Healthpeak Properties Reports Third Quarter 2026 Results and Increases Full Year
Healthpeak Properties Reports Third Quarter 2026 Results and Increases Full Year 2026 Earnings Guidance
DENVER, November 2, 2026 - Healthpeak Properties, Inc. (NYSE: DOC) ("Healthpeak"), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, today announced results for the quarter ended September 30, 2026 . THIRD QUARTER 2026 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS – Net income of $0.02 per share and FFO as Adjusted of $0.44 per share
– Outpatient Medical new and renewal lease executions totaled 846,000 square feet, bringing year-to-date Outpatient Medical lease executions to 3.2 million square feet
• Subsequent to the third quarter, 1.3 million square feet of Outpatient Medical leases have been executed or are under letter of intent ("LOI")
– Lab new and renewal lease executions totaled 480,000 square feet, bringing year-to-date Lab lease executions to 1 million square feet
• Subsequent to the third quarter, 643,000 square feet of Lab leases have been executed or are under LOI
• Lab total occupancy increased sequentially by +130 basis points ("bps") and is up +270 bps since year-end 2025
– Janus Living (NYSE: JAN) reported year-over-year revenue and Adjusted EBITDAre growth of 78% and 101%, respectively
– Acquired, or under contract to acquire, four life science buildings totaling approximately 510,000 square feet across three campuses for approximately $233 million
– Net Debt to Adjusted EBITDAre was 4.7x for the quarter ended September 30, 2026
• Named to the Top 10 in Real Estate from 3BL Media's 100 Best Corporate Citizens List
• Named one of U.S. News & World Report’s 2026–2027 Best Companies to Work For in the Real Estate and Facilities Management category, as well as the West Region category
To learn more and view the Corporate Impact Report, please visit www.healthpeak.com/corporate-impact
Year-Over-Year Same-Store ("SS") Adjusted NOI Growth Three Months Ended September 30, SS Growth % % of SS Outpatient Medical 3.1 % 54.4 % Lab (0.7 %) 35.6 % Senior Housing 25.9 % 10.0 % Total 3.6 % 100.0 %
• Total Adjusted Net Operating Income of $76 million, up 81% compared to the prior year quarter
• Closed $1.75 billion of senior housing acquisitions during the third quarter, consisting of the previously disclosed $1.0 billion that closed from July 1 through August 3 and an additional $743 million that closed subsequent to August 3 through quarter end
• Subsequent to quarter end and through October 30, completed approximately $370 million of senior housing acquisitions
• As of October 30, Janus Living had approximately $1.2 billion of liquidity including cash and available credit facility capacity
• Under binding purchase agreements for approximately $82 million of additional senior housing acquisitions
Janus Living, Inc. is a pure-play senior housing real estate investment trust that owns high-quality communities across the United States, and is majority owned by Healthpeak. Healthpeak owns 214.7 million shares of Janus Living common stock and operating partnership common units, representing a 69% equity ownership as of September 30, 2026. Janus Living is consolidated into Healthpeak’s financial statements, with the approximately 31% not owned by Healthpeak reported as noncontrolling interest.
Healthpeak has acquired, or is under contract to acquire, four life science buildings totaling approximately 510,000 square feet across three campuses for approximately $233 million. Each acquisition is part of, or an extension of, an existing Healthpeak campus where the Company's local scale and relationships position it to drive near-term leasing.
On September 30, 2026, Healthpeak acquired the senior construction loan secured by HQ Point and acquired the remaining equity interest for a combined $105 million. HQ Point is a two-building, 236,000 square foot lab campus in San Diego’s Sorrento Mesa submarket that is currently 29% occupied.
Healthpeak is also under contract to acquire two life science properties that are expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions.
• South San Francisco: Healthpeak is under contract to acquire a 145,000 square foot life science building for approximately $92 million. The property is currently 49% occupied and sits adjacent to an existing 146,000 square foot Healthpeak life science building and between The Cove and The Shore, two Healthpeak campuses totaling more than 2 million square feet.
• Cambridge: Healthpeak is under contract to acquire the remaining 51% ownership interest in 100 Acorn Park Drive, a 129,000 square foot life science building on the Cambridge Discovery Park campus for approximately $36 million. The property is currently 53% occupied. Upon closing, Healthpeak will own 100% of the 605,000 square foot Cambridge Discovery Park campus.
These three opportunistic acquisitions have a blended in-place occupancy of 41%, a current cash yield of approximately 5%, and an expected stabilized cash yield of approximately 9-10%.
A presentation highlighting these investments is available at https://ir.healthpeak.com.
In October 2026, Healthpeak acquired Westway One, a 146,000 square foot Class A medical training facility in Houston, Texas, for $38 million. The property is 100% leased to affiliates of HCA Healthcare, with 11 years of remaining lease term. The acquisition represents an initial capitalization rate of approximately 7.4%, adds to Healthpeak's approximately 3.4 million square foot outpatient medical portfolio in Houston, and expands its portfolio of HCA nursing and professional education facilities.
As previously disclosed, in July 2026, Healthpeak entered into a joint venture with affiliates of Brookfield Asset Management (“Brookfield”) through the contribution of an 86-property outpatient medical portfolio valued at approximately $2.1 billion. Healthpeak received proceeds of approximately $1.025 billion for the sale of the 49% interest. Page 3
Net Debt to Adjusted EBITDAre was 4.7x for the quarter ended September 30, 2026.
