property triple-net portfolio for $405 million
In December 2019, closed on a $790 million sovereign wealth fund senior housing joint venture ("SWF SH JV") in which Healthpeak sold a 46.5% interest in a 19-property senior housing operating portfolio managed by Brookdale to a sovereign wealth fund
In December 2019, closed on the sale of the remaining 49% interest in Healthpeak's U.K. holdings, which resulted in $91 million of net proceeds

– Previously announced Medical Office transactions:

Added an on-campus medical office development in Nashville with a total estimated spend of $49 million to Healthpeak's development program with HCA Healthcare ("HCA")

– Issued $750 million of 3.00% senior unsecured notes due 2030 and prepaid Healthpeak's $350 million 4.00% senior unsecured notes due 2022

– Completed public offering of 15.6 million shares of common stock for gross proceeds of $547 million and sold 7.5 million shares of common stock under the ATM equity program, raising gross proceeds of $250 million

– Appointed Sara Grootwassink Lewis as an independent director to Healthpeak's Board of Directors

– Welcomed Justin Hill to our team to lead Medical Office business development

– Named to the CDP Leadership Band with a score of A-, as well as the Dow Jones Sustainability Index for the seventh consecutive year; received NAREIT's Dividends Through Diversity Award; received the Green Star designation from GRESB for the eighth year, and named to Bloomberg Gender-Equality Index, Investors' Business Daily's Top 50 ESG Companies list and Newsweek's list of America's Most Responsible Companies

– Completed a comprehensive review of, and certain revisions to, Healthpeak's Senior Housing Operating Portfolio Same-Store policies. SHOP same-store policy details, rationale and pro forma impact can be found on the "Investor Presentations" section of our website at https://ir.healthpeak.com/investor-presentations

FULL YEAR 2019 HIGHLIGHTS

– Net income of $0.09 per share, NAREIT FFO of $1.59 per share, FFO as Adjusted of $1.76 per share and blended Total Portfolio SPP Cash NOI growth of 3.7%

– Changed name to Healthpeak Properties, Inc., ticker symbol to "PEAK" and website URL to www.healthpeak.com

– Announced $2.7 billion of investments including:

$1.4 billion of senior housing acquisitions
$1.1 billion of life science acquisitions and estimated incremental development spending at The Boardwalk
$166 million of estimated incremental medical office development spending through Healthpeak's program with HCA

– Announced $1.4 billion of senior housing dispositions, including the $274 million sale of Healthpeak's direct financing lease interests in 13 non-core senior housing properties to Prime Care, LLC and its affiliates

– Improved operator diversification and the quality of Healthpeak's senior housing portfolio

Converted 39 triple-net leased assets to RIDEA (35 Sunrise, 4 Oakmont)
Renewed master lease with Aegis Senior Living and amended the lease with Harbor Retirement Associates
Reduced Brookdale concentration to 6%

– Continued to deliver development projects on-time and on-budget, with significant pre-leasing prior to delivery

Delivered Phase III of The Cove in South San Francisco, representing 324,000 square feet of Class A life science space that is 100% leased
Delivered a 90,000 square foot on-campus medical office building at Grand Strand Medical Center, which was 71% leased upon delivery

– Sold $1.4 billion of equity through a public follow-on offering and our ATM equity program

– Directly issued or settled previous forward sales agreements for 26.7 million shares, resulting in net proceeds of $782 million

– Issued $2.1 billion of long-term senior unsecured notes, with proceeds used to refinance near-term debt, including $1.7 billion of senior unsecured notes

– Upsized revolving credit facility to $2.5 billion and originated a $250 million unsecured term loan facility

– Established a $1 billion unsecured commercial paper program with $93 million outstanding at year end

– Upgraded by Moody's to Baa1 (stable) in January and by Fitch to BBB+ (stable) in October

– Added one new director in 2019 and decreased average director tenure to 5 years

FOURTH QUARTER COMPARISON

	Three Months Ended December 31, 2019				Three Months Ended December 31, 2018
(in thousands, except per share amounts)	Amount		Per Share		Amount		Per Share
Net income (loss), diluted	$	43,200	$	0.09	$	831,965	$	1.73
NAREIT FFO, diluted	195,892		0.39		195,187		0.41
FFO as Adjusted, diluted	220,400		0.44		202,115		0.43
FAD, diluted	170,641				168,001

FULL YEAR COMPARISON

	Year Ended December 31, 2019				Year Ended December 31, 2018
(in thousands, except per share amounts)	Amount		Per Share		Amount		Per Share
Net income (loss), diluted	$	43,987	$	0.09	$	1,065,343	$	2.24
NAREIT FFO, diluted	786,899		1.59		780,189		1.66
FFO as Adjusted, diluted	870,748		1.76		857,035		1.82
FAD, diluted	752,411				746,397

NAREIT FFO, FFO as Adjusted, FAD, and SPP Cash NOI are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance of real estate investment trusts (see the "Funds From Operations" and "Funds Available for Distribution" sections of this release for additional information). See "December 31, 2019 Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP on the Investor Relations section of our website at http://ir.healthpeak.com/quarterly-results.

SAME PROPERTY PORTFOLIO OPERATING SUMMARY

The table below outlines the year-over-year three month and twelve month SPP Cash NOI growth:

Year-Over-Year Total SPP Cash NOI Growth

% of Total Full
Year SPP

Three Month

Full Year⁽¹⁾

Medical office

44.1%

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