Healthpeak Properties, Inc. (DOC), headquartered in Denver, Colorado, owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery. Valued at $14.46 billion by market cap, the company owns and develops healthcare real estate for Lab, Outpatient Medical, and CCRC tenants. It has over $20 billion of owned real estate. The leading healthcare REIT is expected to announce its fiscal second-quarter earnings for 2024 after the market closes on Thursday, Jul. 25.
Ahead of the event, analysts expect DOC to report an FFO of $0.44 per share on a diluted basis, down 2.2% from $0.45 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s FFO estimates in its last four quarterly reports. During the previous quarter, new and renewal lease executions totaled 1.6 million square feet, and outpatient medical new and renewal lease executions stood at 1.4 million square feet.
For fiscal 2024, analysts expect DOC to report an FFO of $1.79, up marginally from $1.78 in fiscal 2023.
DOC stock has underperformed the S&P 500’s ($SPX) 18.1% gains on a YTD basis, with shares up 4.3% during this period. However, it outshined the S&P 500 Real Estate Sector SPDR’s (XLRE) marginal gains over the same time frame.
On Apr. 25, DOC reported its Q1 results. Its adjusted FFO rose 19.7% year over year to $277.48 million, and adjusted FFO per share came in at $0.45, representing an increase of 19.7% and 7.1% year over year. The company’s net income and net income per share were $6.48 million and $0.01, representing a decrease of 94.5% and 95.5% year over year, respectively.
DOC increased its full-year 2024 EPS from between $0.07 and $0.13 to between $0.16 and $0.20 and increased the midpoint of 2024 Adjusted FFO and AFFO guidance by $0.02 per share, respectively. DOC shares closed down more than 1% on the day the results were released but have been on an uptrend since then.
Analysts’ consensus opinion on DOC stock is bullish, with a “Moderate Buy” rating overall. Out of 17 analysts covering the stock, 10 advise a “Strong Buy” rating, one has a “Moderate Buy” rating, and six recommend a “Hold.” The average analyst price target for DOC is $21.69, indicating a 5% potential upside from the current levels.
On the date of publication, Dipanjan Banchur did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
