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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Healthpeak Properties Inc | NYSE:DOC | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 22.32 | 0 | 00:00:00 |
From May 2024 to Nov 2024
Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, today announced results for the second quarter ended June 30, 2024.
SECOND QUARTER 2024 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS
SECOND QUARTER COMPARISON
Three Months Ended
June 30, 2024
Three Months Ended
June 30, 2023
(in thousands, except per share amounts)
Amount
Per Share
Amount
Per Share
Net income, diluted
$
145,904
$
0.21
$
51,750
$
0.09
Nareit FFO, diluted
318,610
0.44
247,754
0.45
FFO as Adjusted, diluted
320,220
0.45
251,540
0.45
AFFO, diluted
276,947
0.39
223,197
0.40
YEAR TO DATE COMPARISON
Six Months Ended
June 30, 2024
Six Months Ended
June 30, 2023
(in thousands, except per share amounts)
Amount
Per Share
Amount
Per Share
Net income, diluted
$
152,345
$
0.23
$
169,449
$
0.31
Nareit FFO, diluted
479,906
0.72
478,200
0.86
FFO as Adjusted, diluted
597,879
0.90
483,421
0.87
AFFO, diluted
524,599
0.79
433,195
0.78
Nareit FFO, FFO as Adjusted, AFFO, Total Merger-Combined Same-Store Cash (Adjusted) NOI, and Net Debt to Adjusted EBITDAre are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of real estate investment trusts (see the "Funds From Operations" and "Adjusted Funds From Operations" sections of this release for additional information). See "June 30, 2024 Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP in the Investor Relations section of our website at http://ir.healthpeak.com/quarterly-results.
MERGER-COMBINED SAME-STORE ("SS") OPERATING SUMMARY
The table below outlines the year-over-year three-month and year-to-date Merger-Combined SS Cash (Adjusted) NOI growth.
Year-Over-Year Total Merger-Combined SS Cash (Adjusted) NOI Growth
Three Month
Year-To-Date
SS Growth %
% of SS
SS Growth %
% of SS
Outpatient Medical
3.1%
56.1%
2.7%
56.2%
Lab
3.0%
34.4%
2.9%
34.3%
CCRC
20.5%
9.5%
23.4%
9.5%
Total Merger-Combined SS Cash (Adjusted) NOI
4.5%
100.0%
4.4%
100.0%
PHYSICIANS REALTY TRUST MERGER INTEGRATION
In July, Healthpeak internalized outpatient property management in two additional markets. To date, the company has completed internalization of property management in 12 markets covering more than 17 million square feet, with two additional markets expected to be internalized by year-end 2024.
Healthpeak anticipates achieving at least $45 million of merger-related synergies during 2024.
DISPOSITION UPDATE
During the second quarter and through July 25, 2024, Healthpeak closed on $853 million of outpatient medical sales at blended trailing cash capitalization rate of 6.8%. Healthpeak is also under contract to sell two additional outpatient medical buildings for $23 million.
Closed and pending dispositions total 3.3 million square feet across 72 assets with geographical concentration in Ohio (23% of total square footage), Nebraska (16%), North Dakota (12%), and upstate New York (11%). Pro forma for the sales, CommonSpirit leases approximately 2 million square feet from Healthpeak and represents 3% of annualized base rent ("ABR"), down from 2.9 million square feet and 4% of ABR prior to the dispositions.
Disposition Portfolios and Remaining Healthpeak Outpatient Medical Portfolio Summary
Outpatient Medical Portfolios(1)
Dispositions
Remaining Healthpeak
Number of properties
72
507
Total square feet
3.3 million
36 million
Average building size (square feet)
45,000
72,000
Average building age(2)
28 years
23 years
Percent on-campus or affiliated
88%
96%
Percent leased to health systems
57%
68%
Population density(3)
2,300
3,600
Population growth(3)
2.4%
3.3%
(1)
Dispositions include two properties placed under contract in July, with the sale expected to close during the second half of 2024. Remaining Healthpeak excludes unconsolidated joint ventures.
(2)
Age as of 6/30/2024 and weighted by total square footage.
