Healthpeak Properties (DOC) Q2 2026 earnings summary

Executive summary

• Completed Janus Living IPO and follow-on offering, raising $1.7B in gross proceeds and retaining 73.6% voting/economic rights in Janus Living.

• Closed a $1.025B outpatient medical recapitalization JV with Brookfield, retaining majority control and exceeding annual capital recycling targets.

• Achieved strong leasing activity across outpatient, lab, and senior housing, with notable occupancy and NOI growth.

• Maintained a robust balance sheet with leverage below 5x and $4.1B in available liquidity.

• Repurchased 5.95M shares for $100M and authorized a new $500M share repurchase program.

Financial highlights

• Q2 2026 net income attributable to common shares was $52.7M, up from $31.6M in Q2 2025.

• Q2 2026 FFO as Adjusted was $0.46 per share, unchanged from prior year.

• Senior housing portfolio delivered 45% revenue growth and 34% adjusted EBITDA growth year-over-year.

• Generated $1.75B in proceeds from recapitalizations, loan repayments, and dispositions year-to-date.

• Q2 2026 revenues were $771.6M, up from $694.3M year-over-year.

Outlook and guidance

• Raised full-year 2026 FFO as Adjusted guidance midpoint to $1.75 per share and diluted EPS to $0.48.

• Management expects sufficient liquidity for the next 12 months, supported by cash flows and credit facilities.

• Increased total same-store cash NOI growth guidance midpoint to 1.5%.

• Expect modest improvement in total occupancy for lab and outpatient portfolios through year-end.

• Dividend policy remains to distribute a percentage of cash flow to maintain REIT status and fund investments.