Key Highlights

  • DOC reported third-quarter Revenue of $820.9 million, up from $705.9 million a year earlier.
  • Diluted Net Income was $0.02 per share versus a loss of $0.17, while FFO as Adjusted was $0.44 versus $0.46.
  • Full-year 2026 FFO as Adjusted guidance moved to $1.76 to $1.78 per share from $1.73 to $1.77.
  • Total same-store adjusted NOI grew 3.6%, led by senior housing at 25.9% and outpatient medical at 3.1%.
  • Net Debt to adjusted EBITDAre was 4.7x, with $3.8 billion of Liquidity as of Oct 30, 2026.

FFO Slips to $0.44 as Net Income Turns Positive

Healthpeak Properties (NYSE:DOC) reported third-quarter results on Nov 2, 2026 for the quarter ended Sep 30, 2026. Total revenues were $820.9 million, up about 16.3% from $705.9 million (calculated), and net income applicable to common shares was $17.1 million, or $0.02 per diluted share. The prior-year quarter showed a loss of $117.3 million, or $0.17 per share, which included a $175.8 million real estate impairment.

FFO as Adjusted, the REIT's core Earnings measure, came in at $0.44 per diluted share against $0.46 a year earlier. Diluted Nareit FFO was $0.43 versus $0.45. Healthpeak owns and develops outpatient medical buildings, lab space and senior housing for the healthcare sector.

Senior Housing NOI Up 25.9% While Lab Same-Store Slips 0.7%

Total same-store adjusted NOI rose 3.6%. Outpatient medical, 54.4% of the pool, grew 3.1%, and senior housing, 10.0% of the pool, grew 25.9%. Lab, 35.6% of the pool, declined 0.7%.

Lab leasing continued, with 480,000 square feet of new and renewal leases signed in the quarter and 1 million square feet year to date. Lab occupancy rose 130 basis points sequentially and is up 270 basis points since year-end 2025. Outpatient medical leasing totaled 846,000 square feet, or 3.2 million square feet year to date.

The company's majority-owned senior housing REIT, in which it holds a 69% stake, posted revenue of $268 million, up 78%, and adjusted EBITDAre of $105 million, up 101%. It closed $1.75 billion of senior housing acquisitions in the quarter.

Lab Purchases Worth $233 Million and a $1.025 Billion Joint Venture Payout

Healthpeak acquired or is under contract to acquire four life science buildings totaling about 510,000 square feet across three campuses for roughly $233 million. The Assets are 41% occupied on a blended basis, with a current cash Yield near 5% and an expected stabilized yield of 9% to 10%. In October it also bought a Houston medical Training Facility for $38 million at a 7.4% initial capitalization rate.

In July 2026, the company contributed an 86-property outpatient medical portfolio valued at about $2.1 billion to a joint venture with a global asset manager and received about $1.025 billion for a 49% interest. Net debt to adjusted EBITDAre stood at 4.7x. In October it signed a $500 million unsecured delayed-draw term Loan maturing in October 2030 at SOFR plus 80 basis points, which was undrawn at closing.

Guidance Lifted on FFO but Cut on Earnings Per Share by Depreciation

The company raised 2026 FFO as Adjusted guidance to $1.76 to $1.78 per share from $1.73 to $1.77, and same-store cash adjusted NOI growth to 0.5% to 2.0% from 0% to 1.5%. Diluted Earnings per Share guidance fell to $0.39 to $0.41 from $0.48 to $0.52, which the company attributed to Depreciation and amortization on recent senior housing purchases.

A monthly Dividend of $0.10167 per share, or $1.22 annualized, is declared through December, with payments on Nov 25 and Dec 30, 2026. A conference call was set for Nov 3, 2026, and lab leasing progress and closing of the pending acquisitions are the next items to follow.