In October 2026, Healthpeak entered into a new $500 million unsecured delayed- draw term loan facility. The term loan matures in October 2030 and bears interest at SOFR plus 80 basis points based on Healthpeak’s current credit ratings. The unsecured term loan facility was undrawn at closing.
As of October 30, 2026, Healthpeak had $3.8 billion of liquidity, including cash, availability under its revolving credit facility, and undrawn term loan commitments.
On October 1, 2026, Healthpeak's Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of October, November, and December of 2026, representing an annualized dividend amount of $1.22 per share. The dividend is payable on the payment dates set forth in the table below to stockholders of record as of the close of business on the corresponding record date. Future dividends are at the discretion of Healthpeak's Board of Directors.
Record Date Payment Date Amount October 19, 2026 October 30, 2026 $0.10167 per common share November 13, 2026 November 25, 2026 $0.10167 per common share December 18, 2026 December 30, 2026 $0.10167 per common share
(1) The decrease in diluted earnings per common share guidance is primarily due to depreciation and amortization associated with senior housing acquisitions closed by Janus Living during the third quarter and through October 30, 2026. Depreciation and amortization is excluded from Nareit FFO and FFO as Adjusted, so this change has no impact on FFO as Adjusted guidance. These estimates are based on our current view of existing market conditions, transaction timing, and other assumptions for the year ending December 31, 2026. For additional guidance ranges, details, and assumptions, please see page 10 in our corresponding Supplemental Report and the Discussion and Reconciliation of Non-GAAP Financial Measures, both of which are available in the Investor Relations section of our website at http://ir.healthpeak.com. Page 4
Healthpeak has scheduled a conference call and webcast for Tuesday, November 3, 2026, at 10:00 a.m. Eastern Time.
• Webcast: https://events.q4inc.com/attendee/917525646. Joining via webcast is recommended for those who will not be asking questions.
• Telephone: The participant dial-in number is (833) 461-5787. The international dial-in is (585) 542-9983. The conference ID number is 917 525 646. A webcast replay will be available on Healthpeak’s website through December 3, 2026.
Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery.
Nareit FFO, FFO as Adjusted, Total Same-Store Cash (Adjusted) NOI, Adjusted EBITDAre, and Net Debt to Adjusted EBITDAre are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of real estate investment trusts. See "September 30, 2026 Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP, available in the Investor Relations section of our website at http://ir.healthpeak.com/quarterly-results. See also the "Funds From Operations" section of this release for additional information. Additionally, as used herein with respect to Janus Living, Adjusted EBITDAre, Total Adjusted Net Operating Income, and Same-Store Adjusted NOI are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of Janus Living. See "September 30, 2026 Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP, available in the Investor Relations section of the Janus Living website at https://ir.janusreit.com/financials/quarterly-results.
Statements contained in this release that are not historical facts are "forward- looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "target," "forecast," "plan," "potential," "estimate," "could," "would," "should" and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things: (i) statements regarding timing, outcomes and other details relating to pending or contemplated acquisitions, dispositions, developments, redevelopments, joint venture transactions, leasing activity and commitments, financing activities, or other transactions discussed in this release; (ii) the payment of a monthly cash dividend; and (iii) the information presented under the heading "Guidance." Pending acquisitions, dispositions, joint venture transactions, leasing activity, and financing activity, including those subject to binding agreements, remain subject to closing conditions and may not be completed within the anticipated timeframes or at all. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. As more fully set forth under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission ("SEC"), these risks and uncertainties include, but are not limited to: changes to regulatory, funding, staffing, trade, and other policies and actions by the U.S. political administration; macroeconomic trends that may increase borrowing, construction, labor and other operating costs; changes within the life science industry, and significant regulation, funding requirements, and uncertainty faced by our lab tenants; factors adversely affecting our tenants’, operators’, or borrowers’ ability to meet their financial and other contractual obligations to us; the insolvency or bankruptcy of one or more of our major tenants, operators, or borrowers; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in that specific sector than if we invested across multiple sectors; the illiquidity of real estate investments; our ability to identify and secure new or replacement tenants and operators; our property development, redevelopment, and tenant improvement risks, which can render a project less profitable or unprofitable and delay or prevent its undertaking or completion; the ability of the hospitals on whose campuses our outpatient medical Page 5 buildings are located and their affiliated healthcare systems to remain competitive or financially viable; operational risks associated with our senior housing properties managed by third parties, including our properties operated through structures permitted by the Housing and Economic Recovery Act of 2008, which includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”); the failure of our tenants, operators, and borrowers to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements; required regulatory approvals to transfer our senior housing properties; compliance with the Americans with Disabilities Act and fire, safety, and other regulations; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; economic conditions, natural disasters, weather, and other conditions that negatively affect geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in a significant loss of capital invested in a property, lower