(3)
Current 5-mile population density is shown as people per square mile. 5-mile population growth from 2023 to 2028, weighted by leasable area. Demographic data from Placer.ai.
In conjunction with one of the portfolio sales, Healthpeak expects to provide that buyer with a total of $418 million of secured seller financing, representing a 60% loan to value on the acquired portfolio. The secured seller financing carries a two-year initial term and two, 12-month extension options. The interest rate on the secured seller financing is fixed at 6.0% for the initial term and increases to 6.5% during the optional extension periods. As of July 25, 2024, Healthpeak has funded approximately $405 million and expects to fund the balance of the secured seller financing following the sale of two currently under contract properties.
Year-to-date, Healthpeak has closed on approximately $1.2 billion of asset sales at a blended trailing cash capitalization rate of approximately 6.5%.
COMMONSPIRIT EARLY LEASE RENEWAL
In July, we executed an early lease renewal for a minimum of 90% of CommonSpirit's approximately 2 million rentable square foot portfolio with Healthpeak.
The renewal provides for an average of 8+ years of additional term following the original expiration dates of the current leases, which are primarily in 2026, 2027, and 2028 ("Original Expiration"), extending CommonSpirit's pro forma weighted average lease term from July 2027 to December 2035. Following the Original Expiration, CommonSpirit's base rent will increase and annual contractual lease escalators will increase from 2.5% to 3.0%. Beginning on the Original Expiration, CommonSpirit has the right to renew some or all of the remaining 10% of its rentable square feet on similar terms including an increase in base rent and 3.0% annual contractual lease escalators.
SHARE REPURCHASE ACTIVITY
Healthpeak repurchased 4.6 million shares at a weighted average share price of $19.09 for an aggregate total of $88 million from the beginning of the second quarter through and including July 25, 2024.
Year-to-date 2024, Healthpeak has repurchased 10.5 million shares at a weighted average share price of $17.98 for $188 million.
In July 2024, the Board replaced Healthpeak's existing share repurchase authorization with a new $500 million share repurchase authorization effective through July 2026. The shares may be repurchased through various methods, including in the open market at Healthpeak's discretion and subject to market conditions, regulatory requirements, and other customary conditions.
DEVELOPMENT UPDATES
NEW OUTPATIENT MEDICAL DEVELOPMENTS
During the second quarter, Healthpeak added two outpatient developments to its program with HCA. Total development costs are $53 million with stabilized cash yields in the mid-7% range.
VANTAGE LAB CAMPUS
During the second quarter 2024, Healthpeak placed 23,000 square feet of fully-occupied space into service at Vantage in South San Francisco, California, bringing occupancy at the campus to 52%. The remaining 166,000 square feet at the campus is under construction with an expected initial occupancy in mid-2025.
BUFORD OUTPATIENT BUILDING
During the second quarter 2024, Healthpeak placed Northside Medical Buford into service. The $38 million, 97,000 square foot outpatient development is located in Buford, a northern suburb of Atlanta. The building is 100% leased and anchored by Northside Hospital, a leading health system in Atlanta. The building includes an orthopedic-anchored ambulatory surgery center, and other outpatient services including cardiology, medical oncology, imaging, primary care, and urgent care. Healthpeak owns the building in a 57% / 43% joint venture with Northside Hospital affiliated physicians. Healthpeak holds development rights to an additional outpatient building on an adjacent land parcel.
CORPORATE RESPONSIBILITY AND SUSTAINABILITY
Recent sustainability and corporate impact achievements include:
To learn more about Healthpeak's commitment to responsible business, please visit www.healthpeak.com/corporate-impact.
DIVIDEND
On July 24, 2024, Healthpeak's Board declared a quarterly common stock cash dividend of $0.30 per share to be paid on August 16, 2024, to stockholders of record as of the close of business on August 5, 2024.
2024 GUIDANCE
We are updating the following guidance ranges for full year 2024:
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 13 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.
CONFERENCE CALL INFORMATION
Healthpeak has scheduled a conference call and webcast for Friday, July 26, 2024, at 8:00 a.m. Mountain Time.
The conference call can be accessed in the following ways:
An archive of the webcast will be available on Healthpeak’s website through July 25, 2025, and a telephonic replay can be accessed through August 2, 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; (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 our merger with Physicians Realty Trust (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 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.
