Healthpeak Properties Inc (DOC)

Healthpeak Properties Raises 2026 Earnings Guidance Following Completion of the Janus Living IPO, Accretive Capital Allocation, and Strong First Quarter 2026 ResultsMay 5, 2026 4:15 PM
Business Wire Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, today announced results for the quarter ended March 31, 2026. FIRST QUARTER 2026 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS Net income of $0.28 per share, Nareit FFO of $0.42 per share, and FFO as Adjusted of $0.45 per share In March 2026, Janus Living, Inc. (NYSE: JAN) ("Janus Living") completed its initial public offering ("IPO") at the high-end of the valuation range, generating approximately $880 million of net proceeds in an oversubscribed and upsized offering, to pursue accretive acquisition and investment opportunities As Janus Living's largest shareholder, Healthpeak's earnings growth will benefit from the favorable senior housing supply-demand fundamentals and Janus Living's accretive external growth opportunities $714 million of previously disclosed Healthpeak senior housing acquisitions contributed to Janus Living as part of the formation transactions Janus Living reported it is under contract on an additional $400 million of senior housing acquisitions As of May 4, 2026, Janus Living had a market capitalization of $6.9 billion, of which Healthpeak owns 81.6% Janus Living reported post-IPO net loss of $(0.05) per share, first quarter net income of $0.13 per share and first quarter FFO as Adjusted of $0.23 per share Year-over-year consolidated revenue and Adjusted EBITDAre growth of 35% and 42%, respectively First quarter Outpatient Medical and Lab new and renewal lease executions totaled 1.2 million square feet: Outpatient Medical new lease executions totaled 195,000 square feet and renewal lease executions totaled 868,000 square feet, with +5.4% cash releasing spreads on renewals Subsequent to the first quarter, and through May 4, 2026, executed 1 million square feet of Outpatient Medical leases and signed letters of intent ("LOI") Lab new lease executions totaled 129,000 square feet and renewal lease executions totaled 12,000 square feet and +3.5% cash releasing spreads on renewals Subsequent to the first quarter, and through May 4, 2026, executed 354,000 square feet of Lab leases and signed LOIs Lab total occupancy increased sequentially and is expected to increase through year-end 2026 Generated $267 million of proceeds from recapitalizations, dispositions, and loan repayments In March 2026, closed on the recapitalization and sale of an 80% joint venture interest in a 100% occupied, six-property outpatient medical portfolio to affiliates of Blackstone at a gross valuation of $212 million, generating proceeds of approximately $170 million In April 2026, repurchased 5.9 million common shares at a weighted average share price of $16.81 for approximately $100 million Net Debt to Adjusted EBITDAre was 5.4x for the quarter ended March 31, 2026 Recent corporate impact and sustainability achievements include: Awarded LEED Silver Core & Shell for Medical City McKinney, an outpatient medical development located in suburban Dallas Named a member of the Dow Jones Best-in-Class (DJBIC) North America Index for the 13th consecutive year Named a constituent in the S&P Global Sustainability Yearbook for the 11th consecutive year To learn more about Healthpeak's commitment to responsible business and view our Corporate Impact Report, please visit www.healthpeak.com/corporate-impact. FIRST QUARTER COMPARISON   Three Months Ended
March 31, 2026   Three Months Ended
March 31, 2025 (in thousands, except per share amounts) Amount   Per Share   Amount   Per Share Diluted Net income (loss) applicable to common shares $ 193,484   $ 0.28   $ 42,364   $ 0.06 Diluted Nareit FFO applicable to common shares   301,519     0.42     323,279     0.45 Diluted FFO as Adjusted applicable to common shares   316,853     0.45     329,713     0.46 SAME-STORE ("SS") OPERATING SUMMARY The table below outlines the year-over-year three-month total SS Cash (Adjusted) NOI growth. Year-Over-Year Total Same-Store Adjusted NOI Growth   Three Month   SS Growth % % of SS Outpatient Medical 2.4 % 55.7 % Lab (7.2 %) 33.6 % Senior Housing 13.8 % 10.7 % Total SS Cash (Adjusted) NOI 0.0 % 100.0 % Nareit FFO, FFO as Adjusted, Total Same-Store Cash (Adjusted) NOI, and Net Debt to Adjusted EBITDAre are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of real estate investment trusts. See "March 31, 2026 Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP, available in the Investor Relations section of our website at http://ir.healthpeak.com/quarterly-results. See also the "Funds From Operations" section of this release for additional information. DIVIDEND On April 6, 2026, Healthpeak's Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of April, May, and June of 2026, representing cash dividends totaling $0.305 per share for the second quarter, and an annualized dividend amount of $1.22 per share. The dividend is payable on the payment dates set forth in the table below to stockholders of record as of the close of business on the corresponding record date. Record Date Payment Date Amount April 17, 2026 April 30, 2026 $0.10167 per common share May 18, 2026 May 29, 2026 $0.10167 per common share June 15, 2026 June 26, 2026 $0.10167 per common share JANUS LIVING INITIAL PUBLIC OFFERING In March 2026, Janus Living completed its IPO and began trading on the New York Stock Exchange under the ticker symbol “JAN”. The net proceeds from the IPO were approximately $880 million, after deducting underwriting discounts and expenses payable by Janus Living. Janus Living expects to use the net proceeds from the offering to pursue acquisition and investment opportunities that meet its investment criteria and for general corporate purposes. As of the IPO, Healthpeak owned approximately 214.7 million shares of common stock and operating partnership common units in Janus Living, representing an 81.6% equity ownership. JANUS LIVING'S FIRST QUARTER RESULTS On May 5, 2026, Janus Living reported first quarter operating and financial results including year-over-year consolidated revenue and Adjusted EBITDAre growth of 35% and 42%, respectively, resulting in FFO as Adjusted of $0.23 per share. Janus Living is under contract on approximately $400 million of incremental senior housing acquisitions. As of March 31, 2026, Janus Living had $949 million of cash and no outstanding debt. Janus Living also announced its intent to make a pro rata dividend payment for the period between March 20, 2026 and June 30, 2026, based on a distribution rate of $0.1425 per share, representing an annualized dividend of $0.57 per share. Janus Living’s operations are consolidated into Healthpeak’s financial statements, with the approximately 18.4% not owned by Healthpeak reported as noncontrolling interest. SENIOR HOUSING ACQUISITIONS During the first quarter 2026, Healthpeak closed on senior housing acquisitions totaling $714 million across 25 communities. These communities were contributed to Janus Living as part of the formation transactions. A summary of the acquisitions is as follows: Our joint venture partner's 46.5% interest in a 19-community portfolio for $314 million Three communities in the Orlando MSA for $119 million Two communities in the Atlanta MSA for $240 million One community in the Seattle MSA for $41 million SHARE REPURCHASE ACTIVITY In April 2026, Healthpeak repurchased 5.9 million common shares at a weighted average share price of $16.81 for approximately $100 million under its $500 million share repurchase program. As of May 5, 2026, approximately $306 million remained available for share repurchases under the program. OUTPATIENT MEDICAL JOINT VENTURE RECAPITALIZATION In March 2026, Healthpeak entered into a joint venture with affiliates of Blackstone through the contribution of a 100% occupied, six-property outpatient medical portfolio valued at approximately $212 million. The portfolio comprises approximately 418,000 square feet across California, Maryland, Colorado, Texas, and Nebraska. Under the terms of the joint venture, Blackstone owns an 80% majority interest and Healthpeak retains a 20% minority interest. Healthpeak will serve as operating member of the joint venture and will continue to provide asset and property management services, earning customary fees. The joint venture establishes a platform from which the parties will seek to expand their relationship over time. Healthpeak received gross proceeds of approximately $170 million for the sale of the 80% interest. The transaction implies a trailing cash cap rate of approximately 6.1% and a valuation of approximately $508 per square foot. The transaction reflects continued execution on Healthpeak’s ongoing capital recycling strategy and the strong private market interest in Healthpeak's operating platform and relationships. DISPOSITIONS During the first quarter 2026, Healthpeak closed on approximately $92 million of dispositions and received loan repayments for proceeds of $5 million. Together with the recapitalization, Healthpeak has generated $267 million of net proceeds as of May 5, 2026. BALANCE SHEET As previously disclosed, in March 2026, Healthpeak closed on a new $400 million unsecured delayed-draw term loan facility. The term loan matures in March 2031 and bears interest at SOFR plus 80 basis points, based on Healthpeak’s current credit ratings. The unsecured term loan facility was undrawn as of May 5, 2026. 2026 GUIDANCE We are updating the following guidance ranges for full year 2026: Diluted earnings per common share from $0.34 – $0.38 to $0.46 – $0.50 Diluted Nareit FFO per share from $1.70 – $1.74 to $1.68 – $1.72 Diluted FFO as Adjusted per share from $1.70 – $1.74 to $1.71 – $1.75 We are reaffirming full year 2026 Total Same-Store Cash (Adjusted) NOI growth in the range of (1.0%) – 1.0% These estimates are based on our current view of existing market conditions, transaction timing, and other assumptions for the year ending December 31, 2026. For additional details and assumptions, please see page 10 in our corresponding Supplemental Report and the Discussion and Reconciliation of Non-GAAP Financial Measures, both of which are available in the Investor Relations section of our website at http://ir.healthpeak.com. CONFERENCE CALL INFORMATION Healthpeak has scheduled a conference call and webcast for Wednesday, May 6, 2026, at 10:00 a.m. Eastern Time. Healthpeak’s website: https://ir.healthpeak.com/news-events Webcast: https://events.q4inc.com/attendee/885401057. Joining via webcast is recommended for those who will not be asking questions. Telephone: The participant dial-in number is (833) 461-5787. The international dial-in is (585) 542-9983. The conference ID number is 885401057. A webcast replay will be available on Healthpeak’s website through May 5, 2027. ABOUT HEALTHPEAK Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery. FORWARD-LOOKING STATEMENTS Statements contained in this release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "target," "forecast," "plan," "potential," "estimate," "could," "would," "should" and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things: (i) statements regarding timing, outcomes and other details relating to the proposed Janus Living IPO or current, pending or contemplated acquisitions, dispositions, developments, redevelopments, joint venture transactions, leasing activity and commitments, financing activities, or other transactions discussed in this release; (ii) the payment of a monthly cash dividend; and (iii) the information presented under the heading "2026 Guidance Information." Pending acquisitions, dispositions, joint venture transactions, leasing activity, and financing activity, including those subject to binding agreements, remain subject to closing conditions and may not be completed within the anticipated timeframes or at all. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to: changes to regulatory, funding, staffing, trade, and other policies and actions by the U.S. political administration; macroeconomic trends that may increase borrowing, construction, labor and other operating costs; changes within the life science industry, and significant regulation, funding requirements, and uncertainty faced by our lab tenants; factors adversely affecting our tenants’, operators’, or borrowers’ ability to meet their financial and other contractual obligations to us; the insolvency or bankruptcy of one or more of our major tenants, operators, or borrowers; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in that specific sector than if we invested across multiple sectors; the illiquidity of real estate investments; our ability to identify and secure new or replacement tenants and operators; our property development, redevelopment, and tenant improvement risks, which can render a project less profitable or unprofitable and delay or prevent its undertaking or completion; the ability of the hospitals on whose campuses our outpatient medical buildings are located and their affiliated healthcare systems to remain competitive or financially viable; operational risks associated with our senior housing properties managed by third parties, including our properties operated through structures permitted by the Housing and Economic Recovery Act of 2008, which includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”); the failure of our tenants, operators, and borrowers to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements; required regulatory approvals to transfer our senior housing properties; compliance with the Americans with Disabilities Act and fire, safety, and other regulations; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; economic conditions, natural disasters, weather, and other conditions that negatively affect geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in a significant loss of capital invested in a property, lower than expected future revenues, and unanticipated expenses; our use of joint ventures may limit our returns on and our flexibility with jointly owned investments; our use of rent escalators or contingent rent provisions in our leases; competition for suitable healthcare properties to grow our investment portfolio; our ability to exercise rights on collateral securing our real estate-related loans; any requirement that we recognize reserves, allowances, credit losses, or impairment charges; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate and/or operate acquisitions or internalize property management; the potential impact of unfavorable resolution of litigation or disputes and resulting rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; environmental, social and governance and sustainability commitments and changing requirements, as well as stakeholder expectations; epidemics, pandemics, or other infectious diseases, and health and safety measures intended to reduce their spread; our past participation in the Coronavirus Aid, Relief, and Economic Security Act Provider Relief Fund and other Covid-related stimulus and relief programs; laws or regulations prohibiting eviction of our tenants; human capital risks, including the loss or limited availability of our key personnel; our reliance on information technology and any material failure, inadequacy, interruption, or security failure of that technology; the use of, or inability to use, artificial intelligence by us, our tenants, our vendors, and our investors; volatility, disruption, or uncertainty in the financial markets; increased interest rates and borrowing costs, which could impact our ability to refinance existing debt, sell properties, and conduct investment activities; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; the availability of external capital on acceptable terms or at all; an increase in our level of indebtedness; covenants in our debt instruments, which may limit our operational flexibility, and breaches of these covenants; volatility in the market price and trading volume of our common stock; adverse changes in our credit ratings; the pending initial public offering of Janus Living may not be completed on the currently contemplated timeline or terms, or at all, and may not achieve the intended benefits; our economic exposure to shifts in the price of Janus Living common stock and our ability to control the assets and activities of Janus Living; potential conflicts of interest in our relationship with Janus Living; our ability to maintain our qualification as a real estate investment trust (“REIT”); our taxable REIT subsidiaries being subject to corporate level tax; tax imposed on any net income from “prohibited transactions”; changes to U.S. federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings and profits distributions; tax protection agreements that may limit our ability to dispose of certain properties and may require us to maintain certain debt levels; ownership limits in our charter that restrict ownership in our stock, and provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; conflicts of interest between the interests of our stockholders and the interests of holders of Healthpeak OP, LLC (“Healthpeak OP”) common units; provisions in the operating agreement of Healthpeak OP and other agreements that may delay or prevent unsolicited acquisitions and other transactions; our status as a holding company of Healthpeak OP; and other risks and uncertainties described from time to time in our Securities and Exchange Commission filings. Moreover, other risks and uncertainties of which we are not currently aware may also affect our forward-looking statements, and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by us on our website or otherwise. We do not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made. Healthpeak Properties, Inc. Consolidated Balance Sheets In thousands, except share and per share data     March 31,
2026   December 31,
2025 Assets       Real estate:       Buildings and improvements $ 17,168,415     $ 16,593,535   Development costs and construction in progress   1,056,909       1,010,657   Land and improvements   3,221,127       3,007,346   Accumulated depreciation   (4,609,647 )     (4,512,443 ) Net real estate   16,836,804       16,099,095   Loans receivable, net of reserves of $9,290 and $11,345   631,648       606,020   Investments in unconsolidated joint ventures   530,354       802,601   Accounts receivable, net of allowance of $3,480 and $2,018   91,467       78,327   Cash and cash equivalents   1,170,992       467,457   Restricted cash   94,917       70,245   Intangible assets   758,495       654,516   Assets held for sale   45,667       80,621   Right-of-use asset   395,929       412,198   Deferred tax assets   120,310       111,248   Goodwill   68,529       68,529   Other assets   871,113       885,161   Total assets $ 21,616,225     $ 20,336,018           Liabilities and Equity       Bank line of credit and commercial paper $ 1,751,409     $ 1,078,850   Term loans   1,645,731       1,647,113   Senior unsecured notes   6,779,171       6,772,722   Mortgage debt   246,461       349,209   Intangible liabilities   164,360       173,697   Liabilities related to assets held for sale   545       11,900   Lease liability   290,089       296,260   Accounts payable, accrued liabilities, and other liabilities   671,245       718,509   Deferred revenue   1,007,201       985,307   Total liabilities   12,556,212       12,033,567           Commitments and contingencies               Redeemable noncontrolling interests   27,214       159,581           Common stock, $1.00 par value: 1,500,000,000 shares authorized; 695,263,156 and 695,036,731 shares issued and outstanding   695,263       695,037   Additional paid-in capital   13,102,990       12,767,914   Cumulative dividends in excess of earnings   (5,971,501 )     (5,952,920 ) Accumulated other comprehensive income (loss)   (464 )     (9,937 ) Total stockholders’ equity   7,826,288       7,500,094           Public investors of Janus Living, Inc.   560,426       —   Joint venture partners   294,297       295,455   Non-managing member unitholders   351,788       347,321   Total noncontrolling interests   1,206,511       642,776           Total equity   9,032,799       8,142,870           Total liabilities and equity $ 21,616,225     $ 20,336,018     Healthpeak Properties, Inc. Consolidated Statements of Operations In thousands, except per share data     Three Months Ended
March 31,     2026       2025   Revenues:   Rental and related revenues $ 538,436     $ 538,141   Resident fees and services   200,345       148,927   Interest income and other   14,171       15,821   Total revenues   752,952       702,889           Costs and expenses:       Operating   323,861       273,143   Depreciation and amortization   289,734       268,546   Interest expense   87,292       72,693   General and administrative   24,591       26,118   Transaction costs   24,149       5,534   Impairments and loan loss reserves (recoveries), net   (2,275 )     (3,562 ) Total costs and expenses   747,352       642,472   Other income (expense):       Gain (loss) on sales of real estate, net   50,669       —   Gain (loss) on debt extinguishments   (403 )     —   Other income (expense), net   139,779       (6,126 ) Total other income (expense), net   190,045       (6,126 )         Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures   195,645       54,291   Income tax benefit (expense)   (254 )     (2,080 ) Equity income (loss) from unconsolidated joint ventures   4,265       (2,147 ) Net income (loss)   199,656       50,064   Noncontrolling interests’ share in earnings   (6,023 )     (7,236 ) Net income (loss) attributable to Healthpeak Properties, Inc.   193,633       42,828   Participating securities’ share in earnings   (149 )     (464 ) Net income (loss) applicable to common shares $ 193,484     $ 42,364           Earnings per common share:       Basic $ 0.28     $ 0.06   Diluted $ 0.28     $ 0.06   Weighted average shares outstanding:       Basic   695,161       699,067   Diluted   695,168       699,118     Healthpeak Properties, Inc. Funds From Operations In thousands, except per share data     Three Months Ended
March 31,     2026       2025       Net income (loss) applicable to common shares $ 193,484     $ 42,364   Real estate related depreciation and amortization   289,734       268,546   Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures   7,212       12,200   Noncontrolling interests’ share of real estate related depreciation and amortization   (4,702 )     (4,454 ) Loss (gain) on sales of depreciable real estate, net   (50,669 )     —   Loss (gain) upon change of control, net(1)   (138,117 )     —   Taxes associated with real estate dispositions   58       —   Nareit FFO applicable to common shares   297,000       318,656   Distributions on dilutive convertible units and other   4,519       4,623   Diluted Nareit FFO applicable to common shares $ 301,519     $ 323,279   Diluted Nareit FFO per common share $ 0.42     $ 0.45   Weighted average shares outstanding - Diluted Nareit FFO   709,457       714,174   Impact of adjustments to Nareit FFO:       Transaction, merger, and restructuring-related costs(2) $ 20,568     $ 5,534   Other impairments (recoveries) and other losses (gains), net(3)   (2,275 )     (3,320 ) Loss (gain) on debt extinguishments   302       —   Casualty-related charges (recoveries), net(4)   (190 )     4,226   Recognition (reversal) of valuation allowance on deferred tax assets(5)   (3,058 )     —   Total adjustments   15,347       6,440   FFO as Adjusted applicable to common shares   312,347       325,096   Distributions on dilutive convertible units and other   4,506       4,617   Diluted FFO as Adjusted applicable to common shares $ 316,853     $ 329,713   Diluted FFO as Adjusted per common share $ 0.45     $ 0.46   Weighted average shares outstanding - Diluted FFO as Adjusted   709,457       714,174           Other operating data:       Amortization of deferred financing costs and debt discounts (premiums) $ 8,363     $ 7,852   Non-refundable entrance fee sales in excess of (less than) the related GAAP amortization   7,756       4,696   Stock-based compensation amortization expense   4,502       4,627   Deferred income taxes   3,053       2,570   AFFO capital expenditures   (23,956 )     (23,136 ) Straight-line rents   (10,905 )     (11,153 ) Amortization of above (below) market lease intangibles, net   (6,597 )     (10,212 ) Other items(6)   (2,606 )     1,451   _______________________________________ (1) The three months ended March 31, 2026 includes a gain upon change of control related to (i) the acquisition of the remaining 46.5% interest in the SWF SH JV which held 19 senior housing properties and (ii) the disposition of an 80% interest in six outpatient medical buildings to a third-party. These gains upon change of control are included in other income (expense), net in the Consolidated Statements of Operations. (2) The three months ended March 31, 2026 includes costs incurred related to the Janus Living IPO and investment pursuit costs. The three months ended March 31, 2025 includes costs related to the merger with Physicians Realty Trust, which are primarily comprised of severance, legal, accounting, tax, information technology, and other costs of combining operations with Physicians Realty Trust that were incurred during the period. (3) The three months ended March 31, 2026 and 2025 includes reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations. (4) Casualty-related charges (recoveries), net are recognized in other income (expense), net, equity income (loss) from unconsolidated joint ventures, and noncontrolling interests’ share in earnings in the Consolidated Statements of Operations. (5) The three months ended March 31, 2026 includes the income tax impact related to the change in tax status of certain entities in connection with the Janus Living IPO. (6) Primarily includes: (i) amortization of deferred revenue, (ii) noncontrolling interests’ share of senior housing entrance fees in excess (less) than the related GAAP amortization, and (iii) our proportionate share of AFFO capital expenditures and straight-line rents from unconsolidated joint ventures.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260505342810/en/ Andrew Johns, CFA
Senior Vice President – Finance and Investor Relations
720-428-5400 Original: Healthpeak Properties Raises 2026 Earnings Guidance Following Completion of the Janus Living IPO, Accretive Capital Allocation, and Strong First Quarter 2026 Results

