Healthpeak Properties Reports Q3 2026 Results and Raises Full-Year FFO Guidance

Executive Summary

On November 2, 2026, Healthpeak Properties, Inc. (NYSE: DOC) filed an 8-K furnishing its third-quarter 2026 financial results, raising full-year 2026 FFO guidance and providing operational updates across its Outpatient Medical, Lab, and Senior Housing portfolios.

Third Quarter 2026 Operating Performance

• Earnings Metrics: Diluted Net Income per share was $0.02 (compared to $(0.17) in Q3 2025). Diluted FFO as Adjusted per common share was $0.44 (compared to $0.46 in Q3 2025).
• Same-Store NOI Growth: Year-over-year Same-Store Adjusted NOI rose 3.6% in total, led by Senior Housing (+25.9%) and Outpatient Medical (+3.1%), offset by Lab (-0.7%).
• Leasing Activity:
  • Outpatient Medical: 846,000 sq. ft. of leases executed in Q3; 1.3 million sq. ft. executed or under LOI subsequent to quarter-end.
  • Lab: 480,000 sq. ft. executed in Q3; occupancy rose sequentially by +130 bps (+270 bps since year-end 2025).

Janus Living Highlights

Janus Living, Inc. (NYSE: JAN), in which Healthpeak holds a 69% equity stake, posted significant year-over-year gains:

• Revenue of $268 million (+78% YoY).
• Adjusted EBITDAre of $105 million (+101% YoY).
• Closed $1.75 billion of senior housing acquisitions during Q3, with an additional $370 million completed through October 30.

Guidance Update

Healthpeak updated its full-year 2026 outlook:

• Diluted FFO as Adjusted per share: Increased to $1.76–$1.78 (up $0.02 at the midpoint from the prior range of $1.73–$1.77).
• Diluted EPS: Lowered to $0.39–$0.41 (from $0.48–$0.52), primarily reflecting higher depreciation and amortization from Janus Living acquisitions.
• Same-Store Cash NOI Growth: Increased by 50 bps at midpoint to 0.5%–2.0% (previously 0.0%–1.5%).

Capital Allocation and Balance Sheet

• Leverage: Net Debt to Adjusted EBITDAre was 4.7x at quarter-end.
• Liquidity: Total liquidity stood at $3.8 billion as of October 30, 2026, supported by a newly entered $500 million unsecured delayed-draw term loan maturing in October 2030 (SOFR + 80 bps).
• Dividends: Declared monthly cash dividends of $0.10167 per share for October, November, and December 2026 ($1.22 annualized).