Rendering: Healthpeak life science office project

Rendering: Healthpeak life science office project

Medical facility REIT Healthpeak Properties Inc. (NYSE: PEAK) in Irvine further updated investors on its current operations, coronavirus efforts, and future effects of the pandemic on the company.

It previously said on March 24 that it had about $3.3 billion in liquidity including full capacity on $2.5 billion in revolving credit, and that it could see delays in previously announced buying and selling of property.

Healthpeak develops, buys and manages office and other property types for life science companies, medical firms, and senior housing.

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In its current comments Wednesday, about two weeks after the initial update, Healthpeak said senior housing is likely to be the hardest hit in the long-term: lower occupancy, net attrition—more people moving out than moving in—lower community fees, higher costs and, for some properties, “in limited circumstances we may defer certain operator rent payments.”

Life sciences and medical offices performed better, with new and renewed leases and the closing of a $320 million deal to buy a 426,000-square-foot life science and innovation complex near Boston. It reiterated an expectation of construction delays and more fluid timelines on tenants moving in or out. Some projects are moving ahead slowly.

Healthpeak is also providing rent-free space to healthcare groups to support efforts to battle COVID-19.

Shares in the REIT at about $27 and a $13.5 billion market cap; at the time of its first update two weeks ago, shares were around $20 for a $10 billion market cap.

Healthpeak is currently the fourth-largest public company by market cap based in OC, and the second largest healthcare-related company after Irvine-based Edwards Lifesciences Corp. (NYSE: EW), with a $43 billion market cap, and before Masimo Corp. (Nasdaq: MASI), also in Irvine, at $10 billion.

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