Companies /Real Estate

Healthpeak Properties Inc

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

Q3 2025 Earnings

Reported Oct 23, 2025, 4:17pm ET · SEC source
$-0.17
Miss −383.33%
EPS · est. $0.06
$705.9M
Beat +3.65%
Revenue · est. $681.0M
−3.1%
Trailing market
DOC vs S&P since report
3 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%+4%+6%Oct 23Oct 24report 4:17pm ETearnings+0.8%+3.5%
0+2%+4%+6%Oct 23Oct 24earnings+0.8%+3.5%
DOC +3.5%S&P 500 +0.8%
0+2%+4%+6%Oct 23Oct 24report 4:17pm ETearnings+1.0%+3.5%
0+2%+4%+6%Oct 23Oct 24earnings+1.0%+3.5%
DOC +3.5%NASDAQ +1.0%
−3%0+3%Oct 22Oct 31report 4:17pm ETearnings+1.5%−2.5%
−3%0+3%Oct 22Oct 31earnings+1.5%−2.5%
DOC −2.5%S&P 500 +1.5%
−3%0+3%Oct 22Oct 31report 4:17pm ETearnings+2.9%−2.5%
−3%0+3%Oct 22Oct 31earnings+2.9%−2.5%
DOC −2.5%NASDAQ +2.9%
+1.19%
Day of report
+1.60%
Next session
−4.32%
One week
−3.46%
30 days

S&P 500 over the same 30 days: −0.33%.

Did DOC Beat Earnings? Q3 2025 Results

Healthpeak Properties delivered a split verdict in Q3 2025, posting revenue of $705.87 million that edged past the $681.01 million consensus by 3.65% and rose 0.8% year-over-year, while a GAAP loss of $0.17 per share fell well short of the $0.06 consensus estimate, a miss of 383.33%. The steep earnings shortfall traced directly to $175.83 million in other-than-temporary impairment charges on unconsolidated lab-segment joint ventures, where fair values had fallen below carrying value for an extended period, overshadowing otherwise stable operating fundamentals. On a non-GAAP basis, Nareit FFO climbed to $0.45 per share from $0.44 a year ago, and the outpatient medical segment delivered 2.0% same-store NOI growth with cash re-leasing spreads of +5.4%. The lab portfolio remained a drag, with same-store NOI declining 3.2%, though management cited a shifting biopharma sentiment and a leasing pipeline at its highest level since Q2 2024. Reflecting the impairment, full-year GAAP EPS guidance was revised down to $0.00 to $0.06, while FFO as Adjusted guidance held firm at $1.81 to $1.87 per share.

Key Takeaways
  • Outpatient medical demand growing faster than new supply driving +5.4% cash re-leasing spreads
  • Higher annual escalators on new leases (+3% vs +2.7% on existing portfolio)
  • CCRC NOI up more than 50% since 2019 with year-to-date same-store growth of 11.3%
  • CCRC total occupancy up 70 basis points sequentially
  • Outpatient medical total occupancy up 10 basis points sequentially
  • Completed merger integration with Physicians Realty Trust

Forward Guidance & Outlook

Healthpeak reaffirmed full-year 2025 guidance for Diluted Nareit FFO per share of $1.78–$1.84 and Diluted FFO as Adjusted per share of $1.81–$1.87, with Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of 3.0%–4.0%. The company updated its diluted EPS guidance downward from $0.25–$0.31 to $0.00–$0.06, primarily reflecting impairment charges on unconsolidated joint ventures. Management sees strengthening private market values for outpatient medical, potential for $1 billion+ in opportunistic sales and recapitalizations, and an improving biopharma sentiment that could lead to a lab leasing inflection point, though near-term lab occupancy declines are still expected.

DOC YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$200.0M$400.0M$600.0M$700.4M$705.9MRevenue$116.9M$52.6MOperating Income
$0$200.0M$400.0M$600.0MRevenueOperating Income

DOC Revenue by Segment

Outpatient Medical$326.6M+2.8%
Lab$213.3M−5.4%
Life Plan
CCRC$150.5M+5.3%

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