Healthpeak Properties, Inc. (DOC)
NYSE:DOC
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Earnings Data
Report Date
Jul 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.03Last Year’s EPS
0.05Same Quarter Last Year
Moderate Buy
Based on 11 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call conveyed constructive progress across multiple strategic fronts: outpatient medical fundamentals are strong (solid re-leasing spreads, high occupancy, low leasing costs), senior housing outperformance and the Janus Living IPO created clear value and near-term monetization optionality, and life science leasing momentum is building with targeted occupancy improvement guidance (+100 bps). Key near-term risks include lab rent pressure (quarterly re-leasing spreads softened), known vacates/expirations in life science that require conversion of pipeline, temporary earnings drag and public-company costs from the IPO, and refinancing/interest-rate headwinds. On balance, the company emphasized disciplined capital allocation (opportunistic acquisitions, recaps with Blackstone, share buybacks) and expects the recent transactions to be accretive over time.Company Guidance
Strong Q1 FFO and Raised 2026 Guidance
Reported FFO as adjusted of $0.45 per share for Q1 and raised full-year 2026 FFO guidance to a range of $1.71 to $1.75 per share (midpoint ~$1.73), supported by a $100M share repurchase in April (at an implied FFO yield >10%) and senior housing performance.
Janus Living IPO: Value Creation and Outperformance
Completed the Janus Living IPO in March; Janus delivered 35% total revenue growth and 42% adjusted EBITDA growth in Q1. Healthpeak retains ~81.6% ownership (market value ~ $5.7B). Management expects the IPO to be earnings neutral in 2026 and accretive thereafter, with roughly $0.04 per-share run-rate accretion once IPO proceeds are fully invested and stabilized.
Outpatient Medical Fundamentals Remain Robust
Since the Physicians merger >10 million sq ft of renewals signed with average cash re-leasing spreads of ~5.8% (5.4% in the quarter). Q1 outpatient metrics: 1.1 million sq ft executed, 79% tenant retention, 91% total occupancy, ~3% average escalators, and modest leasing costs at ~10% of annual rents. In-house renewals saved approximately $5 million in leasing commissions in Q1.
Blackstone JV and Outpatient Recap Template
Closed a joint-venture recap with Blackstone on a fully occupied outpatient portfolio at a 6.1% cash cap rate, raising $170 million in proceeds. Management noted a pipeline of additional transactions that could generate $700M+ of proceeds at cap rates approximately 200 basis points tighter than what is implied by Healthpeak's stock price.
Life Science Leasing Momentum and Occupancy Improvement
Life science total occupancy increased to 77.7% (from ~77%); executed 141,000 sq ft of leases in Q1 (92% new leasing). Approximately 355,000 sq ft under LOI (≈80% new leasing; ≈75% on currently vacant space), including 4 deals >50,000 sq ft. Company expects total life science occupancy to increase at least 100 basis points versus year-end 2025.
Gateway (South San Francisco) Acquisition and Early Leasing Wins
Completed opportunistic Gateway acquisition at attractive pricing in early January. Already signed/LOI activity includes 62,000 sq ft of signed leases/LOIs, plus 113,000 sq ft of active proposals/tours. Management said leasing and rents at-or-above underwriting and positioned for 2027+ earnings upside.
Senior Housing Operating Performance and Capital Deployment
Senior housing entry fees set an all-time Q1 high. Healthpeak invested ~$714M of senior housing acquisitions on-balance-sheet pre-IPO, and expects the senior housing portfolio to generate strong returns and offset IPO impacts; $240M of current-year FFO from that portfolio was cited as being valued at a materially higher multiple in the IPO market.
Balance Sheet & Liquidity Actions
Reported net debt-to-EBITDA of 5.4x. Actions in Q1 included repayment of $103M of secured mortgages, closing a $400M undrawn senior unsecured delayed-draw term loan, and executing a $100M share buyback. Management has been actively recycling capital with ~$1B of targeted recaps/sales and ~$1B of acquisitions (with ~$1B of acquisitions effectively completed).
Development/Entitlement Progress
Progress on mixed-use Alewife project: preliminary planning board initial approval received; entitlements targeted by Q4 2026 with potential residential groundbreaking in ~2027 (Hines as multifamily partner).
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 |
|---|---|---|---|
May 05, 2026 | $16.42 | $19.40 | +18.11% |
Feb 02, 2026 | $16.53 | $16.07 | -2.78% |
Oct 23, 2025 | $17.79 | $18.00 | +1.19% |
Jul 24, 2025 | $17.80 | $16.61 | -6.73% |
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, Inc. (DOC) report earnings?
Healthpeak Properties, Inc. (DOC) is schdueled to report earning on Jul 23, 2026, Before Open (Confirmed).
What is Healthpeak Properties, Inc. (DOC) earnings time?
Healthpeak Properties, Inc. (DOC) earnings time is at Jul 23, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is DOC EPS forecast?
DOC EPS forecast for the fiscal quarter 2026 (Q2) is 0.03.