Healthpeak sees FY24 adjusted FFO $1.73-$1.79, consensus $1.81

Healthpeak said: “For full year 2024, we have established the following outlook ranges, which are inclusive of the impact from the Physicians Realty Trust merger: Diluted earnings per common share of $0.07 – $0.13; Diluted Nareit FFO per share of $1.54 – $1.60; Diluted FFO as Adjusted per share of $1.73 – $1.79; Diluted AFFO per share of $1.50 – $1.56; Total Portfolio Same-Store Cash (Adjusted) NOI growth of 2.25% – 3.75%. This outlook assumes the merger with Physicians Realty Trust closes on March 1, 2024.” As previously announced on October 30, 2023, Healthpeak and Physicians Realty Trust entered into a definitive agreement to combine in an all-stock merger of equals. “Each company will hold its respective special meeting of stockholders on February 21, 2024. Subject to Physicians Realty Trust’s stockholders approving the proposed merger and Healthpeak’s stockholders approving the issuance of Healthpeak common stock in connection with the proposed merger, among other matters, as well as the satisfaction or waiver of customary closing conditions, the transaction is expected to close on March 1, 2024. Additionally, Healthpeak expects to enter into a new $750 million 5-year unsecured term loan. Proceeds from the term loan are expected to fund the repayment of $210 million of Physicians Realty Trust private placement notes and to be used for general corporate purposes, including transaction costs and repayment of borrowings under Healthpeak’s credit facility and commercial paper program. Healthpeak has entered into forward-starting swap agreements to fix the interest rate of the new term loan at approximately 4.5% for the full 5-year term of the loan,” the company added.