Healthpeak Properties (DOC) Q2 2026 earnings summary

Executive summary

• Completed Janus Living IPO and follow-on offering, raising $1.7B in gross proceeds and retaining 73.6% voting/economic rights in Janus Living.

• Completed a $1.025B outpatient medical recapitalization with Brookfield, exceeding capital recycling targets and retaining 51% ownership in a 5.6M sq ft portfolio.

• Achieved strong leasing activity across outpatient, lab, and senior housing segments, with notable occupancy and NOI growth.

• Repurchased 5.95M shares for $100M and authorized a new $500M share repurchase program.

• Raised full-year 2026 earnings and FFO as Adjusted guidance, reflecting improved operational and financial outlook.

Financial highlights

• Q2 2026 net income attributable to common shares: $52.7M, up from $31.6M in Q2 2025.

• Q2 2026 FFO as Adjusted: $0.46 per share, unchanged from prior year.

• Generated $1.75B in proceeds from recapitalizations, loan repayments, and dispositions year-to-date.

• Senior housing (Janus Living) delivered 45% revenue growth and 34% adjusted EBITDA growth year-over-year.

• Maintained net debt to adjusted EBITDA at 4.7x and available liquidity of up to $4.1B.

Outlook and guidance

• Raised full-year 2026 diluted EPS guidance midpoint to $0.48 and FFO as Adjusted per share to $1.75.

• Management expects sufficient liquidity for the next 12 months, supported by cash flows, credit facilities, and capital markets access.

• Dividend policy remains to distribute a percentage of cash flow to maintain REIT status and fund investments.

• Senior housing portfolio expected to double in size in 2026.

• Modest improvement in total occupancy for lab and outpatient portfolios expected through year-end.