Healthpeak Properties Declares Monthly Common Stock Cash Dividends for the Second Quarter of 2026April 6, 2026 4:15 PM
Business Wire
Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, announced that on April 6, 2026, its Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for the second quarter of 2026, payable on the payment dates set forth in the table below to stockholders of record as of the close of business on the corresponding record date in the table below. The monthly dividend reflects an annualized dividend amount of $1.22 per share of common stock.




Record Date






Payment Date






Amount








Friday, April 17, 2026






Thursday, April 30, 2026






$0.10167 per common share








Monday, May 18, 2026






Friday, May 29, 2026






$0.10167 per common share








Monday, June 15, 2026






Friday, June 26, 2026






$0.10167 per common share







ABOUT HEALTHPEAK PROPERTIES


Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate for healthcare discovery and delivery. For more information regarding Healthpeak, visit www.healthpeak.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260406365686/en/
Andrew Johns, CFA

Senior Vice President – Finance and Investor Relations

720-428-5050


Original: Healthpeak Properties Declares Monthly Common Stock Cash Dividends for the Second Quarter of 2026

Healthpeak Properties and Janus Living Announce Closing of Janus Living Initial Public OfferingMarch 23, 2026 4:15 PM
Business Wire
Healthpeak Properties, Inc. (NYSE: DOC) (“Healthpeak”) and Janus Living, Inc. (NYSE: JAN) (“Janus Living”) announced today that Janus Living has completed its initial public offering of 48,300,000 shares of its Class A-1 common stock, which includes the exercise in full by the underwriters of their option to purchase up to an additional 6,300,000 shares of Class A-1 common stock, at a price to the public of $20.00 per share.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260323402409/en/
Shares of Janus Living’s Class A-1 common stock began trading on the New York Stock Exchange on March 20, 2026 under the ticker symbol “JAN.”


The net proceeds from the offering were approximately $878 million, after deducting the underwriting discount and estimated expenses payable by Janus Living. Janus Living expects to use the net proceeds received from the offering to pursue acquisition and investment opportunities that meet its investment criteria and for general corporate purposes.


BofA Securities and J.P. Morgan acted as lead book-running managers for the offering. Wells Fargo Securities, Barclays, Goldman Sachs & Co. LLC, RBC Capital Markets, and Morgan Stanley acted as bookrunners for the offering. BNP PARIBAS, Credit Agricole CIB, KeyBanc Capital Markets, PNC Capital Markets LLC, Scotiabank, TD Securities, and Truist Securities acted as senior co-managers for the offering. BTIG, Capital One Securities, ?Huntington Capital Markets, ?M&T Securities, ?Raymond James, ?Regions Securities LLC, ?Santander, and ?SMBC Nikko ?acted as co-managers for the offering.


The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: BofA Securities, Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001 or by email to dg.prospectus_requests@bofa.com; and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com.


A registration statement on Form S-11, including a prospectus, relating to these securities has been declared effective by the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.


ABOUT HEALTHPEAK PROPERTIES


Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates and develops high-quality real estate focused on healthcare discovery and delivery.


ABOUT JANUS LIVING


Janus Living, Inc. is a pure-play senior housing real estate investment trust (REIT) that owns high-quality communities across the United States that support residents with thoughtfully designed, highly amenitized environments.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260323402409/en/
Andrew Johns, CFA

Senior Vice President – Finance and Investor Relations

720-428-5400


Jonathan Hughes, CFA

Senior Vice President – Finance and Investor Relations

720-428-5050


Original: Healthpeak Properties and Janus Living Announce Closing of Janus Living Initial Public Offering

Healthpeak Properties Closes New $400 Million Delayed-Draw Term Loan FacilityMarch 23, 2026 4:16 PM
Business Wire
Healthpeak Properties, Inc. (NYSE: DOC) (“Healthpeak”), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, announced today that it has closed on a new $400 million unsecured delayed-draw term loan facility (“Term Loan”).


“This new term loan enhances our liquidity and financial flexibility and further strengthens our balance sheet,” said Kelvin Moses, Chief Financial Officer of Healthpeak. “We appreciate the continued support of our bank group and their confidence in Healthpeak.”


The Term Loan matures in March 2031. Borrowings under the Term Loan bear interest at SOFR plus 80 basis points, based on Healthpeak’s current credit ratings. The unsecured term loan facility was undrawn at closing.


