Healthpeak Properties, Inc.

What they do

Healthpeak owns and operates a portfolio of 689 properties across four segments: outpatient medical buildings, hospitals, and lab buildings, plus senior housing operated through RIDEA structures, and a small group of other non-reportable assets including loans receivable and a preferred equity investment. The company is organized as an UPREIT, holds substantially all assets through Healthpeak OP, and qualifies as a self-administered REIT headquartered in Denver. It completed its merger with Physicians Realty Trust on March 1, 2024, acquiring 299 outpatient medical buildings.

Revenue drivers

• Outpatient medical — The largest segment, with 507 properties generating $795.8 million of Adjusted NOI in 2025, and 56.4% of same-store NOI in Q2 2026; revenue comes from leasing medical office buildings and hospital campuses to healthcare systems.
• Lab — 145 lab properties producing $567.4 million of Adjusted NOI in 2025 and 34.0% of same-store NOI in Q2 2026; revenue is rent from life science tenants, a segment showing negative same-store growth of 3.2% in Q2 2026.
• Senior housing — 34 communities with 10,422 units generating $176.7 million of Adjusted NOI in 2025 and 9.6% of same-store NOI in Q2 2026; these are operated through RIDEA structures and are being contributed to Janus Living, Inc.
• Other non-reportable — Three other properties, loans receivable, and a preferred equity investment, presented on a combined basis and not broken out as a reportable segment.

Recent performance

For the second quarter of 2026, Healthpeak reported net income of $0.08 per diluted share and FFO as Adjusted of $0.46 per share, with total same-store Adjusted NOI growth of 1.8%. Outpatient Medical same-store NOI grew 2.5%, Lab declined 3.2%, and Senior Housing grew 19.2%. Quarterly revenue rose to $216.5 million from $200.3 million in the prior quarter. Total occupancy was 90.7% in Outpatient Medical (up 20 bps sequentially) and 78.5% in Lab (up 80 bps).

Strategy

Healthpeak is separating its senior housing business through an IPO of Janus Living, Inc., contributing its 34-community, 10,422-unit portfolio in exchange for a majority ownership interest and serving as external manager after the offering. It completed the Janus Living IPO in 2026, with Healthpeak retaining 73.6% equity ownership as of June 30, 2026. The company is also recycling capital, generating $1.75 billion of proceeds year-to-date through August 3 from outpatient medical recapitalizations, seller financing loan repayments, and dispositions, including a 49% joint venture interest sale in an 86-asset portfolio to Brookfield. It authorized a new $500 million share repurchase program and continues development, including a new $20 million outpatient medical development agreement with Northside Hospital in Atlanta.

Risks

• Life science policy and funding uncertainty — Changes in NIH grant funding, visa policies, and drug pricing could reduce demand from lab tenants, a segment already posting negative same-store NOI growth.
• Tenant and operator credit risk — Adverse financial conditions or bankruptcy of major tenants, operators, or borrowers could reduce rental revenue and impair Healthpeak's healthcare-focused portfolio.
• Healthcare sector concentration — The portfolio is concentrated in healthcare real estate, making results more vulnerable to a sector downturn than a diversified REIT.
• Senior housing operational and third-party risk — Senior housing properties operated by third parties through RIDEA structures expose Healthpeak to operating performance and regulatory risks, including under the Housing and Economic Recovery Act of 2008.

Outlook

Management increased full-year 2026 earnings guidance in the August 4, 2026 release, without providing specific figures in the excerpt. The company expects to complete the Janus Living Offering, consolidate Janus Living, and continue capital recycling, with $1.75 billion of proceeds already generated year-to-date through August 3. Janus Living reported strong growth, with Q2 revenue up 45% and Adjusted EBITDAre up 34% year-over-year.