EX-99.1 2 ex99109302024.htm EX-99.1 Document
第99.1展示文本
    



healthpeak properties報告2024年第三季度業績，並宣佈普通股季度現金股息
2024年10月24日，healthpeak properties公司（紐交所: DOC）, 作爲醫療保健發現和交付房地產的領先所有者、運營商和開發商， 今天宣佈截至2024年9月30日的第三季度業績。

2024年第三季度財務表現和最新亮點
–每股淨利潤爲0.12美元，每股Nareit FFO爲0.44美元，每股調整後FFO爲0.45美元，每股AFFO爲0.41美元，總併購-合併同店現金（調整後）淨運營收入增長4.1%
–將2024年FFO調整爲調整後和AFFO指引中點均提高1美分，並將總併購合併同店現金（調整後）NOI增長指引在中點處提高50個點子
–由於物業管理內部化推動，預計2024年合併相關協同效應增加至約5000萬美元
–生命科學領域在第三季度以及截至2024年10月24日，租賃執行量持續保持強勁勢頭，達到了73.3萬平方英尺。
•在2024年第三季度執行了465,000平方英尺的實驗室租賃，其中包括Gateway的37,000平方英尺租約；在續租中實現了積極的10%現金租金市場標記。
•2024年10月，簽訂了總計268,000平方英尺的實驗室租約，其中包括Portside的205,000平方英尺和Vantage的63,000平方英尺，使這些標誌性校園的出租率分別達到約90%和70%。
•簽署了額外575,000平方英尺實驗室租賃的意向函（「 LOI」），其中包括在Gateway的33,000平方英尺，使項目的租賃率達到42%或以上。
–門診醫療新租賃和續約總計300萬平方英尺，89%的租賃保留率，並在續簽中取得10%的正現金租金市場對照，其中包括此前宣佈的CommonSpirit續約
–在堪薩斯城啓動了一項總金額爲3700萬美元，面積爲79,000平方英尺的A級門診醫療發展項目，100%爲HCA預租。
–晉升Natalia De Michele爲高級副總裁-灣區市場負責人，並聘用Claire Donegan Brown擔任高級副總裁-波士頓市場負責人，兩者均向首席發展官兼實驗室負責人Scott Bohn彙報。
–2024年9月30日結束的季度的淨債務與調整後的EBITDAre比率爲5.1倍
–2024年10月23日，Healthpeak的董事會宣佈，每股股息爲0.30美元，將於2024年11月15日支付給截至2024年11月4日收盤時持股的股東。
–連續第十三年獲得GRESB綠色科創板認證，並在治理和公司影響披露方面受到認可 治理智能和頁面。IR 雜誌

第三季度比較
 三個月之內結束
2024年9月30日		三個月之內結束
2023年9月30日
（單位：千元，每股金額除外）數量每股數量每股
淨利潤，攤薄$85,722 $0.12 $64,048 $0.12 
Nareit FFO，攤薄315,824 0.44 252,566 0.46 
調整後的FFO，攤薄320,776 0.45 251,647 0.45 
AFFO，攤薄289,509 0.41 219,645 0.40 
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年初至今比較
 九個月結束
2024年9月30日		九個月結束
2023年9月30日
(以千爲單位，除每股金額外)數量每股數量每股
淨利潤，攤薄$238,057 $0.36 $233,497 $0.43 
Nareit FFO，攤薄797,546 1.17 730,764 1.32 
調整後的FFO，攤薄918,665 1.35 735,067 1.33 
AFFO，攤薄814,404 1.20 652,839 1.18 
Nareit FFO、調整後的FFO、AFFO、總合並-合併的同店現金(調整後)淨營業收入以及淨負債與調整後的EBITDAre比率是我們認爲在評估房地產投資信託的經營績效和財務狀況方面有用的補充非GAAP財務指標(有關額外信息，請參見本公告的"經營基金"和"調整後的經營基金"部分)。有關定義、用途和固有限制的討論，以及根據GAAP按最直接可比財務指標計算並提供的和解釋，請參見我們網站的投資者關係部分中"2024年9月30日討論和非GAAP財務指標的調和"。網址爲http://ir.healthpeak.com/quarterly-results.