than expected future revenues, and unanticipated expenses; our use of joint ventures may limit our returns on and our flexibility with jointly owned investments; our use of rent escalators or contingent rent provisions in our leases; competition for suitable healthcare properties to grow our investment portfolio; our ability to exercise rights on collateral securing our real estate-related loans; any requirement that we recognize reserves, allowances, credit losses, or impairment charges; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate and/or operate acquisitions or internalize property management; the potential impact of unfavorable resolution of litigation or disputes and resulting rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; environmental, social and governance and sustainability commitments and changing requirements, as well as stakeholder expectations; epidemics, pandemics, or other infectious diseases, and health and safety measures intended to reduce their spread; our past participation in the Coronavirus Aid, Relief, and Economic Security Act Provider Relief Fund and other Covid-related stimulus and relief programs; laws or regulations prohibiting eviction of our tenants; human capital risks, including the loss or limited availability of our key personnel; our reliance on information technology and any material failure, inadequacy, interruption, or security failure of that technology; the use of, or inability to use, artificial intelligence by us, our tenants, our vendors, and our investors; volatility, disruption, or uncertainty in the financial markets; increased interest rates and borrowing costs, which could impact our ability to refinance existing debt, sell properties, and conduct investment activities; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; the availability of external capital on acceptable terms or at all; an increase in our level of indebtedness; covenants in our debt instruments, which may limit our operational flexibility, and breaches of these covenants; volatility in the market price and trading volume of our common stock; adverse changes in our credit ratings; the initial public offering of Janus Living may not achieve the intended benefits; our economic exposure to shifts in the price of Janus Living common stock and our ability to control the assets and activities of Janus Living; potential conflicts of interest in our relationship with Janus Living; our ability to maintain our qualification as a real estate investment trust (“REIT”); our taxable REIT subsidiaries being subject to corporate level tax; tax imposed on any net income from “prohibited transactions”; changes to U.S. federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings and profits distributions; tax protection agreements that may limit our ability to dispose of certain properties and may require us to maintain certain debt levels; ownership limits in our charter that restrict ownership in our stock, and provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; conflicts of interest between the interests of our stockholders and the interests of holders of Healthpeak OP, LLC (“Healthpeak OP”) common units; provisions in the operating agreement of Healthpeak OP and other agreements that may delay or prevent unsolicited acquisitions and other transactions; our status as a holding company of Healthpeak OP; and other risks and uncertainties described from time to time in our SEC filings.
Moreover, other risks and uncertainties of which we are not currently aware may also affect our forward-looking statements, and may cause actual results and the timing of events to differ materially from those anticipated. The forward- looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by us on our website or otherwise. We do not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.
Refer to footnotes on the next page. Page 9 (1) The nine months ended September 30, 2026 includes a gain upon change of control related to (i) the acquisition of the remaining 46.5% interest in the SWF SH JV which held 19 senior housing properties and (ii) the disposition of an 80% interest in six outpatient medical buildings to a third-party. These gains upon change of control are included in other income (expense), net in the Consolidated Statements of Operations.
(2) The three and nine months ended September 30, 2025 include other-than- temporary impairment charges on certain unconsolidated real estate joint ventures, which are recognized in equity income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations.
(3) The three and nine months ended September 30, 2026 and 2025 include investment pursuit costs. The three and nine months ended September 30, 2026 includes transition costs associated with senior housing operators and the nine months ended September 30, 2026 includes costs related to the Janus Living IPO. The three and nine months ended September 30, 2025 include costs related to the merger with Physicians Realty Trust, which are primarily comprised of severance, legal, accounting, tax, information technology, and other costs of combining operations with Physicians Realty Trust.
(4) The three and nine months ended September 30, 2026 and 2025 include reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations.
(5) Casualty-related charges (recoveries), net are recognized in other income (expense), net, equity income (loss) from unconsolidated joint ventures, and noncontrolling interests’ share in earnings in the Consolidated Statements of Operations.
(6) The nine months ended September 30, 2026 includes the income tax impact related to the change in tax status of certain entities in connection with the Janus Living IPO.
(7) Primarily includes: (i) amortization of deferred revenue, (ii) noncontrolling interests’ share of senior housing entrance fees in excess of (less than) the related GAAP amortization, (iii) noncontrolling interests’ share of Adjusted Funds from Operations (“AFFO”) Capital Expenditures, and (iv) our proportionate share of AFFO capital expenditures and straight-line rents from unconsolidated joint ventures. Page 10
Full text with the tables
Exhibit 99.1
Healthpeak Properties Reports Third Quarter 2026 Results and Increases Full Year
2026 Earnings Guidance
DENVER, November 2, 2026 - Healthpeak Properties, Inc. (NYSE: DOC)
("Healthpeak"), a leading owner, operator, and developer of real estate for
healthcare discovery and delivery, today announced results for the quarter ended
September 30, 2026 .
