Healthpeak Properties, Inc. Q1 FY2024 results: revenue $607 million, up 15.4% on the year

Healthpeak Properties, Inc. (DOC) reported revenue of $607 million for Q1 FY2024, the quarter ended 31 March 2024, up 15.4% on the same quarter a year earlier. Net income was $7 million, down 94.4% on the year, and diluted earnings per share $0.01. The figures are the company's own, from the 10-Q it filed with the SEC on 26 April 2024.

Revenue$607 millionup 15.4%

Net income$7 milliondown 94.4%

Diluted EPS$0.01

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	607	554	n/a	n/a
Cost of revenue	244	224	n/a	n/a
Gross profit	363	329	n/a	n/a
Gross margin	59.8%	59.5%	n/a
Operating income	-59.3	57.4	n/a	n/a
Operating margin	-9.8%	10.4%	n/a
Interest expense	60.9	52.8	n/a	n/a
Pre-tax income	22.5	60.0	n/a	n/a
Income tax	13.7	-11.8	n/a	n/a
Effective tax rate	60.9%	-19.7%	n/a
Net income	6.7	70.9	n/a	n/a
Net margin	1.1%	12.8%	n/a
Diluted EPS	$0.01	$0.13	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	153	231	n/a	n/a
Capital expenditure	107	149	n/a	n/a
Free cash flow	45.5	82.5	n/a	n/a
Free cash flow margin	7.5%	14.9%	n/a
Depreciation and amortisation	219	189	n/a	n/a
Share-based compensation	3.4	3.5	n/a	n/a
Buybacks	102	0.0	n/a	n/a
Dividends paid	164	164	n/a	n/a
Dividend per share	$0.30	n/a	n/a	n/a
Diluted shares, weighted	601m	547m	n/a	n/a
Shares outstanding at period end	704m	547m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	20,542	15,699	n/a	n/a
Cash and equivalents	102	118	n/a	n/a
Goodwill	65.2	18.0	n/a	n/a
Long-term debt	8,756	6,876	n/a	n/a
Borrowings, as the company tags them	8,915	6,925	n/a	n/a
Shareholders' equity	8,882	6,350	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	556	554	607	696	700	698	703	694	706	719	753	772
Cost of revenue	233	224	244	274	280	277	273	276	292	n/a	n/a	n/a
Gross profit	324	329	363	422	420	421	430	418	414	n/a	n/a	n/a
Gross margin	58%	59%	60%	61%	60%	60%	61%	60%	59%	n/a	n/a	n/a
Operating income	65.9	57.4	-59.3	29.3	35.2	29.9	60.4	42.7	52.6	58.6	5.6	32.6
Operating margin	12%	10%	-10%	4%	5%	4%	9%	6%	7%	8%	1%	4%
Interest expense	50.5	52.8	60.9	74.9	74.1	70.5	72.7	75.1	76.8	80.6	87.3	92.3
Pre-tax income	67.3	60.0	22.5	155	98.5	-3.2	54.3	39.7	65.2	125	196	59.3
Tax rate	1%	-20%	61%	2%	2%	n/a	4%	6%	-2%	5%	0%	-2%
Net income	64.2	70.9	6.7	146	85.9	4.5	42.8	31.7	-117	114	194	52.8
Net margin	12%	13%	1%	21%	12%	1%	6%	5%	-17%	16%	26%	7%
Diluted EPS	$0.12	$0.13	$0.01	$0.21	$0.12	n/a	$0.06	$0.05	-$0.17	$0.16	$0.28	$0.08
Operating cash flow	253	231	153	316	318	284	279	363	315	294	261	361
Capital expenditure	188	149	107	122	170	198	166	158	223	217	142	157
Free cash flow	64.9	82.5	45.5	194	148	85.4	113	205	92.2	77.5	119	204
Buybacks	0.0	0.0	102	68.2	20.1	0.3	25.0	72.1	0.0	0.1	1.4	100
Dividends paid	164	164	164	211	210	210	213	212	212	212	212	210
Shares outstanding	547m	547m	704m	700m	699m	699m	699m	695m	695m	695m	695m	689m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 26 April 2024, accession 0001628280-24-018706: the filing on EDGAR. All of Healthpeak Properties, Inc.'s filings: EDGAR company page.

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