Key Highlights

  • Third-quarter Revenue totaled $820.9 million for DOC, an increase from $705.9 million one year before.
  • Diluted Net Income came to $0.02 per share, in contrast with a $0.17 loss, while FFO as Adjusted registered $0.44 versus $0.46 previously.
  • The 2026 FFO as Adjusted outlook is now $1.76 to $1.78 per share, up from a prior $1.73 to $1.77 range.
  • Same-store adjusted NOI expanded 3.6% in total; senior housing contributed a 25.9% gain and outpatient medical a 3.1% gain.
  • Liquidity stood at $3.8 billion on Oct 30, 2026, and net Debt was 4.7x adjusted EBITDAre.

Profit Re-emerges on a Smaller Prior-Year Impairment, While FFO as Adjusted Dips to $0.44

Healthpeak Properties (NYSE:DOC) published quarterly figures on Nov 2, 2026, covering activity through Sep 30, 2026. Revenue reached $820.9 million, roughly 16.3% above the $705.9 million of a year earlier (calculated). Income attributable to common holders was $17.1 million, or $0.02 diluted per share. A year earlier, a $117.3 million Deficit ($0.17 per share) reflected a $175.8 million property write-down.

Core earnings, measured by FFO as Adjusted, reached $0.44 on a diluted basis, against $0.46 a year before. Nareit FFO on a diluted basis was $0.43, against $0.45. Its holdings include outpatient medical structures, lab buildings and senior housing Assets serving healthcare.

Same-Store Growth Led by Senior Housing as Lab Slips 0.7%

On a same-store basis, adjusted NOI expanded 3.6%. Within that pool, outpatient medical (54.4% weight) gained 3.1% and senior housing (10.0% weight) jumped 25.9%, whereas lab (35.6% weight) lost ground, sliding 0.7%.

Lab deals in the quarter, new leases and renewals combined, reached 480,000 square feet and 1 million year to date. Lab occupancy rose 130 basis points sequentially and is 270 basis points above year-end 2025. Outpatient medical leasing reached 846,000 square feet in the quarter, and 3.2 million in the year so far.

In that senior housing vehicle, a majority-owned REIT in which Healthpeak holds 69%, revenue grew 78% to $268 million and adjusted EBITDAre rose 101% to $105 million. Senior housing purchases during the quarter reached $1.75 billion for that vehicle.

Life Science Acquisitions Near $233 Million Alongside Roughly $1.025 Billion in Venture Proceeds

Four life science buildings spanning three campuses and about 510,000 square feet were bought or placed under contract for roughly $233 million. Blended occupancy across these properties sits at 41%, while the current cash Yield is close to 5% and the expected stabilized yield lands between 9% and 10%. October added a $38 million Houston medical Training Facility at a 7.4% initial cap rate.

In July 2026, a 49% interest in a venture holding 86 outpatient medical properties, worth close to $2.1 billion, was sold to a global asset manager for roughly $1.025 billion. Net debt stood at 4.7x adjusted EBITDAre. The company also secured a $500 million unsecured delayed-draw loan, payable in October 2030, with pricing of SOFR plus 80 basis points and no amount drawn at closing.

FFO Outlook Moves Up While EPS Range Falls on Senior Housing Depreciation

2026 FFO as Adjusted guidance now reads $1.76 to $1.78 per share, previously $1.73 to $1.77. The same-store cash adjusted NOI forecast broadened to 0.5% through 2.0%, replacing 0% through 1.5%. Diluted EPS expectations, meanwhile, dropped to $0.39 through $0.41 from $0.48 through $0.52, which management linked to Depreciation from new senior housing purchases.

Payouts of $0.10167 each month annualize to $1.22; declarations cover the months through December, and cash moves on Nov 25 and Dec 30, 2026. A call was scheduled for Nov 3, 2026, and lab leasing plus the pending purchases come next.