THIRD QUARTER 2026 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS
– Net income of $0.02 per share and FFO as Adjusted of $0.44 per share
– Outpatient Medical new and renewal lease executions totaled 846,000 square
feet, bringing year-to-date Outpatient Medical lease executions to 3.2 million
square feet
• Subsequent to the third quarter, 1.3 million square feet of Outpatient Medical
leases have been executed or are under letter of intent ("LOI")
– Lab new and renewal lease executions totaled 480,000 square feet, bringing
year-to-date Lab lease executions to 1 million square feet
• Subsequent to the third quarter, 643,000 square feet of Lab leases have been
executed or are under LOI
• Lab total occupancy increased sequentially by +130 basis points ("bps") and is
up +270 bps since year-end 2025
– Janus Living (NYSE: JAN) reported year-over-year revenue and Adjusted EBITDAre
growth of 78% and 101%, respectively
– Acquired, or under contract to acquire, four life science buildings totaling
approximately 510,000 square feet across three campuses for approximately $233
million
– Entered into a new $500 million unsecured delayed-draw term loan facility
– Net Debt to Adjusted EBITDAre was 4.7x for the quarter ended September 30,
2026
– Recent corporate impact and sustainability achievements:
• Named to the Top 10 in Real Estate from 3BL Media's 100 Best Corporate
Citizens List
• Named Fortune's Best Workplaces in Real Estate
• Certified as a Great Place to Work 2026–2027
• Named one of U.S. News & World Report’s 2026–2027 Best Companies to Work For
in the Real Estate and Facilities Management category, as well as the West
Region category
To learn more and view the Corporate Impact Report, please visit
www.healthpeak.com/corporate-impact
THIRD QUARTER RESULTS
Three Months Ended
September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Diluted Net income (loss) per common $ 0.02 $ -0.17
share
Diluted FFO as Adjusted per common 0.44 0.46
share
Page 1
Year-Over-Year
Same-Store ("SS")
Adjusted NOI Growth
Three Months Ended
September 30,
SS Growth % % of SS
Outpatient Medical 3.1 % 54.4 %
Lab (0.7 %) 35.6 %
Senior Housing 25.9 % 10.0 %
Total 3.6 % 100.0 %
Page 2
JANUS LIVING THIRD QUARTER FINANCIAL AND OPERATING HIGHLIGHTS
• Revenue of $268 million, up 78% compared to the prior year quarter
• Adjusted EBITDAre of $105 million, up 101% compared to the prior year quarter
• Total Adjusted Net Operating Income of $76 million, up 81% compared to the
prior year quarter
◦ Same-store Adjusted NOI increased 25.9% and margin expanded 360 bps
• Closed $1.75 billion of senior housing acquisitions during the third quarter,
consisting of the previously disclosed $1.0 billion that closed from July 1
through August 3 and an additional $743 million that closed subsequent to August
3 through quarter end
• Subsequent to quarter end and through October 30, completed approximately $370
million of senior housing acquisitions
• As of October 30, Janus Living had approximately $1.2 billion of liquidity
including cash and available credit facility capacity
• Under binding purchase agreements for approximately $82 million of additional
senior housing acquisitions
Janus Living, Inc. is a pure-play senior housing real estate investment trust
that owns high-quality communities across the United States, and is majority
owned by Healthpeak. Healthpeak owns 214.7 million shares of Janus Living common
stock and operating partnership common units, representing a 69% equity
ownership as of September 30, 2026. Janus Living is consolidated into
Healthpeak’s financial statements, with the approximately 31% not owned by
Healthpeak reported as noncontrolling interest.
LAB INVESTMENTS
Healthpeak has acquired, or is under contract to acquire, four life science
buildings totaling approximately 510,000 square feet across three campuses for
approximately $233 million. Each acquisition is part of, or an extension of, an
existing Healthpeak campus where the Company's local scale and relationships
position it to drive near-term leasing.
On September 30, 2026, Healthpeak acquired the senior construction loan secured
by HQ Point and acquired the remaining equity interest for a combined $105
million. HQ Point is a two-building, 236,000 square foot lab campus in San
Diego’s Sorrento Mesa submarket that is currently 29% occupied.
Healthpeak is also under contract to acquire two life science properties that
are expected to close in the fourth quarter of 2026 or early 2027, subject to
customary closing conditions.
• South San Francisco: Healthpeak is under contract to acquire a 145,000 square
foot life science building for approximately $92 million. The property is
currently 49% occupied and sits adjacent to an existing 146,000 square foot
Healthpeak life science building and between The Cove and The Shore, two
Healthpeak campuses totaling more than 2 million square feet.
• Cambridge: Healthpeak is under contract to acquire the remaining 51% ownership
interest in 100 Acorn Park Drive, a 129,000 square foot life science building on
the Cambridge Discovery Park campus for approximately $36 million. The property
is currently 53% occupied. Upon closing, Healthpeak will own 100% of the 605,000
square foot Cambridge Discovery Park campus.
These three opportunistic acquisitions have a blended in-place occupancy of 41%,
a current cash yield of approximately 5%, and an expected stabilized cash yield
of approximately 9-10%.
A presentation highlighting these investments is available at
https://ir.healthpeak.com.
OUTPATIENT MEDICAL ACQUISITION
In October 2026, Healthpeak acquired Westway One, a 146,000 square foot Class A
medical training facility in Houston, Texas, for $38 million. The property is
100% leased to affiliates of HCA Healthcare, with 11 years of remaining lease
term. The acquisition represents an initial capitalization rate of approximately
7.4%, adds to Healthpeak's approximately 3.4 million square foot outpatient
medical portfolio in Houston, and expands its portfolio of HCA nursing and
professional education facilities.
OUTPATIENT MEDICAL JOINT VENTURE RECAPITALIZATION
As previously disclosed, in July 2026, Healthpeak entered into a joint venture
with affiliates of Brookfield Asset Management (“Brookfield”) through the
contribution of an 86-property outpatient medical portfolio valued at
approximately $2.1 billion. Healthpeak received proceeds of approximately $1.025
billion for the sale of the 49% interest.
Page 3
BALANCE SHEET
Net Debt to Adjusted EBITDAre was 4.7x for the quarter ended September 30, 2026.
In October 2026, Healthpeak entered into a new $500 million unsecured delayed-
draw term loan facility. The term loan matures in October 2030 and bears
interest at SOFR plus 80 basis points based on Healthpeak’s current credit
ratings. The unsecured term loan facility was undrawn at closing.
As of October 30, 2026, Healthpeak had $3.8 billion of liquidity, including
cash, availability under its revolving credit facility, and undrawn term loan
commitments.