Healthpeak Properties, Inc.
Consolidated Balance Sheets
In thousands, except share and per share data
June 30,
2024
December 31,
2023
Assets
Real estate:
Buildings and improvements
$
16,448,690
$
13,329,464
Development costs and construction in progress
739,318
643,217
Land and improvements
3,005,974
2,647,633
Accumulated depreciation and amortization
(3,796,108
)
(3,591,951
)
Net real estate
16,397,874
13,028,363
Loans receivable, net of reserves of $9,143 and $2,830
275,478
218,450
Investments in and advances to unconsolidated joint ventures
927,204
782,853
Accounts receivable, net of allowance of $2,751 and $2,282
59,658
55,820
Cash and cash equivalents
106,886
117,635
Restricted cash
52,409
51,388
Intangible assets, net
1,076,087
314,156
Assets held for sale, net
—
117,986
Right-of-use asset, net
440,558
240,155
Other assets, net
843,554
772,044
Total assets
$
20,179,708
$
15,698,850
Liabilities and Equity
Bank line of credit and commercial paper
$
25,000
$
720,000
Term loans
1,645,456
496,824
Senior unsecured notes
6,551,155
5,403,378
Mortgage debt
381,416
256,097
Intangible liabilities, net
227,370
127,380
Liabilities related to assets held for sale, net
—
729
Lease liability
313,469
206,743
Accounts payable, accrued liabilities, and other liabilities
709,219
657,196
Deferred revenue
907,852
905,633
Total liabilities
10,760,937
8,773,980
Commitments and contingencies
Redeemable noncontrolling interests
1,433
48,828
Common stock, $1.00 par value: 1,500,000,000 and 750,000,000 shares authorized; 700,316,807 and 547,156,311 shares issued and outstanding
700,317
547,156
Additional paid-in capital
12,859,567
10,405,780
Cumulative dividends in excess of earnings
(4,844,683
)
(4,621,861
)
Accumulated other comprehensive income (loss)
42,297
19,371
Total stockholders’ equity
8,757,498
6,350,446
Joint venture partners
324,681
310,998
Non-managing member unitholders
335,159
214,598
Total noncontrolling interests
659,840
525,596
Total equity
9,417,338
6,876,042
Total liabilities and equity
$
20,179,708
$
15,698,850
Healthpeak Properties, Inc.
Consolidated Statements of Operations
In thousands, except per share data
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Revenues:
Rental and related revenues
$
546,781
$
409,967
$
1,008,814
$
802,398
Resident fees and services
140,891
130,184
279,667
257,268
Interest income and other
7,832
5,279
13,583
11,442
Total revenues
695,504
545,430
1,302,064
1,071,108
Costs and expenses:
Interest expense
74,910
49,074
135,817
97,037
Depreciation and amortization
283,498
197,573
502,717
376,798
Operating
273,827
221,837
517,556
444,925
General and administrative
26,718
25,936
50,017
50,483
Transaction and merger-related costs
7,759
637
114,979
3,062
Impairments and loan loss reserves (recoveries), net
(553
)
2,607
10,905
394
Total costs and expenses
666,159
497,664
1,331,991
972,699
Other income (expense):
Gain (loss) on sales of real estate, net
122,044
4,885
125,299
86,463
Other income (expense), net
4,004
1,955
82,520
2,727
Total other income (expense), net
126,048
6,840
207,819
89,190
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures
155,393
54,606
177,892
187,599
Income tax benefit (expense)
(2,728
)
(1,136
)
(16,426
)
(1,438
)
Equity income (loss) from unconsolidated joint ventures
51
2,729
2,427
4,545
Net income (loss)
152,716
56,199
163,893
190,706
Noncontrolling interests’ share in earnings
(6,669
)
(4,300
)
(11,170
)
(19,855
)
Net income (loss) attributable to Healthpeak Properties, Inc.