The unsecured term loan facility was arranged by BofA Securities, JPMorgan, and Wells Fargo Securities as Joint Bookrunners and Bank of America, N.A. as administrative agent.


ABOUT HEALTHPEAK PROPERTIES


Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates and develops high-quality real estate focused on healthcare discovery and delivery. For more information regarding Healthpeak, visit www.healthpeak.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260323946951/en/
Andrew Johns, CFA

Senior Vice President – Finance and Investor Relations

720-428-5400


Original: Healthpeak Properties Closes New $400 Million Delayed-Draw Term Loan Facility

Healthpeak Properties and Janus Living Announce Pricing of Upsized $840 Million Janus Living Initial Public OfferingMarch 19, 2026 4:35 PM
Business Wire
Healthpeak Properties, Inc. (NYSE: DOC) (“Healthpeak”) and Janus Living, Inc. (“Janus Living”) announced the pricing of Janus Living’s upsized initial public offering (“IPO”) of 42,000,000 shares of Janus Living Class A-1 common stock at a price to the public of $20.00 per share. In addition, Janus Living has granted the underwriters a 30-day option to purchase up to an additional 6,300,000 shares of its Class A-1 common stock at the initial public offering price, less the underwriting discount. Janus Living’s Class A-1 common stock is expected to begin trading on the New York Stock Exchange on March 20, 2026 under the ticker symbol “JAN.” The IPO is expected to close on March 23, 2026, subject to customary closing conditions.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260319051897/en/
Janus Living expects to use the net proceeds received from the IPO to pursue acquisition and investment opportunities that meet its investment criteria and for general corporate purposes.


After completion of the IPO, Healthpeak will own approximately 214,734,000 shares of common stock of Janus Living, representing an approximately 83.6% voting interest in Janus Living (81.6% if the underwriters’ option is exercised in full).


BofA Securities and J.P. Morgan are acting as lead book-running managers for the offering. Wells Fargo Securities, Barclays, Goldman Sachs & Co. LLC, RBC Capital Markets, and Morgan Stanley are acting as bookrunners for the offering. BNP PARIBAS, Credit Agricole CIB, KeyBanc Capital Markets, PNC Capital Markets LLC, Scotiabank, TD Securities, and Truist Securities are acting as senior co-managers for the offering. BTIG, Capital One Securities, ?Huntington Capital Markets, ?M&T Securities, ?Raymond James, ?Regions Securities LLC, ?Santander, and ?SMBC Nikko ?are acting as co-managers for the offering.


The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering, when available, may be obtained from: BofA Securities, Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001 or by email to dg.prospectus_requests@bofa.com; and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com.


A registration statement on Form S-11, including a prospectus, relating to these securities has been declared effective by the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.


ABOUT HEALTHPEAK PROPERTIES


Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates and develops high-quality real estate focused on healthcare discovery and delivery.


ABOUT JANUS LIVING


Janus Living, Inc. is a pure-play senior housing real estate investment trust (REIT) that owns high-quality communities across the United States that support residents with thoughtfully designed, highly amenitized environments.


FORWARD-LOOKING STATEMENTS


Statements contained in this release that are not historical facts are “forward-looking statements.” Forward-looking statements include, among other things, statements regarding Janus Living’s intent, belief or expectation as identified by the use of words such as “may,” “will,” “project,” “expect,” “believe,” “intend,” “anticipate,” “seek,” “target,” “forecast,” “plan,” “potential,” “estimate,” “could,” “would,” “should” and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things, Janus Living’s expectations regarding the completion and timing of its initial public offering and listing. Forward-looking statements reflect Janus Living’s current expectations and views about future events and are subject to risks and uncertainties. While forward-looking statements reflect Janus Living’s good faith belief and assumptions Janus Living believes to be reasonable based upon current information, Janus Living can give no assurance that its expectations or forecasts will be attained. Further, Janus Living cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by Janus Living on its website or otherwise. Janus Living does not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260319051897/en/
Andrew Johns, CFA

Senior Vice President – Finance and Investor Relations

720-428-5400


Jonathan Hughes, CFA

Senior Vice President – Finance and Investor Relations

720-428-5050


Original: Healthpeak Properties and Janus Living Announce Pricing of Upsized $840 Million Janus Living Initial Public Offering

Healthpeak Properties and Janus Living Announce Launch of Janus Living Initial Public OfferingMarch 16, 2026 6:44 AM
Business Wire
Healthpeak Properties, Inc. (NYSE: DOC) (“Healthpeak”) and Janus Living, Inc. (“Janus Living”), announced today that Janus Living has launched its initial public offering of 37,000,000 shares of its Class A-1 common stock pursuant to a registration statement on Form S-11 filed with the Securities and Exchange Commission (the “SEC”). The initial public offering price is expected to be between $18.00 and $20.00 per share. Janus Living expects to grant the underwriters a 30-day option to purchase up to an additional 5,550,000 shares of its Class A-1 common stock to cover overallotments, if any. Janus Living expects that its Class A-1 common stock will be approved for listing, subject to official notice of issuance, on the New York Stock Exchange under the symbol “JAN.”

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260315727110/en/
Janus Living expects to use the net proceeds received from the proposed offering to pursue acquisition and investment opportunities that meet its investment criteria and for general corporate purposes.


After completion of the initial public offering, Healthpeak will own a combined total of approximately 214,734,000 shares of Janus Living Class A-1 common stock and common units, representing an approximately 85.3% economic interest in Janus Living (83.4% if the underwriters' option is exercised in full).


BofA Securities and J.P. Morgan are acting as lead book-running managers for the offering. Wells Fargo Securities, Barclays, Goldman Sachs & Co. LLC, RBC Capital Markets, and Morgan Stanley are acting as bookrunners for the offering. BNP PARIBAS, Credit Agricole CIB, KeyBanc Capital Markets, PNC Capital Markets LLC, Scotiabank, TD Securities, and Truist Securities are acting as senior co-managers for the offering. BTIG, Capital One Securities, ?Huntington Capital Markets, ?M&T Securities, ?Raymond James, ?Regions Securities LLC, ?Santander, and ?SMBC Nikko ?are acting as co-managers for the offering.


The offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering, when available, may be obtained from: BofA Securities, Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001 or by email to dg.prospectus_requests@bofa.com; and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com.


A registration statement on Form S-11 relating to these securities has been filed with the SEC but has not yet been declared effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement is declared effective by the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.


ABOUT HEALTHPEAK PROPERTIES


Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates and develops high-quality real estate focused on healthcare discovery and delivery.


ABOUT JANUS LIVING


Janus Living, Inc. is a pure-play senior housing real estate investment trust (REIT) that owns high-quality communities across the United States that support residents with thoughtfully designed, highly amenitized environments.


FORWARD-LOOKING STATEMENTS


Statements contained in this release that are not historical facts are “forward-looking statements.” Forward-looking statements include, among other things, statements regarding Janus Living’s intent, belief or expectation as identified by the use of words such as “may,” “will,” “project,” “expect,” “believe,” “intend,” “anticipate,” “seek,” “target,” “forecast,” “plan,” “potential,” “estimate,” “could,” “would,” “should” and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things, Janus Living’s expectations regarding the completion, timing and size of its proposed initial public offering and listing. Forward-looking statements reflect Janus Living’s current expectations and views about future events and are subject to risks and uncertainties. While forward-looking statements reflect Janus Living’s good faith belief and assumptions Janus Living believes to be reasonable based upon current information, Janus Living can give no assurance that its expectations or forecasts will be attained. Further, Janus Living cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by Janus Living on its website or otherwise. Janus Living does not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260315727110/en/
Andrew Johns, CFA

Senior Vice President – Finance and Investor Relations

720-428-5400


Jonathan Hughes, CFA

Senior Vice President – Finance and Investor Relations

720-428-5050


Original: Healthpeak Properties and Janus Living Announce Launch of Janus Living Initial Public Offering

Healthpeak Properties, Inc. Announces Public Filing of Registration Statement with the SEC for Janus Living, Inc.February 27, 2026 5:30 PM
Business Wire
Healthpeak Properties, Inc. (NYSE: DOC) today announced that Janus Living, Inc., a pure-play senior housing real estate investment trust (“REIT”), has publicly filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) relating to a proposed initial public offering of its shares of Class A-1 common stock. The offering is subject to market conditions, receipt of regulatory approvals, completion of related financings, completion of the SEC’s review, and other customary conditions, and there can be no assurance as to whether or when the offering may be commenced or completed. The number of shares to be offered and the price range and other terms for the offering have not yet been determined.


Janus Living, Inc. intends to apply to list its Class A-1 common stock on the New York Stock Exchange under the ticker symbol “JAN.”


BofA Securities and J.P. Morgan are acting as lead book-running managers for the offering.


The offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering, when available, may be obtained from: BofA Securities, Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001 or by email to dg.prospectus_requests@bofa.com; and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com.


