HEALTHPEAK PROPERTIES INC
For the period ended Mar 31, 2024. Filed Apr 26, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 26, 2024
DOC$20.62+1.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
(In thousands)
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $11,177 | $134,507 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization of real estate, in-place lease, and other intangibles | 219,219 | 179,225 |
| Stock-based compensation amortization expense | 3,366 | 3,287 |
| Merger-related post-combination stock compensation expense | 16,223 | — |
| Amortization of deferred financing costs and debt discounts (premiums) | 4,522 | 2,821 |
| Straight-line rents | (12,093) | (747) |
| Amortization of nonrefundable entrance fees and above (below) market lease intangibles | (28,928) | (25,690) |
| Equity loss (income) from unconsolidated joint ventures | (2,376) | (1,816) |
| Distributions of earnings from unconsolidated joint ventures | 1,958 | 185 |
| Deferred income tax expense (benefit) | 10,006 | (402) |
| Impairments and loan loss reserves (recoveries), net | 11,458 | (2,213) |
| Loss (gain) on sales of real estate, net | (3,255) | (81,578) |
| Loss (gain) upon change of control, net | (77,781) | — |
| Casualty-related loss (recoveries), net | — | 529 |
| Other non-cash items | 819 | 1,698 |
| Changes in: | ||
| Decrease (increase) in accounts receivable and other assets, net | (2,171) | (19,949) |
| Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue | 420 | (15,936) |
| Net cash provided by (used in) operating activities | 152,564 | 173,921 |
| Cash flows from investing activities: | ||
| Acquisitions of real estate | — | (10,219) |
| Development, redevelopment, and other major improvements of real estate | (107,050) | (204,889) |
| Leasing costs, tenant improvements, and recurring capital expenditures | (17,517) | (22,789) |
| Proceeds from sales of real estate, net | 28,206 | 141,559 |
| Proceeds from the Callan Ridge JV transaction, net | 125,662 | — |
| Investments in unconsolidated joint ventures | (26,621) | (9,640) |
| Distributions in excess of earnings from unconsolidated joint ventures | 7,291 | 3,210 |
| Proceeds from insurance recovery | 2,361 | 2,650 |
| Proceeds from sales/principal repayments on loans receivable and marketable debt securities | 75,306 | 158,381 |
| Investments in loans receivable and other | (6,204) | (1,918) |
| Cash paid in connection with the Merger, net | (179,215) | — |
| Net cash provided by (used in) investing activities | (97,781) | 56,345 |
| Cash flows from financing activities: | ||
| Borrowings under bank line of credit and commercial paper | 2,500,000 | 3,372,255 |
| Repayments under bank line of credit and commercial paper | (3,037,000) | (3,811,861) |
| Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt | 750,000 | 399,532 |
| Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt | (861) | (1,325) |
| Payments for deferred financing costs | (5,438) | (4,175) |
| Issuance of common stock and exercise of options, net of offering costs | 94 | (151) |
| Repurchase of common stock | (101,995) | (6,467) |
| Dividends paid on common stock | (164,200) | (164,976) |
| Distributions to and purchase of noncontrolling interests | (7,258) | (22,803) |
| Contributions from and issuance of noncontrolling interests | 10 | 96 |
| Net cash provided by (used in) financing activities | (66,648) | (239,875) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (11,865) | (9,609) |
| Cash, cash equivalents, and restricted cash, beginning of period | 169,023 | 126,834 |
| Cash, cash equivalents, and restricted cash, end of period | $157,158 | $117,225 |
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