Financials Healthpeak Properties, Inc.

Equities

DOC

US42250P1030

Specialized REITs

Real-time Estimate Cboe BZX Other stock markets 02:26:10 2024-05-15 pm EDT			5-day change	1st Jan Change
20.18 ^USD	+1.84%		+5.20%	+1.74%

May. 07	Healthpeak Properties, Inc. acquired unknown minority interest in Eight lab buildings in Cambridge and Lexington, Massachusetts from King Street Properties LLC.	CI
May. 06	Hashicorp Insider Sold Shares Worth $1,174,844, According to a Recent SEC Filing	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,061	16,275	19,455	13,476	10,832	13,949	-	-
Enterprise Value (EV) ¹	23,268	22,528	25,467	19,902	17,539	22,501	22,639	22,488
P/E ratio	383 x	39.3 x	38.8 x	27.3 x	35.4 x	54.2 x	34.7 x	38.2 x
Yield	4.29%	4.9%	3.33%	4.79%	6.06%	6.05%	6.21%	6.52%
Capitalization / Revenue	8.58 x	9.99 x	10.5 x	6.61 x	5.02 x	5.25 x	4.9 x	4.62 x
EV / Revenue	11.7 x	13.8 x	13.7 x	9.77 x	8.12 x	8.46 x	7.95 x	7.45 x
EV / EBITDA	22.7 x	46.3 x	25.8 x	20.9 x	15.1 x	14.3 x	13.6 x	12.9 x
EV / FCF	-18.4 x	3,483 x	348 x	-	-	22.9 x	93.6 x	66.8 x
FCF Yield	-5.43%	0.03%	0.29%	-	-	4.36%	1.07%	1.5%
Price to Book	2.77 x	2.4 x	2.99 x	2.06 x	1.71 x	1.43 x	1.62 x	1.87 x
Nbr of stocks (in thousands)	494,954	538,361	539,072	537,540	547,074	703,782	-	-
Reference price ²	34.47	30.23	36.09	25.07	19.80	19.82	19.82	19.82
Announcement Date	2/11/20	2/9/21	2/8/22	2/7/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,988	1,628	1,858	2,038	2,159	2,658	2,847	3,020
EBITDA ¹	1,025	487	986.8	954.1	1,162	1,575	1,664	1,747
EBIT ¹	365.1	348.3	302.5	243.5	412.1	457	687.4	711.5
Operating Margin	18.37%	21.39%	16.28%	11.95%	19.09%	17.19%	24.14%	23.56%
Earnings before Tax (EBT) ¹	51.42	217.7	128.4	-	314.9	229.9	353.8	215.2
Net income ¹	43.99	411.1	502.3	497.8	304.3	238.8	363	239.1
Net margin	2.21%	25.25%	27.03%	24.43%	14.09%	8.98%	12.75%	7.92%
EPS ²	0.0900	0.7700	0.9300	0.9200	0.5600	0.3657	0.5717	0.5185
Free Cash Flow ¹	-1,264	6.468	73.21	-	-	981.8	241.8	336.9
FCF margin	-63.57%	0.4%	3.94%	-	-	36.93%	8.49%	11.16%
FCF Conversion (EBITDA)	-	1.33%	7.42%	-	-	62.32%	14.54%	19.28%
FCF Conversion (Net income)	-	1.57%	14.58%	-	-	411.16%	66.61%	140.9%
Dividend per Share ²	1.480	1.480	1.200	1.200	1.200	1.200	1.231	1.292
Announcement Date	2/11/20	2/9/21	2/8/22	2/7/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	477.3	492.9	512.4	514.4	518.1	519.5	540.2	550.9	548.7	600.8	687.3	695.7	701.1	712.4	720.8
EBITDA ¹	252	261.8	272.6	275.6	220.2	271.9	292.4	295.1	302.7	333.8	401	403.5	407.2	412.1	418.4
EBIT ¹	73.9	84.07	92.12	102.5	41.02	92.66	94.8	110.5	114.2	114.6	152.7	179.2	187.5	195.1	196.6
Operating Margin	15.48%	17.06%	17.98%	19.92%	7.92%	17.83%	17.55%	20.06%	20.81%	19.07%	22.22%	25.76%	26.74%	27.39%	27.28%
Earnings before Tax (EBT) ¹	-	-	-	-	-	133	54.61	67.34	-	22.5	87.51	88.78	93.28	127.5	127.9
Net income ¹	28.49	69.64	68.06	353.4	6.388	117.7	51.75	64.05	70.79	6.477	67.54	75.82	81.71	73.11	78.73
Net margin	5.97%	14.13%	13.28%	68.69%	1.23%	22.66%	9.58%	11.63%	12.9%	1.08%	9.83%	10.9%	11.65%	10.26%	10.92%
EPS ²	0.0500	0.1300	0.1300	0.6500	0.0100	0.2200	0.0900	0.1200	0.1300	0.0100	0.1120	0.1200	0.1260	0.1345	0.1371
Dividend per Share ²	0.3000	0.3000	0.3000	0.3000	0.3000	0.3000	0.3000	0.3000	0.3000	0.3000	0.3000	0.3000	0.3000	0.3072	0.3121
Announcement Date	2/8/22	5/3/22	8/2/22	11/1/22	2/7/23	4/27/23	7/27/23	10/30/23	2/8/24	4/25/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,207	6,254	6,012	6,426	6,707	8,552	8,690	8,540
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.056 x	12.84 x	6.092 x	6.735 x	5.772 x	5.428 x	5.224 x	4.888 x
Free Cash Flow ¹	-1,264	6.47	73.2	-	-	982	242	337
ROE (net income / shareholders' equity)	0.73%	6.39%	2.67%	7.56%	4.68%	5.23%	5.17%	6.16%
ROA (Net income/ Total Assets)	0.33%	2.75%	3.22%	3.21%	1.93%	0.7%	1.95%	1.74%
Assets ¹	13,374	14,976	15,598	15,514	15,735	34,112	18,625	13,776
Book Value Per Share ²	12.40	12.60	12.10	12.20	11.60	13.90	12.20	10.60
Cash Flow per Share ²	-	-	1.470	1.670	1.750	2.140	1.850	1.920
Capex ¹	736	886	722	970	845	749	645	606
Capex / Sales	37.02%	54.39%	38.85%	47.61%	39.13%	28.17%	22.65%	20.08%
Announcement Date	2/11/20	2/9/21	2/8/22	2/7/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Healthpeak Properties, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

19.82 USD

Average target price

22.22 USD

Spread / Average Target

+12.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Healthcare REITs

	1st Jan change	Capi.
HEALTHPEAK PROPERTIES, INC.	+0.10%	13.95B
WELLTOWER INC.	+9.59%	59.09B
VENTAS, INC.	-3.77%	19.41B
OMEGA HEALTHCARE INVESTORS, INC.	+0.65%	7.63B
HEALTHCARE REALTY TRUST INCORPORATED	-5.57%	6.16B
CARETRUST REIT, INC.	+11.17%	3.53B
MEDICAL PROPERTIES TRUST, INC.	+19.14%	3.51B
SABRA HEALTH CARE REIT, INC.	+2.94%	3.4B
AEDIFICA SA	-1.49%	3.16B
NATIONAL HEALTH INVESTORS, INC.	+19.52%	2.9B

Healthcare REITs