A registration statement on Form S-11 relating to these securities has been filed with the SEC but has not yet been declared effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement is declared effective by the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260227517620/en/
Andrew Johns, CFA

Senior Vice President – Finance and Investor Relations

720-428-5400


Jonathan Hughes, CFA

Senior Vice President – Finance and Investor Relations

720-428-5400


Original: Healthpeak Properties, Inc. Announces Public Filing of Registration Statement with the SEC for Janus Living, Inc.

Healthpeak Properties Provides Strategic Initiatives Update and Reports Fourth Quarter 2025 ResultsFebruary 2, 2026 4:15 PM
Business Wire
Healthpeak Properties, Inc. (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, today provided a strategic initiatives update and announced results for the quarter ended December 31, 2025.


STRATEGIC INITIATIVES AND COMMENTARY



We recently announced the formation and planned initial public offering ("IPO") of Janus Living, Inc., a real estate investment trust (“REIT”) dedicated to senior housing. Given its relative scale within Healthpeak, the public markets have had difficulty properly valuing our senior housing portfolio and platform. The IPO is intended to enable Healthpeak to unlock value immediately, and leverage our industry expertise and relationships. Healthpeak will have strong alignment through stock ownership of Janus Living.



We are capitalizing on strong private market demand for outpatient medical real estate by selling fully stabilized assets and recycling capital into higher growth opportunities, including highly strategic life science campuses in our core submarkets at what we believe is an attractive investment basis. We are well underway on our opportunistic capital recycling plan, including $1 billion of asset sales, recapitalizations, and loan repayments in 2026. These potential transactions would provide further flexibility to recycle capital into highly pre-leased outpatient medical developments at higher returns, acquire assets with significant upside, and/or repurchase shares.



Our technology innovation initiatives are focused on automation, superior and faster decision-making, and better servicing our clients. We recently welcomed Omkar Joshi as Head of Enterprise Innovation to lead Healthpeak’s technology, automation, and data initiatives and oversee the continued rollout of our agentic operating system to improve performance across the back office and tenant experience.



Our earnings guidance for 2026 reflects the life science environment over the past several years, which peaked in intensity in the first half of 2025. We believe improvement in biopharma M&A and capital markets activity that started in Fall 2025 has continued into early 2026, new deliveries are minimal, and certain life science buildings are pivoting to alternative uses. This backdrop supports our view that life science real estate fundamentals are at or near an inflection point, while continuing to acknowledge that a full recovery will take time.



FOURTH QUARTER 2025 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS



Net income of $0.16 per share, Nareit FFO of $0.47 per share, FFO as Adjusted of $0.47 per share, AFFO of $0.40 per share, and Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of +3.9%



On January 4, 2026, Healthpeak's Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of January, February, and March of 2026, representing cash dividends totaling $0.305 per share for the first quarter, and an annualized dividend amount of $1.22 per share



Fourth quarter new and renewal lease executions totaled 2.1 million square feet:


Outpatient Medical new lease executions totaled 288,000 square feet and renewal lease executions totaled 1.5 million square feet, with +4.4% cash releasing spreads on renewals


Subsequent to the fourth quarter, and through February 2, 2026, executed approximately 910,000 square feet of Outpatient Medical leases and signed letters of intent ("LOI")






Lab new lease executions totaled 261,000 square feet and renewal lease executions totaled 72,000 square feet, with renewals averaging an 84-month term, $0.11 per square foot per year average tenant improvements, and -1.7% cash releasing spreads on renewals


Subsequent to the fourth quarter, and through February 2, 2026, executed approximately 100,000 square feet of Lab leases and signed LOIs









Life Plan fourth quarter year-over-year and sequential Merger-Combined Same-Store Cash (Adjusted) NOI growth of +16.7% and +15.4%, respectively



Acquired a 1.4 million square foot campus in South San Francisco for $600 million



Acquired the remaining 46.5% joint venture partner’s interest in a 19-community senior housing portfolio for $314 million and entered into a purchase and sale agreement ("PSA") or LOI for an additional $360 million of senior housing acquisitions



Closed on $325 million of outpatient medical sales and received loan repayments totaling $24 million in the fourth quarter 2025



In January 2026, executed an LOI for the recapitalization and sale of an 80% joint venture interest in a six-property outpatient medical portfolio with a gross valuation of $212 million, which is expected to generate proceeds of approximately $170 million



Net Debt to Adjusted EBITDAre was 5.2x for the quarter ended December 31, 2025



FULL YEAR 2025 HIGHLIGHTS



Net income of $0.10 per share, Nareit FFO of $1.81 per share, FFO as Adjusted of $1.84 per share, AFFO of $1.69 per share, and Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of +4.0%



Outpatient Medical new lease executions totaled a record 1 million square feet and renewal lease executions totaled 3.9 million square feet with 79% retention and +5.0% cash releasing spreads on renewals



Lab new lease executions totaled 562,000 square feet and renewal lease executions totaled 889,000 square feet with 72% retention and +5.0% cash releasing spreads on renewals



Life Plan full year Merger-Combined Same-Store Cash (Adjusted) NOI growth of +12.6% and record high non-refundable entry fee cash collections of $153 million


2025 marked Healthpeak's fourth consecutive year of record non-refundable entry fee cash collections






Asset sales and loan repayments totaling $511 million



2025 sustainability and responsible business recognitions include:


Obtained 6 new LEED certifications, 14 new ENERGY STAR certifications, 135 ENERGY STAR recertifications, and 13 ENERGY STAR NextGen certifications in 2025



Received a Green Star rating from the Global Real Estate Sustainability Benchmark (“GRESB”)



Named to Newsweek’s America’s Most Responsible Companies list for the seventh consecutive year



Named a constituent S&P Global North America Dow Jones Sustainability Index for the twelfth consecutive year and named a constituent in the S&P Global Dow Jones Sustainability World Index for the fifth time



Named to the S&P Global Sustainability Yearbook for the tenth consecutive year






To learn more about Healthpeak's commitment to responsible business and view our Corporate Impact Report, please visit www.healthpeak.com/corporate-impact.


FOURTH QUARTER COMPARISON




 






Three Months Ended




December 31, 2025






 






Three Months Ended




December 31, 2024








(in thousands, except per share amounts)






Amount






 






Per Share






 






Amount






 






Per Share








Diluted Net income (loss) applicable to common shares






$






113,848






 






$






0.16






 






$






4,400






 






$






0.01








Diluted Nareit FFO applicable to common shares






 






333,105






 






 






0.47






 






 






311,396






 






 






0.44








Diluted FFO as Adjusted applicable to common shares






 






331,713






 






 






0.47






 






 






329,264






 






 






0.46








Diluted AFFO applicable to common shares






 






284,130






 






 






0.40






 






 






311,923






 






 






0.44







FULL YEAR COMPARISON




 






Year Ended




December 31, 2025






 






Year Ended




December 31, 2024








(in thousands, except per share amounts)






Amount






 






Per Share






 






Amount






 






Per Share








Diluted Net income (loss) applicable to common shares






$






70,513






 






$






0.10






 






$






242,491






 






$






0.36








Diluted Nareit FFO applicable to common shares






 






1,287,192






 






 






1.81






 






 






1,108,941






 






 






1.61








Diluted FFO as Adjusted applicable to common shares






 






1,310,448






 






 






1.84






 






 






1,247,929






 






 






1.81








Diluted AFFO applicable to common shares






 






1,201,778






 






 






1.69






 






 






1,156,876






 






 






1.68







MERGER-COMBINED SAME-STORE ("SS") OPERATING SUMMARY


The table below outlines the year-over-year three-month and full year total Merger-Combined SS Cash (Adjusted) NOI growth.




Year-Over-Year Total Merger-Combined SS Cash (Adjusted) NOI Growth








 






Three Month






 






Full Year








 






SS Growth %







% of SS






 






SS Growth %







% of SS








Outpatient Medical






4.1






%







54.1






%






 






3.9






%







54.8






%








Lab






(0.3






%)







33.9






%






 






1.5






%







34.1






%








Life Plan






16.7






%







12.0






%






 






12.6






%







11.1






%








Total Merger-Combined SS Cash (Adjusted) NOI






3.9






%







100.0






%






 






4.0






%







100.0






%







Nareit FFO, FFO as Adjusted, AFFO, Total Merger-Combined Same-Store Cash (Adjusted) NOI, and Net Debt to Adjusted EBITDAre are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance and financial position of real estate investment trusts. See "December 31, 2025 Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP, available in the Investor Relations section of our website at http://ir.healthpeak.com/quarterly-results. See also the "Funds From Operations" and "Adjusted Funds From Operations" sections of this release for additional information.


DIVIDEND


On January 4, 2026, Healthpeak's Board of Directors declared a monthly common stock cash dividend of $0.10167 per share for each of January, February, and March of 2026, representing cash dividends totaling $0.305 per share for the first quarter, and an annualized dividend amount of $1.22 per share. The dividend is payable on the payment dates set forth in the table below to stockholders of record as of the close of business on the corresponding record date.




