Key Highlights

  • Net income was USD 0.02 per share and FFO as Adjusted was USD 0.44, versus USD 0.46 a year earlier.
  • Same-store adjusted NOI rose 3.6%, led by senior housing up 25.9% and outpatient medical up 3.1%.
  • Janus Living Revenue rose 78% to USD 268 million and adjusted EBITDAre rose 101% to USD 105 million.
  • Net Debt to adjusted EBITDAre was 4.7 times, and the company entered a USD 500 million delayed-draw term loan.

Quarter and Guidance

Healthpeak Properties, Inc. (NYSE:DOC) reported third-quarter 2026 diluted Net Income of USD 0.02 per common share, compared with a loss of USD 0.17, and diluted FFO as Adjusted of USD 0.44 per share, compared with USD 0.46. The company increased its full-year 2026 Earnings guidance.

Outpatient Medical leasing of 3.2 million square feet and Lab leasing of 1 million square feet year to date together show Demand across both platforms, while the 643,000 square feet of Lab activity since quarter end adds to the pipeline.

Same-store adjusted NOI grew 3.6% year over year. Outpatient Medical, 54.4% of the same-store pool, rose 3.1%; Lab, 35.6%, slipped 0.7%; and Senior Housing, 10.0%, rose 25.9%.

Leasing

Outpatient Medical new and renewal Lease executions totaled 846,000 square feet, bringing the year-to-date total to 3.2 million square feet, with another 1.3 million square feet executed or under letter of intent after quarter end. Lab lease executions totaled 480,000 square feet, bringing the year-to-date total to 1 million square feet, with 643,000 square feet more executed or under letter of intent after quarter end. Total Lab occupancy rose 130 basis points sequentially and is up 270 basis points since year-end 2025.

Janus Living and Acquisitions

Janus Living, the pure-play senior housing REIT majority owned by Healthpeak, produced revenue of USD 268 million, adjusted EBITDAre of USD 105 million and total adjusted NOI of USD 76 million, up 78%, 101% and 81% respectively. Same-store adjusted NOI grew 25.9% and Margin expanded 360 basis points. It closed USD 1.75 billion of senior housing acquisitions in the quarter, made up of USD 1.0 billion closed from July 1 through August 3 and USD 743 million closed afterward, plus about USD 370 million through October 30, and has binding agreements for about USD 82 million more. Liquidity was about USD 1.2 billion as of October 30. Healthpeak owns 214.7 million shares and units, a 69% stake, with the remaining 31% reported as noncontrolling interest.

In Lab, Healthpeak acquired or is under contract to acquire four life science buildings totaling about 510,000 square feet across three campuses for about USD 233 million, each part of or adjacent to an existing campus. On September 30 it acquired the senior construction Loan on HQ Point and the remaining Equity for a combined USD 105 million. HQ Point is a two-building, 236,000 square foot lab campus in San Diego's Sorrento Mesa submarket, 29% occupied.

Balance Sheet Indicators

Net debt to adjusted EBITDAre was 4.7 times at September 30, 2026, and the company entered a new USD 500 million unsecured delayed-draw term loan facility. Items to track include Lab occupancy recovery, conversion of the post-quarter leasing pipeline, Janus Living Acquisition pace and funding mix.