Healthpeak Properties

Healthpeak Properties is a real estate investment trust (REIT) based in Denver. It owns, operates and develops outpatient medical buildings, often on or near hospital campuses, and lab buildings for life science companies. It also controls Janus Living, a senior housing REIT that listed on the New York Stock Exchange in March 2026, and owned 69% of it at September 30, 2026.

In Q3 2026, outpatient medical made about 54% of same-store income, lab about 36% and senior housing about 10%. Occupancy was 90.7% in outpatient medical and 78.5% in lab at June 30, 2026, and lab occupancy rose 1.3 percentage points in Q3 2026. Healthpeak pays its dividend monthly, at an annual rate of $1.22 per share.

The market prices Healthpeak for empty lab space and weak demand from biotech tenants. Lab occupancy was 78.5% at June 30, 2026 and rose 1.3 percentage points in Q3 2026, but same-store lab income still fell 0.7% in Q3 2026 from a year earlier. Lab demand depends on funding for biotech companies, and many tenants lease less space when funding is scarce. Total same-store income is expected to grow only 0.5% to 2.0% in 2026.

Healthpeak has answered with asset sales and a new structure. It listed Janus Living in March 2026, sold 49% of an outpatient medical portfolio to Brookfield in July 2026 for about $1.0 billion and bought back shares. It also buys partly empty lab buildings next to its own campuses. For the gap to close, three things must be true.

Lab occupancy must keep rising, as the 643,000 square feet of lab leases signed or under letters of intent after Q3 suggest. Outpatient medical income must keep growing, as it did by 3.1% in Q3 2026. FFO as adjusted per share must grow again in 2027, after $0.44 in Q3 2026 against $0.46 a year earlier and 2026 guidance of $1.76 to $1.78. The full-year report, expected in early February 2027, gives the next test with the lab trend and the 2027 guidance.

A full recovery in lab demand can take two to three years. The main reason the gap may not close is a long period of weak biotech funding, which keeps lab space empty.

1. Nov 2, 2026Passed

   Q3 2026 earnings: lab occupancyHigher lab occupancy, more signed lab leases and FFO as adjusted on track for the $1.73 to $1.77 guidance pass; lower lab occupancy or lower guidance fails.Outcome: Lab occupancy rose 1.3 percentage points, Healthpeak signed 480,000 square feet of lab leases, and it raised its FFO as adjusted guidance to $1.76 to $1.78 per share.
2. Feb 2, 2027 · est.Pending

   Full-year 2026 results and 2027 guidanceLab occupancy above the 78.5% of June 2026 and 2027 guidance for growth in same-store income pass; a further fall in lab occupancy or flat guidance fails.

Every passed and failed checkpoint across all picks

• November 2, 2026Healthpeak reported Q3 2026 results. FFO as adjusted was $0.44 per share, down from $0.46 a year earlier, and net income was $0.02 per share. Total same-store income rose 3.6%: outpatient medical rose 3.1%, lab fell 0.7% and senior housing rose 25.9%. Lab occupancy rose 1.3 percentage points from June 30, 2026. Healthpeak signed 480,000 square feet of lab leases and 846,000 square feet of outpatient medical leases in the quarter. Janus Living closed $1.75 billion of senior housing purchases in the quarter. Healthpeak raised its 2026 guidance for FFO as adjusted to $1.76 to $1.78 per share. It cut its net income guidance to $0.39 to $0.41 per share because of depreciation on the Janus Living purchases. In October 2026, it signed a new $500 million delayed-draw term loan due October 2030.
• September 30, 2026Healthpeak bought the senior construction loan on HQ Point, a two-building lab campus in San Diego that was 29% occupied, and the remaining equity interest, for a combined $105 million.
• August 4, 2026Healthpeak reported Q2 2026 results. FFO as adjusted was $0.46 per share, the same as a year earlier. Occupancy rose 0.2 percentage points to 90.7% in outpatient medical and 0.8 percentage points to 78.5% in lab. Healthpeak raised its 2026 guidance for FFO as adjusted to $1.73 to $1.77 per share and authorized a new $500 million share buyback.

Last earnings

November 2, 2026 (8-K on sec.gov)

Next earnings

Expected about February 2, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 3, 2026 · peak-20260930
• 8-KEarnings release and Investor disclosureFiled November 2, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 5, 2026 · peak-20260630
• 8-KEarnings release and Investor disclosureFiled August 4, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 6, 2026 · peak-20260331
• 8-KEarnings release and Investor disclosureFiled May 5, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled May 4, 2026 · peak-20260430
• 8-KNew material agreement and New debt or financial obligationFiled March 23, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled February 27, 2026 · Read it on sec.gov
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 3, 2026 · peak-20251231

Every filing on SEC EDGAR (CIK 765880)

• Lab demand depends on funding for biotech companies. Lab occupancy rose 1.3 percentage points in Q3 2026, but same-store lab income still fell 0.7% from a year earlier. A long funding slowdown keeps space empty and lowers rents.
• Higher interest rates increase the cost of new debt and lower the value of real estate. Healthpeak had about $9.4 billion of debt at September 30, 2026, including commercial paper and floating-rate term loans.
• Janus Living is now a separate public company that Healthpeak controls. Its growth depends on senior housing acquisitions, such as $1.75 billion of purchases in Q3 2026, and Healthpeak's results now include a large noncontrolling interest.

Healthpeak funds its properties with senior unsecured notes, term loans, commercial paper and a bank line of credit. At September 30, 2026, debt was $9.38 billion: $6.14 billion of senior unsecured notes, $1.65 billion of term loans, $1.49 billion under the bank line of credit and commercial paper, and $104 million of mortgage debt. Read more

Yield at the current rate

6.0% (current annual rate, at today’s price)

Dividend yield

6.0% (last 12 months, at today’s price of $20.38)

Paid per share

$1.224 in the last 12 months (12 payments)

Current annual rate

$1.224 ($0.102 × 12 a year)

Payout ratio

1223% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

October 19, 2026, $0.102 per share

Dividends per share by year

From 2020 to 2025, the dividend fell by about 3.7% a year. From 2015 to 2025, the dividend fell by about 5.1% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.