Record Date







Payment Date







Amount








January 16, 2026







January 30, 2026







$0.10167 per common share








February 13, 2026







February 27, 2026







$0.10167 per common share








March 17, 2026







March 31, 2026







$0.10167 per common share







SENIOR HOUSING ACQUISITIONS


In December 2025, Healthpeak assembled an approximately $675 million pipeline of senior housing investments. In January 2026, Healthpeak closed on the buyout of its joint venture partner's share of a portfolio totaling approximately $314 million. The remaining approximately $360 million acquisition pipeline is anticipated to close during the first quarter 2026. Healthpeak is targeting 8% to 9% cash NOI yields upon stabilization across these investments. No assurance can be given that such cash NOI yields ranges will be achieved.


JOINT VENTURE BUYOUT


In January 2026, Healthpeak acquired its joint venture partner’s 46.5% interest in a previously unconsolidated joint venture that held a portfolio of 19 senior housing communities for approximately $314 million. The portfolio is concentrated in high-growth markets, including Houston and Denver, and comprises 3,355 units, with independent living units representing approximately 73% of the total units. Occupancy in the portfolio was 81.7% as of the fourth quarter of 2025.


Healthpeak now has full decision-making control of the portfolio and has reached management transition agreements with Pegasus Senior Living and Ciel Senior Living. The new contracts include strong alignment through performance incentives. Healthpeak believes these operator transitions will position the properties to capture embedded occupancy and NOI growth from improved operational performance.


$360 MILLION ACQUISITION PIPELINE


Healthpeak entered into a PSA for a two-building senior housing portfolio in the Atlanta MSA, and is also under LOI on a three-building senior housing portfolio in the Orlando MSA. The projects represent over 700 units on a combined basis and will be operated by leading operators well known to Healthpeak under management contracts with strong alignment.


GATEWAY CROSSING CAMPUS ACQUISITION


As previously announced, in December 2025 and January 2026, Healthpeak closed on the acquisition of Gateway Crossing, a 1.4-million square foot campus on 29 acres located on Gateway Boulevard in South San Francisco for a total of $600 million, representing a low-6% going-in yield.


The seven-building campus is 63% occupied and includes a 15,000-square foot amenity building, along with additional density potential that could support lab, office, or mixed-use development over time. The acquisition deepens and expands Healthpeak’s tenant relationships within the submarket. Healthpeak’s footprint in South San Francisco now totals approximately 6.5 million square feet across 210 acres, further solidifying its leadership position in one of the world’s most dynamic biopharma submarkets.


DISPOSITIONS AND LOAN REPAYMENTS


DISPOSITIONS


In January 2026, Healthpeak executed an LOI for the recapitalization and sale of an 80% joint venture interest in a six-property outpatient medical portfolio with a gross valuation of $212 million, which is expected to generate proceeds of approximately $170 million.


In January 2026, Healthpeak closed on a previously disclosed sale of a leasehold interest in a four-building, 239,000 square foot lab campus in Salt Lake City, Utah as part of a contractual purchase option with the ground lessor. The purchase price was approximately $68 million, representing a cash capitalization rate of approximately 11%.


As previously disclosed, during the fourth quarter of 2025, Healthpeak closed on 834,000 square feet of outpatient medical dispositions for approximately $325 million, representing a low-6% cash capitalization rate.


LOAN REPAYMENTS


During the fourth quarter of 2025, Healthpeak received loan repayments of $24 million at a blended interest rate of 8.2%, bringing total 2025 loan repayments to $150 million at a blended interest rate of 9.9%.


PLATFORM ENHANCEMENTS


Over the past year, Healthpeak has continued to strengthen its platform with key leadership additions across enterprise innovation, finance, legal, life science, and transactions.



Omkar Joshi joined Healthpeak in January 2026 as Head of Enterprise Innovation. Mr. Joshi joins Healthpeak from Palantir Technologies, where he spent a decade deploying operational AI for enterprise and public-sector clients and leading data-driven strategy, analytics, and technology-enabled transformation. Most recently, Mr. Joshi led Palantir’s Real Estate solutions for both private and public institutional investors.



Jonathan Hughes, CFA, joined Healthpeak in January 2026 as Senior Vice President to lead finance and investor relations activities related to our senior housing portfolio. Mr. Hughes brings 16 years of capital markets experience, most recently covering REITs at Raymond James.



Jeff Miller rejoined Healthpeak in January 2026 as Senior Vice President – General Counsel to lead legal activities related to our senior housing portfolio. Mr. Miller brings decades of healthcare REIT experience, including eight years at Healthpeak as General Counsel and Head of Senior Housing.



Austin Lee rejoined Healthpeak in 2026 as Vice President – Investments, with a focus on Senior Housing investments. Mr. Lee returns to Healthpeak following work in real estate private equity where he focused on senior housing acquisitions, asset management, and business development.



Denis Sullivan joined Healthpeak in August 2025 as Managing Director – Lab Investments and San Diego Market Lead. Mr. Sullivan brings two decades of life science real estate leadership, with experience spanning investments, operations, and capital strategy having served as CIO / CFO at BioMed Realty.



Claire Donegan Brown joined Healthpeak in January 2025 as Senior Vice President, assuming leadership of the company’s Boston lab portfolio. Ms. Brown brings 13 years of experience in leasing, development, and asset management within the Boston market, including prior roles at BXP, a publicly traded REIT, and Greatland Realty Partners, an owner and developer of lab real estate in Boston.



BALANCE SHEET


In January 2026, Healthpeak repaid $103 million of senior housing secured mortgage debt. Following the repayment, Healthpeak's senior housing portfolio is unencumbered.


JANUS LIVING


On January 7, 2026, Healthpeak announced the formation and planned IPO of Janus Living, Inc., a REIT dedicated to senior housing. Additionally, on January 7, 2026, Healthpeak also announced it confidentially submitted a draft registration statement on Form S-11 to the United States Securities and Exchange Commission (“SEC”) in December 2025 related to the proposed Janus Living IPO.


Healthpeak expects to complete the IPO in the first half of 2026, subject to market conditions, receipt of regulatory approvals, completion of the related financings, completion of the SEC’s review, and other customary conditions.


An investor presentation regarding the transaction can be found on the Investor Relations section of Healthpeak’s website, ir.healthpeak.com


2026 GUIDANCE


For the full year 2026, we have established the following guidance ranges:



Diluted earnings per common share from $0.34 – $0.38



Diluted Nareit FFO per share of $1.70 – $1.74



Diluted FFO as Adjusted per share of $1.70 – $1.74



Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of (1%) – 1%



These estimates are based on our current view of existing market conditions, transaction timing, and other assumptions for the year ending December 31, 2026. For additional details and assumptions, please see page 13 in our corresponding Supplemental Report and the Discussion and Reconciliation of Non-GAAP Financial Measures, both of which are available in the Investor Relations section of our website at http://ir.healthpeak.com.


CONFERENCE CALL INFORMATION


Healthpeak has scheduled a conference call and webcast for Tuesday, February 3, 2026, at 8:00 a.m. Mountain Time.


The conference call can be accessed in the following ways:



Healthpeak’s website: https://ir.healthpeak.com/news-events



Webcast: https://events.q4inc.com/attendee/580523964. Joining via webcast is recommended for those who will not be asking questions.



Telephone: The participant dial-in number is (800) 715-9871



An archive of the webcast will be available on Healthpeak’s website through February 2, 2027, and a telephonic replay can be accessed through February 10, 2026, by dialing (800) 770-2030 and entering conference ID number 95156.


ABOUT HEALTHPEAK


Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery.