DIVIDEND
On October 1, 2026, Healthpeak's Board of Directors declared a monthly common
stock cash dividend of $0.10167 per share for each of October, November, and
December of 2026, representing an annualized dividend amount of $1.22 per share.
The dividend is payable on the payment dates set forth in the table below to
stockholders of record as of the close of business on the corresponding record
date. Future dividends are at the discretion of Healthpeak's Board of Directors.
Record Date Payment Date Amount
October 19, 2026 October 30, 2026 $0.10167 per common share
November 13, 2026 November 25, 2026 $0.10167 per common share
December 18, 2026 December 30, 2026 $0.10167 per common share
GUIDANCE
Healthpeak's 2026 guidance ranges are updated as follows:
Full As of As of Midpoint
Year 8/4/26 11/2/26 Change
2026
Diluted
earnings $0.10
per $0.48 - $0.52 $0.39 - $0.41 decrease…
common
share
Diluted
FFO as $0.02
Adjusted $1.73 - $1.77 $1.76 - $1.78 increase
per
share
Total
Same-St… 50 bps
Cash 0% - 1.5% 0.5% - 2.0% increase
(Adjust…
NOI
(1) The decrease in diluted earnings per common share guidance is primarily due
to depreciation and amortization associated with senior housing acquisitions
closed by Janus Living during the third quarter and through October 30, 2026.
Depreciation and amortization is excluded from Nareit FFO and FFO as Adjusted,
so this change has no impact on FFO as Adjusted guidance.
These estimates are based on our current view of existing market conditions,
transaction timing, and other assumptions for the year ending December 31, 2026.
For additional guidance ranges, details, and assumptions, please see page 10 in
our corresponding Supplemental Report and the Discussion and Reconciliation of
Non-GAAP Financial Measures, both of which are available in the Investor
Relations section of our website at http://ir.healthpeak.com.
Page 4
CONFERENCE CALL INFORMATION
Healthpeak has scheduled a conference call and webcast for Tuesday, November 3,
2026, at 10:00 a.m. Eastern Time.
• Healthpeak’s website: https://ir.healthpeak.com/news-events
• Webcast: https://events.q4inc.com/attendee/917525646. Joining via webcast is
recommended for those who will not be asking questions.
• Telephone: The participant dial-in number is (833) 461-5787. The international
dial-in is (585) 542-9983. The conference ID number is 917 525 646.
A webcast replay will be available on Healthpeak’s website through December 3,
2026.
ABOUT HEALTHPEAK
Healthpeak Properties, Inc. is a fully integrated real estate investment trust
(REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality
real estate focused on healthcare discovery and delivery.
NON-GAAP FINANCIAL MEASURES
Nareit FFO, FFO as Adjusted, Total Same-Store Cash (Adjusted) NOI, Adjusted
EBITDAre, and Net Debt to Adjusted EBITDAre are supplemental non-GAAP financial
measures that we believe are useful in evaluating the operating performance and
financial position of real estate investment trusts. See "September 30, 2026
Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions,
discussions of their uses and inherent limitations, and reconciliations to the
most directly comparable financial measures calculated and presented in
accordance with GAAP, available in the Investor Relations section of our website
at http://ir.healthpeak.com/quarterly-results. See also the "Funds From
Operations" section of this release for additional information. Additionally, as
used herein with respect to Janus Living, Adjusted EBITDAre, Total Adjusted Net
Operating Income, and Same-Store Adjusted NOI are supplemental non-GAAP
financial measures that we believe are useful in evaluating the operating
performance and financial position of Janus Living. See "September 30, 2026
Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions,
discussions of their uses and inherent limitations, and reconciliations to the
most directly comparable financial measures calculated and presented in
accordance with GAAP, available in the Investor Relations section of the Janus
Living website at https://ir.janusreit.com/financials/quarterly-results.
