Companies /Real Estate

Healthpeak Properties Inc

NYSE: DOC Reit - Healthcare Facilities
$20.51
▲ $0.16 (+0.76%) today
Markets closed · 6:20pm ET

Q1 2025 Earnings

Reported Apr 24, 2025, 4:19pm ET · SEC source
$0.06
Beat +33.33%
EPS · est. $0.05
$702.9M
Beat +1.98%
Revenue · est. $689.2M
−9.1%
Trailing market
DOC vs S&P since report
3 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0+3%Apr 24Apr 25report 4:19pm ETearnings+0.6%−4.3%
−6%−3%0+3%Apr 24Apr 25earnings+0.6%−4.3%
DOC −4.3%S&P 500 +0.6%
−6%−3%0+3%Apr 24Apr 25report 4:19pm ETearnings+1.0%−4.3%
−6%−3%0+3%Apr 24Apr 25earnings+1.0%−4.3%
DOC −4.3%NASDAQ +1.0%
−4%0+4%Apr 23May 2report 4:19pm ETearnings+3.6%−5.3%
−4%0+4%Apr 23May 2earnings+3.6%−5.3%
DOC −5.3%S&P 500 +3.6%
−4%0+4%Apr 23May 2report 4:19pm ETearnings+4.5%−5.3%
−4%0+4%Apr 23May 2earnings+4.5%−5.3%
DOC −5.3%NASDAQ +4.5%
−5.21%
Day of report
−0.45%
Next session
−0.11%
One week
−2.36%
30 days

S&P 500 over the same 30 days: +6.74%.

Did DOC Beat Earnings? Q1 2025 Results

Healthpeak Properties kicked off 2025 with a strong first quarter, posting earnings per share of $0.06 against a consensus estimate of $0.04, a beat of 33.33%, while revenue of $702.89 million topped expectations of $689.24 million and climbed 15.9% from the year-ago period. The most material driver behind the improvement was a sharp pullback in transaction and merger-related costs, which fell to $5.53 million from $107.22 million in Q1 2024, as integration expenses from the Physicians Realty Trust merger continued to wind down and the combined portfolio began contributing fully. Same-store cash NOI grew 7.0% on a merger-combined basis, led by the CCRC segment at 15.9%, with lab and outpatient medical also posting solid gains. Leasing momentum remained healthy, with 1.2 million square feet executed across the portfolio during the quarter. Healthpeak reaffirmed its full-year 2025 guidance, targeting diluted EPS of $0.30 to $0.36 and FFO as Adjusted of $1.81 to $1.87 per share, signaling management's confidence in sustained operating momentum through year-end.

Key Takeaways
  • Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of 7.0%
  • CCRC same-store NOI growth of 15.9%
  • Lab same-store NOI growth of 7.7%
  • Outpatient Medical same-store NOI growth of 5.0%
  • Outpatient medical new and renewal lease executions of 973,000 sq ft with 86% retention and +4% cash releasing spreads
  • Lab new and renewal lease executions of 276,000 sq ft with 88% retention and +5% cash releasing spreads
  • Significantly lower transaction and merger-related costs ($5.5M vs $107.2M year-ago)

Forward Guidance & Outlook

Healthpeak reaffirmed its full-year 2025 guidance: diluted earnings per common share of $0.30–$0.36, diluted Nareit FFO per share of $1.81–$1.87, diluted FFO as Adjusted per share of $1.81–$1.87, and Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of 3.0%–4.0%.

DOC YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$0$200.0M$400.0M$600.0M$606.6M$702.9MRevenue$6.7M$42.8MNet Income$120.3M$60.4MOperating Income
$0$200.0M$400.0M$600.0MRevenueNet IncomeOperating Income

DOC Revenue by Segment

Outpatient Medical$320.5M+5.0%
Lab$217.6M+7.7%
Life Plan
CCRC$148.9M+15.9%

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