Strategic Asset Sales and Reinvestment at Attractive Spreads
Sold $175 million of self-storage properties at sub-6% cap rate, with remaining sales of 17 properties under contract for August closings.
Achieved a spread of over 100 basis points between asset sales and new investments, with potential to reach 150 basis points by year-end.
Reinvested proceeds into new investments with initial cap rates averaging mid-7s, primarily in industrial and warehouse sectors, supporting high-yield, long-term leases.
Balance sheet ended Q2 with net debt to adjusted EBITDA of 5.2x and nearly $2.3 billion of liquidity.
CCRC portfolio generated approximately $200 million of annual NOI, 50% higher than pre-pandemic 2019 levels, with current occupancy at 86%.
Healthpeak reported FFO as adjusted of $0.46 per share and AFFO of $0.44 per share for Q2 2025.
Lab segment reported 1.5% same-store growth, 6% positive rent mark-to-market, and 87% tenant retention, with total occupancy declining by 150 basis points due to lease expirations and tenant departures.
Outpatient medical segment achieved 85% tenant retention, 6% positive rent mark-to-market, and 3.9% same-store cash NOI growth.
Repayment of $450 million senior notes was completed using proceeds from commercial paper program.
Total portfolio same-store growth was 3.5%, with CCRC segment showing 8.6% same-store growth driven by 5% rate growth and higher entrance fee sales.
Dafinchi