FORWARD-LOOKING STATEMENTS
Statements contained in this release that are not historical facts are "forward-
looking statements" within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include, among other things, statements
regarding our and our officers' intent, belief or expectation as identified by
the use of words such as "may," "will," "project," "expect," "believe,"
"intend," "anticipate," "seek," "target," "forecast," "plan," "potential,"
"estimate," "could," "would," "should" and other comparable and derivative terms
or the negatives thereof. Examples of forward-looking statements include, among
other things: (i) statements regarding timing, outcomes and other details
relating to pending or contemplated acquisitions, dispositions, developments,
redevelopments, joint venture transactions, leasing activity and commitments,
financing activities, or other transactions discussed in this release; (ii) the
payment of a monthly cash dividend; and (iii) the information presented under
the heading "Guidance." Pending acquisitions, dispositions, joint venture
transactions, leasing activity, and financing activity, including those subject
to binding agreements, remain subject to closing conditions and may not be
completed within the anticipated timeframes or at all. Forward-looking
statements reflect our current expectations and views about future events and
are subject to risks and uncertainties that could significantly affect our
future financial condition and results of operations. While forward-looking
statements reflect our good faith belief and assumptions we believe to be
reasonable based upon current information, we can give no assurance that our
expectations or forecasts will be attained. Further, we cannot guarantee the
accuracy of any such forward-looking statement contained in this release, and
such forward-looking statements are subject to known and unknown risks and
uncertainties that are difficult to predict. As more fully set forth under "Risk
Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025
filed with the Securities and Exchange Commission ("SEC"), these risks and
uncertainties include, but are not limited to: changes to regulatory, funding,
staffing, trade, and other policies and actions by the U.S. political
administration; macroeconomic trends that may increase borrowing, construction,
labor and other operating costs; changes within the life science industry, and
significant regulation, funding requirements, and uncertainty faced by our lab
tenants; factors adversely affecting our tenants’, operators’, or borrowers’
ability to meet their financial and other contractual obligations to us; the
insolvency or bankruptcy of one or more of our major tenants, operators, or
borrowers; our concentration of real estate investments in the healthcare
property sector, which makes us more vulnerable to a downturn in that specific
sector than if we invested across multiple sectors; the illiquidity of real
estate investments; our ability to identify and secure new or replacement
tenants and operators; our property development, redevelopment, and tenant
improvement risks, which can render a project less profitable or unprofitable
and delay or prevent its undertaking or completion; the ability of the hospitals
on whose campuses our outpatient medical
Page 5
buildings are located and their affiliated healthcare systems to remain
competitive or financially viable; operational risks associated with our senior
housing properties managed by third parties, including our properties operated
through structures permitted by the Housing and Economic Recovery Act of 2008,
which includes most of the provisions previously proposed in the REIT Investment
Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”);
the failure of our tenants, operators, and borrowers to comply with federal,
state, and local laws and regulations, including resident health and safety
requirements, as well as licensure, certification, and inspection requirements;
required regulatory approvals to transfer our senior housing properties;
compliance with the Americans with Disabilities Act and fire, safety, and other
regulations; the requirements of, or changes to, governmental reimbursement
programs such as Medicare or Medicaid; economic conditions, natural disasters,
weather, and other conditions that negatively affect geographic areas where we
have concentrated investments; uninsured or underinsured losses, which could
result in a significant loss of capital invested in a property, lower than
expected future revenues, and unanticipated expenses; our use of joint ventures
may limit our returns on and our flexibility with jointly owned investments; our
use of rent escalators or contingent rent provisions in our leases; competition
for suitable healthcare properties to grow our investment portfolio; our ability
to exercise rights on collateral securing our real estate-related loans; any
requirement that we recognize reserves, allowances, credit losses, or impairment
charges; investment of substantial resources and time in transactions that are
not consummated; our ability to successfully integrate and/or operate
acquisitions or internalize property management; the potential impact of
unfavorable resolution of litigation or disputes and resulting rising liability
and insurance costs; environmental compliance costs and liabilities associated
with our real estate investments; environmental, social and governance and
sustainability commitments and changing requirements, as well as stakeholder
expectations; epidemics, pandemics, or other infectious diseases, and health and
safety measures intended to reduce their spread; our past participation in the
Coronavirus Aid, Relief, and Economic Security Act Provider Relief Fund and
other Covid-related stimulus and relief programs; laws or regulations
prohibiting eviction of our tenants; human capital risks, including the loss or
limited availability of our key personnel; our reliance on information
technology and any material failure, inadequacy, interruption, or security
failure of that technology; the use of, or inability to use, artificial
intelligence by us, our tenants, our vendors, and our investors; volatility,
disruption, or uncertainty in the financial markets; increased interest rates
and borrowing costs, which could impact our ability to refinance existing debt,
sell properties, and conduct investment activities; cash available for
distribution to stockholders and our ability to make dividend distributions at
expected levels; the availability of external capital on acceptable terms or at
all; an increase in our level of indebtedness; covenants in our debt
instruments, which may limit our operational flexibility, and breaches of these
covenants; volatility in the market price and trading volume of our common
stock; adverse changes in our credit ratings; the initial public offering of
Janus Living may not achieve the intended benefits; our economic exposure to
shifts in the price of Janus Living common stock and our ability to control the
assets and activities of Janus Living; potential conflicts of interest in our
relationship with Janus Living; our ability to maintain our qualification as a
real estate investment trust (“REIT”); our taxable REIT subsidiaries being
subject to corporate level tax; tax imposed on any net income from “prohibited
transactions”; changes to U.S. federal income tax laws, and potential deferred
and contingent tax liabilities from corporate acquisitions; calculating non-REIT
tax earnings and profits distributions; tax protection agreements that may limit
our ability to dispose of certain properties and may require us to maintain
certain debt levels; ownership limits in our charter that restrict ownership in
our stock, and provisions of Maryland law and our charter that could prevent a
transaction that may otherwise be in the interest of our stockholders; conflicts
of interest between the interests of our stockholders and the interests of
holders of Healthpeak OP, LLC (“Healthpeak OP”) common units; provisions in the
operating agreement of Healthpeak OP and other agreements that may delay or
prevent unsolicited acquisitions and other transactions; our status as a holding
company of Healthpeak OP; and other risks and uncertainties described from time
to time in our SEC filings.
Moreover, other risks and uncertainties of which we are not currently aware may
also affect our forward-looking statements, and may cause actual results and the
timing of events to differ materially from those anticipated. The forward-
looking statements made in this communication are made only as of the date
hereof or as of the dates indicated in the forward-looking statements, even if
they are subsequently made available by us on our website or otherwise. We do
not undertake any obligation to update or supplement any forward-looking
statements to reflect actual results, new information, future events, changes in
its expectations or other circumstances that exist after the date as of which
the forward-looking statements were made.
CONTACT
Andrew Johns, CFA
Senior Vice President – Finance and Investor Relations
720-428-5400
Page 6
Healthpeak Properties, Inc.
