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Healthpeak Properties Inc PEAK

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Stock XNYS Rating as of
$18.77 +0.37 (2.01%)
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Company Report

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Healthpeak Earnings: Cambridge Rezoning Clears Way for Life Science Development Projects

Kevin Brown

Healthpeak reported third-quarter results that were relatively in line with our expectations, leading us to reaffirm our $32.50 fair value estimate for the no-moat company. Same-store net operating income for the life science portfolio increased 3.3% in the third quarter, slightly better than our estimate of 2.9% growth. Same-store net operating income for the medical office portfolio was up 3.4%, ahead of our estimate of a 2.1% increase. Meanwhile, the continuing care retirement community saw same-store NOI growth of 32.1% due to the recovery of the senior housing sector. As a result, the company reported total same-store NOI growth of 6.0% in the third quarter. Healthpeak reported adjusted funds from operations of $0.45 per share in the third quarter, which was in line with our estimate and was 2 cents better than the $0.43 figure the company reported in the third quarter of 2022.

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Price vs Fair Value

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PEAK is trading at a 42% discount.
Price
$18.77
Fair Value
$59.40
Uncertainty
Medium
1-Star Price
$88.89
5-Star Price
$16.25
Economic Moat
Vggn
Capital Allocation
Mfmnsvs

Bulls Say, Bears Say

Bulls

Healthpeak enjoys industry tailwinds, including an aging population and regulatory changes that expand the pool of participants in the healthcare system.

Bears

Healthpeak's new management team doesn't have the same operational experience or relationships as peers, which could make it difficult to achieve the same internal growth.

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News

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Trading Information

Previous Close Price
$18.40
Day Range
$18.23–18.80
52-Week Range
$15.24–27.66
Bid/Ask
$18.54 / $18.89
Market Cap
$10.27 Bil
Volume/Avg
6.3 Mil / 5.3 Mil

Key Statistics

Price/Earnings (Normalized)
49.83
Price/Sales
4.75
Dividend Yield
6.39%
Dividend Yield (Forward)
6.39%
Total Yield
6.39%

Company Profile

Healthpeak owns a diversified healthcare portfolio of approximately 457 in-place properties spread across mainly medical office and life science assets, plus a handful of senior housing, hospital, and skilled nursing/post-acute care assets, as well.
Sector
Real Estate
Industry
REIT - Healthcare Facilities
Stock Style Box
Mid Core
Total Number of Employees
199
Website
https://www.healthpeak.com

Competitors

Valuation

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Metric
PEAK
WELL
VTR
Price/Earnings (Normalized)
 49.83139.825,428.07
Price/Book Value
 1.592.031.89
Price/Sales
 4.756.864.27
Price/Cash Flow
 12.2727.8616.24
Price/Earnings
PEAK
WELL
VTR

Financial Strength

Metric
PEAK
WELL
VTR
Quick Ratio
 0.183.300.54
Current Ratio
 0.203.370.63
Interest Coverage
 2.341.450.99
Quick Ratio
PEAK
WELL
VTR

Profitability

Metric
PEAK
WELL
VTR
Return on Assets (Normalized)
 1.92%0.88%0.19%
Return on Equity (Normalized)
 4.60%1.66%0.47%
Return on Invested Capital (Normalized)
 3.57%2.46%2.05%
Return on Assets
PEAK
WELL
VTR

REIT - Healthcare Facilities Industry Comparables

Screen in Investor
Ticker
Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
WELL
Welltower IncCzpm$48.4 Bil
VTR
Ventas IncCmbk$18.6 Bil
OHI
Omega Healthcare Investors IncLbb$7.5 Bil
HR
Healthcare Realty Trust IncBtdn$6.0 Bil
SBRA
Sabra Health Care REIT IncNmn$3.3 Bil
AEDFF
Aedifica SATdvsd$3.2 Bil
DOC
Physicians Realty TrustFms$3.0 Bil
MPW
Medical Properties Trust IncCvyth$2.9 Bil
CTRE
CareTrust REIT IncQbbcgpl$2.7 Bil