Companies /Real Estate
Healthpeak Properties Inc
NYSE: DOC Reit - Healthcare Facilities
$18.66
▼ $0.34 (−1.79%) today
Markets closed · 8:32am ET

Healthpeak Properties (DOC) Q2 2025 Earnings

Reported Jul 24, 2025, 4:17pm ET · SEC source
$0.05
Miss −11.82%
EPS · est. $0.06
$694.3M
Beat +0.11%
Revenue · est. $693.6M
−1.7%
Trailing market
DOC vs S&P since report
3 quarters
Consecutive EPS beats

How Did DOC Stock React to Q2 2025 Earnings?

% change · around the report
−6%−3%0Jul 24Jul 25report 4:17pm ETearnings+0.4%−6.7%
−6%−3%0Jul 24Jul 25earnings+0.4%−6.7%
DOC −6.7%S&P 500 +0.4%
−6%−3%0Jul 24Jul 25report 4:17pm ETearnings+0.3%−6.5%
−6%−3%0Jul 24Jul 25earnings+0.3%−6.5%
DOC −6.5%NASDAQ +0.3%
−8%−4%0+4%Jul 23Aug 1report 4:17pm ETearnings−2.0%−8.6%
−8%−4%0+4%Jul 23Aug 1earnings−2.0%−8.6%
DOC −8.6%S&P 500 −2.0%
−8%−4%0+4%Jul 23Aug 1report 4:17pm ETearnings−2.0%−8.6%
−8%−4%0+4%Jul 23Aug 1earnings−2.0%−8.6%
DOC −8.6%NASDAQ −2.0%
−6.73%
Day of report
−1.93%
Next session
−4.72%
One week
−0.40%
30 days

S&P 500 over the same 30 days: +1.27%.

Did DOC Beat Earnings? Q2 2025 Results

No. Healthpeak Properties reported Q2 2025 earnings of $0.05 a share on Jul 24, 2025, missing the $0.06 consensus estimate by 11.8%. Revenue was $694.3M against a $693.6M estimate.

Healthpeak Properties delivered a mixed second quarter, with GAAP earnings falling well short of expectations while revenue barely edged past forecasts. The healthcare REIT posted diluted EPS of $0.05, missing the $0.06 consensus estimate by 11.82%, as the absence of $122.04 million in real estate sale gains that padded the year-ago period's $0.21 result weighed heavily on reported income. Revenue of $694.35 million edged 0.11% above consensus, though it slipped 0.2% year-over-year, with lab segment revenue declining to $209.21 million from $214.27 million as life science leasing demand remained soft. Brighter spots included the CCRC segment, which posted record leasing volume and revenue growth to $148.85 million, and same-store Cash NOI growth of 3.5% across the combined portfolio. On the capital front, Healthpeak repurchased $72.00 million in shares and repaid $452.00 million in maturing senior notes, landing Net Debt to Adjusted EBITDAre at 5.2x. Looking ahead, management reaffirmed FFO as Adjusted guidance of $1.81-$1.87 per share but trimmed diluted EPS guidance to $0.25-$0.31 from $0.30-$0.36.

Key Takeaways
  • Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of 3.5% in Q2 2025
  • Outpatient medical same-store NOI growth of 3.9% with 85% retention and +6% cash releasing spreads on renewals
  • Lab same-store NOI growth of 1.5% with 87% retention and +6% cash releasing spreads on renewals
  • CCRC same-store NOI growth of 8.6%
  • 1.5 million square feet of new and renewal lease executions in Q2
  • AFFO per share grew to $0.44 from $0.40 year-over-year

What Was Healthpeak Properties's Outlook in Q2 2025?

Healthpeak reaffirmed full year 2025 guidance for 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%. The company updated (lowered) diluted EPS guidance to $0.25-$0.31 from $0.30-$0.36 and diluted Nareit FFO per share to $1.78-$1.84 from $1.81-$1.87.

DOC YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$200.0M$400.0M$600.0M$695.5M$694.3MRevenue$146.0M$39.0MNet Income$111.5M$42.7MOperating Income
$0$200.0M$400.0M$600.0MRevenueNet IncomeOperating Income
DOC income statement, Q2 2025 versus Q2 2024
Metric Q2 2025 Q2 2024 Year over year
Revenue $694.3M $695.5M −0.2%
Net Income $39.0M $146.0M −73.3%
Operating Income $42.7M $111.5M −61.7%

DOC Revenue by Segment

Outpatient Medical$320.5M
Lab$209.2M
Life Plan
CCRC$148.9M

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