併購-合併同店銷售（"SS"）運營摘要
下表列出了按年份計算的每三個月和年初至今的合併SS現金（調整後）淨營業收入增長。
合併後的SS現金總額（調整後）NOI同比增長
三個月年初至今
SS 增長百分比SS 的百分比SS 增長百分比SS 的百分比
門診醫療3.4 %55.0 %3.3 %55.1 %
實驗室2.8 %35.5 %3.1 %35.1 %
CCRC14.2 %9.5 %20.2 %9.8 %
合併合併後的股息總現金（調整後）NOI4.1 %100.0 %4.6 %100.0 %



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physicians realty trust合併整合
今年九月，Healthpeak在丹佛和猶他州內部化了門診醫療物業管理。 到目前爲止，該公司已在14個市場完成了物業管理內部化，現在內部管理的物業面積達2400萬平方英尺。
Healthpeak現在預計在2024年實現約5000萬美元的併購相關的協同效應。
生命科學租賃更新
2024年第三季度至2024年10月24日，Healthpeak執行了總計733,000平方英尺的實驗室租賃協議。
•2024年第三季度，Healthpeak執行了總計465,000平方英尺的租賃協議。
•2024年10月1日至10月24日，Healthpeak執行了額外的268,000平方英尺的租賃協議。
2024年10月24日止，Healthpeak已執行了170萬平方英尺的實驗室租賃，並與額外575,000平方英尺簽署了意向租賃協議。
近期重點項目最新租賃活動要點包括:
•港灣區（南舊金山）： 十月份，與一傢俬人生命科學公司簽訂了一份爲期12.5年、面積爲205,000平方英尺的新租約。
租戶將從Healthpeak的組合中的當前空間搬遷到Portside校園的兩棟完整建築中：
▪1100 Veterans Boulevard: 租戶將於2024年底開始對佔地112,500平方英尺的建築進行改造，預計2025年第三季度入駐。
▪1120號退伍軍人大道： 2025年中將對佔地面積92,500平方英尺的建築進行租戶改造，2026年、2027年和2028年分別陸續啓用約31,000平方英尺的使用面積。
自2021年以來，Healthpeak已在Portside簽署或啓動了854,000平方英尺的租約，使該園區租出面積達到約90%。在960,000平方英尺的園區中，僅剩下正在重建中的73,000平方英尺的1140 Veterans大樓以及331 Oyster Point Boulevard的33,000平方英尺套房。
Healthpeak也正在進行施工，以刷新和現代化Portside的園林景觀、入口和標識，並改善與Healthpeak毗鄰的Cove校園和設施中心的步行連通性。The Cove和Portside校園的結合形成了一個近200萬平方英尺的臨近南舊金山知名生物科技市場的連續校園。
•Vantage (South San Francisco): In October, signed an 8-year, 63,000 square foot lease with a private biotech company.
The tenant will relocate from its current space within Healthpeak’s portfolio after tenant improvements are completed in late 2025. The two-floor lease brings the 346,000 square foot first phase of Vantage to approximately 70% leased.
Additionally, in September, Healthpeak held the grand opening for The Hangar, a 40,000 square foot market-leading tenant amenity center on the Vantage campus. The Hangar features four unique quick-service restaurants, an artisanal coffee bar, a full-service restaurant, a bar and lounge, a fitness center, and a state-of-the-art conference and meeting space.
•Gateway (Sorrento Mesa): In July, signed an 8-year, 37,000 square foot lease with a private biotech company. The lease is expected to commence in the third quarter of 2025. Additionally, in October, Healthpeak signed an LOI for 33,000 square feet with a mid-cap public biotech. Both tenants are new to the Healthpeak portfolio.
The recent leasing activity brings the Gateway development to 42% leased or committed.
LIFE SCIENCE MARKET LEADERSHIP UPDATES
Healthpeak today announced the following leadership updates, effective January 1, 2025:

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•Natalia De Michele will be promoted to Senior Vice President – Bay Area Market Lead, where she will lead all aspects of Healthpeak’s lab leasing, development, and asset management activities in the Bay Area. Since joining Healthpeak in 2018, Ms. De Michele has executed over six million square feet of lab leasing transactions.
•Claire Donegan Brown will join Healthpeak in January 2025 as Senior Vice President – Boston Market Lead and assume leadership of the company’s Boston lab portfolio. Ms. Brown brings 12 years of leasing, development, and asset management experience within the Boston market, having formerly worked for Greatland Realty Partners, an owner and developer of lab real estate in Boston, and BXP, a publicly-traded real estate investment trust.
