Physicians Realty Trust(DOC) ZACKS·2025-04-25 11:50Core Viewpoint - Healthpeak Properties, Inc. reported first-quarter 2025 funds from operations (FFO) as adjusted per share of 46 cents, meeting expectations and showing a slight increase from 45 cents in the prior year, driven by better-than-anticipated revenues despite higher interest expenses [1][2]. Financial Performance - The company generated revenues of 691.9 million, representing a year-over-year increase of 15.9% [2]. - Healthpeak reported a 7% year-over-year growth in total merger-combined same-store cash (adjusted) net operating income (NOI) [3]. - The outpatient medical and lab segments experienced year-over-year growth of 5% and 7.7%, respectively, while the Continuing Care Retirement Communities (CCRC) segment reported a growth of 15.9% [3]. Lease Activity - In the reported quarter, Healthpeak executed lab new and renewal leases totaling 276,000 square feet, achieving a retention rate of 88% and +5% cash-releasing spreads on renewals [4]. - For the outpatient medical portfolio, new and renewal leases totaled 973,000 square feet, with a retention rate of 86% and +4% cash-releasing spreads on renewals [4]. Balance Sheet - As of March 31, 2025, Healthpeak had cash and cash equivalents of 119.8 million at the end of 2024, with a net debt to adjusted EBITDAre ratio of 5.2X [5]. - The company repurchased 5.1 million shares at a weighted average price of 94 million, from the beginning of the year through April 24 [5]. 2025 Outlook - Healthpeak reaffirmed its guidance for 2025, expecting FFO as adjusted per share to be between 1.87, with the Zacks Consensus Estimate at $1.85 [6]. - The company anticipates total merger-combined same-store cash (adjusted) NOI growth in the range of 3-4% for the year [6].