Analyst Note| Kevin Brown, CFA |
Healthpeak Properties reported third-quarter results that were in line with our expectations. As a result, we are reaffirming our $36 fair value estimate for the no-moat company. Same-store cash net operating income growth was 5.4% for the life science segment, 4.9% for the medical office segment, and 4.1% for the continuing care retirement community segment. Combined, Healthpeak reported third-quarter same-store cash NOI growth of 5.1% that was slightly better than our estimate of 4.3% growth. The NOI growth across the company's operating segments led Healthpeak to report third-quarter adjusted funds from operations of $0.43 per share, in line with our estimate and 3 cents better than the $0.40 per-share figure the company reported in the third quarter of 2021.