Mike Dorris will continue leading all aspects of Healthpeak’s lab leasing, development, and asset management activities in San Diego as Senior Vice President – San Diego Market Lead. Mr. Dorris has led Healthpeak’s San Diego portfolio since joining the company in 2010.
All three market leaders will report to Scott Bohn, Chief Development Officer and Head of Lab.
KANSAS CITY RESEARCH SCHOOL OF NURSING DEVELOPMENT
During the third quarter, Healthpeak added a new development to its program with HCA. The $37 million, 79,000 square foot Class A outpatient medical building is located on HCA’s Research Medical Center campus, a 590-bed acute care hospital in Kansas City, Missouri. Affiliates of HCA have pre-leased 100% of the development.
CORPORATE IMPACT
Healthpeak received the GRESB Green Star designation for the thirteenth consecutive year. Healthpeak was also named a finalist by Governance Intelligence and IR Magazine for Best Proxy Statement for the fifth consecutive year and Best ESG Reporting for the third consecutive year. The Company also earned a 2024 International MarCom Gold Award for its 2023 Corporate Impact Report from the Association of Marketing and Communication Professionals (AMCP).
To learn more about Healthpeak's commitment to responsible business and view our 2023 ESG Corporate Impact Report, please visit www.healthpeak.com/corporate-impact.
DIVIDEND
On October 23, 2024, Healthpeak's Board of Directors declared a quarterly common stock cash dividend of $0.30 per share to be paid on November 15, 2024, to stockholders of record as of the close of business on November 4, 2024.
2024 GUIDANCE
We are updating the following guidance ranges for full year 2024:
•Diluted earnings per common share from $0.27 – $0.31 to $0.40 – $0.42
•Diluted Nareit FFO per share from $1.59 – $1.63 to $1.61 – $1.63
•Diluted FFO as Adjusted per share from $1.77 – $1.81 to $1.79 – $1.81
•Diluted AFFO per share from $1.54 – $1.58 to $1.56 – $1.58
•Total Merger-Combined Same-Store Cash (Adjusted) NOI growth from 2.75% – 4.25% to 3.5% – 4.5%
These estimates are based on our view of existing market conditions, transaction timing, and other assumptions for the year ending December 31, 2024. For additional details and assumptions, please see page 12 in our corresponding Supplemental Report and the Discussion and Reconciliation of Non-GAAP Financial Measures, both of which are available in the Investor Relations section of our website at http://ir.healthpeak.com.
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CONFERENCE CALL INFORMATION
Healthpeak has scheduled a conference call and webcast for Friday, October 25, 2024, at 8:00 a.m. Mountain Time.
The conference call can be accessed in the following ways:
•Healthpeak’s website: https://ir.healthpeak.com/news-events
•Webcast: https://events.q4inc.com/attendee/713594150. Joining via webcast is recommended for those who will not be asking questions.
•Telephone: The participant dial-in number is (800) 715-9871.
An archive of the webcast will be available on Healthpeak’s website through October 23, 2025, and a telephonic replay can be accessed through November 1, 2024, by dialing (800) 770-2030 and entering conference ID number 95156.
ABOUT HEALTHPEAK
Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates and develops high-quality real estate focused on healthcare discovery and delivery.
