Healthpeak Properties (DOC) investor relations material

Executive summary

• Operating strength across outpatient medical, life science and senior housing drove a third 2026 FFO guidance increase; midpoint rose $0.05 cumulatively.

• Q3 revenue reached $820.9M and net income attributable to common shares was $17.1M, versus a year-ago loss of $117.3M.

• Janus Living completed its IPO and follow-on offerings; 69.2% ownership remained with retained voting and economic rights, and it remained consolidated.

Financial highlights

• Q3 FFO as Adjusted was $0.44 per diluted share, versus $0.46 a year earlier; total same-store cash NOI grew 3.6%.

• Q3 Nareit FFO applicable to common shares was $296.8M and FFO as Adjusted was $304.9M.

• Q3 outpatient medical, lab and senior housing Adjusted NOI was $184.3M, $140.9M and $53.7M, respectively.

• Janus Living Q3 revenue rose 78% to $268M, Adjusted EBITDAre rose 101% to $105M, and same-store Adjusted NOI increased 25.9%.

• Net debt to Adjusted EBITDAre was 4.7x; liquidity was $3.8B as of October 30.

Outlook and guidance

• FY2026 FFO as Adjusted guidance rose to $1.76-$1.78 per share, a $0.02 midpoint increase; diluted EPS guidance fell to $0.39-$0.41, primarily from acquisition-related depreciation and amortization.

• Total same-store cash NOI growth guidance increased 50 bps to 0.5%-2.0%; outpatient medical guidance was 2.5%-3%, lab was down 3%-6%, and senior housing was 16%-19%.

• Outpatient leasing pipeline and fewer expirations support potential occupancy gains and faster internal growth in 2027; Q4 occupancy may be near flat.

• Life science lease executions typically take 12-15 months to contribute to NOI and earnings; recent acquisitions are underwritten to stabilize in two to three years at near 90% occupancy.