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Healthpeak Properties (DOC) investor relations material
Healthpeak Properties Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Delivered strong Q2 2025 results with robust performance across outpatient medical, lab, and CCRC segments, supported by a major technology upgrade and successful merger with Physicians Realty Trust, expanding the portfolio to 702 properties.
Outpatient medical and CCRC segments achieved near-record growth, high retention, and strong leasing, while the lab segment faced occupancy headwinds due to capital market challenges.
Strategic priorities include maintaining a strong investment-grade balance sheet, disciplined capital allocation, and leveraging industry relationships.
Executed 1.5 million sq. ft. of new and renewal leases in Q2, with positive cash releasing spreads in both outpatient medical and lab segments.
Transitioned to monthly dividend payments in 2025, with an annualized dividend of $1.22 per share.
Financial highlights
Q2 2025 net income was $31.6 million ($0.05/share), down from $145.8 million in Q2 2024; Nareit FFO was $308.2 million ($0.43/share), FFO as Adjusted was $325.8 million ($0.46/share), and AFFO was $314.8 million ($0.44/share), all up year-over-year except net income.
Total revenues for Q2 2025 were $694 million, nearly flat year-over-year; six-month revenues were $1.40 billion, up from $1.30 billion.
Outpatient medical achieved 85% tenant retention, 6% positive rent mark to market, and 3.9% same-store cash NOI growth.
Lab segment reported 1.5% same-store growth, 6% positive rent mark to market, and 87% tenant retention.
CCRC same-store NOI grew 8.6% year-over-year, driven by higher resident fees and occupancy.
Outlook and guidance
Reaffirmed full-year 2025 FFO as Adjusted guidance of $1.81–$1.87 per share and projected same-store cash NOI growth of 3.0%–4.0%.
CCRC portfolio on track to exceed high end of segment guidance with 12% YTD same-store growth.
Outpatient medical expected to deliver results at the high end of initial segment guidance, supported by a strong leasing pipeline.
Guidance incorporates both upside from outpatient/CCRC and downside risk from lab segment.
Management expects cash flows, available cash, and financing activities to be adequate for the foreseeable future.
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