FORWARD-LOOKING STATEMENTS
Statements contained in this release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "target," "forecast," "plan," "potential," "estimate," "could," "would," "should" and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things: (i) statements regarding timing, outcomes and other details relating to current, pending or contemplated acquisitions, dispositions, developments, redevelopments, joint venture transactions, leasing activity and commitments, financing activities, or other transactions discussed in this release, including statements regarding our anticipated synergies from our merger with Physicians Realty Trust (the "Merger"); (ii) the payment of a quarterly cash dividend; and (iii) the information presented under the heading "2024 Guidance." Pending acquisitions, dispositions, joint venture transactions, leasing activity, and financing activity, including those subject to binding agreements, remain subject to closing conditions and may not be completed within the anticipated timeframes or at all. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to: macroeconomic trends, including inflation, interest rates, construction and labor costs, and unemployment; risks associated with the merger, including, but not limited to, our ability to integrate the operations of the Company and Physicians Realty Trust successfully and realize the anticipated synergies and other benefits of the Merger or do so within the anticipated time frame; changes within the industries in which we operate; significant regulation, funding requirements, and uncertainty faced by our lab tenants; factors adversely affecting our tenants’, operators’, or borrowers’ ability to meet their financial and other contractual obligations to us; the insolvency or bankruptcy of one or more of our major tenants, operators, or borrowers; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in that specific sector than if we invested across multiple sectors; the illiquidity of real estate investments; our ability to identify and secure new or replacement tenants and operators; our property development, redevelopment, and tenant improvement risks, including project abandonments, project delays, and lower profits than expected; the ability of the hospitals on whose campuses our outpatient medical buildings are located and their affiliated healthcare systems to remain competitive or financially viable; our ability to develop, maintain, or expand hospital and health system client relationships; operational risks associated with third-party management contracts, including the additional regulation and liabilities of our properties operated through structures permitted by the Housing and Economic Recovery Act of 2008, which includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”); economic conditions, natural disasters, weather, and other conditions that negatively affect geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in significant losses and/or performance declines by us or our tenants and operators; our use of joint ventures that may limit our returns on and our flexibility with jointly owned investments; our use of fixed rent escalators, contingent rent provisions, and/or rent escalators based on the Consumer Price Index; competition for suitable healthcare properties to grow our investment portfolio; our ability to foreclose or exercise rights on collateral securing our real estate-related loans; any requirement that we recognize reserves, allowances, credit losses, or impairment charges; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate or operate acquisitions; the potential impact on us and our tenants, operators, and borrowers from
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litigation matters, including rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; our ability to satisfy environmental, social and governance and sustainability commitments and requirements, as well as stakeholder expectations; epidemics, pandemics, or other infectious diseases, including the coronavirus disease (Covid), and health and safety measures intended to reduce their spread; human capital risks, including the loss or limited availability of our key personnel; our reliance on information technology systems and any material failure, inadequacy, interruption, or security failure of that technology; volatility, disruption, or uncertainty in the financial markets; increased borrowing costs, including due to rising interest rates; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; the availability of external capital on acceptable terms or at all, including due to rising interest rates, changes in our credit ratings and the value of our common stock, bank failures or other events affecting financial institutions and other factors; our ability to manage our indebtedness level and covenants in and changes to the terms of such indebtedness; the failure of our tenants, operators, and borrowers to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements; required regulatory approvals to transfer our senior housing properties; compliance with the Americans with Disabilities Act and fire, safety, and other regulations; laws or regulations prohibiting eviction of our tenants; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; legislation to address federal government operations and administrative decisions affecting the Centers for Medicare and Medicaid Services; our participation in the Coronavirus, Aid, Relief and Economic Security Act Provider Relief Fund and other Covid-related stimulus and relief programs; our ability to maintain our qualification as a real estate investment trust (“REIT”); our taxable REIT subsidiaries being subject to corporate level tax; tax imposed on any net income from “prohibited transactions”; changes to U.S. federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings and profits distributions; ownership limits in our charter that restrict ownership in our stock; provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; conflicts of interest between the interests of our stockholders and the interests of holders of Healthpeak OP, LLC (“Healthpeak OP”) common units; provisions in the operating agreement of Healthpeak OP and other agreements that may delay or prevent unsolicited acquisitions and other transactions; our status as a holding company of Healthpeak OP; and other risks and uncertainties described from time to time in our Securities and Exchange Commission filings.
Moreover, other risks and uncertainties of which we are not currently aware may also affect our forward-looking statements, and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by us on our website or otherwise. We do not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.
CONTACT
Andrew Johns, CFA
Senior Vice President – Investor Relations
720-428-5400


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Healthpeak Properties, Inc.