146,047
51,899
152,723
170,851
Participating securities’ share in earnings
(214
)
(149
)
(414
)
(1,402
)
Net income (loss) applicable to common shares
$
145,833
$
51,750
$
152,309
$
169,449
Earnings (loss) per common share:
Basic
$
0.21
$
0.09
$
0.23
$
0.31
Diluted
$
0.21
$
0.09
$
0.23
$
0.31
Weighted average shares outstanding:
Basic
702,382
547,026
651,642
546,936
Diluted
703,268
547,294
652,113
547,204
Healthpeak Properties, Inc.
Funds From Operations
In thousands, except per share data
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Net income (loss) applicable to common shares
$
145,833
$
51,750
$
152,309
$
169,449
Real estate related depreciation and amortization
283,498
197,573
502,717
376,798
Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures
11,621
5,893
20,393
11,887
Noncontrolling interests’ share of real estate related depreciation and amortization
(4,732
)
(4,685
)
(9,174
)
(9,470
)
Loss (gain) on sales of depreciable real estate, net
(122,044
)
(4,885
)
(125,299
)
(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)
(198
)
(234
)
(77,978
)
(234
)
Taxes associated with real estate dispositions(2)
49
—
11,657
—
Nareit FFO applicable to common shares
314,027
245,412
474,625
473,513
Distributions on dilutive convertible units and other
4,583
2,342
5,281
4,687
Diluted Nareit FFO applicable to common shares
$
318,610
$
247,754
$
479,906
$
478,200
Diluted Nareit FFO per common share
$
0.44
$
0.45
$
0.72
$
0.86
Weighted average shares outstanding - Diluted Nareit FFO
717,797
554,584
661,999
554,494
Impact of adjustments to Nareit FFO:
Transaction and merger-related items(3)
$
3,369
$
581
$
106,198
$
2,944
Other impairments (recoveries) and other losses (gains), net(4)
(553
)
2,432
11,300
1,159
Restructuring and severance-related charges
—
1,368
—
1,368
Casualty-related charges (recoveries), net(5)
(1,204
)
(591
)
(1,204
)
(243
)
Total adjustments
1,612
3,790
116,294
5,228
FFO as Adjusted applicable to common shares
315,639
249,202
590,919
478,741
Distributions on dilutive convertible units and other
4,581
2,338
6,960
4,680
Diluted FFO as Adjusted applicable to common shares
$
320,220
$
251,540
$
597,879
$
483,421
Diluted FFO as Adjusted per common share
$
0.45
$
0.45
$
0.90
$
0.87
Weighted average shares outstanding - Diluted FFO as Adjusted
717,797
554,584
664,325
554,494
_______________________________________
(1)
The six months ended June 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 six months ended June 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 six months ended June 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 $9 million for the three and six months ended June 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. Termination fee income is included in rental and related revenues on the Consolidated Statements of Operations.
(4)
The three and six months ended June 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.
Healthpeak Properties, Inc.
Adjusted Funds From Operations
In thousands, except per share data
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
FFO as Adjusted applicable to common shares
$
315,639
$
249,202
$
590,919
$
478,741
Stock-based compensation amortization expense
4,814
4,245
8,180
7,532
Amortization of deferred financing costs and debt discounts (premiums)
7,317
2,954
11,840
5,774
Straight-line rents(1)
(10,453
)
(4,683
)
(22,545
)
(5,431
)
AFFO capital expenditures
(35,718
)
(19,444
)
(53,235
)
(42,233
)
Deferred income taxes
1,021
(242
)
1,745
(503
)
Amortization of above (below) market lease intangibles, net
(8,086
)
(8,838
)
(15,437
)
(14,641
)
Other AFFO adjustments
(2,169
)
(2,339
)
(3,667
)
(730
)
AFFO applicable to common shares
272,365
220,855
517,800
428,509
Distributions on dilutive convertible units and other
4,582
2,342
6,799
4,686
Diluted AFFO applicable to common shares
$
276,947
$
223,197
$
524,599
$
433,195
Diluted AFFO per common share
$
0.39
$
0.40
$
0.79
$
0.78
Weighted average shares outstanding - Diluted AFFO
717,797
554,584
663,975
554,494
_______________________________________
(1)
The six months ended June 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725559703/en/
Andrew Johns, CFA Senior Vice President – Investor Relations 720-428-5400
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