Earnings

Healthpeak Raises Outlook as Senior Housing Drives Growth

The Tip Desk · August 5, 2026 · 2 min read

Second-quarter revenue rose 11.1% to $771.6 million as resident fees and services expanded.

Healthpeak Properties (DOC), a healthcare real estate investment trust, raised its annual earnings outlook after senior-housing growth offset continued weakness in its laboratory portfolio.

Net income applicable to common shares increased 66.9% to $52.7 million, and diluted earnings rose to $0.08 a share from $0.05 a year earlier. Revenue growth reflected a 45.4% increase in resident fees and services to $216.5 million, while rental and related revenue edged up 0.7% to $533.4 million.

The divergence reflected Healthpeak's changing operating mix. Janus Living revenue rose 45% to $216 million, and its adjusted EBITDAre increased 34% to $79 million. Same-store adjusted net operating income for senior housing grew 19.2%, with margin expanding 250 basis points.

Across the portfolio, total same-store adjusted NOI increased 1.8%. Outpatient Medical grew 2.5%, while Lab declined 3.2% and accounted for 34% of the same-store portfolio. Occupancy improved sequentially by 20 basis points to 90.7% in Outpatient Medical and by 80 basis points to 78.5% in Lab. Lease executions across the two businesses totaled 1.6 million square feet.

Diluted Nareit funds from operations rose to $0.46 a share from $0.43, while FFO as Adjusted held at $0.46 a share. Adjusted FFO applicable to common shares was essentially flat at $325.4 million. Operating expenses increased 20.6% to $333.1 million, outpacing revenue growth, and interest expense rose 22.9% to $92.3 million.

Healthpeak now expects 2026 diluted earnings of $0.48 to $0.52 a share and adjusted FFO of $1.73 to $1.77 a share, raising the midpoint of each range by $0.02. The company also lifted the midpoint of its same-store cash adjusted NOI growth outlook by 75 basis points, to a range of 0% to 1.5%.

The company generated $1.4 billion of proceeds during the quarter and through Aug. 3, largely through asset transactions and seller-financing repayments. That included about $1.025 billion from selling a 49% interest in an Outpatient Medical portfolio valued at $2.1 billion. Healthpeak used joint-venture proceeds after quarter-end to repay $650 million of senior notes and about $375 million of commercial-paper borrowings, following quarter-end net leverage of 4.7 times adjusted EBITDAre.

The board authorized a new $500 million repurchase program after Healthpeak bought back 5.9 million shares for about $100 million in April. The authorization gave the company another use for capital as portfolio sales reduced debt and senior housing carried more of its operating growth.

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