Healthpeak raises 2026 FFO guidance, cuts EPS forecast
Healthpeak (DOC) lifted its 2026 FFO as Adjusted forecast to $1.76 to $1.78 per share, while its diluted EPS outlook fell to 39 to 41 cents.
Key takeaways
- Healthpeak Properties (DOC) reported third-quarter FFO as Adjusted of 44 cents per share and revenue of $820.89 million on Nov. 2, 2026. It raised its 2026 FFO as Adjusted forecast to $1.76 to $1.78 per share and cut its diluted EPS forecast to 39 to 41 cents.
Healthpeak Properties (DOC) raised its 2026 FFO as Adjusted forecast and cut its diluted earnings forecast, the company said in results released Nov. 2, 2026.
Shares were little changed in after-hours trading as of 5:03 p.m. ET, from a regular-session close of $19.51.
Healthpeak is an S&P 500 real estate investment trust focused on healthcare discovery and delivery.
For the third quarter, the company reported FFO as Adjusted of 44 cents per share and total revenue of $820.89 million.
Third-quarter results
Here's how the company did:
- Diluted FFO as Adjusted per share: 44 cents vs. 46 cents a year earlier
- Diluted EPS: 2 cents vs. a loss of 17 cents a year earlier
- Revenue: $820.89 million vs. $705.87 million a year earlier
Revenue has risen in each of the last three quarters, from $705.9 million in the third quarter of 2025 to $771.6 million in the second quarter of 2026, according to its SEC filings.
Total same-store adjusted NOI rose 3.6% in the quarter. Senior housing rose 25.9%, outpatient medical rose 3.1%, and lab fell 0.7%.
Leasing and acquisitions
Outpatient Medical lease executions totaled 846,000 square feet in the quarter, bringing the year-to-date total to 3.2 million square feet. Lab executions were 480,000 square feet, or 1 million square feet year to date.
Healthpeak acquired, or is under contract to acquire, four life science buildings totaling about 510,000 square feet across three campuses for about $233 million.
Janus Living, Inc., the senior housing REIT it owns a majority of, closed $1.75 billion of senior housing acquisitions in the third quarter. Janus Living revenue rose 78% from a year earlier to $268 million. Healthpeak owned a 69% equity stake in Janus Living as of Sept. 30, 2026.
In October, Healthpeak entered into a new $500 million unsecured delayed-draw term loan maturing in October 2030, bearing interest at SOFR plus 80 basis points. As of Oct. 30, the company had $3.8 billion of liquidity. Net Debt to Adjusted EBITDAre was 4.7x for the quarter.
2026 guidance
The company updated its full-year 2026 ranges as follows.
| Metric | As of Aug. 4, 2026 | As of Nov. 2, 2026 | Midpoint change |
|---|---|---|---|
| Diluted earnings per share | $0.48 to $0.52 | $0.39 to $0.41 | 10 cents decrease |
| Diluted FFO as Adjusted per share | $1.73 to $1.77 | $1.76 to $1.78 | 2 cents increase |
| Total same-store cash (adjusted) NOI | 0% to 1.5% | 0.5% to 2.0% | 50 basis points increase |
The company attributed the EPS decrease to depreciation and amortization tied to senior housing acquisitions closed by Janus Living through Oct. 30. Depreciation and amortization is excluded from FFO as Adjusted, so the change has no effect on that guidance.
Dividend
The board declared a monthly common stock dividend of 10.167 cents per share for each of October, November and December 2026, an annualized $1.22 per share. Future dividends are at the discretion of the board.
The company scheduled a conference call for Nov. 3, 2026, at 10 a.m. Eastern Time.