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Tuesday, May 24, 2022

Healthpeak Coronavirus Plan

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Healthpeak Properties Inc. (NYSE: PEAK) issued information on its coronavirus-related actions.

The Irvine-based healthcare REIT projects “construction spend to decline versus previous expectations” but notes that “most jurisdictions have exempted healthcare construction” from larger coronavirus restrictions and that most “contractors and subcontractors are ready and willing to work” depending on the effects of those restrictions.

Healthpeak said it expects to end the current quarter with $3.3 billion of liquidity, including “full borrowing capacity on our $2.5 billion unsecured revolving credit facility.”

About $375 million in property sales previously included in company guidance could be delayed. Healthpeak expects to close a previously announced $320 million facility purchase in early April.

Facility residents are subject to a 14-day quarantine and staffing and supply costs have increased. Seven Healthpeak communities have active COVID-19 infections and five others have died.

Healthpeak shares recently traded at about $20 a share and a $10 billion market cap, up 2% on the day and down 40% over the last month.

Go here for more updates on how OC companies are responding to coronavirus.

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