Healthpeak Properties reported funds from operations as adjusted Tuesday of $217.3 million, or 40 cents per share, for the first quarter of the year, slightly surpassing analyst estimates.
The Denver-based real estate investment trust generated revenues of $455.3 million, missing the consensus estimate of $544.9 million. Still, the figure was 19.5% higher than the year-ago number, Zacks analysts noted Wednesday.
During the firm’s first quarter earnings call Wednesday, President and Chief Investment Officer Scott Brinker reported occupancy improvements and continued optimism within Healthpeak’s continuing care retirement community portfolio.
“The inflection point occurred sooner than we expected, as occupancy across the CCRC portfolio increased 10 basis points from December to March, and an additional 40 basis points in April,” Brinker said. “The trends are encouraging, especially at LCS, where leads in the first quarter exceeded 2019 levels and tours increased by nearly 70%. The effective vaccine rollout and a strong housing market support continued improvement.”
Late last month, Healthpeak declared a quarterly cash dividend of 30 cents per share.
To read additional coverage of the firm’s first quarter earnings, including details on its closing of an additional $1 billion of senior housing sales, visit McKnight’s Senior Living.