FORWARD-LOOKING STATEMENTS


Statements contained in this release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "target," "forecast," "plan," "potential," "estimate," "could," "would," "should" and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things: (i) statements regarding timing, outcomes and other details relating to the proposed Janus Living IPO or current, pending or contemplated acquisitions, dispositions, developments, redevelopments, joint venture transactions, leasing activity and commitments, financing activities, or other transactions discussed in this release; (ii) the payment of a monthly cash dividend; and (iii) the information presented under the heading "2026 Guidance Information." Pending acquisitions, dispositions, joint venture transactions, leasing activity, and financing activity, including those subject to binding agreements, remain subject to closing conditions and may not be completed within the anticipated timeframes or at all. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to: changes to regulatory, funding, staffing, trade, and other policies and actions by the U.S. political administration; macroeconomic trends that may increase borrowing, construction, labor and other operating costs; changes within the life science industry, and significant regulation, funding requirements, and uncertainty faced by our lab tenants; factors adversely affecting our tenants’, operators’, or borrowers’ ability to meet their financial and other contractual obligations to us; the insolvency or bankruptcy of one or more of our major tenants, operators, or borrowers; our concentration of real estate investments in the healthcare property sector, which makes us more vulnerable to a downturn in that specific sector than if we invested across multiple sectors; the illiquidity of real estate investments; our ability to identify and secure new or replacement tenants and operators; our property development, redevelopment, and tenant improvement risks, which can render a project less profitable or unprofitable and delay or prevent its undertaking or completion; the ability of the hospitals on whose campuses our outpatient medical buildings are located and their affiliated healthcare systems to remain competitive or financially viable; operational risks associated with our senior housing properties managed by third parties, including our properties operated through structures permitted by the Housing and Economic Recovery Act of 2008, which includes most of the provisions previously proposed in the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as “RIDEA”); the failure of our tenants, operators, and borrowers to comply with federal, state, and local laws and regulations, including resident health and safety requirements, as well as licensure, certification, and inspection requirements; required regulatory approvals to transfer our senior housing properties; compliance with the Americans with Disabilities Act and fire, safety, and other regulations; the requirements of, or changes to, governmental reimbursement programs such as Medicare or Medicaid; economic conditions, natural disasters, weather, and other conditions that negatively affect geographic areas where we have concentrated investments; uninsured or underinsured losses, which could result in a significant loss of capital invested in a property, lower than expected future revenues, and unanticipated expenses; our use of joint ventures may limit our returns on and our flexibility with jointly owned investments; our use of rent escalators or contingent rent provisions in our leases; competition for suitable healthcare properties to grow our investment portfolio; our ability to exercise rights on collateral securing our real estate-related loans; any requirement that we recognize reserves, allowances, credit losses, or impairment charges; investment of substantial resources and time in transactions that are not consummated; our ability to successfully integrate and/or operate acquisitions or internalize property management; the potential impact of unfavorable resolution of litigation or disputes and resulting rising liability and insurance costs; environmental compliance costs and liabilities associated with our real estate investments; environmental, social and governance and sustainability commitments and changing requirements, as well as stakeholder expectations; epidemics, pandemics, or other infectious diseases, and health and safety measures intended to reduce their spread; our past participation in the Coronavirus Aid, Relief, and Economic Security Act Provider Relief Fund and other Covid-related stimulus and relief programs; laws or regulations prohibiting eviction of our tenants; human capital risks, including the loss or limited availability of our key personnel; our reliance on information technology and any material failure, inadequacy, interruption, or security failure of that technology; the use of, or inability to use, artificial intelligence by us, our tenants, our vendors, and our investors; volatility, disruption, or uncertainty in the financial markets; increased interest rates and borrowing costs, which could impact our ability to refinance existing debt, sell properties, and conduct investment activities; cash available for distribution to stockholders and our ability to make dividend distributions at expected levels; the availability of external capital on acceptable terms or at all; an increase in our level of indebtedness; covenants in our debt instruments, which may limit our operational flexibility, and breaches of these covenants; volatility in the market price and trading volume of our common stock; adverse changes in our credit ratings; the pending initial public offering of Janus Living may not be completed on the currently contemplated timeline or terms, or at all, and may not achieve the intended benefits; our economic exposure to shifts in the price of Janus Living common stock and our ability to control the assets and activities of Janus Living; potential conflicts of interest in our relationship with Janus Living; our ability to maintain our qualification as a real estate investment trust (“REIT”); our taxable REIT subsidiaries being subject to corporate level tax; tax imposed on any net income from “prohibited transactions”; changes to U.S. federal income tax laws, and potential deferred and contingent tax liabilities from corporate acquisitions; calculating non-REIT tax earnings and profits distributions; tax protection agreements that may limit our ability to dispose of certain properties and may require us to maintain certain debt levels; ownership limits in our charter that restrict ownership in our stock, and provisions of Maryland law and our charter that could prevent a transaction that may otherwise be in the interest of our stockholders; conflicts of interest between the interests of our stockholders and the interests of holders of Healthpeak OP, LLC (“Healthpeak OP”) common units; provisions in the operating agreement of Healthpeak OP and other agreements that may delay or prevent unsolicited acquisitions and other transactions; our status as a holding company of Healthpeak OP; and other risks and uncertainties described from time to time in our Securities and Exchange Commission filings.


Moreover, other risks and uncertainties of which we are not currently aware may also affect our forward-looking statements, and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by us on our website or otherwise. We do not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.






 



Healthpeak Properties, Inc.




Consolidated Balance Sheets




In thousands, except share and per share data










 



 






December 31,

2025






 






December 31,

2024








Assets






 






 






 








Real estate:






 






 






 








Buildings and improvements






$






16,593,535






 






 






$






16,115,283






 








Development costs and construction in progress






 






1,010,657






 






 






 






880,393






 








Land and improvements






 






3,007,346






 






 






 






2,918,758






 








Accumulated depreciation






 






(4,512,443






)






 






 






(4,083,030






)








Net real estate






 






16,099,095






 






 






 






15,831,404






 








Loans receivable, net of reserves of $11,345 and $10,499






 






606,020






 






 






 






655,917






 








Investments in unconsolidated joint ventures






 






802,601






 






 






 






936,814






 








Accounts receivable, net of allowance of $2,018 and $2,243






 






78,327






 






 






 






76,810






 








Cash and cash equivalents






 






467,457






 






 






 






119,818






 








Restricted cash






 






70,245






 






 






 






64,487






 








Intangible assets






 






654,516






 






 






 






817,254






 








Assets held for sale






 






80,621






 






 






 






7,840






 








Right-of-use asset






 






412,198






 






 






 






424,173






 








Deferred tax assets






 






111,248






 






 






 






115,258






 








Goodwill






 






68,529






 






 






 






68,529






 








Other assets






 






885,161






 






 






 






819,951






 








Total assets






$






20,336,018






 






 






$






19,938,255






 








 






 






 






 








Liabilities and Equity






 






 






 








Bank line of credit and commercial paper






$






1,078,850






 






 






$






150,000






 








Term loans






 






1,647,113






 






 






 






1,646,043






 








Senior unsecured notes






 






6,772,722






 






 






 






6,563,256






 








Mortgage debt






 






349,209






 






 






 






356,750






 








Intangible liabilities






 






173,697






 






 






 






191,884






 








Liabilities related to assets held for sale






 






11,900






 






 






 






—






 








Lease liability






 






296,260






 






 






 






307,220






 








Accounts payable, accrued liabilities, and other liabilities






 






718,509






 






 






 






725,342






 








Deferred revenue






 






985,307






 






 






 






940,136






 








Total liabilities






 






12,033,567






 






 






 






10,880,631






 








 






 






 






 








Commitments and contingencies






 






 






 








 






 






 






 








Redeemable noncontrolling interests






 






159,581






 






 






 






2,610






 








 






 






 






 








Common stock, $1.00 par value: 1,500,000,000 shares authorized; 695,036,731 and 699,485,139 shares issued and outstanding






 






695,037






 






 






 






699,485






 








Additional paid-in capital






 






12,767,914






 






 






 






12,847,252






 








Cumulative dividends in excess of earnings






 






(5,952,920






)






 






 






(5,174,279






)








Accumulated other comprehensive income (loss)






 






(9,937






)






 






 






28,818






 








Total stockholders’ equity






 






7,500,094






 






 






 






8,401,276






 








 






 






 






 








Joint venture partners






 






295,455






 






 






 






315,821






 








Non-managing member unitholders






 






347,321






 






 






 






337,917






 








Total noncontrolling interests






 






642,776






 






 






 






653,738






 








 






 






 






 








Total equity






 






8,142,870






 






 






 






9,055,014






 








 






 






 






 








Total liabilities and equity






$






20,336,018






 






 






$






19,938,255






 










 




Healthpeak Properties, Inc.




Consolidated Statements of Operations




In thousands, except per share data










 



 






Three Months Ended




December 31,






 






Year Ended




December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Revenues:






 






 






 






 






 








Rental and related revenues






$






549,029






 






 






$






535,131






 






 






$






2,156,743






 






 






$






2,087,196






 








Resident fees and services






 






155,749






 






 






 






145,963






 






 






 






603,989






 






 






 






568,475






 








Interest income and other






 






14,624






 






 






 






16,894






 






 






 






61,780






 






 






 






44,778






 








Total revenues






 






719,402






 






 






 






697,988






 






 






 






2,822,512






 






 






 






2,700,449






 








 






 






 






 






 






 






 






 








Costs and expenses:






 






 






 






 






 






 






 








Operating






 






287,853






 






 






 






277,026






 






 






 






1,129,099






 






 






 






1,074,861






 








Depreciation and amortization






 






262,086






 






 






 






274,469






 






 






 






1,058,865






 






 






 






1,057,205






 








Interest expense






 






80,638






 






 






 






70,508






 






 






 






305,178






 






 






 






280,430






 








General and administrative






 






23,627






 






 






 






23,929






 






 






 






90,416






 






 






 






97,162






 








Transaction and merger-related costs






 






7,351






 






 






 






10,572






 






 






 






25,520






 






 






 






132,685






 








Impairments and loan loss reserves (recoveries), net






 






(776






)






 






 






11,632






 






 






 






(893






)






 






 






22,978






 








Total costs and expenses






 






660,779






 






 






 






668,136






 






 






 






2,608,185






 






 






 






2,665,321






 








Other income (expense):






 






 






 






 






 






 






 








Gain (loss) on sales of real estate, net






 






56,352






 






 






 






(8,929






)






 






 






69,488






 






 






 






178,695






 








Other income (expense), net






 






10,137






 






 






 






(24,157






)






 






 






479






 






 






 






59,345






 








Total other income (expense), net






 






66,489






 






 






 






(33,086






)






 






 






69,967






 






 






 






238,040






 








 






 






 






 






 






 






 






 








Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures






 






125,112






 






 






 






(3,234






)






 






 






284,294






 






 






 






273,168






 








Income tax benefit (expense)






 






(6,027






)






 






 






14,014






 






 






 






(9,283






)






 






 






(4,350






)








Equity income (loss) from unconsolidated joint ventures






 






2,707






 






 






 






(108






)






 






 






(173,984






)






 






 






(1,515






)








Net income (loss)






 






121,792






 






 






 






10,672






 






 






 






101,027






 






 






 






267,303






 








Noncontrolling interests’ share in earnings






 






(7,824






)






 






 






(6,125






)






 






 






(29,680






)






 






 






(24,161






)








Net income (loss) attributable to Healthpeak Properties, Inc.






