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Healthpeak Properties Cuts Dividend by 19% Amid Divestitures

Justin Kuepper Feb 18, 2021

Healthpeak Properties Inc. (PEAK) is a fully-integrated real estate investment trust that owns and develops high-quality real estate in the three private-pay healthcare space -i.e. life sciences, medical offices and CCRCs – designed to provide stability through industry cycles.

The company’s income was split between medical offices (52.9%) and life sciences (47.1%), but growth was much stronger for life sciences (7.8%) than medical offices (1.2%) during the fourth quarter of 2020. The company began classifying its senior health portfolio as discontinued operations and made progress on its plans to sell $4 billion of senior housing assets.

Q4 Beat Overshadowed by Weak Guidance

Healthpeak Properties reported fourth quarter FFO of 41 cents per share, which beat consensus estimates by two cents per share, while net interest income rose 35.3% to $431.6 million. Despite the strong Q4 results, the company issued light guidance for 2021 with adjusted FFO expectations of $1.50 to $1.60 per share versus a consensus estimate of $1.59 per share.

The company cut its quarterly dividend by 18.9% to $0.30 per share, which represents a 3.8% forward yield. The move will save $150 million per year and realign its payout ratio after discontinuing senior housing. The dividend is payable on March 5, 2021 to shareholders on record as of February 22, 2021.

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