Consolidated Balance Sheets
In thousands, except share and per share data
September 30,
2024		December 31,
2023
Assets  
Real estate:  
Buildings and improvements$16,059,802 $13,329,464 
Development costs and construction in progress830,310 643,217 
Land and improvements2,927,675 2,647,633 
Accumulated depreciation and amortization(3,925,375)(3,591,951)
Net real estate15,892,412 13,028,363 
Loans receivable, net of reserves of $9,983 and $2,830677,590 218,450 
Investments in and advances to unconsolidated joint ventures931,844 782,853 
Accounts receivable, net of allowance of $2,405 and $2,28264,979 55,820 
Cash and cash equivalents180,430 117,635 
Restricted cash61,615 51,388 
Intangible assets, net898,379 314,156 
Assets held for sale, net— 117,986 
Right-of-use asset, net427,711 240,155 
Other assets, net834,806 772,044 
Total assets$19,969,766 $15,698,850 
Liabilities and Equity  
Bank line of credit and commercial paper$— $720,000 
Term loans1,645,748 496,824 
Senior unsecured notes6,557,170 5,403,378 
Mortgage debt380,459 256,097 
Intangible liabilities, net202,857 127,380 
Liabilities related to assets held for sale, net— 729 
Lease liability308,277 206,743 
Accounts payable, accrued liabilities, and other liabilities749,881 657,196 
Deferred revenue903,371 905,633 
Total liabilities10,747,763 8,773,980 
Commitments and contingencies
Redeemable noncontrolling interests1,318 48,828 
Common stock, $1.00 par value: 1,500,000,000 and 750,000,000 shares authorized; 699,405,171 and 547,156,311 shares issued and outstanding699,405 547,156 
Additional paid-in capital12,844,634 10,405,780 
Cumulative dividends in excess of earnings(4,968,819)(4,621,861)
Accumulated other comprehensive income (loss)(12,381)19,371 
Total stockholders’ equity8,562,839 6,350,446 
Joint venture partners321,949 310,998 
Non-managing member unitholders335,897 214,598 
Total noncontrolling interests657,846 525,596 
Total equity9,220,685 6,876,042 
Total liabilities and equity$19,969,766 $15,698,850 
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Healthpeak Properties, Inc.
Consolidated Statements of Operations
In thousands, except per share data
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Revenues:
 Rental and related revenues $543,251 $417,075 $1,552,065 $1,219,473 
 Resident fees and services 142,845 133,808 422,512 391,076 
 Interest income and other 14,301 5,360 27,884 16,802 
 Total revenues 700,397 556,243 2,002,461 1,627,351 
 Costs and expenses:  
 
 Interest expense 74,105 50,510 209,922 147,547 
 Depreciation and amortization 280,019 184,559 782,736 561,357 
 Operating 280,279 232,734 797,835 677,659 
 General and administrative 23,216 23,093 73,233 73,576 
 Transaction and merger-related costs 7,134 36 122,113 3,098 
 Impairments and loan loss reserves (recoveries), net 441 (550)11,346 (156)
 Total costs and expenses 665,194 490,382 1,997,185 1,463,081 
 Other income (expense):  
 
 Gain (loss) on sales of real estate, net 62,325 — 187,624 86,463 
 Other income (expense), net 982 1,481 83,502 4,208 
 Total other income (expense), net 63,307 1,481 271,126 90,671 
 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 98,510 67,342 276,402 254,941 
 Income tax benefit (expense) (1,938)(787)(18,364)(2,225)
 Equity income (loss) from unconsolidated joint ventures (3,834)2,101 (1,407)6,646 
 Net income (loss) 92,738 68,656 256,631 259,362 
Noncontrolling interests’ share in earnings(6,866)(4,442)(18,036)(24,297)
 Net income (loss) attributable to Healthpeak Properties, Inc. 85,872 64,214 238,595 235,065 
 Participating securities’ share in earnings (197)(166)(610)(1,568)
Net income (loss) applicable to common shares$85,675 $64,048 $237,985 $233,497 
Earnings (loss) per common share:
Basic$0.12 $0.12 $0.36 $0.43 
Diluted$0.12 $0.12 $0.36 $0.43 
Weighted average shares outstanding:  
Basic699,349 547,062 667,536 546,978 
Diluted700,146 547,331 668,096 547,247 
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Healthpeak Properties, Inc.
