Companies /Real Estate

Healthpeak Properties Inc

NYSE: DOC Reit - Healthcare Facilities
$20.50
▲ $0.15 (+0.74%) today
Markets closed · 8:21pm ET

Q2 2026 Earnings

Reported Aug 4, 2026, 4:19pm ET · SEC source
$0.08
Beat +198.51%
EPS · est. $0.03
$771.6M
Beat +6.40%
Revenue · est. $725.2M
−5.3%
Trailing market
DOC vs S&P since report
3 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%Aug 4Aug 5report 4:19pm ETearnings−0.0%+1.8%
0+2%Aug 4Aug 5earnings−0.0%+1.8%
DOC +1.8%S&P 500 −0.0%
0+2%Aug 4Aug 5report 4:19pm ETearnings−0.7%+1.8%
0+2%Aug 4Aug 5earnings−0.7%+1.8%
DOC +1.8%NASDAQ −0.7%
−3%0+3%Aug 3Aug 12report 4:19pm ETearnings−0.0%−4.4%
−3%0+3%Aug 3Aug 12earnings−0.0%−4.4%
DOC −4.4%S&P 500 −0.0%
−3%0+3%Aug 3Aug 12report 4:19pm ETearnings+0.0%−4.4%
−3%0+3%Aug 3Aug 12earnings+0.0%−4.4%
DOC −4.4%NASDAQ +0.0%
+0.79%
Day of report
−3.17%
Next session
−5.19%
One week
−5.23%
30 days

S&P 500 over the same 30 days: +0.05%.

Did DOC Beat Earnings? Q2 2026 Results

Healthpeak Properties delivered a decisive beat in the second quarter of 2026, reporting GAAP diluted EPS of $0.08 against a consensus estimate of $0.03, a 198.51% positive surprise, while revenue of $771.58 million topped expectations by 6.40% and rose 11.1% year over year from $694.35 million. The most material driver behind the quarter's strength was the rapid expansion of the Senior Housing segment, now operated through majority-owned subsidiary Janus Living, which posted $216.00 million in revenue, up 45% year over year, with same-store Adjusted NOI growing 19.2%. A marquee joint venture with Brookfield affiliates, valuing an 86-asset outpatient medical portfolio at roughly $2.10 billion, generated approximately $1.02 billion in proceeds that helped repay $650.00 million of senior notes and shore up liquidity to $3.40 billion. The positive momentum in senior housing broadly mirrors trends seen across the healthcare real estate sector. Management raised full-year 2026 FFO as Adjusted guidance to $1.73 to $1.77 per share, reflecting continued confidence in the portfolio's trajectory.

Key Takeaways
  • Senior Housing revenue and Adjusted EBITDAre growth of 45% and 34% YoY respectively via Janus Living
  • Same-store Adjusted NOI growth of 19.2% in Senior Housing, 2.5% in Outpatient Medical
  • Outpatient Medical occupancy increased 20 bps sequentially to 90.7%
  • Lab occupancy increased 80 bps sequentially to 78.5%
  • 1.6 million square feet of Outpatient Medical and Lab leases executed in Q2
  • $400 million seller financing loan partial repayment generating $9 million one-time interest income increase
  • Same-store Senior Housing RevPOR per month increased to $8,589 from $8,169 YoY

Forward Guidance & Outlook

Healthpeak raised full-year 2026 guidance: diluted EPS of $0.48–$0.52 (midpoint increase of $0.02), diluted FFO as Adjusted per share of $1.73–$1.77 (midpoint increase of $0.02), and total same-store cash (adjusted) NOI growth of 0%–1.5% (75 bps midpoint increase). The company has $3.4 billion of liquidity as of August 3, 2026, and continues to pursue capital recycling through JV recapitalizations and dispositions to fund growth and strengthen the balance sheet.

DOC YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$300.0M$600.0M$694.4M$771.6MRevenue$131.5M$32.6MOperating Income$31.7M$63.2MNet Income
$0$300.0M$600.0MRevenueOperating IncomeNet Income

DOC Revenue by Segment

Outpatient Medical$310.7M−3.1%
Lab$216.1M+3.3%
Life Plan$216.5M
CCRC

Figures from SEC filings and company reports. Not investment advice.