Healthpeak reports Covid-19 at seven of its communities

Healthpeak Properties (NYSE:PEAK) says seven senior housing communities in its portfolio have confirmed Covid-19 cases.

Five residents who were diagnosed with Covid-19 at two communities died and Healthpeak expects the number of confirmed cases and deaths to rise.

Its senior housing operators continue to increase the intensity of actions taken to avoid contracting and spreading the virus, including multiple daily temperature checks of residents and employees, limiting entry to essential medical workers, eliminating group activities and outings, and, when necessary, isolating residents in their suites.

Senior housing operators’ expenses are significantly increasing.

Life science portfolio seeing challenges with new leasing activity.

Medical office properties sees new leasing proceeding in some markets and a slowing down in others.

Healthpeak, overall, expects construction spending to decline vs. previous expectations in 2020.

Expects to accelerate settlement of its existing equity forwards before the end of Q1 2020, resulting in $1.06B of proceeds.

Sees ending Q1 with net debt to adjusted EBITDA in the high 4x’s and $3.3B of liquidity.

https://seekingalpha.com/news/3554654-healthpeak-reports-covidminus-19-seven-of-communities