Funds From Operations
 In thousands, except per share data
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Net income (loss) applicable to common shares$85,675 $64,048 $237,985 $233,497 
Real estate related depreciation and amortization280,019 184,559 782,736 561,357 
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures 12,127 6,190 32,520 18,076 
Noncontrolling interests’ share of real estate related depreciation and amortization(4,534)(4,571)(13,705)(14,042)
Loss (gain) on sales of depreciable real estate, net(62,325)— (187,624)(86,463)
Noncontrolling interests’ share of gain (loss) on sales of depreciable real estate, net— — — 11,546 
Loss (gain) upon change of control, net(1)
430 — (77,548)(234)
Taxes associated with real estate dispositions(2)
(145)— 11,512 — 
Nareit FFO applicable to common shares311,247 250,226 785,876 723,737 
Distributions on dilutive convertible units and other4,577 2,340 11,670 7,027 
Diluted Nareit FFO applicable to common shares$315,824 $252,566 $797,546 $730,764 
Diluted Nareit FFO per common share$0.44 $0.46 $1.17 $1.32 
Weighted average shares outstanding - Diluted Nareit FFO714,715 554,614 681,128 554,535 
Impact of adjustments to Nareit FFO:
Transaction and merger-related items(3)
$2,725 $49 $108,923 $2,993 
Other impairments (recoveries) and other losses (gains), net(4)
441 (602)11,741 557 
Restructuring and severance-related charges— — — 1,368 
Casualty-related charges (recoveries), net(5)
1,792 (367)588 (610)
Total adjustments4,958 (920)121,252 4,308 
FFO as Adjusted applicable to common shares316,205 249,306 907,128 728,045 
Distributions on dilutive convertible units and other4,571 2,341 11,537 7,022 
Diluted FFO as Adjusted applicable to common shares$320,776 $251,647 $918,665 $735,067 
Diluted FFO as Adjusted per common share$0.45 $0.45 $1.35 $1.33 
Weighted average shares outstanding - Diluted FFO as Adjusted714,715 554,614 681,128 554,535 
_______________________________________
(1)The nine months ended September 30, 2024 includes a gain upon change of control related to the sale of a 65% interest in two lab buildings in San Diego, California. The gain upon change of control is included in other income (expense), net in the Consolidated Statements of Operations.
(2)The nine months ended September 30, 2024 includes non-cash income tax expense related to the sale of a 65% interest in two lab buildings in San Diego, California.
(3)The three and nine months ended September 30, 2024 includes costs related to the Merger, which are primarily comprised of advisory, legal, accounting, tax, post-combination severance and stock compensation expense, and other costs of combining operations with Physicians Realty Trust that were incurred during the period. These costs were partially offset by termination fee income of $4 million and $13 million for the three and nine months ended September 30, 2024, respectively, associated with Graphite Bio, Inc., which later merged with LENZ Therapeutics, Inc. in March 2024, for which the lease terms were modified to accelerate expiration of the lease to December 2024. The remaining $4 million of termination fee income will be recognized during the fourth quarter of 2024. Termination fee income is included in rental and related revenues on the Consolidated Statements of Operations, but is excluded from Healthpeak's definition of Portfolio Cash Real Estate Revenues and FFO as Adjusted.
(4)The three and nine months ended September 30, 2024 and 2023 includes reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations.
(5)Casualty-related charges (recoveries), net are recognized in other income (expense), net and equity income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations.


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Healthpeak Properties, Inc.
Adjusted Funds From Operations
In thousands, except per share data
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
FFO as Adjusted applicable to common shares$316,205 $249,306 $907,128 $728,045 
Stock-based compensation amortization expense3,755 3,434 11,935 10,966 
Amortization of deferred financing costs and debt discounts (premiums)7,408 3,054 19,247 8,828 
Straight-line rents(1)
(10,346)(7,279)(32,891)(12,710)
AFFO capital expenditures(23,510)(24,031)(76,744)(66,264)
Deferred income taxes585 (430)2,330 (933)
Amortization of above (below) market lease intangibles, net(7,887)(5,626)(23,325)(20,267)
Other AFFO adjustments(1,277)(1,123)(4,947)(1,852)
AFFO applicable to common shares284,933 217,305 802,733 645,813 
Distributions on dilutive convertible units and other4,576 2,340 11,671 7,026 
Diluted AFFO applicable to common shares$289,509 $219,645 $814,404 $652,839 
Diluted AFFO per common share$0.41 $0.40 $1.20 $1.18 
Weighted average shares outstanding - Diluted AFFO714,715 554,614 681,128 554,535 
_______________________________________
(1)The nine months ended September 30, 2023 includes an $8.7 million write-off of straight-line rent receivable associated with Sorrento Therapeutics, Inc., which commenced voluntary reorganization proceedings under Chapter 11 of the U.S. Bankruptcy Code. This activity is reflected as a reduction of rental and related revenues in the Consolidated Statements of Operations.

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