Healthpeak Properties (DOC) Q3 2026 earnings summary

Executive summary

• Strong outpatient, life science and senior housing execution lifted full-year adjusted FFO guidance for a third time; the midpoint increased $0.05 cumulatively in 2026.

• Outpatient growth is expected to accelerate in 2027, while improving life science leasing is expected to contribute to future NOI as leases commence.

Financial highlights

• Q3 revenue was $820.9 million versus $705.9 million a year earlier; net income attributable to common shares was $17.1 million versus a $117.3 million loss.

• Q3 diluted EPS was $0.02 versus a loss of $0.17; diluted FFO as Adjusted was $0.44 per share versus $0.46.

• Total same-store cash NOI grew 3.6% in Q3.

• Nine-month revenue was $2.35 billion versus $2.10 billion; net income applicable to common shares was $263.3 million versus a $43.3 million loss.

Outlook and guidance

• FY2026 diluted FFO as Adjusted guidance increased $0.02 at the midpoint to $1.76-$1.78 per share; the increase reflected stronger leasing and delayed dispositions.

• FY2026 diluted EPS guidance fell to $0.39-$0.41 from $0.48-$0.52, primarily due to acquisition-related depreciation and amortization; this does not affect FFO guidance.

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

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

• Life science leases typically take 12-15 months to contribute to NOI, including build-outs and free-rent periods; recent acquisitions are underwritten to stabilize in two to three years near 90% occupancy.