 






113,968






 






 






 






4,547






 






 






 






71,347






 






 






 






243,142






 








Participating securities’ share in earnings






 






(120






)






 






 






(147






)






 






 






(834






)






 






 






(758






)








Net income (loss) applicable to common shares






$






113,848






 






 






$






4,400






 






 






$






70,513






 






 






$






242,384






 








 






 






 






 






 






 






 






 








Earnings (loss) per common share:






 






 






 






 






 






 






 








Basic






$






0.16






 






 






$






0.01






 






 






$






0.10






 






 






$






0.36






 








Diluted






$






0.16






 






 






$






0.01






 






 






$






0.10






 






 






$






0.36






 








Weighted average shares outstanding:






 






 






 






 






 






 






 








Basic






 






694,976






 






 






 






699,457






 






 






 






696,026






 






 






 






675,680






 








Diluted






 






694,985






 






 






 






699,596






 






 






 






696,044






 






 






 






676,233






 














 




Healthpeak Properties, Inc.




Funds From Operations




In thousands, except per share data











 



 






 






Three Months Ended




December 31,






 






Year Ended




December 31,








 






 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








 






 






 






 






 






 






 








Net income (loss) applicable to common shares






 






$






113,848






 






 






$






4,400






 






 






$






70,513






 






 






$






242,384






 








Real estate related depreciation and amortization






 






 






262,086






 






 






 






274,469






 






 






 






1,058,865






 






 






 






1,057,205






 








Healthpeak’s share of real estate related depreciation and amortization from unconsolidated joint ventures






 






 






12,806






 






 






 






12,441






 






 






 






50,110






 






 






 






44,961






 








Noncontrolling interests’ share of real estate related depreciation and amortization






 






 






(3,824






)






 






 






(4,622






)






 






 






(16,511






)






 






 






(18,328






)








Loss (gain) on sales of depreciable real estate, net






 






 






(56,352






)






 






 






8,929






 






 






 






(69,488






)






 






 






(178,695






)








Loss (gain) upon change of control, net






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(77,548






)








Taxes associated with real estate dispositions






 






 






—






 






 






 






(1,879






)






 






 






(335






)






 






 






9,633






 








Impairments (recoveries) of real estate, net(1)






 






 






—






 






 






 






13,118






 






 






 






175,827






 






 






 






13,118






 








Nareit FFO applicable to common shares






 






 






328,564






 






 






 






306,856






 






 






 






1,268,981






 






 






 






1,092,730






 








Distributions on dilutive convertible units and other






 






 






4,541






 






 






 






4,540






 






 






 






18,211






 






 






 






16,211






 








Diluted Nareit FFO applicable to common shares






 






$






333,105






 






 






$






311,396






 






 






$






1,287,192






 






 






$






1,108,941






 








Diluted Nareit FFO per common share






 






$






0.47






 






 






$






0.44






 






 






$






1.81






 






 






$






1.61






 








Weighted average shares outstanding - Diluted Nareit FFO






 






 






709,412






 






 






 






714,648






 






 






 






710,509






 






 






 






689,638






 








Impact of adjustments to Nareit FFO:






 






 






 






 






 






 






 






 








Transaction, merger, and restructuring-related costs(2)






 






$






7,351






 






 






$






6,181






 






 






$






25,520






 






 






$






115,105






 








Other impairments (recoveries) and other losses (gains), net(3)






 






 






(776






)






 






 






(2,360






)






 






 






(651






)






 






 






9,381






 








Casualty-related charges (recoveries), net






 






 






(7,968






)






 






 






25,260






 






 






 






(1,594






)






 






 






25,848






 








Recognition (reversal) of valuation allowance on deferred tax assets






 






 






—






 






 






 






(11,196






)






 






 






—






 






 






 






(11,196






)








Total adjustments






 






 






(1,393






)






 






 






17,885






 






 






 






23,275






 






 






 






139,138






 








FFO as Adjusted applicable to common shares






 






 






327,171






 






 






 






324,741






 






 






 






1,292,256






 






 






 






1,231,868






 








Distributions on dilutive convertible units and other






 






 






4,542






 






 






 






4,523






 






 






 






18,192






 






 






 






16,061






 








Diluted FFO as Adjusted applicable to common shares






 






$






331,713






 






 






$






329,264






 






 






$






1,310,448






 






 






$






1,247,929






 








Diluted FFO as Adjusted per common share






 






$






0.47






 






 






$






0.46






 






 






$






1.84






 






 






$






1.81






 








Weighted average shares outstanding - Diluted FFO as Adjusted






 






 






709,412






 






 






 






714,648






 






 






 






710,509






 






 






 






689,638






 








____________________


(1)

The year ended December 31, 2025 includes other-than-temporary impairment charges on certain unconsolidated real estate joint ventures, which are recognized in equity income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations.







(2)

The three months and year ended December 31, 2025 include costs related to the merger, which are primarily comprised of advisory, legal, accounting, tax, information technology, post-combination severance and stock compensation expense, and other costs of combining operations with Physicians Realty Trust that were incurred during the year then ended. The year ended December 31, 2025 also includes costs incurred related to the formation and planned initial public offering of Janus Living and investment pursuit costs.







(3)

The three months and year ended December 31, 2025 include reserves and (recoveries) for expected loan losses recognized in impairments and loan loss reserves (recoveries), net in the Consolidated Statements of Operations.








 




Healthpeak Properties, Inc.




Adjusted Funds From Operations




In thousands, except per share data










 



 






Three Months Ended




December 31,






 






Year Ended




December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








FFO as Adjusted applicable to common shares






$






327,171






 






 






$






324,741






 






 






$






1,292,256






 






 






$






1,231,868






 








Stock-based compensation amortization expense






 






4,000






 






 






 






3,608






 






 






 






14,410






 






 






 






15,543






 








Amortization of deferred financing costs and debt discounts (premiums)






 






8,199






 






 






 






9,727






 






 






 






31,907






 






 






 






28,974






 








Straight-line rents






 






(8,355






)






 






 






(8,385






)






 






 






(39,190






)






 






 






(41,276






)








AFFO capital expenditures






 






(57,825






)






 






 






(39,040






)






 






 






(133,951






)






 






 






(115,784






)








Life plan community entrance fees






 






17,355






 






 






 






23,148






 






 






 






53,805






 






 






 






53,697






 








Deferred income taxes






 






2,739






 






 






 






3,846






 






 






 






7,728






 






 






 






6,176






 








Amortization of above (below) market lease intangibles, net






 






(8,345






)






 






 






(7,430






)






 






 






(36,747






)






 






 






(30,755






)








Other AFFO adjustments






 






(5,349






)






 






 






(2,832






)






 






 






(6,650






)






 






 






(7,778






)








AFFO applicable to common shares






 






279,590






 






 






 






307,383






 






 






 






1,183,568






 






 






 






1,140,665






 








Distributions on dilutive convertible units and other






 






4,540






 






 






 






4,540






 






 






 






18,210






 






 






 






16,211






 








Diluted AFFO applicable to common shares






$






284,130






 






 






$






311,923






 






 






$






1,201,778






 






 






$






1,156,876






 








Diluted AFFO per common share






$






0.40






 






 






$






0.44






 






 






$






1.69






 






 






$






1.68






 








Weighted average shares outstanding - Diluted AFFO






 






709,412






 






 






 






714,648






 






 






 






710,509






 






 






 






689,638






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260202980616/en/
Andrew Johns, CFA

Senior Vice President – Finance and Investor Relations

720-428-5400


Original: Healthpeak Properties Provides Strategic Initiatives Update and Reports Fourth Quarter 2025 Results