As Healthpeak Properties continues to divest from the senior housing market except for continuing care retirement communities, the real estate investment trust closed on an additional $249 million in senior housing sales and $19 million of loan repayments in the second quarter, the company reported in its earnings call Wednesday.
The Denver-based REIT is under contract on the remaining sales, the company said in a press release issued on Tuesday in conjunction with the call.
“We’ve continued to improve on our Fortress balance sheet,” Chief Financial Officer Peter Scott said.
Healthpeak said it has realized cumulative gross proceeds from senior housing dispositions of $3.8 billion since July 2020.
The REIT’s senior housing operating portfolio includes 116 communities containing a total of 12,315 units, generating gross proceeds of $2.49 billion at a blended 2.6% annualized trailing three-month cap rate. Fifty triple-net assets contain a total of 4,812 units, generating gross proceeds of $1.13 billion at a blended 7.5% annualized trailing three-month lease yield and a blended 5.2% annualized trailing three-month earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs yield.
The REIT has two legacy CCRCs owned in a joint venture with, and managed by, Brookdale Senior Living. These properties have 891 units, generating gross proceeds of $19 million at share at a blended (5.4%) annualized trailing three-month cap rate.
See more coverage of the earnings call by McKnight’s Senior Living.