Consolidated Balance Sheets
In thousands, except share and per share data
September 30, December 31,
2026 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Real estate:
Buildings and improvements $ 18,744,157 $ 16,593,535
Development costs and construction in 1,026,355 1,010,657
progress
Land and improvements 3,426,289 3,007,346
Accumulated depreciation -4,708,201 -4,512,443
Net real estate 18,488,600 16,099,095
Loans receivable, net of reserves of 284,203 606,020
$8,036 and $11,345
Investments in unconsolidated joint 466,114 802,601
ventures
Accounts receivable, net of allowance
of 75,944 78,327
$3,994 and $2,018
Cash and cash equivalents 514,310 467,457
Restricted cash 91,512 70,245
Intangible assets 917,700 654,516
Assets held for sale 48,042 80,621
Right-of-use asset 393,382 412,198
Deferred tax assets 121,663 111,248
Goodwill 68,529 68,529
Other assets 941,976 885,161
Total assets $ 22,411,975 $ 20,336,018
Liabilities and Equity
Bank line of credit and commercial $ 1,489,500 $ 1,078,850
paper
Term loans 1,646,725 1,647,113
Senior unsecured notes 6,142,101 6,772,722
Mortgage debt 104,019 349,209
Intangible liabilities 146,688 173,697
Liabilities related to assets held
for 1,035 11,900
sale
Lease liability 288,386 296,260
Accounts payable, accrued
liabilities, 749,010 718,509
and other liabilities
Deferred revenue 1,039,166 985,307
Total liabilities 11,606,630 12,033,567
Commitments and contingencies
Redeemable noncontrolling interests 27,431 159,581
Common stock, $1.00 par value:
1,500,000,000 shares authorized; 689,536 695,037
689,535,670 and 695,036,731 shares
issued and outstanding
Additional paid-in capital 13,470,684 12,767,914
Cumulative dividends in excess of -6,322,342 -5,952,920
earnings
Accumulated other comprehensive
income 28,058 -9,937
(loss)
Total stockholders’ equity 7,865,936 7,500,094
Public investors of Janus Living, 1,270,543 —
Inc.
Joint venture partners 1,283,529 295,455
Non-managing member unitholders 357,906 347,321
Total noncontrolling interests 2,911,978 642,776
Total equity 10,777,914 8,142,870
Total liabilities and equity $ 22,411,975 $ 20,336,018
Page 7
Healthpeak Properties, Inc.
Consolidated Statements of Operations
In thousands, except per share data
Three Nine
Months Months
Ended Ended
Septem… Septe…
30, 30,
Reve… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Rent…
and $ 545,3… $ 539,886 $ 1,617,… $ 1,607…
rela…
reve…
Resi…
fees 268,3… 150,458 685,101 448,2…
and
serv…
Inte…
inco… 7,202 15,529 43,142 47,156
and
other
Total 820,8… 705,873 2,345,… 2,103…
reve…
Costs
and
expe…
Oper… 379,3… 291,922 1,036,… 841,2…
Depr…
and 298,9… 262,317 872,047 796,7…
amor…
Inte… 83,899 76,784 263,471 224,5…
expe…
Gene…
and 23,589 19,907 70,697 66,789
admi…
Tran… 9,738 2,420 43,059 18,169
costs
Impa…
and
loan
loss -210 -54 -3,964 -117
rese…
(rec…
net
Total
costs 795,3… 653,296 2,281,… 1,947…
and
expe…
Other
inco…
(exp…
Gain
(los…
on
sales — 11,500 60,657 13,136
of
real
esta…
net
Gain
(los…
on — — -403 —
debt
exti…
Other
inco… 8,670 1,160 165,215 -9,658
(exp…
net
Total
other
inco… 8,670 12,660 225,469 3,478
(exp…
net
Inco…
(los…
befo…
inco…
taxes
and
equi… 34,232 65,237 289,207 159,1…
inco…
(los…
from
unco…
joint
vent…
Inco…
tax -1,287 1,206 -139 -3,256
bene…
(exp…
Equi…
inco…
(los…
from 3,742 -176,2… 10,516 -176,…
unco…
joint
vent…
Net
inco… 36,687 -109,8… 299,584 -20,7…
(los…
Nonc…
inte…
share -19,4… -7,274 -35,870 -21,8…
in
earn…
Net
inco…
(los…
attr… 17,263 -117,1… 263,714 -42,6…
to
Heal…
Prop…
Inc.
Part…
secu…
share -145 -134 -444 -714
in
earn…
Net
inco…
(los…
appl… $ 17,118 $ -117,2… $ 263,270 $ -43,3…
to
comm…
shar…
Earn…
per
comm…
shar…
Basic $ 0.02 $ -0.17 $ 0.38 $ -0.06
Dilu… $ 0.02 $ -0.17 $ 0.38 $ -0.06
Weig…
aver…
shar…
outs…
Basic 689,5… 694,930 691,498 696,3…
Dilu… 689,5… 694,930 691,781 696,3…
Page 8
Healthpeak Properties, Inc.
