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Healthpeak Properties (DOC)
NYSE:DOC
Earnings Data
Report Date
Apr 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.07Last Year’s EPS
0.06Same Quarter Last Year
Moderate Buy
Based on 13 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented material near-term headwinds driven by the life science (lab) occupancy decline and higher refinancing costs that lowered 2026 FFO guidance versus 2025. However, strong and improving performance in outpatient medical (record leasing, high occupancy, favorable dispositions and realized synergies), an exceptionally strong senior housing performance with a clear strategic path (Janus Living IPO and pipeline), solid liquidity ($2.4B) and active capital recycling/acquisition activity provide multiple offsetting positives. Management highlighted improving capital markets for life science leasing and a sizable leasing pipeline, but acknowledged earnings recovery will lag. On balance, the company appears strategically well-positioned with meaningful operating strength in two of its three core businesses, while near-term lab-driven earnings pressure and refinancing risk remain the primary concerns.Company Guidance
Strong Overall Financials and Same-Store NOI
Q4 FFO as adjusted $0.47 per share and AFFO $0.40 per share; full-year FFO as adjusted $1.84 and AFFO $1.69. Total portfolio same-store cash NOI growth of 3.9% in Q4 and 4.0% for the full year 2025.
Outpatient Medical Outperformance and Record Leasing
Outpatient delivered sector-leading results: executed 4.9 million sq ft of leasing in 2025 (including a company-record 1.0 million sq ft of new leasing), cash releasing spreads of 5% on renewals, 79% tenant retention, 91% year-end occupancy and same-store NOI growth of 3.9% (above guidance).
Value-Accretive Outpatient Dispositions and Synergies
Selling fully stabilized, less-core outpatient assets at attractive prices including $325 million in Q4 at ~6% cap rate; merger with Physicians Realty Trust generated ~$70 million of synergies supporting earnings.
Senior Housing — Strong Growth and Strategic IPO Plan
Senior housing: full-year same-store NOI growth 12.6% and Q4 growth 16.7% (management also referenced 17% in Q4). Announced plan to contribute entire senior housing portfolio to planned Janus Living IPO (Healthpeak to manage and remain a meaningful shareholder). Closed JV partner buyout for $314 million (46.5% interest) and expect to contribute additional $360 million of acquisitions to Janus Living pipeline.
Lab Portfolio: Signs of Leasing Momentum and Improving Capital Markets
Life science leasing activity in 2025 included nearly 1.5 million sq ft executed (562k sq ft of new leasing) and positive 5% cash releasing spreads on renewals. Management reported improving capital raising and M&A since Labor Day 2025, an active pipeline (~1.5 million sq ft) and an additional ~100k sq ft of leasing activity under LOI since year-end.
Balance Sheet Liquidity and Active M&A/Capital Recycling
Net debt to adjusted EBITDA ~5.2x with $2.4 billion liquidity. YTD 2026 completions of $464 million of acquisitions (incl. $314 million JV buyout and Gateway acquisition). Management plans $1B+ of asset sales/recaps/loan repayments in 2026 and has $1.1B of refinancing activity scheduled.
Disciplined 2026 Guidance with Clear Segment Assumptions
2026 FFO as adjusted guidance of $1.70–$1.74; total same-store NOI guide -1% to +1% with outpatient +2% to +3%, lab -5% to -10%, and senior housing +8% to +12% — management articulated drivers and timing for each segment.
Experienced Leadership and Talent Additions
Strategic hires to strengthen platforms and markets: Dennis Sullivan (San Diego), Claire Brown (Boston), Jonathan Hughes (SVP finance & IR for Janus Living effort) and Omkar Joshi (head of enterprise innovation).
DOC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DOC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 02, 2026 | $16.92 | $16.45 | -2.78% |
Oct 23, 2025 | $18.21 | $18.43 | +1.19% |
Jul 24, 2025 | $18.23 | $17.00 | -6.73% |
Apr 24, 2025 | $17.86 | $16.93 | -5.21% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Healthpeak Properties (DOC) report earnings?
Healthpeak Properties (DOC) is schdueled to report earning on Apr 23, 2026, Before Open (Confirmed).
What is Healthpeak Properties (DOC) earnings time?
Healthpeak Properties (DOC) earnings time is at Apr 23, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is DOC EPS forecast?
DOC EPS forecast for the fiscal quarter 2026 (Q1) is 0.07.