$DOC · HEALTHPEAK PROPERTIES, INC.
Healthpeak Properties reported Q3 2026 results with FFO as Adjusted of $0.44 per share, total revenue of $820.9M (+16.3% YoY), and GAAP net income applicable to common shares of $17.1M ($0.02/share). The company raised full-year 2026 FFO as Adjusted guidance to $1.76–$1.78 while cutting GAAP EPS guidance to $0.39–$0.41, citing depreciation from Janus Living's senior housing acquisitions. Same-store Adjusted NOI grew 3.6% overall, with Senior Housing up 25.9%, Outpatient Medical up 3.1%, and Lab down 0.7%.
- FFO as Adjusted of $0.44 per share vs. $0.46 in Q3 2025, a 4.3% decline year-over-year.
- GAAP net income applicable to common shares was $17.1M ($0.02/share), swinging from a -$117.3M loss in Q3 2025.
- Total revenue rose 16.3% YoY to $820.9M, driven by resident fees and services nearly doubling to $268.3M.
- Full-year 2026 FFO as Adjusted guidance raised to $1.76–$1.78 (midpoint +$0.02), while GAAP EPS guidance cut to $0.39–$0.41.
- Net Debt to Adjusted EBITDAre was 4.7x; liquidity stood at $3.8B as of October 30, 2026.
Markets closed — no regular-session reaction yet; extended-hours move not captured here. The guidance raise on FFO as Adjusted paired with a GAAP EPS cut (depreciation-driven, non-cash) creates a mixed signal that may temper initial enthusiasm.
A tale of two portfolios: senior housing is booming (25.9% same-store NOI growth) while lab is contracting (-0.7%), and the GAAP/FFO guidance divergence highlights the accounting drag from Janus Living's aggressive acquisition pace.
Healthpeak's senior housing exposure via Janus Living (69% ownership) is scaling rapidly — $1.75B in Q3 acquisitions plus $370M post-quarter — while outpatient medical and lab segments show divergent same-store NOI trends (Outpatient Medical +3.1%, Lab -0.7%).
GAAP EPS guidance was cut by $0.10 at the midpoint due to depreciation from Janus Living's senior housing acquisitions — non-cash but real book impact. Lab same-store Adjusted NOI declined 0.7% YoY, signaling softness in the life science portfolio.