Funds From Operations
In thousands, except per share data
Three Nine
Months Months
Ended Ended
Septem… Septem…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
income
(loss)
applic… $ 17,118 $ -117,256 $ 263,270 $ -43,335
to
common
shares
Real
estate
related 298,923 262,317 872,047 796,779
deprec…
and
amorti…
Health…
share
of real
estate
related
deprec… 7,564 12,574 22,420 37,304
and
amorti…
from
uncons…
joint
ventur…
Noncon…
intere…
share
of real
estate -26,816 -3,807 -46,939 -12,686
related
deprec…
and
amorti…
Loss
(gain)
on
sales
of — -11,500 -60,657 -13,136
deprec…
real
estate,
net
Health…
share
of loss
(gain)
on
sales
of
deprec… — — 1,793 —
real
estate,
net,
from
uncons…
joint
ventur…
Noncon…
intere…
share
of gain
(loss)
on — — 973 —
sales
of
deprec…
real
estate,
net
Loss
(gain)
upon
change — — -138,3… —
of
contro…
net(1)
Taxes
associ…
with — — -1,805 -335
real
estate
dispos…
Impair…
(recov…
of real — 175,827 — 175,827
estate,
net(2)
Nareit
FFO
applic… 296,789 318,155 912,759 940,418
to
common
shares
Distri…
on
diluti…
conver… 4,336 4,551 13,257 13,735
units
and
other
Diluted
Nareit
FFO
applic… $ 301,125 $ 322,706 $ 926,016 $ 954,153
to
common
shares
Diluted
Nareit
FFO per $ 0.43 $ 0.45 $ 1.31 $ 1.34
common
share
Weight…
average
shares
outsta… 703,980 709,513 705,980 711,023
-
Diluted
Nareit
FFO
Impact
of
adjust…
to
Nareit
FFO:
Transa…
merger,
and $ 8,379 $ 2,420 $ 36,681 $ 18,169
restru…
costs(…
Other
impair…
(recov…
and -210 -54 -3,964 125
other
losses
(gains…
net(4)
Loss
(gain) — — 302 —
on debt
exting…
Casual…
charges -70 -1,771 -4,451 6,375
(recov…
net(5)
Recogn…
(rever…
of
valuat…
allowa… — — -3,058 —
on
deferr…
tax
assets…
Total 8,099 595 25,510 24,669
adjust…
FFO as
Adjust…
applic… 304,888 318,750 938,269 965,087
to
common
shares
Distri…
on
diluti…
conver… 4,330 4,551 13,235 13,715
units
and
other
Diluted
FFO as
Adjust…
applic… $ 309,218 $ 323,301 $ 951,504 $ 978,802
to
common
shares
Diluted
FFO as
Adjust… $ 0.44 $ 0.46 $ 1.35 $ 1.38
per
common
share
Weight…
average
shares
outsta… 703,980 709,513 705,980 711,023
-
Diluted
FFO as
Adjust…
Other
operat…
data:
Amorti…
of
deferr…
financ…
costs $ 8,616 $ 7,981 $ 25,879 $ 23,708
and
debt
discou…
(premi…
Non-re…
entran…
fee
sales
in
excess
of 16,710 12,711 37,331 36,449
(less
than)
the
related
GAAP
amorti…
Stock-…
compen… 4,412 4,046 13,265 10,410
amorti…
expense
Deferr…
income 930 -179 4,032 4,989
taxes
AFFO
capital -37,617 -27,261 -103,6… -76,125
expend…
Straig… -12,876 -14,282 -35,964 -30,836
rents
Amorti…
of
above
(below) -6,562 -8,105 -19,466 -28,402
market
lease
intang…
net
Other -3,909 -1,687 -9,571 -1,303
items(…
_______________________________________
Refer to footnotes on the next page.
Page 9
(1) The nine months ended September 30, 2026 includes a gain upon change of
control related to (i) the acquisition of the remaining 46.5% interest in the
SWF SH JV which held 19 senior housing properties and (ii) the disposition of an
80% interest in six outpatient medical buildings to a third-party. These gains
upon change of control are included in other income (expense), net in the
Consolidated Statements of Operations.
(2) The three and nine months ended September 30, 2025 include other-than-
temporary impairment charges on certain unconsolidated real estate joint
ventures, which are recognized in equity income (loss) from unconsolidated joint
ventures in the Consolidated Statements of Operations.
(3) The three and nine months ended September 30, 2026 and 2025 include
investment pursuit costs. The three and nine months ended September 30, 2026
includes transition costs associated with senior housing operators and the nine
months ended September 30, 2026 includes costs related to the Janus Living IPO.
The three and nine months ended September 30, 2025 include costs related to the
merger with Physicians Realty Trust, which are primarily comprised of severance,
legal, accounting, tax, information technology, and other costs of combining
operations with Physicians Realty Trust.
(4) The three and nine months ended September 30, 2026 and 2025 include reserves
and (recoveries) for expected loan losses recognized in impairments and loan
loss reserves (recoveries), net in the Consolidated Statements of Operations.
(5) Casualty-related charges (recoveries), net are recognized in other income
(expense), net, equity income (loss) from unconsolidated joint ventures, and
noncontrolling interests’ share in earnings in the Consolidated Statements of
Operations.
(6) The nine months ended September 30, 2026 includes the income tax impact
related to the change in tax status of certain entities in connection with the
Janus Living IPO.
(7) Primarily includes: (i) amortization of deferred revenue, (ii)
noncontrolling interests’ share of senior housing entrance fees in excess of
(less than) the related GAAP amortization, (iii) noncontrolling interests’ share
of Adjusted Funds from Operations (“AFFO”) Capital Expenditures, and (iv) our
proportionate share of AFFO capital expenditures and straight-line rents from
unconsolidated joint ventures.
Page 10