Healthpeak Properties Reports Second Quarter 2024 Results and Declares Quarterly Cash Dividend on Common Stock
SECOND QUARTER 2024 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS
-
Net income of
$0.21 per share, Nareit FFO of$0.44 per share, FFO as Adjusted of$0.45 per share, AFFO of$0.39 per share, and Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of 4.5% -
Increased full year 2024 diluted earnings guidance to a range of
$0.27 –$0.31 per share; increased the midpoint of each 2024 FFO as Adjusted and AFFO guidance by+$0.01 per share, and increased Total Merger-Combined Same-Store Cash (Adjusted) NOI growth guidance by 25 basis points at the midpoint -
Closed on
$853 million of outpatient medical sales at a blended 6.8% trailing cash capitalization rate during the second quarter and throughJuly 25, 2024 $1.2 billion of year-to-date dispositions at a blended trailing cash capitalization rate of approximately 6.5%
-
Repurchased 4.6 million shares at a weighted average share price of
$19.09 for an aggregate total of$88 million during the second quarter and throughJuly 25, 2024 -
Year-to-date, Healthpeak has repurchased 10.5 million shares at a weighted average share price of
$17.98 for$188 million
-
Year-to-date, Healthpeak has repurchased 10.5 million shares at a weighted average share price of
-
Second quarter new and renewal lease executions totaled 1.7 million square feet:
- Outpatient Medical new and renewal lease executions totaled 905,000 square feet with a positive 4.7% rent mark-to-market on renewals
-
Lab new and renewal lease executions totaled 797,000 square feet with a positive 6.0% rent mark-to-market on renewals
-
Executed an additional 180,000 square feet lab leases in
July 2024 -
Lab leasing pipeline includes 620,000 square feet of signed letters of intent ("LOI") including LOIs at marquee campuses including
Gateway atDirectors Science Park , Vantage, and Portside
-
Executed an additional 180,000 square feet lab leases in
-
In
July 2024 , executed an early renewal withCommonSpirit Health ("CommonSpirit"), increasing the weighted average lease maturity fromJuly 2027 toDecember 2035 with a positive rent mark-to-market and 3% annual escalators -
Added two outpatient medical developments with total expected costs of
$53 million with 84% pre-leasing, and mid-7% stabilized yields -
Net Debt to Adjusted EBITDAre was 5.2x for the quarter ended
June 30, 2024 -
On
July 24, 2024 , Healthpeak's Board of Directors declared a quarterly common stock cash dividend of$0.30 per share to be paid onAugust 16, 2024 , to stockholders of record as of the close of business onAugust 5, 2024 - Published 13th annual Corporate Impact Report detailing Healthpeak's comprehensive approach to corporate responsibility and sustainability
SECOND QUARTER COMPARISON
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
(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
|
|
Six Months Ended
|
||||||||||||
(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 "
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
DISPOSITION UPDATE
During the second quarter and through
Closed and pending dispositions total 3.3 million square feet across 72 assets with geographical concentration in
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 |
|
(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
Year-to-date, Healthpeak has closed on approximately
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
SHARE REPURCHASE ACTIVITY
Healthpeak repurchased 4.6 million shares at a weighted average share price of
Year-to-date 2024, Healthpeak has repurchased 10.5 million shares at a weighted average share price of
In
DEVELOPMENT UPDATES
NEW OUTPATIENT MEDICAL DEVELOPMENTS
During the second quarter, Healthpeak added two outpatient developments to its program with HCA. Total development costs are
-
Brandon Medical Center :$27 million , 72,000 square foot Class A outpatient medical building located on HCA’sBrandon Regional Hospital campus, a 479-bed acute care hospital inTampa, Florida . HCA affiliates have pre-leased 70% of the development for graduate medical education and clinical outpatient services.
-
Pooler Medical Center :$26 million , 63,000 square foot Class A build-to-suit outpatient medical building inSavannah, Georgia . Affiliates of HCA will lease 100% of the development for nurse education and clinical outpatient services.
The Pooler development is Healthpeak's second HCA development in theSavannah market. The previously announced 70,000 square foot development onHCA's Memorial Health University Medical Center began construction in 2022 and is expected to deliver during the second half of 2024.
VANTAGE LAB CAMPUS
During the second quarter 2024, Healthpeak placed 23,000 square feet of fully-occupied space into service at Vantage in
During the second quarter 2024, Healthpeak placed Northside Medical Buford into service. The
CORPORATE RESPONSIBILITY AND SUSTAINABILITY
Recent sustainability and corporate impact achievements include:
- Published 13th annual Corporate Impact Report, covering environmental, social, and governance initiatives and performance and community and stakeholder impact
- Reported 36% cumulative green building certification in 2023 throughout our portfolio, including 6.4 million square feet of LEED-certified space
- Named a constituent in the FTSE4Good Index for the 13th consecutive year
-
Committed to the
United Nations (“UN”) Women’s Empowerment Principles
- Aligned our human rights policy with the UN Guiding Principles on Business and Human Rights and the UN Universal Declaration of Human Rights
To learn more about Healthpeak's commitment to responsible business, please visit www.healthpeak.com/corporate-impact.
DIVIDEND
On
2024 GUIDANCE
We are updating the following guidance ranges for full year 2024:
-
Diluted earnings per common share from
$0.16 –$0.20 to$0.27 –$0.31
-
Diluted Nareit FFO per share from
$1.56 –$1.60 to$1.59 –$1.63
-
Diluted FFO as Adjusted per share from
$1.76 –$1.80 to$1.77 –$1.81
-
Diluted AFFO per share from
$1.53 –$1.57 to$1.54 –$1.58
- Total Merger-Combined Same-Store Cash (Adjusted) NOI growth from 2.50% – 4.00% to 2.75% – 4.25%
These estimates are based on our view of existing market conditions, transaction timing, and other assumptions for the year ending
CONFERENCE CALL INFORMATION
Healthpeak has scheduled a conference call and webcast for
The conference call can be accessed in the following ways:
- Healthpeak’s website: https://ir.healthpeak.com/news-events
- Webcast: https://events.q4inc.com/attendee/861116449. Joining via webcast is recommended for those who will not be asking questions.
- Telephone: The participant dial-in number is (800) 715-9871.
An archive of the webcast will be available on Healthpeak’s website through
ABOUT HEALTHPEAK
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
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.
Consolidated Balance Sheets In thousands, except share and per share data |
|||||||
|
2024 |
|
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 |
|
275,478 |
|
|
|
218,450 |
|
Investments in and advances to unconsolidated joint ventures |
|
927,204 |
|
|
|
782,853 |
|
Accounts receivable, net of allowance of |
|
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, |
|
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 |
|
Consolidated Statements of Operations In thousands, except per share data |
|||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
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 |
|
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 |
|
Funds From Operations In thousands, except per share data |
||||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
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 |
|
(2) |
The six months ended |
|
(3) |
The three and six months ended |
|
(4) |
The three and six months ended |
|
(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. |
Adjusted Funds From Operations In thousands, except per share data |
|||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725559703/en/
Senior Vice President – Investor Relations
720-428-5400
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