Healthpeak Properties, Inc. (PEAK) reported stronger than expected Q2 results, largely driven by robust performance in life science and medical office portfolios.
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Shares of the real estate investment trust (REIT) catering to the healthcare industry have gained 36% over the past year.
Adjusted earnings per share of $0.51 jumped over five times year-over-year, and beat analysts’ expectations of $0.18 per share. The company reported earnings of $0.09 per share in the prior-year period. (See Healthpeak Properties stock charts on TipRanks)
Adjusted Funds from Operations (FFO) remained flat year-over-year at $0.40 per share. However, Nareit FFO decreased to $0.28 per share compared to $0.34 in the prior-year quarter.
The company reported blended total same-store portfolio cash (adjusted) NOI growth of 1.2%.
Looking ahead, the company updated its full-year guidance. The company now forecasts adjusted earnings in the range of $0.95 to $1.01 per share, down from the prior range of $0.98 to $1.06 per share.
Adjusted FFO is likely to range between $1.55 and $1.61 per share, versus the prior guidance range of $1.53–$1.61 per share.
Following the Q2 results, BMO Capital analyst Juan C. Sanabria reiterated a Buy rating on the stock with a price target of $37.
Sanabria forecasts the company to report earnings of $0.27 per share for the third quarter of 2021.
Overall, the stock has a Moderate Buy consensus rating based on seven Buys, five Holds, and one Sell. The average Healthpeak Properties price target of $35.33 implies 5.1% downside potential from current levels.
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